EXHIBIT 10.52
Royal Bank of Canada
Oil & Gas Banking Centre
0000, 000 - 0xx Xxxxxx X.X.
Xxxxxxx, Xxxxxxx X0X 0X0
Fax: (000)000-0000
March 2, 2000
Olympic Seismic Ltd.
0000, 000 - 0 Xxx. XX
Xxxxxxx, XX
X0X 0X0
Attention: Xxxxxxx Xxxxxx, Controller
Dear Sirs:
Re: Credit Facilities
We hereby confirm that the following sections of the credit facilities letter
agreement dated November 9,1999 is hereby amended by deleting the existing
provisions of such sections in its entirety and substituting the following
provisions:
Amount: The authorized facility in the amount of $5,000,000 is available
------ on a margined basis year round.
Margin
Requirements: Total advances under Segment 1) plus preferred claims, should not
------------ exceed 75% of good accounts receivable excluding inter-company
accounts, holdbacks and the entire outstanding balance of
accounts where any portion exceeds 90 days. The first $2,000,000
is available - on an unmargined basis.
The letter agreement is hereby amended by the foregoing amendment and the credit
facilities available to the company will be governed by the provisions of the
letter agreement as amended by the provisions of this letter.
If you are in agreement with the foregoing, kindly execute and return the
enclosed copy of this letter by no later than March 10, 2000.
Yours truly, We acknowledge and accept the terms and conditions of
this agreement this 2 day of March , 2000.
------ -------
OLYMPIC SEISMIC LTD.
Per: /s/ X. Xxxxxx
Title: Controller
X.X. Xxxxxxx
Manager, Energy Service & Supply
