EXHIBIT 10.7
[WAIVER LETTER]
February 13, 1998
Industrial Rubber Applicators, Inc.
Attn: Xxx Xxxxxxx
PO Box 782
Hibbing, MN 55746
RE: Restated Term Loan & Credit Agreement Dated 11/20/97
Dear Xxx:
It is our understanding that IRA, Inc. is considering placing it's stock for an
initial public offering. With regard t this possibility, the bank is willing to
waive Other Covenants 8.3 d, 8.3 e, and 8.3 l. This waiver is given with the
understanding that Xxxxxx X. Xxxxxx must retain a majority ownership in the
Company.
If you have any questions, please contact me at 000-000-0000.
Sincerely,
Xxxxxxx X. Xxxxxxx
Vice President
