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It states requested extension of the expiration date to August 11, 1989, and includes provisions for full cash collateralization events, indemnities, covenants, and default triggers under the LC Application.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/letters/","Letters",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/exhibit-120-standby-letter-of-credit-application-and-agreement-letter-agreement/279858/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/exhibit-120-standby-letter-of-credit-application-and-agreement-letter-agreement/279858.png","ImageObject",442,249,{"name":42,"@type":43},"Aurelia","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-19","2026-09-16",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",9,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What is the purpose of Exhibit 120 in relation to the letter of credit?","Question",{"text":63,"@type":64},"Exhibit 120 documents a letter agreement through which the expiration date of the standby letter of credit is extended, referencing the related LC Application and its terms.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"Who holds and assigns relevant rights connected to the letter of credit and guaranty?",{"text":68,"@type":64},"NCNB Texas National Bank is described as the assignee of assets, including the guaranty and reimbursement obligations connected with the letter of credit.",{"name":70,"@type":61,"acceptedAnswer":71},"What happens when a full collateralization event occurs?",{"text":72,"@type":64},"Upon occurrence of a Full Collateralization Event, Maxus Energy and Maxus Exploration must deposit $12,000,000 with NCNB as security and execute documentation to perfect NCNB’s first priority security interest in the cash collateral.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},279858,1789528498,{"code":4,"msg":82,"data":83},"success",[84,89,94,99,104,109,114,118,123],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":90,"doc_module":22,"doc_module_name":25,"category_name":91,"show_sort_weight":92,"slug":93},12,"Resumes",80,"resumes",{"id":95,"doc_module":22,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},14,"Invoices",70,"invoices",{"id":100,"doc_module":22,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},15,"Posters",60,"posters",{"id":105,"doc_module":22,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},16,"Social 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75201  \nMaxu  \nRe:  Standby Letter of credit Application and Agreement ofeven date berewith《2he LC Application》 by and amongMaxus Energy Corporation《\"Maxus Energy),MaxusExploration Company(Maxus ExpIoration),MaxusCorporate Company(Ccorporate),Chemical Land  \nBoldings,Inc。《formerly Diamond Shamrock Chemical LandBoldings,Inc.and herein called \"Chemical Land®)andNCNB Texas National Bank《NCNB)  \nGentlemen:  \nReference is hereby made to the above-captioned LC  \nApplication。Terms used herein and not defined shall have themeanings given them in the LC Application。  \nTnterFirst Bank Dallas,N。A。《\"InterFirst》issued anTrrevocable Letter of Credit No。52060 dated April 3,1984《the留Letter of Credit)for the account of Diamond Shamrock Chemical8Company《DS Chemicals)and in favor of the New Jersey  \nDepart:ment of Environmental Protection in the aggregate amount of$12,000,000。  DS Chemicals was subsequently sold to OccidentalPetroleum,Corporation(\"Occidental),and Maxus EnergyA became1iable to indemnify Occidental for certain environmental1iabilities of DS Chemicals。  Chemical LandAhad acquired in aprior intra-company transfer certain of the land burdened withsuch environmental liabiiities.The Letter of Credit wasextended by Amendment No。1 dated April 12,1985,by AmendmentNo。2 dated April 17,1986,by Amendment No。4 dated Apri16,1987g and by Amendment No。5 dated April 11,1988.  Amendment No。5 extended the expiration date of the Letter of Credit to Apri111n1989。  \nBy a Guaranty dated April 2,1987(the\"Guaranty)byDiamond Shamrock Corporation(now Maxus Energy Corporation》andDiamond Shamrock Exploration Company(now Maxus ExplorationCompany),Maxus Energy and Maxus Exploration fully and  \nunconditionally guaranteed the obligations of Chemical Land inconnection with the Letter of Credit。  NCNB is the assignee ofcertain assets,including both(i)the Guaranty and(1i)ChemicalLand's reimbursement obligations in connection with the Letter ofCredit,from the Federal Deposit Insurance Corporation,asgeceiver for First RepublicBank Dallas,N.A.,which was the粤uccessor in interest to InterFirst。  \nMaxus Energy,Maxus Exploration,Maxus Corporate and  \nChemical Land have requested that NCNB extend the expiration dateof the Letter of Credit to August 11,1989,and NCNB is willingto do so under the terms and conditions contained in the LCApplication and in exchange for the consideration stated in theLC Application and the representations and covenants of theparties hereto contained herein.This letter agreement isincorporated into the LC Application as fully as if set forththerein,and breach of any of the representations,covenants orother provisions contained herein sha11 be deemed an Event ofDefault®under Paragraph 5 of the LC Application。  \nIn consideration of the foregoing,Naxus Energy,MaxusExploration,Maxus Corporate and Chemical Land each hereby agreewith NCNB as follows:  \n1。   Full Cash Collateralization。  Upon the occurrence ofany Ful1 collateralization Event,Maxus Energy and MaxusExploration shall immediately deposit with NCNB the sum of$12,000,000 in immediately available funds as security for theobligations of the Obligors under the LC Application。  MaxusEnergy and Maxus Exploration shall execute and deliver securityand other documentation required by NCNB to create and perfect inNCNB a first priority security interest in such cash collateraland the proceeds thereof。  For the purposes of this letteragreement,\"Full Collateralization Event shall mean any of thefollowing:  \n(a)  Any event or condition arises under the terms of anydocument or instrument which governs or evidencesoutstanding debt for borrowed money of either MaxusExploration or Maxus Energy which in the aggregateexceeds the sum of $1,000,000,which event or conditionwould,with the giving of an","cbCaigW0fQFnqcNN","https://ap.wps.com/l/cbCaigW0fQFnqcNN","pdf",911009,6,"English","# Standby Letter of Credit Extension Agreement\n## Definitions and Background\n## Parties, Assignee Rights, and Requested Extension\n## Full Cash Collateralization Provisions\n## Events, Notice Triggers, and Release Conditions","[{\"question\":\"What is the purpose of Exhibit 120 in relation to the letter of credit?\",\"answer\":\"Exhibit 120 documents a letter agreement through which the expiration date of the standby letter of credit is extended, referencing the related LC Application and its terms.\"},{\"question\":\"Who holds and assigns relevant rights connected to the letter of credit and guaranty?\",\"answer\":\"NCNB Texas National Bank is described as the assignee of assets, including the guaranty and reimbursement obligations connected with the letter of credit.\"},{\"question\":\"What happens when a full collateralization event occurs?\",\"answer\":\"Upon occurrence of a Full Collateralization Event, Maxus Energy and Maxus Exploration must deposit $12,000,000 with NCNB as security and execute documentation to perfect NCNB’s first priority security interest in the cash collateral.\"}]","EXHIBIT 120 - Standby Letter of Credit Application and Agreement - letter agreement | PDF"]