AMENDMENT TO SECURITY AGREEMENT
-------------------------------
WHEREAS, Eagle & Phenix Hydro Company, Inc., a Delaware corporation,
(the "Borrower") and Fieldcrest Xxxxxx, Inc., a Delaware corporation entered
into a Security Agreement (the "Secured Party") dated June 18, 1991 (the
"Security Agreement"); and
WHEREAS, the parties have agreed to amendments to that certain
Promissory Note in the principal amount of $1,000,000 dated June 18, 1991, from
Borrower to Secured Party (the "Note"), which is the same Note referenced in the
Security Agreement, and in connection therewith have agreed to certain other
changes;
NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
The following is added as an additional provision of the Security
Agreement:
"Secured Party acknowledges that the Collateral
includes the FERC License as a hydroelectric generating
facility for FERC project number 2655-001 (the "License"),
and agrees that if it exercises its rights to the
Collateral in the event of a Default, it shall apply to
have the License transferred to Secured Party or its
assignee, and shall assert all reasonable efforts in
connection therewith, and Borrower agrees to execute and
deliver, or cause to be executed and delivered, such
documents as the Secured Party shall reasonably request in
connection therewith.
Except as hereby amended, the terms of the Security Agreement remain
the same, and the parties ratify and reaffirm all of their obligations
thereunder.
Dated: June __, 1999
WITNESS: EAGLE & PHENIX HYDRO COMPANY, INC.
By: /s/ Xxxxx X. Xxxxxx
--------------------------- -------------------------------
Xxxxx X. Xxxxxx, Vice President
FIELDCREST XXXXXX, INC.
By:
--------------------------- -------------------------------
Its
