Exhibit 10.1
[KEYBANK LETTERHEAD]
KeyBank
00 Xxxxx Xxxxx Xxxxxx
Xxxxxx, Xxx Xxxx 00000-0000
August 4, 1997
Xx. Xxxxxx Xxxxxxxx, Chairman
Xxxxxxxx Xxxxxxxxx, Incorporated
P.O. Box 8
Waverly, Virginia 23890
Dear Xx. Xxxxxxxx:
The purpose of this letter is to set forth our agreement with regard to a
$254,250.00 short term loan made by KeyBank N.A. to Xxxxxxxx Adhesives, Inc.
It is agreed that:
The purpose of this loan is to provide Xxxxxxxx with funds to purchase that
certain piece of property located in the Xxxxxx, NY on which it intends to
construct, own and operate formaldehyde and resin manufacturing plants, and
The short term loan will be repaid at the earlier of 30 days from the effective
date of the Note or the Closing of the Industrial Revenue Bonds or other long
term financing associated with the Xxxxxx, NY project.
If this is your understanding of our agreement, please sign below and return
this letter, along with the other required paperwork, to my attention.
Very truly yours,
/s/ Xxxxxxx XxxXxxxx
Xxxxxxx XxxXxxxx
Senior Banker
Corporate Banking
Agreed and Accepted:
XXXXXXXX ADHESIVES, INC. XXXXXXXX INDUSTRIES, INC.
(as Guarantor)
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ X. Xxxxxx Xxxxxxxx, Xx.
--------------------------------- ---------------------------------
Title: Exec. VP Date:_______ Title: Exec. VP, Date:_______
Secretary
