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Exhibit 10.1(d)
November 4, 1999
To: Xx. X. X. Xxxxxx, Xx.
President
Continental Conveyor and Equipment Company
Winfield, Alabama
and
Xx. Xxxxxxx X. Xxxxxxxxx
President
Xxxxxxx Conveyor Company
Belton, South Carolina
Re: Credit Facility and Security Agreement, dated as of August 27, 1993 (the
"Loan Agreement"), originally by and among Continental Conveyor & Equipment
Co. L.P., Xxxxxxx Conveyor Co. L.P. (collectively the "Original Borrowers")
and Bank One, NA, successor by merger to Bank One, Cleveland, NA (the
"Bank"), the Obligations of the Original Borrowers under said Loan
Agreement having been assumed by Continental Conveyor & Equipment Company
("Continental") and Xxxxxxx Conveyor Company (collectively with
Continental, the "Borrowers") pursuant to a certain Assumption and
Modification Agreement dated March 7, 1997 by and among the Borrowers and
the Bank, as amended from time to time thereafter (the "Loan Agreement").
Gentlemen:
The Bank hereby agrees and restates to amend Section 8.1(T) of the Loan
Agreement, effective September 30, 1999, to read in its entirety as follows:
"(T) Measured as of the end of each calendar quarter beginning
with the quarter ended September 30, 1999, the Borrowers' (as defined
below) combined operating income (which shall be before deduction for
any Management Fees) for the immediately preceding four quarters shall
be an amount equal to or greater than the sum of $14,000,000, based
upon the Borrowers' fiscal quarter-end financial statements prepared in
accordance with GAAP."
Furthermore, notwithstanding the prohibition against Distributions in
Section 8.2(H) of the Loan Agreement, the Bank hereby agrees that the Borrowers
are permitted to make advances or loans up to a maximum of $5,000,000 in the
aggregate to any one or more foreign-based subsidiaries of Continental during
the period beginning October 1, 1999 and ending on March 28, 2000.
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Continental Conveyor & Equipment Company and
Xxxxxxx Conveyor Company
November 4, 1999
Page 2 of 2
Except as herein specifically amended, directly or by reference, all of
the terms and conditions set forth in the Loan Agreement are confirmed and
ratified and shall remain in full force and effect.
Very truly yours,
BANK ONE, NA
By
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Xxxx X. Xxxxxx
Vice President
Confirmed and Agreed:
CONTINENTAL CONVEYOR &
EQUIPMENT COMPANY
By
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X. X. Xxxxxx, Xx.
President
XXXXXXX CONVEYOR COMPANY
By
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Xxxxxxx X. Xxxxxxxxx
President
