Addendum to Loan Agreement Between Branch Banking and Trust Company and Southeast Power Corporation
This addendum modifies the loan agreement dated February 22, 2011, between Branch Banking and Trust Company and Southeast Power Corporation, with The Goldfield Corporation as guarantor. The amendment changes the required debt-to-worth ratio from not greater than 1.5 to 1.0 to not greater than 2.0 to 1.0. No other terms of the original loan agreement are changed. This addendum supersedes any previous changes to this section of the agreement.
Exhibit 10-7
Addendum to Loan Agreement
As of the April 17, 2012 the loan agreement associated with Loan # 9660933120-00004 in the original amount of $6,940,000, dated February 22, 2011 by and between BRANCH BANKING AND TRUST COMPANY (Bank) and Southeast Power Corporation, a State of Florida corporation (Borrower), having its executive office at Melbourne, Florida is hereby amended as follows:
Section 5 Financial Covenants is modified to replace:
Debt to Worth. A ratio of total liabilities to tangible net worth of not greater than 1.5 to 1.0.
with
Debt to Worth. A ratio of total liabilities to tangible net worth of not greater than 2.0 to 1.0
No other changes or modifications to the original agreement are made by this addendum. This addendum modification would supersede any prior change or addendum to this section of the loan agreement.
IN WITNESS WHEREOF, the Bank, Borrower and Guarantor(s) have caused this Agreement to be duly executed under seal all as of the date first above written.
Witnesses: | Borrower: | |||||
Southeast Power Corporation | ||||||
/s/ Barry Forbes | By: | /s/ Stephen R. Wherry | ||||
Stephen R. Wherry | ||||||
/s/ Cassandra Mora-Brown | Title: Treasurer | |||||
Guarantors: | ||||||
The Goldfield Corporation | ||||||
/s/ Barry Forbes | By: | /s/ Stephen R. Wherry | ||||
Stephen R. Wherry | ||||||
/s/ Cassandra Mora-Brown | Title: Senior Vice President | |||||
Bank: | ||||||
Branch Banking and Trust Company | ||||||
/s/ Stephen R. Wherry | ||||||
By: | /s/ Barry Forbes | |||||
/s/ Cassandra Mora-Brown | Barry Forbes | |||||
Title: Senior Vice President |