Exhibit 10.23 November 13, 1997 Mr. Roger N. Stivers Temtex Industries, Inc. 5400 LBJ Freeway, Suite 1375 Dallas, Texas 75240 Dear Mr. Stivers: This letter is to acknowledge that Temtex Industries, Inc. has breached paragraph 7.5 of its Business Loan...Temtex Industries Inc • November 25th, 1997 • Heating equipment, except electric & warm air furnaces
This letter is to acknowledge that Temtex Industries, Inc. has breached paragraph 7.5 of its Business Loan Agreement dated May 1, 1996, between the Borrower and Bank of America Texas, N.A.. Paragraph 7.5 of the Business Loan Agreement mandates the Borrower maintain a positive net income for each fiscal year end. Temtex Industries was unable to perform under this covenant for the fiscal year ended August 31, 1997.
