SPOTLESS PLASTICS (USA), INC.
150 Motor Parkway, Suite 413
Hauppauge, New York 11788
Telephone: 631-951-9000
Facsimile: 631-951-9027
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
