Attached files
| file | filename |
|---|---|
| 8-K - EGPI FIRECREEK, INC. | v171994_8k.htm |
| EX-10.3 - EGPI FIRECREEK, INC. | v171994_ex10-3.htm |
| EX-10.8 - EGPI FIRECREEK, INC. | v171994_ex10-8.htm |
| EX-10.9 - EGPI FIRECREEK, INC. | v171994_ex10-9.htm |
| EX-10.2 - EGPI FIRECREEK, INC. | v171994_ex10-2.htm |
| EX-10.5 - EGPI FIRECREEK, INC. | v171994_ex10-5.htm |
| EX-10.6 - EGPI FIRECREEK, INC. | v171994_ex10-6.htm |
| EX-10.4 - EGPI FIRECREEK, INC. | v171994_ex10-4.htm |
| EX-10.1 - EGPI FIRECREEK, INC. | v171994_ex10-1.htm |
IRREVOCABLE
INSTRUCTIONS FOR LETTER OF CREDIT
January
15, 2010
Mr. Ed
Newton
Senior
Vice President
The Bank
of Tampa
5401 West
Waters Avenue
Tampa,
FL 33634
Re: Instruction to Issue Letter
of Credit
Dear Mr.
Newton:
Reference is made to your letter dated
January 11, 2010 (the “Commitment Letter”), whereby
The Bank of Tampa (the “Bank”) committed to issue an
irrevocable standby letter of credit (the “Letter of Credit”), in the
amount of $1,000,000, for Southwest Signal, Inc., a Florida corporation (the
“Borrower”), as
Borrower, and St. George Investments, LLC, an Illinois limited liability company
(“Beneficiary”), as
Beneficiary.
The Commitment Letter provides, as a
condition precedent to the Bank’s obligation to issue the Letter of Credit, that
the Borrower’s working capital line of credit (the “Line of Credit”) be paid down
from a $1,000,000 balance to a zero balance. Moreover, we understand
that no draws will be permitted under the Line of Credit until such time as (i)
the Letter of Credit expires, or (ii) the Letter of Credit, in original form,
has been returned to the Bank.
The Bank previously received a $75,000
payment, reducing the balance on Line of Credit to $925,000, and has now
received the $925,000 payment contemplated in the Commitment Letter and that
certain Funding and Letter of Credit Agreement, to which the Bank is an
acknowledging party.
We hereby instruct you as
follows:
|
|
1.
|
Apply
the $925,000 payment to the Line of Credit, which will reduce the
outstanding balance on the Line of Credit to
zero.
|
|
|
2.
|
Execute
and issue the Letter of Credit in the amount of $1,000,000 and transmit
such directly the Beneficiary at the following
address:
|
St.
George Investments, LLC
c/o John
M. Fife
303 East
Wacker Drive
Suite
311
Chicago,
Illinois 60601
This letter may be delivered to you by
the Beneficiary or its representative. Thank you for your assistance
in this matter.
[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]
IRREVOCABLE
LETTER OF CREDIT INSTRUCTIONS
Mr. Ed
Newton
Page
2
|
Very
truly yours,
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||
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SOUTHWEST
SIGNAL, INC.
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||
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By:
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||
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Kevin
J. Fitzgerald
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||
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President
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GUARANTORS:
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||
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Kevin
J. Fitzgerald
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||
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Pamela
W. Fitzgerald
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cc:
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John
M. Fife
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|
Jonathan
K. Hansen
|
|
|
Olin
G. Shivers
|