LOAN MODIFICATION
Exhibit 10.27.3.1
This Loan Modification is executed to be effective on the 30 th day of June, 2009 (the “Effective Date”) by and among ARTIC MANAGEMENT CORPORATION, a corporation incorporated under the laws of Panama (“Artic”), the address for which, for purposes hereof, is Attn: Xxxxxxxx Xxxxxxxxxx, Xxxxxxxxxxxxxxxxxx 00, XX-0000, Xxxxx, Xxxxxxxxxxx, Prime Offshore L.L.C., a Delaware limited liability company (the “Borrower”) and PrimeEnergy Corporation, a Delaware corporation.
| 1. | Artic has executed the SUBORDINATION OF LIENS AND SECURITY INTEREST effective on the 30th of June, 2009, for the benefit of GUARANTY BANK, FSB, a federal savings bank. |
| 2. | The borrower currently has existing debt of $9,500,000 due to Guaranty Bank and agrees it will not increase debt without the approval of Artic or until the Artic loan is paid in full. |
| 3. | PrimeEnergy Corporation agrees it is obligated to pay the Artic loan in full after its existing bank debt is paid off and it will not secure debt in excess of $112 million dollars without the approval of Artic or until the Artic loan is paid in full. |
| 4. | PrimeEnergy Corporation agrees the Artic loan is immediately due and payable if there is a change in control or management of PrimeEnergy Corporation. |
| 5. | PrimeEnergy will provide a monthly statement of outstanding debt to Artic. |
| ARTIC MANAGEMENT CORPORATION | ||
| By: |
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| Xxxxxxx Xxxxxxxxxx President | ||
| PRIME OFFSHORE L.L.C. | ||
| By: |
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| Xxxxxxx X. Xxxxxxxx Chief Executive Officer | ||
| PRIMEENERGY CORPORATION | ||
| By: |
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| Xxxxxxx X. Xxxxxx, Xx. Chief Executive Officer | ||
