Exhibit 10.18
U.S. ENERGY SYSTEMS, INC.
000 X. Xxxxxxx Xxxxx, Xxxxx 000
Xxxx Xxxx Xxxxx, Xxxxxxx 00000
November 1, 1996
RE: Amendment to Security Agreement, Promissory Note and Financing Statement
between U.S. Energy Systems, Inc. (formerly U.S. Envirosystems, Inc.)
("Borrower") and Anchor Capital Company, L.L.C. ("Lender"), dated as of
June 15, 1995 and as amended from time to time thereafter (collectively,
the "Anchor Bridge Loan")
Gentlemen:
This letter is to confirm our understanding that the maturity of the above-
referenced Loan Agreement has been extended to November 29, 1996 (the
"Extension"), such that the Due Date, as referred to in the Loan Agreement and
related documents, shall mean the earlier of the date of the closing of the
public offering of the Borrower's Common Stock and November 29, 1996. All
other terms and conditions of the Anchor Bridge Loan, including all amendments
thereto, shall remain in effect. All capitalized terms not defined herein
shall have the meanings ascribed to them in the Anchor Bridge Loan.
If the foregoing confirms your understanding, please indicate acceptance of
the Extension of the Anchor Bridge Loan by executing and returning to us the
enclosed copy of this letter by facsimile whereupon the Extension shall become
effective.
Sincerely,
/s/ Xxxxxxxx Xxxxx
Chairman
U.S. Energy Systems, Inc.
ACCEPTED:
ANCHOR CAPITAL COMPANY, L.L.C.
BY: /s/ Xxxxxxx X. Xxxxx
Title: Chairman and CEO
