Exhibit 10.2
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NOTICE OF MODIFICATION TO THE FIFTH AMENDMENT TO SECURITY AGREEMENT
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Letterhead of Mercantile-Safe Deposit & Trust Company
October 17, 2000
Xx. Xxxx X. Xxxx, President
Environmental Elements Corporation
X.X. Xxx 0000
0000 Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Dear Xxxx:
Reference is made to the Revolving Credit and Letter of Credit Agreement dated
November 24, 1993 by and among Environmental Elements Corporation and
Mercantile-Safe Deposit and Trust Company as amended, most particularly the
Fifth Amendment dated May 18,2000. As of September 30, 2000, the financial
covenant specified in Paragraph 2C is hereby amended as follows:
Borrower agrees it shall constitute a default under the Agreement if the
Borrower experiences an aggregate loss for the period October 1, 2000 through
March 30, 2001.
To signify acceptance of this revision, please sign where indicated below and
return a copy of this letter to me. This provision will be included in a Sixth
Amendment to the loan documentation to be prepared by the Bank's attorney.
Very truly yours,
Xxxxxx X. Xxxxxxx
Agreed and accepted this 17/th/ day of November, 2000.
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By: /s/
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Xxxx X. Xxxx
