ContractCredit Agreement • August 14th, 2002 • Parallel Petroleum Corp /De/ • Crude petroleum & natural gas • Texas
CREDIT AGREEMENT AMONG PARALLEL PETROLEUM CORPORATION AS BORROWER, AND PARALLEL, L.P. AND PARALLEL, L.L.C., AS GUARANTORS, AND FIRST AMERICAN BANK, SSB AND THE INSTITUTIONS NAMED HEREIN AS LENDERS, AND FIRST AMERICAN BANK, SSB AS AGENT JULY 17, 2002 TABLE OF CONTENTS DEFINITIONS.................................................................1 COMMITMENTS OF THE LENDERS.................................................11 (a) Revolving Loans..........................................11 (b) Ratable Loans............................................12 (c) Procedure for Borrowing..................................12 (d) Letters of Credit........................................12 (e) Procedure for Obtaining Letters of Credit................13 (f) Voluntary Reduction of Commitment........................14 (g) Mandatory Commitment Reductions..........................14 (h) Several Obligations......................................15 (i) Type and Number of Advances..............................15
