Contract
EXHIBIT 10.2
Letter agreement dated December 31, 2001 amending certain provisions of the Eighth Restated Loan Agreement dated June 25, 2001 among Xxxxxxx Xxxxxxxx Energy, Inc., et al and Bank One, NA, et al
Exhibit 10.2
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December 31, 2001 |
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Mr. Xxxx Xxxxx |
Mr. Xxxxxxx Xxxxxx |
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Vice President |
Vice President |
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Union Bank of California, N.A. |
Bank of Scotland |
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000 Xxxxx Xxxxx Xxxxxx, Xxxxx 0000 |
0000 Xxxx Xxxxxx, Xxxxx 0000 |
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Xxxxxx, Xxxxx 00000 |
Xxxxxxx, Xxxxx 00000 |
Re: Eighth Restated Loan Agreement among
Xxxxxxx Xxxxxxxx Energy, Inc., et al. and
Bank One, NA, et al. dated as of June 25, 2001
(the “Loan Agreement”)
Gentlemen:
Bank One, NA, as Agent, hereby requests your consent, pursuant to the provisions of Section 17 of the Loan Agreement, to the following:
1. To extend the Maturity Date from July 31, 2004 to December 31, 2004;
2. To set the Borrowing Base as of December 31, 2001 at $85,000,000; and
3. To set the Monthly Commitment Reduction at $0 as of December 31, 2001.
If the foregoing Borrowing Base is approved, each Bank shall receive a Borrowing Base Increase Fee equal to 50 basis points of their pro rata share of such increase pursuant to Section 8(b) of the Loan Agreement.
Please indicate your approval of the foregoing by executing this letter at the place indicated below. Your response to this letter by January 11, 2001 would be greatly appreciated.
In addition to serving as a consent letter, upon receipt of the consent requested hereinabove from the Lenders this letter shall also serve as an amendment to the Loan Agreement to reflect the change in the Maturity Date from July 31, 2004 to December 31, 2004. As such, this letter amendment may be executed in any number of counterparts by the various parties to the Loan Agreement and all such counterparts taken together shall be deemed to constitute one and the same instrument. THIS LETTER AMENDMENT, WHEN EXECUTED BY ALL PARTIES TO THE LOAN AGREEMENT, WILL REPRESENT THE FINAL AGREEMENT BETWEEN AND AMONG THE PARTIES AS TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OR PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
CWEI Acquisitions, Inc. is executing this letter as Guarantor solely for the purpose of consenting to the amendment to the Loan Agreement.
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December 31, 2001
Page 2
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Very truly yours, |
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BANK ONE, NA |
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as a Bank and as Agent |
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(Main Office Chicago) |
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By: |
/s/ Wm. Xxxx Xxxxxxx |
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Wm. Xxxx Xxxxxxx, Director |
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Capital Markets |
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cc: |
Xx. Xxxxxx Xxxxxx, Bank of Scotland |
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CONSENTED AND AGREED TO THIS 31ST DAY OF DECEMBER, 2001
BANKS:
UNION BANK OF CALIFORNIA, N.A.
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By: |
/s/ Xxxx X. Xxxxx |
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Name: |
Xxxx X. Xxxxx |
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Title: |
Vice President |
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By: |
/s/ Xxx Xxxxx |
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Name: |
Xxx Xxxxx |
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Title: |
Assistant Vice |
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BANK OF SCOTLAND
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By: |
/s/ Xxxxxx Xxxxxx |
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Name: |
Xxxxxx Xxxxxx |
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Title: |
Vice President |
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3
December 31, 2001
Page 3
BANK ONE, NA
(Main Office Chicago)
As a Bank and as Agent
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By: |
/s/ Wm. Xxxx Xxxxxxx |
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Wm. Xxxx Xxxxxxx, Director |
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Capital Markets |
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BORROWERS: |
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XXXXXXX XXXXXXXX ENERGY, INC. |
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By: |
/s/ L. Xxxx Xxxxxx |
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L. Xxxx Xxxxxx, Executive Vice President |
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WARRIOR Gas CO. |
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By: |
/s/ L. Xxxx Xxxxxx |
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L. Xxxx Xxxxxx, Vice President |
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GUARANTOR: |
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CWEI ACQUISITIONS, INC. |
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By: |
/s/ L. Xxxx Xxxxxx |
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L. Xxxx Xxxxxx, Vice President |
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