IDB Bank Line of Credit Renewal Letter to Elk Associates Funding Corp. (April 30, 2003)
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Summary
IDB Bank has renewed a $16,000,000 line of credit for Elk Associates Funding Corp., effective until October 31, 2003. Elk Associates must provide current financial and other information as requested by the bank to maintain credit availability. The bank reserves the right to withdraw the line of credit at its sole discretion at any time.
EX-10.2 5 d55533_ex10-2.txt CREDIT LETTER Exhibit 10.2 IDB Bank April 30, 2003 Mr. Gary Granoff Elk Associates Funding Corp. 747 Third Avenue New York, New York 10017 Dear Gary: We are pleased to confirm that we renewed the line of credit for Elk Associates Funding Corp. in the amount of $16,000,000. Credit availability under this line is subject to the receipt of and continuing satisfaction with current financial and other information which current information is to be furnished by you to the Bank as we may, from time to time, require. The line of credit expires on October 31, 2003. As in the past, the line of credit may be withdrawn at the Bank's sole discretion at any time. If you have any questions, please call me. Very truly yours, /s/ Robert J. Fainelli ---------------------- Robert J. Fainelli First Vice President
