Letter Amendment and Waiver to Business Loan Agreement between Standard Federal Bank and United American Healthcare Corporation

Contract Categories: Business Finance › Waiver Agreements
Summary

Standard Federal Bank has agreed to waive the minimum net worth requirement for United American Healthcare Corporation as of December 31, 2002, in exchange for a $5,000 waiver fee. The bank also modifies the ongoing minimum net worth requirement to $6 million for each fiscal quarter ending on or after March 31, 2003. This amendment is formalized in a letter to the company's CFO, Stephen Harris.

Read More Arrow
EX-10.62 3 k74623exv10w62.txt LETTER AMENDMENT OF BUSINESS LOAN AGREEMENT EXHIBIT 10.62 [STANDARD FEDERAL LETTERHEAD] February 5, 2003 Stephen Harris Chief Financial Officer United American Healthcare Corporation 1155 Brewery Park Boulevard Suite 200 Detroit, MI ###-###-#### BY FACSIMILE Dear Mr. Harris: This letter is to inform you that Standard Federal Bank has agreed to waive, subject to receipt of a $5,000.00 "waiver fee", the minimum net worth covenant, provided for in Section III.A.2 of the Business Loan Agreement, as of December 31, 2002. The Bank hereby also agrees to modify the requirement to "not less than $6 million" as of each of the fiscal quarters ending on or after March 31, 2003. Please feel free to contact me at ###-###-#### should you have any questions. Sincerely, /s/ Daniel J. Forhan Daniel J. Forhan Vice President