EXHIBIT 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT
This First Amendment to Credit Agreement (this "First
Amendment") is made and effective as of this 1st day of May, 2002, by and
between United States Exploration, Inc., a Colorado corporation ("Borrower"),
and Bank of Oklahoma, N.A. ("Lender"), with respect to the following
circumstances:
Whereas, Borrower and Lender are parties to that certain
Credit Agreement dated August 25, 2000 (the "Credit Agreement"); and
Whereas, Borrower and Lender desire (i) to renew and replace
the Revolving Note initially executed and delivered by the parties pursuant to
the Credit Agreement with a renewal and replacement Amended and Restated
Revolving Note, (ii) to amend the definition of "Revolving Credit Commitment,"
as that term is defined in the Credit Agreement, and (iii) to amend Section 2.01
of the Credit Agreement, as provided herein.
Now, therefore, for and in consideration of the foregoing
premises, and other good and valuable considerations, the receipt and
sufficiency of which are hereby acknowledged, Borrower and Lender agree as
follows:
Section 1. Loan Document. This First Amendment shall
constitute a "Loan Document," as that term is defined in Section 1.2 of Article
I of the Credit Agreement.
Section 2. Amendments. (a) The term "Revolving Credit
Commitment," as that term is defined in Section 1.2 of Article I of the Credit
Agreement and as such term is used in any of the Loan Documents, is hereby
amended, replaced, and superceded by the following definition of "Revolving
Credit Commitment:"
"Revolving Credit Commitment" means the lesser of (i)
$15,000,000, or (ii) the Borrowing Base in existence from time
to time.
(b) The term "Revolving Loan Stated Maturity Date," as that
term is defined in Section 1.2 of Article I of the Credit Agreement and as such
term is used in any of the Loan Documents, is hereby amended, replaced and
superceded by the following definition of "Revolving Loan Stated Maturity Date:"
"Revolving Loan Stated Maturity Date" means May 1, 2004, as
such date may, in Lender's sole discretion, be extended.
Section 3. No Further Change. The rest and remainder of the
Credit Agreement shall remain unchanged and in full force and effect, except as
amended and changed by Section 2 of this First Amendment.
Section 4. Commitment Fee. Pursuant to Section 3.7 of the
Credit Agreement, Borrower shall pay to Lender a commitment fee of $9,375 on the
date of this Agreement.
IN WITNESS WHEREOF, the undersigned have executed this First
Amendment to Credit Agreement as of the day and year first above written.
"LENDER"
BANK OF OKLAHOMA, N.A.
By /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: Vice President
"BORROWER"
UNITED STATES EXPLORATION, INC.
By /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: President
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