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EX. 10.2(g)
BANK ONE, ARIZONA, NA
P.O. BOX 71, DEPT. AZ1-1178
PHOENIX, AZ 85001-0071
BANK ONE May 7, 1997
Xxxxxx Steel Company
P.O. Box 39670
Phoenix, AZ 85069
Re: Revolving Line of Credit Note in the principal amount of $6,500,000.00,
dated June 30, 1995 ("Loan") made pursuant to Revolving Line of Credit Loan
Agreement (Accounts Receivable and Inventory), dated June 30, 1995, as modified
("Loan Agreement") between XXXXXX STEEL COMPANY, an Arizona corporation
("Borrower") and Bank One, Arizona, NA ("Bank")
Gentlemen:
The Loan Agreement shall be modified as follows:
1. The last sentence of Section 1.2 of the Loan Agreement is modified to read
in its entirety as follows:
Notwithstanding anything in this paragraph to the contrary, and until
July 31, 1997, Borrower shall be entitled to Advances of the Loan of at
least $2,500,000.00 regardless of the Borrowing Base calculation. After
July 31, 1997, Xxxxxxxx shall be entitled to Advances of the Loan of at
least $1,000,000.00, regardless of the Borrowing Base calculation.
All other terms and conditions of the Loan, including the Loan Agreement and
all other agreements, documents and instruments evidencing, securing, or
otherwise relating to the Loan (collectively, "Loan Documents") shall remain in
full force and effect.
If the foregoing terms of this Letter Agreement meet with your approval, please
sign where indicated below, have the Consent of Guarantor(s) executed by the
guarantors, and return a fully executed copy to the Bank to the attention of
Xxxx Xxxxxxxx.
BANK ONE, ARIZONA, NA
By /s/ Xxxx Xxxxxxxx
-----------------------------
Xxxx Xxxxxxxx, Vice President
CONSENTED AND AGREED TO:
"Borrower"
XXXXXX STEEL COMPANY,
an Arizona corporation
By /s/ Xxxxx X. Xxxxxx
-------------------------
Xxxxx X. Xxxxxx, Chairman
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