EXHIBIT 10.12.2
OPTION AGREEMENT
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THIS OPTION AGREEMENT is made and entered into as of the 23/rd/ day of
December, 1998 by and between XXXXXX CHEMICAL, INC., a Delaware corporation
("BCI") and XXXXXX CHEMICALS AND PLASTICS OPERATING LIMITED
PARTNERSHIP, a Delaware limited partnership ("BCP").
WITNESSETH:
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WHEREAS, BCP and Xxxxxx, Inc. entered into a Methanol Purchase Agreement
dated November 30, 1987; and
WHEREAS, effective January 1, 1996, Xxxxxx Inc. assigned to BCI and BCI
assumed from Xxxxxx, Inc., all of Xxxxxx, Inc.'s right, title and interest in
and to the Methanol Purchase Agreement; and
WHEREAS, BCP wishes to extend to BCI, and BCI wishes to acquire from BCP,
the right and option to extend the term of the Methanol Purchase Agreement for
one (1) additional year beyond its current November 30, 2002 expiration date.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby mutually acknowledged, BCP and BCI agree as
follows:
1. BCI shall have the right and option to extend the term of the Methanol
Purchase Agreement for one (1) additional year, commencing November
30, 2002 and ending November 30, 2003. Such right and option may be
exercised by BCI by giving written notice of exercise to BCP no less
than six (6) months prior to the expiration of the initial term of the
Methanol Purchase Agreement.
2. All original terms and conditions of the Methanol Purchase Agreement
shall remain and continue in force and effect during the extension
period.
IN WITNESS WHEREOF, the parties have caused this Option Agreement to be
executed by their duly authorized officers as of the day and year first above
written.
XXXXXX CHEMICAL, INC. XXXXXX CHEMICALS AND PLASTICS
OPERATING LIMITED PARTNERSHIP
BY: BCP Management Inc., General Partner
By: /s/ Xxxxxxx Xxxxx By: /s/ L. L. Dicker
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Title: Exec, VP & COO Title: VP & General Counsel
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