Exhibit 10.4
Xxxxx Fargo Bank West, National Association Credit Agreement
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March 20, 2001
Medgrup Corporation
0000 Xxxxxxxx Xxxxx Xxxxx 000
Xxxxxxxx, XX 00000
Dear Sir:
Xxxxx Fargo Bank West, National Association ("Lender"), agrees to lend you
("Borrower") the amount of $250,000.00, with a maturity date of March 20, 2002
("Loan"), in accordance with the following terms and provisions. This letter is
to be read in conjunction with the promissory note, security agreement, deed of
trust, and other documents executed in connection with the Loan (the "Loan
Documents").
This letter applies to all other obligations, debts and liabilities of Borrower
to Lender (the "indebtedness"); whether now or hereafter existing, whether
Borrower may be liable individually or jointly with others, whether Borrower may
be obligated as guarantor, surety or otherwise.
The purpose of this letter is to set out some requirements that are not
discussed in the Loan Documents. Until such time as the Indebtedness is repaid
in full, you agree to the following. Failure to comply with the following
provisions may result in our declaring an event of default. Our remedies, if an
event of default is declared, are set out in the Loan Documents.
1. Annual business tax returns and CPA prepared financials.
2. Annual current personal financial statement and personal tax returns.
If the terms of this letter are agreeable to you, please indicate by signing
below.
Sincerely yours,
Xxxxx Fargo Bank West, National Association
By: /s/ Xxxx Xxxxx
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Xxxx Xxxxx
Business Banking Officer
ACCEPTANCE:
The terms of the foregoing letter are hereby accepted:
Medgrup Corporation
By: /s/ Xxxxxxx Xxxxxx
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Title: Xxxxxxx Xxxxxx, CEO
