Addendum to Loan Agreement among Branch Banking and Trust Company, Southeast Power Corporation, and The Goldfield Corporation (December 29, 2009)
This addendum updates a previous loan agreement between Branch Banking and Trust Company, Southeast Power Corporation, and The Goldfield Corporation. It extends the agreement to cover a new $3,825,000 loan and any future renewals or modifications. The main change is that advances for new equipment purchases made after December 29, 2009, will be limited to 80% of the purchase price, instead of the original 100%. All other terms of the original loan agreement remain unchanged.
Exhibit 10-2
Addendum to Loan Agreement
Dated
July 13, 2006
The Agreement dated July 13, 2006 (Loan Agreement) between Branch Banking and Trust Company (Bank), Southeast Power Corporation (Borrower) and The Goldfield Corporation (Guarantor) is to also apply to a new Loan evidenced by a credit promissory note dated December 29, 2009, in the original principal amount of $3,825,000 and renewals and modifications of said note as made from time to time and all Loan Documents associated with said note.
All other terms are to remain the same as stated in the original Loan Agreement with the exception of the advance rate on the purchases of new equipment with the proceeds of the note for advances made on or after December 29, 2009 are to be limited to 80% of purchase price rather than the 100% noted in the original Loan Agreement terms.
| Southeast Power Corporation | ||||
| By: | /s/ Stephen R Wherry | Date: 12/29/2009 | ||
| Stephen R Wherry, Its Treasurer | ||||
| The Goldfield Corporation | ||||
| By: | /s/ Stephen R Wherry | Date: 12/29/2009 | ||
| Stephen R Wherry, Its Senior Vice President | ||||
| /s/ Barry Forbes | Date: 12/29/2009 | |||
| Branch Banking and Trust Company | ||||
| By | Barry Forbes, Its Senior Vice President | |||
