Attached files
| file | filename |
|---|---|
| 10-Q - AgEagle Aerial Systems Inc. | v174653_10q.htm |
| EX-31.2 - AgEagle Aerial Systems Inc. | v174653_ex31-2.htm |
| EX-10.16 - AgEagle Aerial Systems Inc. | v174653_ex10-16.htm |
| EX-32.2 - AgEagle Aerial Systems Inc. | v174653_ex32-2.htm |
| EX-10.15 - AgEagle Aerial Systems Inc. | v174653_ex10-15.htm |
| EX-32.1 - AgEagle Aerial Systems Inc. | v174653_ex32-1.htm |
| EX-31.1 - AgEagle Aerial Systems Inc. | v174653_ex31-1.htm |
| EX-10.17 - AgEagle Aerial Systems Inc. | v174653_ex10-17.htm |
TEXAS
CAPITAL BANK, N.A.
February
10, 2010
Via Facsimile and Regular
Mail
EnerJex
Resources, Inc.
EnerJex
Kansas, Inc.
DD
Energy, Inc.
27
Corporate Woods, Suite 350
10975
Grandview Drive
Overland
Park, Kansas 66210
Attention:
Steve Cochennet
|
RE:
|
Waiver
Letter (“Waiver
Letter
”) regarding Credit Agreement dated July 3, 2008 (as amended,
“Credit
Agreement”) between Texas Capital Bank, N.A., as a Bank, L/C Issuer
and Administrative Agent (in such latter capacity and together with its
successors and permitted assigns in such capacity, the “Administrative
Agent”), the financial institutions from time to time parties
thereto, and EnerJex Resources, Inc., EnerJex Kansas, Inc. and DD Energy,
Inc. (collectively, “Borrowers”)
(collectively, the “Parties”)
|
Dear Mr.
Cochennet:
Borrowers
have requested that the Administrative Agent and the Lenders waive certain
covenants under the Credit Agreement. This Waiver Letter evidences
Administrative Agent’s and the Lenders’ agreement to waive any Default or Event
of Default that may have occurred in relation to Borrowers’ non-compliance with
Section 7.12(a), Current Ratio, of the Credit Agreement, solely in relation
with the fiscal quarter ending December 31, 2009.
The
agreement in this Waiver Letter shall not be considered an admission or
agreement that any other modifications are contemplated by the Parties
or in any Loan Document or establish any course of dealing
between Administrative Agent or the Lenders and Borrowers with regard to
future waivers or amendments. This Waiver Letter should not be
construed as an indication that Administrative Agent or the Lenders would be
willing to agree to any future modifications to any of the terms of the Credit
Agreement or other Loan Documents, or any waiver of any Events
of Default or Defaults that may exist or occur thereunder.
This
Waiver Letter will become effective once it is fully executed by Borrowers and
delivered to Administrative Agent.
If you
agree to the terms hereof, please sign and return three original counterparts of
this Waiver Letter to my attention.
|
Sincerely,
|
||
|
TEXAS
CAPITAL BANK, N.A.
|
||
|
By:
|
/s/ Moni Collins
|
|
|
Moni
Collins
|
||
|
Assistant
Vice President
|
||
ACCEPTED
AND AGREED TO THIS 10th day of February,
2010.
|
EnerJex
Resources, Inc.
|
EnerJex
Kansas, Inc.
|
|||
|
By:
|
/s/ Steve Cochennet
|
By:
|
/s/ Steve Cochennet
|
|
|
Steve
Cochennet,
|
Steve
Cochennet,
|
|||
|
Chief
Executive Officer
|
Chief
Executive Officer
|
|||
|
DD
Energy, Inc.
|
||||
|
By:
|
/s/ Steve Cochennet
|
|||
|
Steve
Cochennet,
|
||||
|
Chief
Executive Officer
|
|
|||