EXHIBIT 10.30
[ON THE LETTERHEAD OF TOREADOR RESOURCES CORPORATION]
To: Barclays Capital
5 The North Colonnade
Canary Wharf
London
E14 4BB
Attention: Xxxxxx Xxxxxxx
25th March, 2003
Dears Sirs,
We refer to the waiver letter dated on or about today's date (the "WAIVER
LETTER"). Capitalised terms defined or used in the Waiver Letter have the same
meaning in this letter.
In consideration of your agreement to the terms of the Waiver Letter we agree:
1. On or before 31st March, 2003, to issue and deliver to Barclays Bank
PLC 1 warrant for up to 50,000 Shares at the Strike Price with an
Expiration Date (as that term is defined in the warrant) of 14th March,
2008.
2. On or before 31st March, 2003, to reissue the warrants granted under
the First Warrant Letter, reducing the strike price, as detailed in the
First Warrant Letter, to the Strike Price.
3. Subject to paragraph 4 below, on 7th April, 2003, issue and deliver to
Barclays Bank PLC 1 warrant for the purchase of up to 100,000 Shares at
the Second Strike Price with an Expiration Date (as that term is
defined in the warrant) of 7th April, 2008.
4. Paragraph 3 above shall not apply if as at 31st March, 2003 the ratio
of the January 2003 NPV, as defined in the Waiver Letter, to Total
Indebtedness is more than 1.5:1.
5. The form of warrants to be issued pursuant to this letter shall be in
such form as the Arranger may reasonably require.
6. This letter may be executed in any number of counterparts.
7. This letter is governed by and shall be construed in accordance with
English law.
8. Please countersign this letter (or a copy of it) where marked below to
confirm your agreement to its terms.
9. If a provision of this letter is or becomes illegal, invalid or
unenforceable in any jurisdiction, that shall not affect;
(a) the legality, validity or enforceability, in that jurisdiction
or any other provision of this letter; or
(b) the legality, validity or enforceability, in other
jurisdictions of that or any other provision of this letter.
10. In this letter:
"SECOND STRIKE PRICE" means the price US$1 above the closing price of
the Shares on 31st March, 2003.
"SHARES" means fully paid and non-assessable shares of common stock of
Toreador; and
"STRIKE PRICE" means US$3.50.
Yours faithfully
/s/ Xxxxxxx X. Xxxx
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For and on behalf of
TOREADOR RESOURCES CORPORATION
We agree with the above.
/s/ Xxxxxx Xxxxxxx
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BARCLAYS CAPITAL
(the investment banking division of Barclays Bank PLC)
Date:
