Amendment to Seventh Restated Loan Agreement among Clayton Williams Energy, Inc., Warrior Gas Co., CWEI Acquisitions, Inc., Bank One, NA, and Union Bank of California, N.A.

Contract Categories: Business Finance › Loan Agreements
Summary

This letter agreement, dated May 8, 2001, is between Clayton Williams Energy, Inc. (and its affiliates) and its lenders, Bank One, NA and Union Bank of California, N.A. It confirms that for each quarter of 2001, the Williams Consolidated Entities must maintain a ratio of current assets to current liabilities of at least 0.5 to 1, as agreed by all parties. This modifies the financial covenant in the existing loan agreement for the specified period.

Read More Arrow
EX-10.1 2 a2048885zex-10_1.txt EXHIBIT 10.1 EXHIBIT 10.1 May 8, 2001 VIA FACSIMILE: (214) 290-2332 VIA FACSIMILE: (214) 920-4209 - ----------------------------- ----------------------------- Mr. Wm. Mark Cranmer Mr. John L. Clark Vice President Vice President Bank One, NA Union Bank of California, N.A. 1717 Main Street 500 N. Akard St., Suite 4200 Dallas, Texas 75201 Dallas, Texas 75201 Re: Seventh Restated Loan Agreement among Clayton Williams Energy, Inc., Warrior Gas Co., CWEI Acquisitions, Inc., Bank One, NA and Union Bank of California, N.A. (The "Loan Agreement") Dear Messrs. Cranmer and Clark: This letter is to confirm our recent discussion regarding the provisions of Section 13(c) of the Loan Agreement. By your signature below, Bank One, NA and Union Bank of California, N.A. agree that the Williams Consolidated Entities' ratio of Current Assets to Current Liabilities during each quarter of 2001 shall not be less than .5 to 1 as of the end of such calendar quarters. Very truly yours, /s/ Mel G. Riggs ------------------------------------- Mel G. Riggs, Chief Financial Officer Clayton Williams Energy, Inc. AGREED TO AND ACCEPTED: Bank One, NA, a national association By: /s/ William Mark Cranmer --------------------------------------- Wm. Mark Cranmer, Vice President Union Bank of California, N.A., a national banking association By: /s/ John A. Clark -------------------------------------- John A. Clark, Vice President