as of August 1, 1998
Windswept Environmental Group, Inc.
Trade-Winds Environmental Restoration, Inc.
North Atlantic Laboratories, Inc.
New York Testing Laboratories, Inc.
000 Xxxxxxxxxxx Xxxxxx
Xxx Xxxxx, XX 00000
Re: Loan and Security Agreement dated as of June 1, 1998 (the "Loan
Agreement")
Gentlemen:
This is to confirm our mutual agreement to correct an error in the Loan
Agreement as to the amount of the origination fee as set forth in paragraph 2.8
of the Loan Agreement which inaccurately calculated same on only the amount of
the revolving credit facility when it should have been calculated on the amount
of both the revolving credit facility and the term loan. Accordingly, we have
mutually agreed to modify paragraph 2.8 of the Loan Agreement to read as
follows:
2.8 Origination Fee. In consideration of BACC entering this Agreement,
Borrower shall pay BACC an origination fee of Twenty Four Thousand Four Hundred
Fifty Dollars ($24,450.00), $2,037.50 of which shall be paid on execution hereof
and the balance in eleven monthly installments of $2,037.50 commencing on July
1, 1998 and on the same day of each month thereafter until paid in full, and
thereafter an origination fee of Twenty Four Thousand Four Hundred Fifty Dollars
($24,450.00) on each annual anniversary of the date hereof.
Except as herein set forth, the Loan Agreement and all other Loan Documents
shall remain in full force and effect.
Business Alliance Capital Corp.
By: /s/ Xxxx Xxxxx
--------------------------------
Name: Xxxx Xxxxx
Title: Chief Executive Officer
Agreed to:
Windswept Environment Group, Inc.
And other Borrowers under the Loan Agreement
By: /s/ Xxxxxxx X'Xxxxxx
----------------------------
Name: Xxxxxxx X'Xxxxxx
Title: President
