FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED FINANCING AGREEMENT
EXHIBIT
10.2
FIFTH
AMENDMENT TO SECOND AMENDED
AND
RESTATED FINANCING AGREEMENT
THIS
FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED FINANCING
AGREEMENT
(“this
Agreement”)
entered into on this 18th day of April, 2008, to be effective, unless another
effective date is otherwise herein specified, as of the date hereof, is by
and
among The CIT Group/Business Credit, Inc. (“CIT”),
SunTrust Bank (“SunTrust”),
Wachovia Bank, N.A. (“Wachovia”)
and
PNC Bank National Association (“PNC”)
(CIT,
SunTrust, Wachovia and PNC being herein collectively referred to as the
“Lenders”),
CIT
as administrative and collateral agent (“Agent”),
United Fuel & Energy Corporation, a Texas corporation (“United”),
Three
D Oil Co. of ▇▇▇▇▇▇▇, Inc., a Texas corporation (“Three
D”)
and
Cardlock Fuels Systems, Inc. a California corporation (“Cardlock”)
(United, Three D and Cardlock being herein individually referred to as a
“Company”
and
collectively referred to as the “Companies”),
and
United Fuel & Energy Corporation, a Nevada corporation (“Parent”).
RECITALS
A. Companies,
Agent and Lenders are the present parties to that certain Second Amended and
Restated Financing Agreement, dated as of March 27, 2007, originally
executed by United, Three D, Lenders and Agent, as amended from time to
time, including, without limitation, as amended by that certain Forbearance
Agreement and Third Amendment to Second Amended and Restated Financing
Agreement, dated December 28, 2007, executed by Companies, Agent, and
Parent (the “Forbearance
Agreement”)
(as
amended from time to time, the “Financing
Agreement”).
B. Pursuant
to the terms and conditions of this Agreement, each of Companies, Agent and
Lenders are willing to amend the Financing Agreement, and certain of the other
Loan Documents.
NOW,
THEREFORE,
in
consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the
parties, intending to be legally bound, agree as follows, as hereinafter set
forth:
ARTICLE
I
Definitions
1.01 Capitalized
terms used in this Agreement are defined in the Financing Agreement, as amended
hereby, unless otherwise stated.
ARTICLE
II
Agreements
2.01 Amendment
to Section 1 of Financing Agreement; Amendment and Restatement of
Definition of “Borrowing Base”.
Section 1
of the
Financing Agreement is hereby amended by amending and restating the definition
of “Borrowing Base” to read in its entirety as follows:
“Borrowing
Base
shall
mean as to Companies, the amount calculated as follows:
(a) as
long as the Revolving Line of Credit is $80,000,000 or less or the Temporary
Line Increase Period is in effect, the lesser of
(i) the Revolving Line of Credit or (ii) the
amount calculated as follows:
(A)
eighty-five percent (85%) of Companies’ aggregate outstanding Eligible Accounts
Receivable and Companies’ aggregate outstanding Eligible Unbilled Card-Lock
Customer Accounts; provided,
however,
that if
the then Dilution Percentage is greater than five percent (5.0%), then the
rate
of advance herein shall be reduced by the percentage points by which the
Dilution Percentage exceeds five percent (5.0%), plus
(B)
the
sum of
(x)
sixty-five percent (65%) of the aggregate value of Companies’ Eligible
Inventory, valued at the lower of cost or market, on an average cost basis,
plus
(y)
sixty-five percent (65%) of the aggregate value of Companies’ Eligible Card-Lock
Inventory, valued at the lower of cost or market, on an average cost basis,
plus
(C) the
Eligible Equipment Based Amount, plus
(D) one
hundred percent (100%) of the aggregate Eligible Cash Surrender Value of
Eligible Life Insurance Policy, plus
(E) the
lesser of
(x) one
hundred percent (100%) of the Dollar balance of the Eligible Cash Collateral
or
(y) $10,000,000, minus
(F) the Availability Block, minus
(G) any
applicable Availability Reserves; or
(b) as
long as the Revolving Line of Credit during any period other than during the
Temporary Line Increase Period is greater than $80,000,000, (i) the lesser
of
(A) the Revolving Line of Credit or (B) the
amount calculated as follows:
(u)
eighty-five percent (85%) of Companies’ aggregate outstanding Eligible Accounts
Receivable and Companies’ aggregate outstanding Eligible Unbilled Card-Lock
Customer Accounts; provided,
however,
that if
the then Dilution Percentage is greater than five percent (5.0%), then the
rate
of advance herein shall be reduced by the percentage points by which the
Dilution Percentage exceeds five percent (5.0%), plus
(v)
the
sum of
(I)
sixty-five percent (65%) of the aggregate value of Companies’ Eligible
Inventory, valued at the lower of cost or market, on an average cost basis,
plus
(II)
sixty-five percent (65%) of the aggregate value of Companies’ Eligible Card-Lock
Inventory, valued at the lower of cost or market, on an average cost basis,
plus
(w) the
Eligible Equipment Based Amount, plus
(x) one
hundred percent (100%) of the aggregate Eligible Cash Surrender Value of
Eligible Life Insurance Policy, plus
(y) the
lesser of
(I) one
hundred percent (100%) of the Dollar balance of the Eligible Cash Collateral
or
(II) $10,000,000, minus
(z) the Availability Block, minus
(ii) any applicable Availability Reserves.”
2.02 Amendment
to Section 1 of Financing Agreement; Amendment and Restatement of
Definition of “Commitment”. Section 1
of the
Financing Agreement is hereby amended by amending and restating the definition
of “Commitment” to read in its entirety as follows:
“Commitment
shall
mean, as to any Lender, the amount of the commitment for such Lender set forth
on the signature page to the Fifth Amendment or in the Assignment and Transfer
Agreement to which such Lender is a party, as such amount may be reduced or
increased in accordance with the provisions of Paragraph
13.4(b)
of
Section
13
or any
other applicable provision of this Financing Agreement.”
2.03 Amendment
to Section 1 of Financing Agreement; Addition of New
Definitions”. Section 1
of the
Financing Agreement is hereby amended by adding thereto the following new
definitions to be inserted in their proper alphabetical order and to read in
its
entirety as follows:
“Fifth
Amendment
shall
mean that certain Fifth Amendment to Second Amended and Restated Financing
Agreement executed by Agent, Lenders, Companies and Parent.
Temporary
Line Increase Period
shall
mean the period beginning on the date of execution of the Fifth Amendment and
ending on the earlier to occur of (i) sixtieth day after the date of execution
of the Fifth Amendment or (ii) the date of sale or liquidation of the Eligible
Life Insurance Policy.”
2.04 Amendment
to Section 1 of Financing Agreement; Amendment and Restatement of
Definition of “Line of Credit”. Section 1
of the
Financing Agreement is hereby amended by amending and restating the definition
of “Line of Credit” to read in its entirety as follows:
“Line
of Credit
shall
mean the aggregate commitment of the Lenders to (i) make Revolving Loans
pursuant to Section 3
of this
Financing Agreement, (ii) assist Companies in opening Letters of Credit
pursuant to Section 5
of this
Financing Agreement and (iii) make the Term Loans pursuant to Section 4
of this
Financing Agreement in the aggregate amount equal to the aggregate Commitment
for each Lender.”
2.05 Amendment
to Section 1 of Financing Agreement; Amendment and Restatement of
Definition of “Revolving Line of Credit”. Section 1
of the
Financing Agreement is hereby amended by amending and restating the definition
of “Revolving Line of Credit” to read in its entirely as follows:
“Revolving
Line of Credit
shall
mean the aggregate commitment of the Lenders to make loans and advances pursuant
to Section 3
and
issue Letters of Credit Guaranties to the Companies in the aggregate amount
equal to the aggregate Revolving Line of Credit Commitment for each Lender
as
set forth on the signature page of the Fifth Amendment or in the Assignment
and
Transfer Agreement to which such Lender is a party, as such amount may be
reduced or increased in accordance with the provisions of Paragraph 13.4(b)
of
Section 13
or any
other applicable provision of this Financing Agreement.”
2.06 Additional
Agreements.
Notwithstanding any provision to the contrary in the Financing Agreement or
any
other Loan Document:
(a) The
parties hereto agree that during the Temporary Line Increase Period, the
aggregate amount of the Commitments and the Revolving Line of Credit Commitments
shall increase by $2,666,000, with the Commitment and Revolving Line of Credit
Commitment of CIT and Wachovia increasing respectively by $1,333,000, and there
being no increase during the Temporary Line Increase Period in the respective
Commitment and Revolving Line of Credit Commitment of PNC and SunTrust. Agent
and Lenders hereby waive any violation which might otherwise occur pursuant
to
the provisions of the Financing Agreement, including, without limitation, the
provisions of Section 3.1(c)
of the
Financing Agreement, due to this $2,666,000 increase in the aggregate amount
of
the Commitments and Revolving Line of Credit Commitments during the Temporary
Line Increase Period;
(b) Lenders
and Agent hereby agree that the Eligible Life Insurance Policy may be sold
or
liquidated, provided that the net cash proceeds received from such sale or
liquidation equal at least $2,666,000 and all the net proceeds from such sale
or
liquidation are immediately paid to Agent to be applied to the Obligations
as
set forth below in Paragraph (c);
and
(c) The
parties hereby agree that the net proceeds from such sale or liquidation of
the
Eligible Life Insurance Policy shall be applied first to the outstanding
principal amount of the Revolving Loans and then to such other of the
Obligations in such order as the Agent and Required Lenders shall determine,
in
their sole discretion, and such amount paid to Agent shall permanently decrease
by such amount the Eligible Cash Surrender Value of Eligible Life Insurance
Policy. The parties hereto further agree that the first $2,666,000 in such
net
proceeds shall be applied equally to the Revolving Loans respectively owing
to
CIT and Wachovia and shall reduce respectively by $1,333,000 the respective
Commitment and Revolving Line of Credit Commitment of each of CIT and Wachovia
until the respective Commitment and Revolving Line of Credit Commitment of
CIT
and Wachovia equals what it was immediately prior to the commencement of the
Temporary Line of Increase Period, with any remaining net proceeds applied
to
the Revolving Loans of each Lender according to such Lender’s Pro Rata
Percentage of the Revolving Line of Credit Commitment.
2.07 Amendment
to Amended and Restated Revolving Credit Notes.
(a) As
long
as the Temporary Line Increase Period is in existence, the Amended and Restated
Revolving Credit Note, dated October 30, 2007, executed by Companies, and
payable to Wachovia, shall be deemed amended as follows:
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(i)
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Each
reference to the dollar amount “$17,777,777.78” shall be deemed to be a
reference to the dollar amount
“$19,110,777.78”.
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(ii)
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Each
reference to the phrase “SEVENTEEN MILLION SEVEN HUNDRED SEVENTY-SEVEN
THOUSAND SEVEN HUNDRED SEVENTY-SEVEN AND 78/100THS DOLLARS”, shall deemed
to be a reference to the phrase “NINETEEN MILLION ONE HUNDRED TEN THOUSAND
SEVEN HUNDRED SEVENTY-SEVEN AND 78/100THS DOLLARS”.
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Upon
the
termination of the Temporary Line Increase Period, the Amended and Restated
Revolving Credit Note shall be deemed to be amended so as to revert to the
prior
dollar amount and phrase.
(b) As
long
as the Temporary Line Increase Period is in existence, the Amended and Restated
Revolving Credit Note, dated October 30, 2007, executed by Companies and
payable to the order of CIT, shall be deemed amended as follows:
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(i)
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Each
reference to the dollar amount “$26,666,666.66” shall be deemed to be a
reference to the dollar amount “$27,999,666.66”.
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(ii)
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Each
reference to the phrase “TWENTY-SIX MILLION SIX HUNDRED SIXTY-SIX THOUSAND
SIX HUNDRED SIXTY-SIX AND 66/100THS DOLLARS” shall deemed to be a
reference to the phrase “TWENTY-SEVEN MILLION NINE HUNDRED NINETY-NINE
THOUSAND SIX HUNDRED SIXTY-SIX AND 66/100THS DOLLARS”.
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Upon
the
termination of the Temporary Line Increase Period, the Amended and Restated
Revolving Credit Note shall be deemed to be amended so as to revert to the
prior
dollar amount and phrase.
2.08 Fees.
In
consideration for the agreements set forth herein, Companies shall pay to Agent
an amendment fee of $70,000 ($25,000 of such fee to be respectively allocated
to
each of CIT and Wachovia, and $10,000 of such fee to be respectively allocated
to each of PNC and SunTrust), which fee (i) shall be deemed fully earned on
the date of execution of this Agreement, (ii) shall be non-refundable, and
(iii) shall be due and payable in full on the date of execution of this
Agreement.
ARTICLE
III
No
Waiver
3.01 No
Waivers.
Except
as otherwise expressly set forth in other sections of this Agreement, nothing
contained herein shall be construed as a waiver by Agent or any Lender of any
covenant or provision of the Financing Agreement, or any other Loan Document
or
any other contract or instrument between any Company and/or Parent and Agent
and/or any Lender, and neither Agent’s nor any Lender’s failure at any time or
times hereafter to require strict performance by any Company and/or Parent
of
any provision thereof shall waive, affect or diminish any right of Agent or
any
Lender thereafter to demand strict compliance therewith. Each of Agent and
each
Lender hereby reserves all rights granted under the Financing Agreement, and
each other Loan Document and any other contract or instrument between any
Company and/or Parent and Agent and/or any Lender.
ARTICLE
IV
Conditions
Precedent
4.01 Conditions
to Effectiveness.
The
effectiveness of this Agreement is subject to the satisfaction of the following
conditions precedent, unless specifically waived in writing by
Agent:
(a) Agent
shall have received all of the following, each in form and substance
satisfactory to Agent (each of which shall be deemed to be a “Loan
Document”
for
purposes of the Financing Agreement):
(i) This
Agreement, duly executed by Companies, Parent and Lenders; and
(ii) Such
additional documents, instruments and information as Agent may
request.
(b) The
representations and warranties contained herein and in the Financing Agreement,
and the other Loan Documents, as each is amended hereby, shall be true and
correct as of the date hereof, as if made on the date hereof.
(c) No
Default or Event of Default shall have occurred and be continuing, unless such
Event of Default has been otherwise specifically waived in writing by Agent
and
Lenders.
(d) All
corporate proceedings taken in connection with the transactions contemplated
by
this Agreement and all documents, instruments and other legal matters incident
thereto shall be satisfactory to Agent and its legal counsel.
(e) Agent
shall have received payment, in immediately available funds, of the fee
described in Section 2.08
hereof.
ARTICLE
V
Ratifications,
Representations and Warranties
5.01 Ratifications.
The
terms and provisions set forth in this Agreement shall modify and supersede
all
inconsistent terms and provisions set forth in the Financing Agreement and
the
other Loan Documents, and, except as expressly modified and superseded by this
Agreement, the terms and provisions of the Financing Agreement and the other
Loan Documents are ratified and confirmed and shall continue in full force
and
effect. Each of the parties hereto agrees that the Financing Agreement and
the
other Loan Documents, as amended hereby, shall continue to be legal, valid,
binding and enforceable in accordance with their respective terms.
5.02 Representations
and Warranties.
Each of
each Company and Parent hereby represents and warrants to Agent and each Lender
that (a) the execution, delivery and performance of this Agreement and any
and
all other Loan Documents executed and/or delivered in connection herewith have
been authorized by all requisite corporate action on the part of each of each
Company and Parent and will not violate the Articles of Incorporation or Bylaws
of any Company or Parent; (b) the representations and warranties contained
in
the Financing Agreement, as amended hereby, and any other Loan Document are
true
and correct on and as of the date hereof and on and as of the date of execution
hereof as though made on and as of each such date; and (c) no Default or Event
of Default under the Financing Agreement, as amended hereby, has occurred and
is
continuing, unless such Default or Event of Default has been specifically waived
in writing by Agent and each Lender. Each of each Company and Parent hereby
represents and warrants to Agent and each Lender that it is in full compliance
with all covenants and agreements contained in the Financing Agreement, and
the
other Loan Documents, as amended hereby.
ARTICLE
VI
Miscellaneous
Provisions
6.01 Survival
of Representations and Warranties.
All
representations and warranties made in the Financing Agreement or any other
Loan
Document, including, without limitation, any document furnished in connection
with this Agreement, shall survive the execution and delivery of this Agreement
and the other Loan Documents, and no investigation by Agent or any Lender or
any
closing shall affect the representations and warranties or the right of Agent
or
any Lender to rely upon them.
6.02 Reference
to Financing Agreement.
Each of
the Financing Agreement and the other Loan Documents and any and all other
agreements, documents or instruments now or hereafter executed and delivered
pursuant to the terms hereof or pursuant to the terms of the Financing
Agreement, as amended hereby, is hereby amended so that any reference in the
Financing Agreement and such other Loan Documents to the Financing Agreement
shall mean a reference to the Financing Agreement as amended
hereby.
6.03 Expenses
of Agent.
Each of
each Company and Parent agrees to pay on demand all costs and expenses incurred
by Agent in connection with the preparation, negotiation and execution of this
Agreement and the other Loan Documents executed pursuant hereto, and any and
all
amendments, modifications, and supplements thereto, including, without
limitation, the costs and fees of Agent’s legal counsel, and all costs and
expenses incurred by Agent in connection with the enforcement or preservation
of
any rights under the Financing Agreement, as amended hereby, or any other Loan
Document, including, without limitation, the costs and fees of Agent’s legal
counsel.
6.04 Severability.
Any
provision of this Agreement held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held
to
be invalid or unenforceable.
6.05 Successors
and Assigns.
This
Agreement is binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns, except neither any Company nor
Parent may assign or transfer any of its rights or obligations hereunder without
the prior written consent of Agent and each Lender.
6.06 Counterparts.
This
Agreement may be executed in one or more counterparts, each of which when so
executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument.
6.07 Effect
of Waiver.
No
consent or waiver, express or implied, by Agent or any Lender to or for any
breach of or deviation from any covenant or condition by any Company or Parent
shall be deemed a consent to or waiver of any other breach of the same or any
other covenant, condition or duty.
6.08 Headings.
The
headings, captions, and arrangements used in this Agreement are for convenience
only and shall not affect the interpretation of this Agreement
6.09 Applicable
Law.
THIS AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO SHALL
BE
DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY
AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS.
6.10 Final
Agreement.
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE
NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
6.11 Release.
EACH OF EACH COMPANY AND PARENT HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE
WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE “OBLIGATIONS” OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF
ANY KIND OR NATURE FROM AGENT OR ANY LENDER. EACH OF EACH COMPANY AND PARENT
HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES EACH OF AGENT
AND EACH LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS,
FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS,
EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL,
AT
LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AGREEMENT IS EXECUTED, WHICH ANY COMPANY OR PARENT MAY NOW OR HEREAFTER HAVE
AGAINST AGENT OR ANY LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS
AND
ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF
CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING
FROM
ANY “LOANS”, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING,
TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST
LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE
FINANCING AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION
OF THIS AGREEMENT.
[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]
Executed
on this 18th
day of
April, 2008, to be effective as of the respective date indicated
above.
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COMPANIES:
UNITED
FUEL & ENERGY CORPORATION,
a
Texas corporation
By:
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name:
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:
President and Chief Executive Officer
THREE
D OIL CO. OF ▇▇▇▇▇▇▇, INC.,
a
Texas corporation
By:
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name:
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:
President and Chief Executive Officer
CARDLOCK
FUELS SYSTEM, INC.,
a
California corporation
By:
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name:
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:
President and Chief Executive Officer
PARENT:
UNITED
FUEL & ENERGY CORPORATION,
a
Nevada corporation
By:
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name:
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:
President and Chief Executive
Officer
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AGENT:
THE
CIT GROUP/BUSINESS CREDIT, INC.,
as
Agent
By:
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Name:
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title:
Vice President
LENDERS:
THE
CIT GROUP/BUSINESS CREDIT, INC.,
as
a Lender
By:
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Name:
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title:
Vice President
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Amount
of Commitment:
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||||
| (i) During Temporary Line: | $30,999,666.66 | |||
| Increase Period | ||||
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(ii) At
All Other Times:
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$29,666,666.66 | |||
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Amount
of Revolving Line of
Credit Commitment:
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||||
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(i) During
Temporary Line:
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$27,999,666.66 | |||
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Increase Period
|
||||
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(ii) At
All Other Times:
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$26,666,666.66 |
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SUNTRUST
BANK,
as
a Lender
By:
/s/ ▇▇▇▇▇ ▇. ▇’▇▇▇▇▇▇
Name:
▇▇▇▇▇ ▇. ▇’▇▇▇▇▇▇
Title:
Director
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|||
| Amount of Commitment: | $19,777,777.78 | |||
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Amount
of Revolving Line of
Credit Commitment:
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$17,777,777.78 | |||
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WACHOVIA
BANK, N.A.,
as
a Lender
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Name:
▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title:
Vice President
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|||
| Amount of Commitment: | ||||
| (i) During Temporary Line: | $21,110,777.78 | |||
| Increase Period | ||||
| (ii) At All Other Times: | $19,777,777.78 | |||
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Amount
of Revolving Line of
Credit Commitment:
|
||||
|
(i) During
Temporary Line:
|
$19,110,777.78 | |||
|
Increase Period
|
||||
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(ii) At
All Other Times:
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$17,777,777.78 |
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PNC
BANK NATIONAL ASSOCIATION,
as
a Lender
By:
/s/ ▇▇▇ ▇▇▇▇▇▇▇
Name:
▇▇▇ ▇▇▇▇▇▇▇
Title:
Vice President
|
|||
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Amount
of Commitment:
|
$19,777,777.78 | |||
|
Amount
of Revolving Line of
Credit Commitment:
|
$17,777,777.78 | |||