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G UARANTY
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BANK
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Temple-Inland company
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IRREVOCABLE LETTER OF CREDIT NO. 300568382-7001446:
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Issued: March 7, 2005
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BENEFICIARY:
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Coral Energy Holdings, L.P.
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909 Fannin, Plaza Level 1
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Houston, TX 77010
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APPLICANT:
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The Exploration Company of Delaware, Inc.
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500 North Loop 1604 E., Suite 250
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San Antonio, TX 78232
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Attn: Mark Stark
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AMOUNT:
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USD $2,800,000.00
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Two Million Eight Hundred Thousand
Dollars and no/100 U.S. Dollars
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Expiry Date:
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November 16, 2006
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Gentlemen:
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We hereby establish our Irrevocable Standby Letter Of Credit in
favor of Coral Energy Holding, L.P. (hereinafter referred to
as "Beneficiary") for the account of:
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The Exploration Company of Delaware, Inc.
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500 North Loop 1604 E., Suite 250
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San Antonio, TX 78232
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For an aggregate amount of Two Million Eight Hundred Thousand
Dollars and no/l00 U.S. dollars (USD $2,800,000.00) available
by your sight draft drawn on Guaranty Bank, 8333 Douglas Ave.,
Dallas, Texas 75225, Attn: Commercial Loan Support, by payment
against your drafts at sight (in the form attached hereto as
Exhibit A ) to be accompanied by either:
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a..
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A signed statement by an authorized officer of Beneficiary that
the amount drawn under this Letter of Credit represents an amount
due and owing to Beneficiary and unpaid by The Exploration
Company of Delaware, Inc. pursuant to an ISDA Master Agreement.
Master Swap Agreement and/or confirmations for swaps, options or
other financially settled transactions, or
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8333
Douglas Avenue
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Dallas,
TX 75225
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ph:
214 360 3380 / fax: 214 360 5265
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IRREVOCABLE LETTER OF CREDIT NO.
300568382-7001446:
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ISSUED: MARCH 7, 2005
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G UARANTY
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BANK
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a
Temple-Inland company
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b.
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A signed statement by an authorized officer of
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