AL MASANE AL KOBRA MINING CO.Corporate Guarantee/Comfort Letter • October 27th, 2010 • Arabian American Development Co • Petroleum refining
As provided in the August 5, 2009 Compromise Agreement signed by all Al Masane Al Kobra (“AMAK”) shareholders, Arabian American Development Company (“AADC”) owns forty-one percent (41%) of AMAK’s shares and is under no requirement or obligation to contribute any further capital to AMAK. In consideration of this agreement and as discussed and agreed to in the September 27, 2010 meeting of the AMAK Board of Directors, we agree to use our best efforts on any SIDF collection proceedings related to the personal and corporate guarantees to prioritize our personal guarantees ahead of the AADC corporate guarantee. This agreement applies only to the 330 million Saudi Riyal SIDF loan No, 2234 dated the 22nd day of Ramadan 1431 H, corresponding to the 1st day of September 2010 G.
