Exhibit 10.6(e)
[Mercantile logo] MERCANTILE-SAFE DEPOSIT & TRUST COMPANY
Xxxxxxxx X. Xxxxxxxxxx
Assistant Vice President
Telephone - (000) 000-0000
Facsimile - (000) 000-0000
May 5, 1997
Xxxxxx X. Xxxxxxx
Chairman of the Board and
Chief Executive Officer
Environmental Elements Corporation
P.O. Box 1318
0000 Xxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Dear Xxx:
This letter is in answer to your request for an extension of the temporary
reduction in the Minimum Tangible Net Worth requirement outlined in the Loan
Agreement associated with Mercantile-Safe Deposit & Trust Company's Secured
Revolving Credit Agreement with Environmental Elements Corporation.
Mercantile-Safe Deposit & Trust Company will continue to reduce the Minimum
Tangible Net Worth required to be maintained by Environmental Elements
Corporation to $6,000,000 as of March 31, 1997. This requirement will revert to
$7,000,000 on April 1, 1998. This two year Revolving Credit is due to expire on
25 October 1998.
Respectfully,
/s/ Xxxxxxxx X. Xxxxxxxxxx
---------------------------
Xxxxxxxx X. Xxxxxxxxxx
Two Xxxxxxx Plaza/P.O. Box 1477/Baltimore, Maryland 21203
