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Letter Agreement Re: Note Purchase Agreement

 

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Title:

Letter Agreement Re: Note Purchase Agreement

Entities:

Corrpro Companies, Inc.; Prudential Insurance Co. of America; Prudential Capital Group

Date:

2001

Size:

Preview shows 3KB of 12KB total

Price:

$41

ID:

#252589

 

 

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[LOGO - PRUDENTIAL]                         PRUDENTIAL CAPITAL GROUP

Corporate Finance
Two Prudential Plaza, Suite 5600,
Chicago IL 60601-6716
Tel 312 540-0931 Fax 312 540-4222

October 18, 2000



Corrpro Companies, Inc.
1090 Enterprise Drive
Medina, Ohio 44256


Ladies and Gentlemen:

Reference is made to that certain Note Purchase Agreement dated as of
January 21, 1998 (as amended from time to time, the "NOTE AGREEMENT") between
Corrpro Companies, Inc., an Ohio corporation (the "COMPANY") and The Prudential
Insurance Company of America ("PRUDENTIAL"), pursuant to which the Company
issued and sold its 7.60% Senior Notes due January 15, 2008 in the original
aggregate principal amount of $30,000,000 (the "Notes"). Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Note Agreement.

Pursuant to the request of the Company and in accordance with the
provisions of paragraph 11C of the Note Agreement, the Company and the
undersigned holders of the Notes executing this letter agree as follows:

SECTION 1. AMENDMENTS TO NOTE AGREEMENT. From and after the date this
letter becomes effective, the Note Agreement is amended as follows:

1.1 Paragraph 4B of the Note Agreement is amended by (a) renumbering
the existing paragraph 4B as "4B(1)" and (b) adding a new paragraph 4B(2)
thereto which shall read as follows:

"4B(2). OPTIONAL PREPAYMENT WITHOUT YIELD MAINTENANCE AMOUNT.
(a) In addition to all other payments required hereunder, the Company
shall prepay the Aggregate Total Outstandings and the aggregate unpaid
principal amount of the Notes, on a pro rata basis, by an amount equal
to (a) 100% of the Net Cash Proceeds of any Subordinated Indebtedness
or similar obligation incurred at any time by the Company or any
Guarantor, and (b) 100% of the Net Cash Proceeds of any capital
contribution to the Company or any of its Subsidiaries (other than a
capital contribution by the Company or any Subsidiary) or issuance of
any capital stock of the Company (other than any issuance by the
Company in connection with any employee stock purchase plans or any

 

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