Document:

Exhibit 10.4

 

SUBORDINATION AGREEMENT

 

THIS SUBORDINATION AGREEMENT (“Agreement”), dated as of April 21,
2006, is made by CLAYTON WILLIAMS ENERGY, INC., a Delaware corporation (“CWEI”),
and LARIAT SERVICES, INC., a Texas corporation (“Lariat”; CWEI and Lariat
are each a “Covered Creditor” and collectively, the “Covered Creditors”) for
the benefit of (1) MERRILL LYNCH CAPITAL, a division of Merrill Lynch
Business Financial Services Inc., a Delaware corporation, as administrative
agent (“Administrative Agent”) for the Lenders (as such term is defined in the
below-mentioned Loan Agreement), and (2) the Lenders.

 

WHEREAS, Larclay, L.P., a Texas limited partnership (“Borrower”), is
now or may hereafter be indebted to the Lenders;

 

WHEREAS, Covered Creditors have made or may in the future make
loans to Borrower;

 

WHEREAS, as a condition to entering into the Loan Agreement,
Administrative Agent and the Lenders have required that Covered Creditors
subordinate payment of any Covered Claims (defined below) to the payment of the
Obligations (as such term is defined in the Loan Agreement);

 

WHEREAS, assisting Borrower in obtaining credit accommodations from the
Lenders and subordinating its interests pursuant to the terms of this Agreement
are in the best interests of each of the Covered Creditors;

 

Accordingly, for $10 and other good and valuable considerations, the
receipt and sufficiency of which are hereby acknowledged, the Covered Creditors
agree as follows, intending to be legally bound:

 

1.                                      Definitions

 

1.1                                 Defined
Terms. Unless otherwise defined herein, capitalized terms used herein have
the meaning given such terms in the Loan Agreement (as defined below). In
addition, the following terms have the meanings specified below:

 

“Administrative Agent” has the meaning assigned to it in the
introductory paragraph hereof.

 

“Borrower” has the meaning assigned to it in the introductory
paragraph hereof.

 

“Covered Claims” means all
obligations of Borrower in respect of loans made by any Covered Creditor to
Borrower, or borrowed money owing by Borrower to any Covered Creditor, whether
such obligations now exist or are hereafter incurred or arise, or whether the
obligation of Borrower thereon be direct, contingent, primary, secondary,
several, joint and several, or otherwise, and irrespective of whether such
obligations be evidenced by a note, written instrument or agreement or
otherwise, and irrespective of the Person or Persons in whose favor such debts
or obligations may, at their inception, have been, or may hereafter be
created, or the manner in which they have been or may hereafter be
acquired. Notwithstanding the foregoing, and for avoidance of doubt, “Covered
Claims” shall exclude any (a) loan or advance made by

 

 

any Covered Creditor to Borrower prior to the
date hereof, provided that all such loans are repaid at the time of the first
advance on the Loan, and (b) ordinary course of business accounts payable
and accrued expenses of the type excluded from Indebtedness (as such term is
used in the Loan Agreement).

 

“Covered Creditor” and “Covered Creditors” have the
meanings assigned to them in the introductory paragraph hereof.

 

“Fixed Charge Coverage Ratio” means the ratio of (a) net
income plus interest (including payments in the nature of interest under
capital leases and payment in kind interest), plus income taxes, plus
depreciation, plus amortization, plus operating lease expense, minus
extraordinary income, in each case as determined on a trailing 12 month basis
from the Measurement Date, to (b) the sum of (i) the aggregate
principal to be paid or accrued, the aggregate rental under capital leases to
be paid or accrued and rental and other obligations under leases to be paid or
accrued, each as calculated on a forward twelve-month basis in accordance with
obligations from the Measurement Date, and (ii) the aggregate interest
paid or accrued, the aggregate operating lease expense paid or accrued, any
dividends and other distributions paid or accrued to equity holders (whether
permitted in the Loan Agreement or not) and income taxes paid in cash, in each
case determined on a trailing 12 month basis from the Measurement Date. For the
fiscal quarters ending as of June 30, 2006, September 30, 2006, December 31,
2006, and March 31, 2007, the Fixed Charge Coverage Ratio shall be
annualized with respect to a trailing 12-month period by using the factor set
forth below for the corresponding Measurement Date:

 

	
  Calculation
  Date

  	
   

  	
  Period

  	
   

  	
  Annualized

  Factor

  
	
  As of June 30,
  2006

  	
   

  	
  From May 1,
  2006 through and including June 30, 2006

  	
   

  	
  6

  
	
  As of September 30,
  2006

  	
   

  	
  From May 1,
  2006 through and including September 30, 2006

  	
   

  	
  2.4

  
	
  As of December 31,
  2006

  	
   

  	
  From May 1,
  2006 through and including December 31, 2006

  	
   

  	
  1.5

  
	
  As of March 31,
  2007

  	
   

  	
  From May 1,
  2006 through and including March 31, 2007

  	
   

  	
  1.0909

  

 

Items
(a) and (b) shall be prepared on a consolidated basis from Borrower’s
regular financial statements as of the Measurement Date and shall be prepared
in accordance with GAAP except footnotes and regular year-end adjustments.

 

“Loan Agreement” means the Term Loan and Security Agreement
dated as of April 21, 2006, among Borrower, Administrative Agent, and the
Lenders from time to time party thereto, as the same may from time to time
be amended, modified, supplemented or restated.

 

“Measurement Date” means the last day of each fiscal quarter-end
during the term of the Loan Agreement.

 

2

 

“Payment Test” means the following:

 

(a)                                  no
Default has occurred and is continuing; and

 

(b)                                 Borrower’s
Fixed Charge Coverage Ratio is at least 1.25 to 1.00.

 

2.                                      Subordination
of Covered Claims

 

2.1                                 Subordination
of All Covered Claims. The Covered Claims are hereby expressly subordinated
to the extent and to the manner set forth in this Agreement. The Covered Claims
shall continue to be subordinated to the Obligations even if the Obligations
are subordinated, avoided or disallowed under the United States Bankruptcy Code
or other Applicable Law.

 

2.2                                 Payments.
Until all of the Obligations have been paid in full and the Administrative
Agent has released its Lien in the Collateral, the Covered Creditors shall not
demand, receive, collect or accept any amount from Borrower in respect of the
Covered Claims, or exercise any right of or permit any setoff in respect of the
Covered Claims, except that the Covered Creditor may demand, accept,
receive and collect amounts owing on the Covered Claims so long as, and only
if, both before and after such demand, acceptance, receipt and collection, the
Payment Test has been satisfied. Notwithstanding the foregoing, and for
avoidance of doubt, “Covered Claims” shall exclude any (a) loan or advance
made by any Covered Creditor to Borrower prior to the date hereof, provided
that all such loans are repaid at the time of the first advance on the Loan,
and (b) ordinary course of business accounts payable and accrued expenses
of the type excluded from Indebtedness (as such term is used in the Loan
Agreement).

 

2.3                                 Claims
in Bankruptcy. In the event of a Bankruptcy Event involving Borrower,
Administrative Agent, on behalf of the Covered Creditors, shall have the right
to prove their claim in any proceeding so as to establish their rights
hereunder and receive directly from the receiver, trustee or other court
custodian, payments which would otherwise be payable upon Covered Claims. Each
Covered Creditor hereby assigns such payments to the Administrative Agent, for
the benefit of the Administrative Agent and the Lenders, for application
against the Obligations as provided in the Loan Agreement. Should the
Administrative Agent or any Lender receive, for application upon the
Obligations, any such payment which is otherwise payable to any Covered
Creditor, and which, as between Borrower and such Covered Creditor, shall
constitute a credit upon the Covered Claims, then upon payment in full of the
Obligations and the termination of all of the commitments under the Loan
Agreement, the intended recipient shall become subrogated to the rights of the
Administrative Agent and the Lenders to the extent that such payments to the
Administrative Agent and the Lenders on the Covered Claims have contributed
toward the liquidation of the Obligations, and such subrogation shall be with
respect to that proportion of the Obligations which would have been unpaid if
the Administrative Agent and the Lenders had not received payments upon the
Covered Claims.

 

2.4                                 Payments
Held in Trust. In the event that notwithstanding the provisions of Sections
2.1, 2.2 and 2.3, any Covered Creditor receives any payments that are
prohibited by such Sections, then it agrees: 
(a) to hold in trust for the Administrative Agent and the Lenders
an amount equal to the amount of all payments so received, (b) that it
shall have absolutely no

 

3

 

dominion over
the amount of such payments except to pay them promptly to the Administrative
Agent, for the benefit of the Administrative Agent and the Lenders, and (c) that
it will take such other and further actions (including endorsement of checks)
and execute and deliver such other documents as Administrative Agent may reasonably
request in order to turn over such amounts received to the Administrative
Agent.

 

2.5                                 No
Liens; Etc. Each of Borrower and each Covered Creditor agrees that, until
the Obligations are paid in full and the termination of all of the commitments
under the Loan Agreement, Borrower will not grant, and the Covered Creditors
will not accept, any Liens securing payment of the Covered Claims, but to the
extent there is a breach of the foregoing covenant, each of Borrower and each
Covered Creditor agrees until the Obligations are paid in full and the
termination of all of the commitments under the Loan Agreement any Liens
securing payment of the Covered Claims shall be and remain inferior and subordinate
to any Liens securing payment of the Obligations, regardless of whether such
encumbrances in favor of such Covered Creditor, the Administrative Agent or any
Lender presently exist or are hereafter created or attach and irrespective of
the relative priority thereof or whether the Liens securing the Obligations are
perfected. Without the prior written consent of the Administrative Agent, no
Covered Creditor, during the period in which any of the Obligations are
outstanding or the commitments under the Loan Agreement are in effect, shall (a) exercise
or enforce any creditor’s right it may have against any debtor in respect
of the Covered Claims, or (b) foreclose, repossess, sequester or otherwise
take steps or institute any action or proceeding (judicial or otherwise,
including without limitation the commencement of or joinder in any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce
any Lien held by it; provided that such Covered Creditor may take action,
subject to the provisions of this Agreement, to preserve its rights, remedies,
and claims in respect of the Covered Claims at law or equity (including in any
bankruptcy or similar proceeding).

 

3.                                      Miscellaneous

 

3.1                                 Conflict
in Agreements. If the subordination provisions of any instrument evidencing
Covered Claims conflict with the terms of this Agreement, the terms of this
Agreement shall govern the relationship between the Administrative Agent and
the Covered Creditors.

 

3.2                                 No
Waiver. No waiver shall be deemed to be made by Administrative Agent or the
Lenders of any of their rights hereunder unless the same shall be in writing
signed on behalf of them, and each such waiver, if any, shall be a waiver only
with respect to the specific matter or matters to which the waiver relates and
shall in no way impair the rights of the Administrative Agent or the Lenders or
the obligations of the Covered Creditors in any other respect at any time.

 

3.3                                 Binding
Effect; Acceptance. This Agreement shall be binding upon the Covered
Creditors and each Covered Creditor’s successors and assigns and shall inure to
the benefit of Administrative Agent and the Lenders and their participants,
successors and assigns irrespective of whether this or any similar agreement is
executed by any other creditor of Borrower. Notice of acceptance by
Administrative Agent and the Lenders of this Agreement and of reliance by
Administrative Agent and the Lenders upon this Agreement is hereby waived by
the Covered Creditors.

 

4

 

3.4                                 Miscellaneous.
The paragraph headings herein are included for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose. This
Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which together shall constitute one
instrument.

 

3.5                                 Governing
Law; Consent to Jurisdiction and Venue; Waiver of Jury Trial. This
Agreement shall be governed by and construed in accordance with the substantive
laws (other than conflict laws) of the State of Illinois. Each party consents
to the personal jurisdiction of the state and federal courts located in the
State of Illinois in connection with any controversy related to this Agreement,
waives any argument that venue in any such forum is not convenient, and agrees
that any litigation initiated by any of them in connection with this Agreement may be
venued in either the state or federal courts located in Cook County, Illinois. THE
PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON
OR PERTAINING TO THIS AGREEMENT.

 

5

 

IN WITNESS WHEREOF, the Covered Creditors have executed this Agreement
as of the date and year first above-written.

 

	
   

  	
  CLAYTON WILLIAMS
  ENERGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mel G.
  Riggs

  
	
   

  	
   

  	
  Mel G. Riggs

  
	
   

  	
   

  	
  Senior Vice
  President

  
	
   

  	
   

  	
  and Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  LARIAT
  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew
  McCann

  
	
   

  	
  Name:

  	
  Matthew
  McCann

  
	
   

  	
  Title:

  	
  Vice
  President, Legal and General Counsel

  
				

 

Acknowledgment by Borrower

 

The undersigned, being the Borrower referred to in the foregoing
Agreement, hereby (i) acknowledges receipt of a copy thereof, (ii) agrees
to all of the terms and provisions thereof, (iii) agrees to and with the
Administrative Agent and the Lenders that it shall make no payment on the
Covered Claims that the Covered Creditors would not be entitled to receive
under the provisions of the Agreement, (iv) agrees that any such
prohibited payment will constitute a Default under the Obligations, and (v) agrees
to mark its books conspicuously to evidence the subordination of the Covered
Claims effected hereby.

 

	
   

  	
  LARCLAY, L.P.,

  
	
   

  	
   

  
	
   

  	
  By: Larclay GP, LLC, its general partner,

  
	
   

  	
  a Texas limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Pollard

  
	
   

  	
   

  	
  Michael L. Pollard

  
	
   

  	
   

  	
  Manager

  

 

Signature Page to Subordination
AgreementExhibit 10.5

 

EXECUTION COPY

 

CONSENT AND AGREEMENT

 

This Consent and
Agreement (the “Consent”) is entered into this 21st day of April, 2006
by and among LARCLAY, L.P. (“Borrower”), CLAYTON WILLIAMS ENERGY, INC.
(“Operator”), LARIAT SERVICES, INC. (“Lariat” and together
with Borrower and Operator “Other Parties”) and MERRILL LYNCH CAPITAL, a
division of Merrill Lynch Business Financial Services, Inc., as
Administrative Agent (“Administrative Agent”) for the lenders from time
to time party to the Loan Agreement (defined below). For purposes hereof, the
term “Lenders” has the meaning assigned to it in the Loan Agreement.

 

Reference is hereby made
to (i) the Term Loan and Security Agreement, dated as of April 21,
2006, executed by and among Borrower, Administrative Agent and Lenders (as the
same may hereafter be amended, restated, supplemented, or otherwise
modified from time to time, the “Loan Agreement”), (ii) Drilling
Contract for Multiple Rigs, dated as of April 21, 2006, executed by and
between Borrower and Operator (“Multiple Rigs Contract”), (iii) each
Drilling Contract (as defined in the Multiple Rigs Contract), and (iv) Operating
Agreement, dated April 21, 2006, between Lariat and Borrower (“Operating
Agreement” and together with the Multiple Rigs Contract and Drilling
Contracts, the “Contracts”).

 

Lenders, in connection
with their secured loans to Borrower, have required this Consent to be executed
and delivered by Operator and Lariat, and Lenders are relying on this Consent
in making the decision to provide credit to Borrower. Each of the parties to
this Consent is deriving a direct or indirect substantial benefit from the
loans to be made by Lenders as described in the Loan Agreement.

 

For $1.00 and other good
and valuable consideration received, the receipt and sufficiency of which are
hereby acknowledged, and recognizing the reliance of Administrative Agent and
Lenders hereon in entering into the Loan Agreement, the Other Parties agree as
follows:

 

1.                                       Operator
and Lariat hereby consents to the grant of a security interest in, and the
collateral assignment by Borrower of, the Contracts and all proceeds and moneys
due or to become due to Borrower under the Contracts for the purpose of
providing additional collateral securing the loans described in the Loan
Agreement. To the extent that any of the Contracts prohibits the grant of such
security interest and collateral assignment, each Contract is hereby amended to
allow such a grant.

 

2.                                       Operator
and Lariat further agrees that the security interest and assignment have been
given for collateral purposes only, and neither Administrative Agent nor any
Lender shall have performance obligations or other obligations whatsoever under
the Contracts unless and until they agree expressly and in writing so to do.

 

3.                                       All
fees and other payments, including fees at the Idle Rig Rate, under the
Contracts (collectively, the “Payments”) shall not be subject to any set
off made by Operator or Lariat, whether under the Contracts or otherwise, and
each of Operator and Lariat agrees not to assert against Administrative Agent
or Lenders any right of set off that they may have against Borrower. Operator
and Lariat acknowledges that Administrative Agent has accepted the security
interest in and collateral assignment of the Contracts for value, in good
faith, and

 

 

without notice of a claim of a property or possessory
right to the Contracts by any other person, firm or entity. For avoidance of
doubt, each of Operator and Lariat confirms that for each day during the term
of the Multiple Rigs Contract and the Drilling Contracts that another rate
(such as the market rate) does not apply, the Idle Rig Rate will apply and in
no event will the rates applicable under the Multiple Rigs Contract and the
Drilling Contracts be less than the Idle Rig Rate.

 

4.                                       Borrower
agrees that it will not collect Payments more than 30 days in advance. The
Other Parties confirm that Payments under the Contracts owing to Borrower are
not less than the monthly payments of principal and interest due under the Loan
Agreement. Operator and Lariat agree to give Administrative Agent prompt
written notice of any default by Borrower under the Contracts.

 

5.                                       Without
the consent of Administrative Agent, the Other Parties will not cancel,
terminate, or abrogate, the Contracts, or seek so to do, so long as any amounts
are owed under or in respect of the Loan Agreement. Without the consent of
Administrative Agent, the Other Parties will not amend or otherwise modify the
Contracts, or seek so to do, so long as any amounts are owed under or in
respect of the Loan Agreement.

 

6.                                       The
Other Parties represent to Administrative Agent and Lenders that the Contracts
and this Consent are legal, valid and binding obligations of each of them, that
they are in full force and effect and are enforceable in accordance with their
respective terms, and that no default or breach of any agreement exists under
the Contracts.

 

7.                                       This
Consent shall constitute a Loan Document (as such term is defined in the Loan
Agreement).

 

8.                                       This
Consent shall be governed by the laws of the State of Illinois.

 

9.                                       This
Consent may be executed in any number of counterparts, and on separate
counterparts by the different signatories hereto, each of which shall be deemed
an original, but all of which together shall constitute one and the same
instrument.

 

10.                                 Acceptance
and notice of acceptance of this Consent are expressly waived, its being
recognized and agreed that Administrative Agent and Lenders are relying hereon
in extending credit to under the Loan Agreement.

 

11.                                 Facsimile
signatures shall be effective for all purposes regardless of whether any party
receives an originally executed counterpart of this Consent.

 

12.                                 Upon
written request of Administrative Agent stating there has been an Event of
Default by Borrower under the Loan Agreement, all future Payments will be made
directly to Administrative Agent without deduction, offset or other reduction
and such making shall continue until Administrative Agent notifies the Other
Parties in writing otherwise.

 

13.                                 Borrower
agrees that neither Operator nor Lariat shall have liability or responsibility
to Borrower for complying with the directions of Administrative Agent.

 

2

 

14.                                 This
Consent is binding on the parties and their respective successors and assigns; provided,
however, that no assignment by the Other Parties shall relieve them of
their obligations hereunder or under the Contracts.

 

15.                                 Operator
and Lariat each acknowledges that the Lenders are making or continuing to
extend credit to Borrower in reliance upon their representations, warranties,
consents and agreements set forth herein and that its agreements and
obligations hereunder and under the Contracts are for the benefit of
Administrative Agent and Lenders.

 

16.                                 The
Other Parties agree to comply with the terms and provisions applicable to them
in the Contracts, including delivery of items to Administrative Agent as
provided therein.

 

17.                                 No
amendment or waiver of any provision of this Consent, nor any consent to any
departure by the Other Parties or Administrative Agent herefrom, shall in any
event be effective unless the same shall have been agreed to or consented to in
writing and signed by Administrative Agent.

 

18.                                 Each
of the Other Parties agrees to do such further acts and things and execute such
other and further documents as Administrative Agent may reasonably request
in order to effect the consents and agreements contained herein.

 

19.                                 To
the extent this Consent is inconsistent with, or prohibited or unenforceable
under, any applicable law or regulation, it will be deemed ineffective only to
the extent of such prohibition or unenforceability and shall be deemed to be
modified and applied in a manner consistent with such law and regulation. No
unenforceability or invalidity of any provision shall affect the enforceability
or validity or the remaining provisions of this Consent.

 

20.                                 Operator
agrees to deliver, promptly after execution, to Administrative Agent a fully
signed and complete copy of each Drilling Contract. Attached as Exhibit A
is a true, accurate and complete copy of the Multiple Rigs Contract.

 

21.                                 Notwithstanding
anything in the Multiple Rigs Contract or any Drilling Contract to the
contrary, Borrower may assign the Multiple Rigs Contract and the Drilling
Contracts (and the rights to receive monies thereunder) to Administrative Agent
to secure Borrower’s obligations referenced in the Loan Agreement. Operator and
Lariat each consent to such assignment of the Multiple Rigs Contract and the
Drilling Contracts and any further assignment by Administrative Agent (whether
or not judicial) to realize upon the Collateral (as defined in the Loan
Agreement). Each of Operator, Lariat and Borrower understands and agrees that
such assignments shall not release any of them from any of its liabilities
under the Multiple Rigs Contract or the Drilling Contracts and shall not
constitute assumption on the part of any such assignee or assignees.

 

22.                                 Each
of Operator and Lariat will promptly and duly execute and deliver to the other
party and to Administrative Agent such documents and assurances and take such
further action as the other party or Administrative Agent may from time to
time reasonably request in order to carry out more effectively the intent and
purpose of this Consent and to establish and protect the rights, remedies and
benefits created or intended to be created for the benefit of Administrative
Agent herein and in the Contracts.

 

3

 

23.                                 At
all times when the Multiple Rigs Contract or the Drilling Contract for a
particular Rig is not in effect, Operator represents and warrants that it will,
and agrees to, employ such Rig in its operations before using the drilling rigs
of other drilling contractors to the extent such Rig is:

 

(a)                                  available
for use and suitable to drill the proposed well; and

 

(b)                                 located
in reasonable proximity to the proposed well.

 

24.                                 The
Other Parties agree that neither the Administrative Agent nor Lender is bound
by the subordination provisions of Section 4.c. of the Multiple Rigs
Contract.

 

25.                                 This
Consent shall remain  in effect until the
Obligations are indefeasibly paid in full.

 

26.                                 Lariat
agrees that any Lien in its favor under the Operating Agreement or otherwise
against the Rigs is subordinate, junior and inferior to the Lien therein in
favor of Administrative Agent and it agrees not to foreclose, or take other
action in respect of, such Lien without the prior written consent of
Administrative Agent.

 

[The remainder of this page is intentionally left
blank.]

 

4

 

Executed as of the date
first written above.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  LARCLAY, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Larclay GP, LLC, its general partner,

  
	
   

  	
  a Texas limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Pollard

  
	
   

  	
   

  	
  Michael L. Pollard

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  
	
   

  	
  OPERATOR:

  
	
   

  	
   

  
	
   

  	
  CLAYTON
  WILLIAMS ENERGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mel G.
  Riggs

  
	
   

  	
   

  	
  Mel G. Riggs

  
	
   

  	
   

  	
  Senior Vice
  President

  
	
   

  	
   

  	
  and Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
  LARIAT
  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew
  McCann

  
	
   

  	
  Name:

  	
  Matthew
  McCann

  
	
   

  	
  Title:

  	
  Vice
  President, Legal and General Counsel

  
	
   

  	
   

  
	
   

  	
  ADMINISTRATIVE
  AGENT:

  
	
   

  	
   

  
	
   

  	
  Accepted at
  Chicago, Illinois:

  
	
   

  	
   

  
	
   

  	
  MERRILL
  LYNCH CAPITAL,

  
	
   

  	
  a division
  of Merrill Lynch Business Financial

  Services Inc., as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steve
  Coley

  
	
   

  	
   

  	
  Steve Coley

  
	
   

  	
   

  	
  Vice
  President, Group Credit Manager

  
						

 

Signature Page to Consent and Agreement

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