Letter Agreement Regarding Asset Value Limits under Credit Agreement between U S Liquids, Inc. and Lender Banks (August 8, 2002)
This agreement is between U S Liquids, Inc. and several banks, including Bank of America, Fleet National Bank, and others. It modifies certain terms of an existing credit agreement, specifically setting a $1,750,000 cap on the net book value of property at a specified Florida site and on assets (excluding accounts receivable) owned by Parallel Products of Florida, Inc. The agreement is effective once signed by all required parties and does not alter other terms of the original credit agreement.
EXHIBIT 4.14
August 8, 2002
U S Liquids, Inc.
411 N. Sam Houston Pkwy E.
Suite 400
Houston, Texas 77006
Re: Consent under Credit Agreement
Ladies/Gentlemen:
Please refer to the Second Amended and Restated Credit Agreement dated as of February 3, 1999 (as amended, the “Credit Agreement”) among U S Liquids, Inc. (the “Company”), various financial institutions and Bank of America, N.A. (f/k/a Bank of America National Trust and Savings Association), as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein have the respective meanings given to them in the Credit Agreement.
The Required Banks agree that, notwithstanding anything to the contrary contained in Sections 10.23 and 10.24 of the Credit Agreement, (a) the net book value of all property of the Company and its Subsidiaries located at the Ethanol Plant Site, 3500 Highway 555, Bartow, Florida, 33830 shall not exceed $1,750,000 at any time and (b) Parallel Products of Florida, Inc. may not own assets (other than accounts receivable) with a net book value in excess of $1,750,000.
This letter agreement may be executed by the parties hereto on separate counterparts. This letter agreement shall become effective when the Administrative Agent has received counterparts hereof executed by the Required Banks and the Company. This letter agreement shall be governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State.
This letter agreement is limited to the matters specifically set forth herein and shall not be deemed to constitute a waiver or consent with respect to any other matter whatsoever. Except as specifically set forth herein, the Credit agreement herein, the Credit Agreement shall remain in full force and effect and is hereby ratified in all respects.
Very truly yours, BANK OF AMERICA, N.A., as Administrative Agent By: /s/ Kristine Thennes Name: Kristine Thennes
Title: Vice President BANK OF AMERICA, N.A., as a Bank By: /s/ Steven R. Arentsen Name: Steven R. Arentsen
Title: Senior Vice President FLEET NATIONAL BANK, as Syndication Agent and as a Bank By: /s/ David C. Brecht Name: David C. Brecht
Title: Vice President BANK ONE, NA By: /s/ Dennis Warren Name: Dennis Warren
Title: First Vice President THE BANK OF NOVA SCOTIA By: /s/ N. Bell Name: N. Bell
Title: Senior Manager UNION BANK OF CALIFORNIA By: Name: Title:
COMERICA BANK By: Name: Title: WELLS FARGO BANK, N.A. By: /s/ Larry Clayton Name:
Title: Larry Clayton
Vice President BNP PARIBAS By: Name: Title: By: Name: Title: ACKNOWLEDGED AND AGREED: U S LIQUIDS INC. By: /s/ Steve Read Name:
Title: Steve Read
Vice President & Treasurer
