March 26, 2009 John D. Oil and Gas Company
Exhibit
10.37
March 26,
2009
Xxxx X.
Oil and Gas Company
0000
Xxxxxxx Xxxxxx, Xxxxx 000
Xxxxxx,
XX 00000
Attn:
Xxxxxxx X. Xxxxxxx, President
Dear
Xxxx:
The
purpose of this letter is to confirm our agreement regarding my commitment to
provide future funds to Xxxx X. Oil and Gas Company (the “Company”), if
necessary. The Company currently has a $9.5 million line of credit
with RBS Citizens, d/b/a Charter One, which is due on August 1, 2009 (the
“Charter One loan”). The Company has represented to me that it will
use its best efforts to obtain an extension of the Charter One loan or secure
substitute financing either of which will be upon terms and conditions approved
by the Company. I commit to guaranty up to $9.5 million of such
extended Charter One loan or substitute financing upon reasonable terms and
conditions, if necessary. In addition, if the Charter One loan is not
renewed and the Company is unable to secure substitute financing, I commit to
loan the Company up to a maximum of $9.5 million to repay the Charter One loan
in full upon reasonable terms and repayment conditions to be negotiated by the
Company and me if and when such loan is made; provided that I will not require
any repayment of the principal of my loan to the Company prior to January 1,
2010; and provided further that there is no material adverse change at the
Company from the date of this letter through the my loan. I represent
to the Company that I have the financial resources to provide the financing
described in this letter.
|
Sincerely,
|
||||
|
/s/ Xxxxxxx X.
Xxxxxxx
|
||||
|
Xxxxxxx
X. Xxxxxxx
|
