CONTINUATION OF THE INDEBTEDNESS
EVIDENCED THEREBY. LOAN BALANCES REFERRED TO IN THIS AGREEMENT MAY BE THE
BALANCES IN EFFECT AS OF THE DATE THIS AGREEMENT WAS PREPARED. ALL TERMS AND
CONDITIONS, EXCEPT AS SPECIFICALLY MODIFIED HEREIN, OF THE PRIOR OBLIGATIONS ARE
HEREBY RATIFIED AND CONFIRMED. CONSENT BY LENDER TO THIS MODIFICATION DOES NOT
WAIVE LENDER'S RIGHT TO REQUIRE STRICT PERFORMANCE OF THE PRIOR OBLIGATIONS, AS
MODIFIED, NOR OBLIGATE LENDER TO MAKE ANY FUTURE MODIFICATIONS. BORROWER AFFIRMS
THAT THE LENDER HAS FULLY PERFORMED ITS OBLIGATIONS IN REGARD TO THE
INDEBTEDNESS HEREBY BEING MODIFIED, AND THAT BORROWER HAS NO DEFENSES OR RIGHT
OF OFFSET AGAINST PAYMENTS OTHERWISE DUE.
8. SIGNATURES. By signing, I agree to the terms contained in this Modification.
I also acknowledge receipt of a copy of this Modification.
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COMMERCIAL LOAN AGREEMENT AMENDMENT
DATE AND PARTIES. The date of this COMMERCIAL LOAN AGREEMENT AMENDMENT
(AMENDMENT) is JULY 1, 2007. The parties and their addresses are as follows:
BORROWER:
DOUBLE EAGLE PETROLEUM CO.
a Maryland Corporation
777 OVERLAND TRAIL
CASPER, Wyoming 82602
LENDER:
AMERICAN NATIONAL BANK
400 EAST 1ST STREET SUITE 110
CASPER, Wyoming 82601
Telephone: (307) 234-5300
Whereas, LENDER and all parties constituting BORROWER executed COMMERCIAL LOAN
AGREEMENT, DATED JANUARY 3, 2000 (AGREEMENT).
Whereas, BORROWER and LENDER hereto desire to amend the AGREEMENT.
Now, therefore, in consideration of the AGREEMENT, and their mutual covenants
herein, BORROWER and LENDER agree as follows:
1. Terms, which are typed herein as all capitalized words and are not defined
herein shall have the same meanings as when described in the AGREEMENT.
2. AMENDMENT TO COVENANT "STOCKHOLDER EQUITY WILL NOT DROP BELOW $27,500,000.00
- INCREASED FROM $22,500,000.00.
3. BORROWER certifies by its execution hereof that all of the representations
and warranties set forth in the AGREEMENT are true as of this date, and that no
EVENT OF DEFAULT under the AGREEMENT, and no event which, with the giving of
notice or passage of time or both, would become such an EVENT OF DEFAULT, has
occurred as of execution hereof, except as disclosed to LENDER.
4. Except as herein amended, the AGREEMENT continues to be the valid, binding
obligation of BORROWER.
All terms and conditions of the AGREEMENT not affected or amended by this
AMENDMENT are hereby ratified and confirmed.
IN WITNESS WHEREOF, this AMENDMENT has been executed by the parties hereto on
the day and year first above written.
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