Exhibit 10.5
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CIT Commercial Services T: 212 382-7000
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
CIT [GRAPHIC OMITTED]
May 13, 2003
Westwater Industries, LLC
0 Xxxxxx Xxxxxxx
Xxxxxxxxx, XX 00000
Ladies and Gentlemen:
We refer to the Accounts Receivable Financing Agreement between us dated January
24, 2002, as amended and supplemented (the "Agreement"). Capitalized terms used
herein and not defined herein shall have the same meanings as set forth in the
Agreement.
This letter shall confirm that pursuant to mutual consent and understanding,
effective as of the even date herewith, the first sentence in Section 9.1 of the
Agreement shall be deleted in its entirety and replaced with the following:
"Upon acceptance by us, this Agreement shall become effective as of January 24,
2002 and shall continue in full force and effect until August 31, 2004 (the
"Initial Term"), and from year to year thereafter, unless sooner terminated as
herein provided."
To compensate us for the use of our in-house legal department and facilities in
documenting this amendment, you hereby agree to pay us a Documentation Fee equal
to $135.00. Said amount shall be due and payable upon the date hereof and may be
changed by us, at our option, to your account under the Agreement on the due
date thereof.
Except as herein specifically provided, the Agreement remains in full force and
effect in accordance with its terms and no other changes in the terms or
provisions of the Agreement is intended or implied. If you are in agreement with
the foregoing, please so indicate by signing and returning to us the enclosed
copy of this letter.
Very truly yours,
THE CIT GROUP/COMMERCIAL SERVICES, INC.
By: /s/ XXXXXXX XXXXXXXXXXX
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Name: Xxxxxxx Xxxxxxxxxxx
Title: Vice President
Read and Agreed to:
WESTWATER INDUSTRIES, LLC
By: /s/ XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. Xxxxxxxx
Title: Chairman, President & CEO
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