EXHIBIT 10.3
(Liberty Logo)
December 3, 1996
Xxxxx X. Xxxxxxx, Senior Vice President
00000 Xxxx Xxx Xxxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xxx:
Pursuant to our telephone conversation this morning, this letter serves to
formally confirm our offer to provide Xxxxxx Oceanics short-term funding through
repurchase agreement under the following terms.
Rate: Fixed at the then-current one-month LIBOR rate plus seventy five
basis points (priced at issuance).
Term: Renewable monthly at your discretion through August 31, 1997 (later
if mutually agreed).
Amount: Not to exceed $30,000,000.00 unless mutually agreed. Securities:
U.S. Treasury Xxxxx, Notes or Bonds.
Repurchase Agreement: Subject to all terms and conditions of previously
executed contract.
Xxxx Xxxxxxx (Commercial Lending) will contact you with potential options
regarding a potential credit line for borrowing needs in excess of your
available securities.
Feel free to contact me at 0-000-000-0000 or 000-000-0000 (direct) if I can
answer any questions or provide additional help.
Sincerely,
/s/ Xxxx Xxxx Xxxxxx
Xxxx Xxxx Xxxxxx
Senior Vice President & Treasury Manager
cc: Xxxxx Xxxx
Xxxx Xxxxxxx
Liberty Bank and Trust Company of Tulsa, N.A.
00 Xxxx Xxxxx Xxxxxx - Xxxxx, XX 00000
Liberty Bank and Trust Company of Oklahoma City, N.A.
P. O. Box 25848 - Oklahoma City, OK 73125
