NORWEST BANKS Norwest Bank Colorado, N.A.
Denver
0000 Xxxxxxxx
Xxxxxx, Xxxxxxxx 00000
303/861/8811
November 3, 1998
Xx. Xxx Xxxxxxxxx
Basic Earth Science Systems, Inc.
Xxxxx 0000 000 00xx Xxxxxx
Xxxxxx, XX 00000
Dear Ray:
Reference is made to the agreement between Basic Earth Science Systems, Inc.,
("Borrower") and Norwest Bank Colorado, N.A. ("Norwest") dated March 30, 1995
("Loan Agreement") as amended from time to time. Effectively immediately, the
Borrowing Base shall be set at $620,000. The Borrowing Base shall reduce monthly
by $10,000 beginning November 30, 1998 through March 31, 1999 and by $20,000
beginning April 30, 1999 through March 31, 2000. On the Maturity Date of April
1, 2000 the Borrowing Base shall be zero. The Borrowing Base schedule is
presented below for clarification.
Effective Borrowing
Date Base
---- ----
11/02/1998 620,000
11/30/1998 610,000
12/31/1998 600,000
01/31/1999 590,000
02/28/1999 580,000
03/31/1999 570,000
04/30/1999 550,000
05/31/1999 530,000
06/30/1999 510,000
07/31/1999 490,000
08/31/1999 470,000
09/30/1999 450,000
10/31/1999 430,000
11/30/1999 410,000
12/31/1999 390,000
01/31/2000 370,000
02/29/2000 350,000
03/31/2000 330,000
04/01/2000 0
Also effectively immediately the consolidated net worth requirement shall be
decreased from $1,700,000 to $750,000. Should you have any questions regarding
this matter, please feel free to contact me 000-0000. Please acknowledge your
acceptance of and agreement to the above listed changes to the Loan Agreement by
signing below. All other terms and conditions of the Loan Agreement as amended
shall remain in full force and effect.
Very sincerely,
/s/ Xxx XxXxxxxx
----------------
Xxx XxXxxxxx
Vice President
AGREED TO AND ACCEPTED THIS 4TH OF NOVEMBER, 1998.
BASIC EARTH SCIENCE SYSTEMS, INC.
By: /s/ Xxx Xxxxxxxxx
---------------------
Xxx Xxxxxxxxx, President
c. Xxxxx Xxxxxxxx,
Heppenstall, Savage, Xxxxxxxx & Xxxxxx, LLC
