SUBORDINATION AGREEMENTSubordination Agreement • February 6th, 2008 • Allis Chalmers Energy Inc. • Oil & gas field services, nec • New York
THIS SUBORDINATION AGREEMENT (as amended, restated or otherwise modified from time to time, this “Agreement”) is entered into as of January 31, 2008 by and among (1) ALLIS-CHALMERS ENERGY INC., a Delaware corporation (the “Subordinated Creditor”), and (2) STANDARD BANK PLC, as administrative agent for the Senior Creditors (as defined below) (in such capacity, the “Senior Agent”), and acknowledged and agreed to by (3) BCH LTD., a corporation organized and existing under the laws of the Province of Alberta, Canada (“BCH”), (4) BCH ENERGY DO BRASIL SERVIÇOS DE PETRÓLEO LTDA., a company organized and existing under the laws of Brazil (“BCH Brazil”, and together with BCH, collectively, the “Obligors” and each an “Obligor”) and (5) BRAZALTA RESOURCES CORP., a public corporation organized and existing under the laws of the Province of Alberta, Canada (“BRX”).
