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y _.~ii j~ _.~t FF..: .-.! L~UtiL C'EFT. Tii L_[C5c*-_~_ r.~__ <br />Cangress Financ+ai Gorparation (western) III IIIIIIIIIIIII III <br />225 Soucti Lake Avenue <br />Suite 1000 ggg <br />'_ Pasadena Caiiforr.ia 91'01 <br />8t8 3C>s a?00 <br />_, ~ - Congress <br />October 19, 1990 <br />Mr. Gcae A. Strasheitn <br />Vice President Finance and Treasurer <br />CF&l STEEL CORPORATION <br />P. O. Box 316 <br />Pueblo, Colorado 31002 <br />Dear Mr. Sttasheim: <br />This letter repiacas ajtd supersedes thz lcttcj fated Octubcr 17, 1990. <br />I stn pleased w submit our proposal to provide a line of credit of 510,000,000 to <br />CF&I Steal Corporation and its subsidiaries as debtors-in•possession uncle: <br />Chapter 11 of the Uniccd States Banltrupuy Code in the United States <br />Bankruptry Court. It is our understanding that our funds will be used tv provide <br />future working capital for operations. <br />Our 1oars shall be fully secured by valid fiat liens on al] of the Debtor's accounts <br />receivable, itventory (sub}ect to paragraph 1. below), and general intangibles. <br />The following borrowing radon and other conditions will apply: <br />i. REVOLVING LOAN <br />Amount: 510,000,000 <br />Security: Accounts Receivable, Inventory and General <br />Intangibles. The Inventory security interest will be <br />unperfected with Congress holding a signed UCG1 <br />in its possession. In the event of a default under any <br />agreements with Congress, Congress shall have the <br />right to file the UCGi sad perfect va the inventory. <br />Additionally, CF&I will agree not to pledge the <br />inventory to any other creditor so long as Congress <br />agreemenss are in force. <br />kiI1~~A,~ Y1ANl . Al~w •'MM . MGOO • /M.VAM • LCS AIAitLLS <br />A Ce-ellt.:.. Company <br />