EXHIBIT 10.20
TERMINATION OF
ASSIGNMENT OF DRILLING CONTRACT REVENUES AND EARNINGS
THIS AGREEMENT dated as of November 29, 1995, among Reading & Xxxxx
(A) Pty. Ltd., a corporation organized and existing under the laws of the
State of Western Australia ("Assignor") and Bank One, Texas, N.A., a
national banking association, as Trustee (the "Assignee").
W I T N E S S E T H:
WHEREAS, pursuant to that Amended and Restated Credit Facility
Agreement dated April 27, 1995, as amended (the "Restated Credit
Agreement") among the Borrowers (as defined therein) (including Assignor)
and Internationale Nederlanden Bank, N.V. (the "Lender") the Lender agreed
to provide funding to the Borrowers in the aggregate principal amount of
up to $65,000,000; and
WHEREAS, Assignor, as security for its obligations under the
Restated Credit Agreement, entered into that Assignment of Drilling
Contract Revenues and Earnings dated April 27, 1995 (as amended, from time
to time, the "Assignment");
WHEREAS, the Borrowers and the Lender have agreed to terminate the
Restated Credit Agreement and for Lender to release all collateral given
in security for the obligations of the Borrowers, including this
Assignment, as follows.
NOW THEREFORE, in consideration of the above recitals and for other
good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Assignee, upon instructions of the Lender, agrees
to terminate and release the Assignment, effective as of the date hereof,
as follows.
1. The Assignment is terminated, effective as of the date hereof,
and the Assignor is released from any and all obligations
thereunder.
2. The Trustee agrees to execute and deliver to the Assignor any
and all UCC-3 Termination Statements for filing in all
relevant jurisdictions.
All capitalized terms used herein but not defined herein shall have
the meanings given to them in the Assignment.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK AND MAY NOT BE AMENDED OR CHANGED
EXCEPT BY AN INSTRUMENT IN WRITING.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Termination Agreement on the date first written above.
READING & XXXXX (A) PTY. LTD.
By:
Name:
Title:
BANK ONE, TEXAS, N.A., as Trustee
By:
Name:
Title:
