FIRST AMENDMENT TO CREDIT AGREEMENT, WAIVER AND
RATIFICATION OF LOAN DOCUMENTS
THIS FIRST AMENDMENT TO CREDIT AGREEMENT, WAIVER AND RATIFICATION OF
LOAN DOCUMENTS (“Amendment and Ratification”) is dated as of June 28, 2007, by and
between SUNRISE COAL, LLC , an Indiana limited liability company (the “Borrower”), and
HALLADOR PETROLEUM COMPANY , a Colorado corporation (the “Guarantor”), and OLD
NATIONAL BANK , a national banking association (the “Bank”).
RECITALS :
A.
Pursuant to the terms and conditions of that certain Credit Agreement by and
between the Bank and Borrower, dated April 19, 2006 (the “Credit Agreement”), Bank agreed to
extend to the Borrower a loan in the maximum principal amount not to exceed Thirty Million and
00/100 Dollars ($30,000,000.00) (the “Loan”).
B.
The Loan is evidenced by a certain Promissory Note executed by Borrower
payable to the order of Bank, dated April 19, 2006, in the original principal amount of Thirty Million
and 00/100 Dollars ($30,000,000.00) (the “Note”).
C.
The Loan is secured by, among other things, the lien of a certain Mortgage,
Assignment of Rents and Leases, Security Agreement and Fixture Filing, executed by Borrower in
favor of Bank, dated April 19, 2006 and recorded May 9, 2006 in the Office of the Recorder of
Sullivan County, Indiana as Instrument No. 2006002009 (the “Fee Mortgage”) and the lien of a
certain Leasehold Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture
Filing, executed by Borrower in favor of Bank, dated April 19, 2006 and recorded May 9, 2006 in
the Office of the Recorder of Sullivan County, Indiana as Instrument No. 2006002010 (the
“Leasehold Mortgage”) (the Fee Mortgage and the Leasehold Mortgage collectively referred to
herein as the “Mortgages”).
D.
The Loan is further secured by that certain Security Agreement, executed by
Borrower in favor of the Bank, dated April 19, 2006 (the “Security Agreement”).
E.
The Loan is further secured by that certain Collat