Portfolio Loan Account (PLA) Summary for Account Number:[omitted]
Exhibit 10.17
Morgan Stanley Bank, N.A.
One Utah Center
201 South Main Street, 5th Floor
Salt Lake City, UT 84111
November 19, 2010
| Platinum Energy Solutions, Inc. | ||
| 2100 West Loop S Suite 1600 | Account Number: ***-******* | |
| Houston, TX 77027 |
Dear Christine Spencer:
Morgan Stanley Bank, N.A., a national banking association, is pleased to inform you that your Portfolio Loan Account has been approved and is available for your immediate use. The Portfolio Loan Account provides an efficient way to manager multiple securities-based loans under one flexible account. You can access your available credit through a Variable Rate Revolving Line of Credit, or establish a Standby Letter of Credit. PLA allows you to effectively manage your financing needs under one account.
For your records, here are important details on your Portfolio Loan Account:
| Borrower: | Platinum Energy Solutions, Inc. | |
| Loan Account Number: | ***-******* | |
| Approved Facility Amount: | $7,650,000.00 | |
| Interest Rate Spread: | Corresponding PLA Index +2.50% |
Please remember
| • | Your actual available credit can change on a daily basis due to fluctuations in the value of your collateral, or draws taken on the Portfolio Loan Account. |
| • | There is a minimum initial draw of $25,001, which must be made by wire transfer. There is a minimum $100 requirement on subsequent draws on your Variable Rate Revolving Line of Credit after this initial draw requirement is made. |
| • | Once your minimum initial draw requirement is met, Morgan Stanley Bank, N.A. will send you a checkbook, allowing you to easily make future draws from your Variable Revolving Line of Credit. |
| • | Portfolio Loan Account proceeds cannot be used to purchase, carry or trade securities, or used to pay off a margin debt. |
If you have any questions, please do not hesitate to call our Client Service Center at ###-###-####, or contact your Morgan Stanley Smith Barney Financial Advisor to start using your Portfolio Loan Account today.
Sincerely,
Morgan Stanley Bank, NA
| Morgan Stanley Bank, N.A. | Portfolio Loan Account Statement |
| Your Financial Advisor | Statement Date | 09/30/11 | ||
| PAPPAS/MANN | Payment Date | 10/01/11 | ||
| MORGAN STANLEY SMITH BARNEY | Account Number | [omitted] | ||
| 2200 WEST LOOP SOUTH SUITE 100 | Total Minimum Payment | $4,642.09 | ||
| HOUSTON, TX 77027 | ||||
| 1(713) 968-3000 |
PLATINUM ENERGY SOLUTIONS, INC.
2100 WEST LOOP S SUITE 1600
HOUSTON TX 77027
Portfolio Loan Account (PLA) Summary for Account Number: [omitted]
| PLA FACILITY LIMIT | PLA BALANCE | PLA AVAILABLE CREDIT* | ||||||
| $8,800,000.00 | $ | 2,038,469.30 | $ | 2,172,446.50 | ||||
| * | PLA Available Credit at month end is equal to the loan value of the pledged collateral less outstanding loan balances and issued amounts on Letters of Credit. As Available Credit can change daily, please call ###-###-#### for a current value. |
Variable Rate Revolving Line of Credit Information
Loan Number: 00001
| Payment Date | Fees Assessed/ Unpaid | Current Amount Due | Past Due Amount | Minimum Payment | ||||||||||||
| 10/01/11 | $ | 0.00 | $ | 4,642.09 | $ | 0.00 | $ | 4,642.09 | ||||||||
Loan payments due will be satisfied by an automatic advance on your Variable Rate Revolving Line of Credit, subject to Available Credit. Should you choose to pay down the balance on your Variable Rate Revolving Line of Credit, please return the bottom portion of this statement with your payment.
