EXHIBIT 10.6 NORWEST BANK MINNESOTA NORTH, RESTATED TERM LOAN NATIONAL ASSOCIATION AND CREDIT AGREEMENT THIS RESTATED TERM LOAN AND CREDIT AGREEMENT (the "Agreement") dated as of November 20, 1997 (the "Effective Date") is between Norwest Bank...Loan and Credit Agreement • March 27th, 1998 • Industrial Rubber Products Inc • Fabricated rubber products, nec • Minnesota
EXHIBIT 10.7 [WAIVER LETTER] February 13, 1998 Industrial Rubber Applicators, Inc. Attn: Jim Skalski PO Box 782 Hibbing, MN 55746 RE: Restated Term Loan & Credit Agreement Dated 11/20/97 Dear Jim: It is our understanding that IRA, Inc. is considering...Industrial Rubber Products Inc • March 27th, 1998 • Fabricated rubber products, nec
It is our understanding that IRA, Inc. is considering placing it's stock for an initial public offering. With regard t this possibility, the bank is willing to waive Other Covenants 8.3 d, 8.3 e, and 8.3 l. This waiver is given with the understanding that Daniel O. Burkes must retain a majority ownership in the Company.
