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EXHIBIT 10(C)
[OPIC COMPANY LETTERHEAD]
March 24, 1995
Argosy Energy International
000 Xxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, XX 00000
Attention: Xx. Xxxx Xxxxxx', Vice President
Garnet Resources Corporation
Re: Amendment No. 2 to Finance Agreement between
Overseas Private Investment Corporation ("OPIC")
and Argosy Energy International ("Argosy")
Gentlemen:
Reference is made to the Finance Agreement between Argosy and OPIC
dated May 2, 1994, as amended by Amendment No. 1 dated July 28, 1994, (as
amended, the "Finance Agreement"), setting forth the understanding and agreement
between OPIC and Argosy with respect to an OPIC guaranty of a loan or loans to
Argosy of up to $9,200,000. All capitalized terms used herein and not otherwise
defined have the meanings set forth in the Finance Agreement.
The Finance Agreement provides, among other things, that the Commitment
Period shall terminate, at the latest, on March 31, 1995. In consideration of
Argosy's continuing development of its oil operations in Colombia, XXXX agrees
to amend the Finance Agreement as follows:
1. Section 1.1 of the Finance Agreement is amended by deleting the
words "March 31, 1995" in the definition of "Commitment Period" and
inserting in their place the words "September 30, 1995".
2. Section 8.6 is amended by deleting the words "four fiscal
quarters" and inserting in their place the words "first three fiscal
quarters". In all other respects, the terms of the Finance Agreement
shall remain in full force and effect.
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Argosy Energy International
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If you agree to the foregoing amendments, please sign the two original
execution copies of this Amendment No. 2 and return to OPIC one copy thereof
via facsimile and by mail. Upon OPIC's receipt by facsimile of such executed
copy, this Amendment No. 2 will constitute a binding agreement between us
amending the Finance Agreement effective as of March 24, 1995.
Very truly yours,
OVERSEAS PRIVATE INVESTMENT CORPORATION
By: /s/ [illegible]
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Title: Vice President for Finance
ACCEPTED AND AGREED TO
as of the date of this letter:
ARGOSY ENERGY INTERNATIONAL
By: /s/ [illegible]
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Title: Vice President,
Argosy Energy Inc.,
General Partner
