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h1r. Gene A. Strasheim <br />CFRc[ Steel Cvrpvration <br />October 19, 1490 <br />Page 2 <br />BORROWL\G ORytL`LAS: <br />A. A(:GOUIISS Receivable <br />An advance of up to F30% on eligible accounts receivable. Eli~*ble <br />receivables shall exclude accounts more than 90 days past invoice <br />date or 60 days past due on extended terms not to exceed 120 days <br />front invoice date, contra accounts, poor credits, customer balances <br />wherein 50% or more of the accounts are more than 90 days past <br />invoice date ur GO days past due on extended terms not to exceed <br />120 davs from invoice date, and those other accounts which do not <br />constitute acceptable collateral to us. <br />2. All loans will be fully Cross-I:vllateralized, toss-guarante:cd, and cross• <br />defaulted, as applicable. <br />3. i[;\'CEREST RA1'E$ ND FE~,S <br />Interest races on luaus shall be 2.0°''0 over the rate announced from time <br />to tithe by the Philadelphia National Bank as its "prime rate". Cuilcctions <br />shall be credited to the loan account on a daily basis, allowing one (1) <br />business day after receipt of Federal Funds transfers. <br />We shall receive a facility fee of 1''0 of the total Lino of Credit for <br />providing this Line of Credit. This fee shall be payable to tas upon closing. <br />Congress shall receive an unused line fee of .50%. per annum of the line <br />of credit less the average monthly borrowings. This fee is payable <br />monthly. <br />Additionally, we shall receive a aetvice/audit fee of S3,0C10 per quarter. <br />Tae fast pavtnent is due at closing. <br />4. T'ER_M <br />One year, subject to early termination by us at any tithe upon 24 hours <br />prior notice, or the occurrence of any event of default, su<:h as the entr}', <br />reversal or modification of any order of the Bankruptry Court which, in <br />our opinion, would have a material adverse effect on our rights or the <br />entry' by the Bankruptry Court of an order dismissing the bankruptcy <br />proceedings, appointing a trustee, except for C&W Railroad Company, or <br />converting the proceedings to a Chapter 7. <br />~~ <br />Cennr.u Rlnln~ld • r...~.,.r r <br />