Document:

exv10w31

 

Exhibit 10.31

PROMISSORY NOTE

(Line of Credit)

March 7, 2006

	 	 	 
	Borrower:

	 	Oceanic Exploration Company
	 
	 	 
	Lender:

	 	NWO Resources, Inc.
	 
	 	 
	Amount:

	 	$4,000,000.00

     For value received, Borrower promises to pay to the order of Lender at Denver, Colorado, the
sum of four million dollars ($4,000,000) or such other principal balance as may be outstanding
hereunder in lawful money of the United States with interest thereon at a rate, computed on the
basis of a three hundred sixty (360) day year, of two (2)% over the prime lending rate of U.S. Bank
per annum. Interest shall be fixed and set on each draw as of the date of such draw.

     Interest shall accrue from the date of disbursement of the principal amount or portion thereof
until paid, both before and after judgment, in accordance with the terms set forth herein.

     As of March 7, 2006, the due date of that certain Promissory Note dated March 7, 2005, in the
principal amount of two million dollars ($2,000,000) between Oceanic Exploration Company, as
Borrower, and NWO Resources, Inc., as Lender, the outstanding balance payable thereunder is
$1,740,856.46. Said amount shall constitute the beginning principal balance payable hereunder.

     All principal and interest shall be paid upon the earlier of the following: (i) obtaining
alternative financing in an amount of not less than $4,000,000, or (ii) resolution of the lawsuit
to the benefit of the plaintiffs for an amount not less than $4,000,000 or (iii) payment within one
year of the original loan date. All payments shall be applied first to accrued interest and the
remainder, if any, to principal.

     This Promissory Note shall be a revolving line of credit under which Borrower may repeatedly
draw and repay funds, so long as the aggregate, outstanding principal balance at any time does not
exceed the principal amount of this Promissory Note. Disbursements under this Promissory Note
shall be made upon request from Borrower.

     If, at any time prior to the maturity of this Promissory Note, this Promissory Note shall have
a zero balance owing, this Promissory Note shall not be deemed satisfied or terminated but shall
remain in full force and effect for future draws unless terminated upon other grounds or unless the
right to future borrowings is waived in writing by Borrower.

     Borrower may prepay all or any portion of this Promissory Note at any time without penalty.

 

 

     If a default occurs in the payment of any principal or interest when due, Lender shall give
notice to Borrower and the opportunity to cure such default within five (5) days. If such default
is not cured within such five-day period, time being the essence hereof, then the entire unpaid
balance, with interest as aforesaid, shall, at the election of the holder hereof and without notice
of such election, become immediately due and payable in full.

     Upon default in payment of any principal or interest when due, all outstanding principal shall
bear interest at a default rate from the date when due until paid, both before and after judgment,
which default rate shall be five (5)% over the prime lending rate of U.S. Bank per annum.

     If this Promissory Note becomes in default, Borrower agrees to pay to the holder hereof all
collection costs, including reasonable attorney fees and legal expenses, in addition to all other
sums due hereunder.

     This Promissory Note shall be governed by and construed in accordance with the laws of the
State of Colorado.

     Borrower hereby waives presentment for payment, protest, notice of protest and of non-payment
and of dishonor, and consent to extensions of time, renewal, waivers or modifications without
notice.

	 	 	 	 	 
	 	Borrower:

OCEANIC EXPLORATION COMPANY

 	 
	 	By:  	/s/ Charles N. Haas
 	 
	 	 	Charles N. Haas, President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	Lender:

NWO RESOURCES, INC.

 	 
	 	By:  	/s/ John E. Jones
 	 
	 	 	John E. Jones 	 
	 	 	Secretary Treasurerexv10w16

 

Exhibit 10.16

Amendment
No. 1 To Revolving
Credit Agreement

     This
Amendment No. 1 To
Revolving Credit Agreement (this “Amendment”)
is made as of June 9, 2005, by and among AMB
Amagasaki TMK, a Japanese tokutei mokuteki
kaisha, AMB Narita 1-1 TMK, a Japanese tokutei mokuteki kaisha, AMB Narita 2 TMK, a Japanese
tokutei mokuteki kaisha, AMB Japan Finance Y.K., a Japanese yugen kaisha (collectively, the
“Borrowers”), AMB
Property, L.P., a Delaware limited partnership (“AMB LP”), AMB Property
Corporation, a Maryland corporation (“AMB Corporation”, and together with AMB LP, the
“Guarantors”), the Banks listed on the signature
pages hereof, Sumitomo Mitsui Banking
Corporation, as Administrative Agent, Sole Lead Arranger and
Bookmanager, Mizuho Corporate
Bank, Ltd., as Syndication Agent,
Shinsei Bank, and UFJ
Bank, as
Documentation Agents,
International Commercial Bank
of China, and Bank of China
Limited, as Senior Managing Agents, and
The Bank of Nova Scotia, and
Oversea-Chinese Banking Corporation, as Managing Agents.

Witnesseth:

     Whereas, the Borrowers, the Guarantors and the Banks have entered into that
certain Revolving Credit Agreement, dated as of June 29, 2004 (the “Credit Agreement”); and

     Whereas, the parties desire to modify the Credit Agreement upon the terms and
conditions set forth herein.

     Now
Therefore, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties do hereby agree as follows:

     1. Definitions. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement.

     2. FMV Cap Rate. The definition of “FMV Cap Rate” is hereby deleted and the
following substituted therefor: ‘“FMV Cap Rate’ means eight percent (8%).”

     3. Non-Recourse Indebtedness. The definition of “Non-Recourse Indebtedness” is
hereby deleted and the following substituted therefor:

“Non-Recourse Indebtedness” means Indebtedness with respect to which
recourse for payment is limited to (i) specific Property or Properties
encumbered by a Lien securing such Indebtedness and/or another Person so
long as there is no recourse to AMB LP or AMB Corporation, or (ii) any
Consolidated Subsidiary or Investment Affiliate (provided that if an
entity is a partnership, there is no recourse to AMB LP or AMB
Corporation as a general partner of such partnership); provided,
however, that personal recourse of AMB LP or AMB Corporation for any
such Indebtedness for fraud, misrepresentation, misapplication of cash,
waste, environmental claims and liabilities and other circumstances
customarily excluded by institutional lenders from exculpation

 

 

provisions and/or included in separate indemnification agreements
in. non-recourse financing of real estate shall not, by itself, prevent
such Indebtedness from being characterized as Non-Recourse Indebtedness.
For purposes of the foregoing and for the avoidance of doubt, (a) if the
Indebtedness is partially guaranteed by AMB LP or AMB Corporation, then
the portion of such Indebtedness that is not so guaranteed shall still be
Non-Recourse Indebtedness if it otherwise satisfies the requirements in
this definition, and (b) if the liability of AMB LP or AMB Corporation
under any such guaranty is itself limited to specific Property or
Properties, then such Indebtedness shall still be Non-Recourse
Indebtedness if such Indebtedness otherwise satisfies the requirements of
this definition.

     4. Foreign Property Limit. The reference in Section 5.8(i) to “twenty
percent (20%)” is hereby deleted and “thirty-five percent (35%)” substituted therefor.

     5. Development Activities. The reference in Section 5.8(k) to “fifteen
percent (15%)” is hereby deleted and “twenty percent (20%)” substituted therefor.

     6. Amendments and Waivers. Section 9.5(b) is hereby deleted and the following
substituted therefor:

Notwithstanding the foregoing, in the event that the Guarantors or the
Existing Credit Agreement Agent propose to modify, waive or restate, or
request a consent or approval with respect to, the financial covenants,
reporting requirements or non-monetary Events of Default (and related
definitions) of the Existing Credit Agreement in writing (which may
include a written waiver of an existing actual or potential Default or
Event of Default that is intended to be eliminated by such modification,
restatement or waiver) (individually, a “Covenant Modification”),
simultaneously with the written submission of such proposal or request to
the Existing Credit Agreement bank group (such proposal or request being
the “Existing Credit Agreement Proposal”). Borrower and the
Guarantors shall deliver a duplicative proposal or request for a Covenant
Modification with respect to the Facility to the Administrative Agent and
the Banks. Borrower shall pay the same percentage fees (if any) to the
Administrative Agent and the Banks as the Guarantors shall pay to the
Existing Credit Agreement Agent (or agents) and the lenders under the
Existing Credit Agreement in connection with such modification,
restatement, waiver, consent or approval. The decision whether to accept
such Covenant Modification shall require the consent of the Required
Banks hereunder unless such Covenant Modification is of the nature that
would require the consent of all of the Banks; it being understood that
even if the applicable Banks shall fail to consent to

2

 

the Covenant Modification, the provisions of the Existing
Credit Agreement, as so modified, restated or waived, or the
granting of any consent or approval thereunder, in writing by the
“Required Banks” (as defined in the Existing Credit Agreement)
thereunder (or if applicable, all of the lenders thereunder) shall
control. Notwithstanding the foregoing, in no event shall
Administrative Agent and the Banks be required to accept any
Covenant Modification that modifies, amends or waives the
Administrative Agent’s rights under this Agreement with respect to
the Banks as the “agent” under the Facility or subjects the
Administrative Agent, as the “agent” under the Facility to any
additional obligations to the Banks pursuant to this Agreement.

     7. Effective Date. This Amendment shall become effective upon receipt by the
Administrative Agent of counterparts hereof signed by the Borrowers and the Required Banks
(the date of such receipt being deemed the “Effective Date”).

     8. Representations and Warranties. Each Borrower hereby represents and warrants
that as of the Effective Date, all the representations and warranties set forth in the Credit
Agreement, as amended hereby (other than representations and warranties which expressly speak
as of a different date), are true and complete in all material respects.

     9. Entire Agreement. This Amendment constitutes the entire and final agreement
among the parties hereto with respect to the subject matter hereof and there are no other
agreements, understandings, undertakings, representations or warranties among the parties
hereto with respect to the subject matter hereof except as set forth herein.

     10. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the law of the State of New York.

     11. Counterparts. This Amendment may be executed in any number of counterparts,
all of which taken together shall constitute one and the same agreement, and any of the
parties
hereto may execute this Amendment by signing any such counterpart.

     12. Headings, Etc. Section or other headings contained in this Amendment are for
reference purposes only and shall not in any way affect the meaning or interpretation of this
Amendment.

     13. No Further Modifications. Except as modified herein, all of the terms and
conditions of the Credit Agreement, as modified hereby shall remain in full force and effect
and, as modified hereby, each Borrower confirms and ratifies all of the terms, covenants and
conditions of the Credit Agreement in all respects.

3

 

     In
Witness Whereof, this Agreement has been duly executed as of the date first above
written.

	 	 	 	 	 
	Borrowers:

	 	AMB
Amagasaki TMK,

a Japanese tokutei mokuteki kaisha

Sanno Park Tower

11-1, Nagatacho 2-chome

Chiyoda-ku, Tokyo

Frederick Elliot Wyler

Director
	 	
	 
	 	 	 	 
	 

	 	AMB
Narita 1-1 TMK,

a Japanese tokutei mokuteki kaisha

Sanno Park Tower

11-1, Nagatacho 2-chome

Chiyoda-ku, Tokyo

Frederick Elliot Wyler

Director
	 	
	 
	 	 	 	 
	 

	 	AMB Narita 2 TMK,

a Japanese tokutei mokuteki kaisha

Sanno Park Tower

11-1, Nagatacho 2-chome

Chiyoda-ku, Tokyo

Frederick Elliot Wyler

Director
	 	
	 
	 	 	 	 
	 

	 	AMB
Japan Finance Y.K.,

a Japanese yugen kaisha

Sanno Park Tower

11-1, Nagatacho 2-chome

Chiyoda-ku, Tokyo

Wyler Frederick Elliot

Director
	 	

S-1

 

For
purposes of agreeing to be

bound by the provisions of 

this Amendment:

AMB Property, L.P.,

a Delaware limited partnership

	 	 	 
	By:

	 	  AMB Property Corporation,

  a Maryland corporation,

  its sole general partner

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gayle  Starr
 

	 	 
	 

	 	 	 	        Gayle Starr

  Senior Vice President	 	 

AMB Property Corporation,

a Maryland corporation

	 	 	 	 	 
	By:

	 	/s/ Gayle Starr
 

	 	 
	 

	 	         Gayle Starr

  Senior Vice President	 	 

S-2

 

	 	 	 	 	 	 	 
	 	 	Sumitomo Mitsui Banking Corporation,

as Administrative Agent, Sole Lead Arranger and

Bookmanager and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Takahiko Kato
 

	 	 
	 

	 	Name:

Title:
	 	Takahiko Kato

General Manager

Global Client Business Department	 	 

S-3

 

	 	 	 	 	 	 	 
	 	 	Mizuho Corporate Bank, Ltd.,

as Syndication Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Yuichi Hirashima
 

	 	 
	 

	 	Name:

Title:
	 	Yuichi Hirashima

Deputy General Manager	 	 

S-4

 

	 	 	 	 	 	 	 
	 	 	Shinsei
Bank, Limited,

as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Akihiro Sakabe
 

	 	 
	 

	 	Name:

Title:
	 	Akihiro Sakabe
 General
Manager(Unit),
 Strategic
Business Unit IV	 	 

S-5

 

	 	 	 	 	 	 	 
	 	 	UFJ Bank,

as Documentation Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jesse McDonald
 

	 	 
	 

	 	Name:

Title:
	 	     Jesse McDonald

     Vice President	 	 

S-6

 

	 	 	 	 	 	 	 
	 	 	The International Commercial Bank of China,

as Senior Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nae-Yes Lung
 

	 	 
	 

	 	Name:

Title:
	 	Nae-Yes Lung

EVP & General Manager	 	 

S-7

 

	 	 	 	 	 	 	 
	 	 	Bank Of China Limited,

as Senior Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Li Yu Hua
 

	 	 
	 

	 	Name:

Title:
	 	Li Yu Hua

General Manager of Tokyo Branch	 	 

S-8

 

	 	 	 	 	 	 	 
	 	 	The Bank Of Nova Scotia,

as Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Yong Kwei Hung
 

	 	 
	 

	 	Name:

Title:
	 	Yong Kwei Hung

Vice President & Country Head	 	 

S-9

 

	 	 	 	 	 	 	 
	 	 	Oversea-Chinese Banking Corporation,

as Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ong Sing Yik
 

	 	 
	 

	 	Name:

Title:
	 	ONG, SING YIK

GENERAL MANAGER	 	 

S-10

 

	 	 	 	 	 	 	 
	 	 	The Norinchukin Bank, New York Branch,

as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Masanori Shoji
 

	 	 
	 

	 	Name:

Title:
	 	 Masanori Shoji

Joint General Manager	 	 

S-11

 

	 	 	 	 	 	 	 
	 	 	The
Sumitomo
 Trust 
 & Banking
 Co., Ltd.,	 	 
	 	 	New York Branch,	 	 
	 	 	as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tetsuya Ishikawa
 

	 	 
	 

	 	Name:
Title:
	 	Tetsuya Ishikawa

 Vice President and Manager	 	 

S-12

 

	 	 	 	 	 	 	 
	 	 	Saitama Resona Bank, Ltd.,

as a Bank	 	
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Hideki Hirano
 

	 	        (SEAL)
	 

	 	Name:

Title:
	 	Hideki Hirano

General Manager	 	 

S-13

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