Exhibit 10.10
EXECUTION VERSION
WAIVER NO. 4
TO CREDIT
AGREEMENT
THIS WAIVER NO. 4 TO CREDIT
AGREEMENT , dated as of
June 14, 2007 (this “ Waiver Agreement ”),
is made by and among BOWIE RESOURCES, LLC , a Delaware
limited liability company (“ Bowie ”),
COLORADO HOLDING COMPANY, INC. , a Delaware corporation
(“ CHC ”), BOWIE RESOURCES MANAGEMENT
PARTNER, LLC , a Nevada limited liability company (“
BRMP ”) and GENERAL ELECTRIC CAPITAL
CORPORATION , as agent for the lenders (“ Lenders
”) party to the Credit Agreement (as defined below)(in such
capacity, the “ Agent ”) and as a Lender under
the Credit Agreement. Capitalized terms used in this Waiver
Agreement and not otherwise defined have the meanings set forth in
the Credit Agreement.
W I T N
E S S E
T H :
WHEREAS , Bowie, CHC, BRMP, the Lenders and the Agent
are parties to that certain Credit Agreement dated as of
December 20, 2006 (as amended, restated, supplemented or
otherwise modified from time to time, the “ Credit
Agreement ”);
WHEREAS , Bowie, CHC and BRMP have requested that the
Agent and the Requisite Lenders agree to waive certain provisions
of the Credit Agreement as more particularly set forth herein;
and
WHEREAS , the Requisite Lenders and the Agent agree to
waive compliance with certain provisions of the Credit Agreement
subject to the terms and conditions set forth herein;
NOW, THEREFORE
, in consideration of the agreements
herein contained, the parties hereto hereby agree as
follows:
ARTICLE 1.
WAIVER
Subject to the satisfaction of the
terms and conditions set forth herein, the Requisite Lenders and
the Agent hereby (i) waive any Default or Event of Default
that has occurred by reason of the failure by the Credit Parties to
obtain a key man life insurance policy on Keith Sieber in the
amount of $3,000,000 as specified in Section 5.22 of the
Credit Agreement (“ Key Man Life Insurance ”) on
or prior to January 19, 2007 (the “ Waiver
”) and (ii) extend the period of time for delivering
such Key Man Life Insurance in accordance with Section 5.22 of
the Credit Agreement to, and the Credit Parties hereby agree to
deliver such Key Man Life Insurance to the Agent by, July 18,
2007 at 5:00 p.m. (Eastern Standard Time). Each of
Bowie, CHC and BRMP acknowledge and agree that the failure by the
Credit Parties to deliver the Key Man Life Insurance to the Agent
in accordance with Section 5.22 of the Credit Agreement
(except with
