Amendment to Credit Agreement between Sterling Bank and Lothian Oil Inc. and Affiliates
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Summary
Sterling Bank and Lothian Oil Inc., along with its affiliates, have agreed to amend their existing Credit Agreement. The amendment revises the definition of "Commitment" to clarify that the lender's obligation to make loans or issue letters of credit is limited to the lesser of $20 million or the current borrowing base. This amendment is effective upon signing by all parties and serves as an official modification to the original agreement.
EX-10.1 2 v047294_ex10-1.htm
Sterling Bank
2550 North Loop West, Suite 800
Houston, Texas 77092
July 7, 2006
Lothian Oil Inc.
United Heritage Corporation
Lothian Oil (USA) Inc.
Lothian Oil Texas I, Inc.
UHC New Mexico Corporation
Attn: Mr. Scott Wilson
405 N. Marienfeld, Suite 200
Midland, Texas 79701
| Re: | Sterling Bank/Lothian Oil Inc., et al - Amended and Restated Credit Agreement (“Credit Agreement”) dated June 16, 2006, effective as of March 31, 2006 |
Gentlemen:
Pursuant to our conversations and mutual agreement, the following definition under the Credit Agreement shall be revised to read as follows:
“Commitment” shall mean the obligation of Lender, subject to applicable provisions of this Agreement, to make Loans to or for the benefit of Borrowers pursuant to Section 2.1 and to issue Letters of Credit pursuant to Section 2.18 in an aggregate amount not to exceed the lesser of (i) $20,000,000 and (ii) the Borrowing Base then in effect.
Upon execution by Borrowers and Lender, this letter will suffice as an amendment to the referenced Credit Agreement.
| Sincerely, /s/ Daniel Steele Daniel Steele, Senior Vice President |
| Acknowledged and agreed to: UNITED HERITAGE CORPORATION By:/s/ C. Scott Wilson C. Scott Wilson Chief Executive Officer and President LOTHIAN OIL INC. By:/s/ C. Scott Wilson C. Scott Wilson Chief Financial Officer LOTHIAN OIL (USA) INC. By:/s/ C. Scott Wilson C. Scott Wilson Chief Financial Officer LOTHIAN OIL TEXAS I, INC. By:/s/ C. Scott Wilson C. Scott Wilson Chief Financial Officer UHC NEW MEXICO CORPORATION By:/s/ C. Scott Wilson C. Scott Wilson Chief Executive Officer and President |
