Renewal of Business Loan Agreement Between MDS Energy Development, LLC and Gateway Bank of Pennsylvania
MDS Energy Development, LLC and Gateway Bank of Pennsylvania have agreed to renew a $1,000,000 committed line of credit. The expiration date of the loan has been extended from December 31, 2012 to December 31, 2013. All other terms and conditions of the original loan agreement remain unchanged. This renewal allows MDS Energy continued access to the credit line under the same terms for an additional year.
Exhibit 10.10
RENEWAL OF THE BUSINESS LOAN AGREEMENT
DATED DECEMBER 6, 2012
BETWEEN
MDS ENERGY DEVELOPMENT, LLC AND
GATEWAY BANK OF PENNSYLVANIA
December 6, 2012
Russell D. Hogue, CPA
Chief Financial Officer
MDS Associated Cos, Inc.
409 Butler Road, Suite A
Kittanning PA 16201
| RE: | Renewal of Committed Line of Credit |
Account #0000401-0001
Amount $ 1,000,000.00
Dear Mr. Hogue:
We are pleased to inform you that your Committed Line of Credit has been renewed. The Expiration Date, as set forth in the Note dated June 6, 2011 has been extended from December 31, 2012 to December 31, 2013, effective December 6, 2012. All terms & conditions of the Committed Line of Credit Note and Loan Agreement remain in full force and effect.
It has been a pleasure working with you and I look forward to a continued successful relationship.
Thank you for allowing Gateway Bank the opportunity to serve your financial needs. Please do not hesitate to call me at ###-###-#### with any questions.
Sincerely,
/s/ Robert S. Kerr
Robert S. Kerr
Executive Vice President
Chief Lending Officer &
Chief Operating Officer
3402 Washington Road • McMurray, PA ###-###-#### • (724) ###-###-#### • www.gatewaybankpa.com
