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| GSX > SEC Filings for GSX > Form 8-K on 1-Oct-2009 | All Recent SEC Filings |
1-Oct-2009
Entry into a Material Definitive Agreement
On September 30, 2009, Gasco Energy, Inc. (the "Company") and certain of its
subsidiaries as guarantors, the lenders party thereto (the "Lenders") and
JPMorgan Chase Bank, N.A., as administrative agent, entered into the Sixth
Amendment to Credit Agreement (the "Sixth Amendment"), amending that certain
Credit Agreement, dated as of March 29, 2006 (as amended by the First, Second,
Third, Fourth and Fifth Amendments thereto, and as further amended by this Sixth
Amendment, the "Credit Agreement"). Pursuant to the Sixth Amendment, the Credit
Agreement was amended, among other things, to delay indefinitely the special
redetermination of the Company's borrowing base previously scheduled to occur on
or about September 30, 2009. The scheduled mid-year redetermination of the
borrowing base pursuant to Section 3.02 of the Credit Agreement will occur on or
about November 1, 2009. Pursuant to the Sixth Amendment, should there be a
borrowing base deficiency after the scheduled redetermination on or about
November 1, 2009, the Company will have 30 days to eliminate such deficiency.
Under the terms of the Credit Agreement, in addition to the scheduled
redeterminations, the Company is permitted to request a special redetermination
of the borrowing base once between each scheduled redetermination and the
Lenders are permitted to request a special redetermination of the borrowing base
once between each scheduled redetermination.
The foregoing description of the Sixth Amendment does not purport to be
complete and is qualified in its entirety by reference to the complete text of
such agreement, a copy of which is filed as Exhibits 10.1 to this Current Report
on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits:
10.1 Sixth Amendment to the Credit Agreement, dated as of September 30, 2009, by and among Gasco Energy, Inc., as Borrower, certain subsidiaries of Gasco Energy, Inc., as Guarantors, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.
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