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EXHIBIT 10.52
ARNOS CORPORATION
December 23, 1998
Xx. Xxxxxx X. Xxxxxx
General Counsel
National Energy Group, Inc.
0000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxx, XX 00000
Re: Restated Loan Agreement dated as of August 29, 1996, between
National Energy Group, Inc., as Borrower; NEG-OK, Inc., and
Boomer Marketing Corporation, as Guarantors; Bank One, Texas,
N.A. ("Bank One") and Credit Lyonnais New York Branch ("Credit
Lyonnais") as Banks, as amended (the "Loan Agreement")
Arnos Corporation, assignor of Bank One and Credit Lyonnais as Lender under the
Loan Agreement, hereby notifies Borrower as follows:
1. The acceleration of Borrower's obligations under the Loan
Agreement asserted by Bank One and Credit Lyonnais by letter
dated December 3, 1998 is rescinded in all respects.
2. Any and all defaults existing under the Loan Agreement as of
the date hereof are hereby waived.
3. Lender will advance to Borrower under the Loan Agreement funds
sufficient to pay the interest that was due on November 2,
1998 in respect of the Company's 10-3/4% Senior Notes due 2006
upon the entry of an order of the United States Bankruptcy
Court for the Northern District of Texas providing that the
involuntary chapter 11 petition filed against Borrower on
December 4, 1998, Case No. 398-80358-RCM-11, will be
dismissed upon Borrower's payment of such interest.
Arnos Corporation
By: /s/ XXXXXX XXXXXXX
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Its:
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