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~1:. Gene A. S::asheitn <br />CF&I Steel Corporation <br />October 19, 1990 <br />Page 4 <br />A. geturned to vou, less the cost of the audit, legal fees and any other <br />expenses directly related to the loan application and tSedit review, <br />if our Credit Cotnmittce does not approve the proposed financing <br />or your credit is approved and booked as provided above. <br />B. Rfdained by us. if our Credit Committee approves the propusetl <br />financing and tither you elect not to do business wit}r us within 15 <br />days after the date of our approval or if the appropriate financing <br />order of the Bankruptcy Court approving the above proposed <br />financing is not enured on or before November 30, 1990. <br />C. Retained by us, if during our loan and review, material disclosures <br />to us arc intentionally false or not made evident and which would <br />adversely affect our loan approval. <br />3. The Debtor w,71 be required to maintain a ratio of eligible accouns <br />receivable to the total line of credit of at least 2:1 at all bales during the <br />term of the agreements with Congress. <br />4. This transaction and the evenu contemplated herein must. close by the <br />earlier of November 3U, 1990 or five bwincss days after the entry of the <br />above final and non•appealable financing order of the Bankruptry Court. <br />5. Unless accepted by you as set forth below, this proposal will expire on <br />October 22, 1990, except as to the provisions of paragraph S on page 3 <br />hereof and paragraph 2 on page 4 hereof. <br />We look forward to working with you and your associates. <br />Very!tru~ly yours, <br />Wm. R Davis <br />Senior Vice President <br />Westera Region Manager <br />WRD:Ik <br />tmsaivvxa <br />AGREED TO AND ACCEPTED SUBJECT <br />TO BANKRUPTCY COURT APPROVAL: <br />CF&1 CORPORA 1Q <br />-.~ <br />~% P. r~ ~..~• <br />Date: ~c - /y - 5 c <br />Conyrvtt Flnanel~l • cerotu~•. C•mp•nr <br />w. <br />TC~TiiL F, Ur. <br />