Loan Facility Agreement between Spotless Plastics (USA), Inc. and Windswept Environmental Group, Inc.

Summary

Spotless Plastics (USA), Inc. is providing Windswept Environmental Group, Inc. with a loan facility of up to $1,000,000. Windswept can borrow all or part of this amount as needed. The loan must be repaid when Windswept receives payments from Turner Construction Company for a specific remediation project. The borrowed amount will accrue interest at 10% per year and will be documented by a promissory note and secured by collateral as detailed in attached agreements.

EX-10.2 3 0003.txt EXHIBIT 10.2 SPOTLESS PLASTICS (USA), INC. 150 Motor Parkway, Suite 413 Hauppauge, New York 11788 Telephone: 631 ###-###-#### Facsimile: 631 ###-###-#### November 4, 2000 Windswept Environmental Group, Inc. 100 Sweeneydale Avenue Bay Shore, New York 11706 Re: Loan Facility Gentlemen: This letter confirms our agreement that the undersigned hereby extends to Windswept Environmental Group, Inc., a Delaware corporation (the "Company"), a loan facility in an amount up to $1,000,000. The Company may draw down on this loan agreement in whole or in part from time to time. All amounts outstanding under this loan facility shall be due and payable upon the receipt of any and all payments made to the Company directly or indirectly by Turner Construction Company ("TCC") in connection with services provided by the Company and/or its wholly owned subsidiary, Trade-Winds Environmental Restoration Inc. ("Trade-Winds") to TCC relating to a remediation project in the Bear Stearns Building, located at 100 Vanderbilt Avenue in New York, New York, evidenced by an Agreement, by and between TCC and Trade-Winds, dated November 3 , 2000, attached hereto as Exhibit A. Amounts borrowed under the loan facility will bear interest at a rate equal to 10% per annum. All loans thereunder will be evidenced by a promissory note in the form of Exhibit B hereto, and secured by the collateral as set forth in a security agreement in the form of Exhibit C hereto. If the foregoing accurately sets forth our agreement, please sign where indicated below. SPOTLESS PLASTICS (USA), INC. By: /s/ Charles L. Kelly, Jr. --------------------------------- Name: Charles L. Kelly, Jr. Title: Chief Financial Officer Accepted and agreed as of the date first above written: WINDSWEPT ENVIRONMENTAL GROUP, INC. By: /s/ Michael O'Reilly ------------------------------------- Michael O'Reilly President and Chief Executive Officer