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Exhibit 10.51
August 26, 1997
The First National Bank of Chicago
Xxx Xxxxx Xxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxx
Bank United
000 Xxxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxx 00000
Attention: Xxxx X. Xxxx
Re: CREDIT AGREEMENT DATED JUNE 20, 1997
Gentlemen:
This letter will confirm our request for an additional amendment to the
above Credit Agreement to accommodate our sales of Qualifying Loans to Greenwich
Capital. This supplements our request of July 1, 1997 which you have previously
approved, permitting Qualifying Loans to be included as AP Qualifying Loans when
held by First Trust National Association under the bailee letter attached to the
July 1, 1997 letter. The current request seeks an amendment as follows:
(1) In clause (vi)(4) of the definition of "Eligible Qualifying Loan"
the following phrase will be added at the end thereof "provided that such
maximum amount shall be temporarily increased to $20,000,000 for August 28, 1997
and August 29, 1997 so long as the Collateral Value of AP Qualifying Loans which
are not in the possession of First Trust National Association pursuant to the
bailee letter referred to in clause (vi)(2) above and which have not been
identified on a schedule forwarded by First Trust National Association to the
Collateral Agent shall not exceed $13,000,000 on such two days".
All capitalized terms used herein and not otherwise defined shall have
the meaning given to them in the Credit Agreement referenced above.
If this modification is acceptable, please execute and return a copy of
this letter.
Very truly yours,
MEGO MORTGAGE CORPORATION
By:
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Its:
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APPROVED:
THE FIRST NATIONAL BANK OF CHICAGO,
individually as a Lender and as Agent
By:
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Title:
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BANK UNITED, as a Lender
By:
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Title:
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