Exhibit 10.72

 

January 22, 2004

 

Mr. Charles R. Tutterow

Executive Vice President

JPS Industries, Inc.

555 North Pleasantburg Drive

Suite 202

Greenville, SC 29607

 

RE: Promissory Note from JPS Industries, Inc. (“Borrower”) to Wachovia Bank,
National Association (“Bank”) and further guaranteed by JPS Converter and
Industrial Corp. (“Guarantor A”) and JPS Elastomerics Corp. (“Guarantor B”)
(Guarantor A and Guarantor B, together, “Guarantors”) in the original principal
amount of $35,000,000.00 as modified from time to time dated May 9, 2001,
including any amendments (the “Note”)

 

Obligor # 4794862899 / Obligation # 1331016

 

Dear Chuck:

 

Bank, Borrower and Guarantors agree to extend the maturity of the Note on the
terms and conditions set forth in this letter agreement.

 

Extension. Borrower and Guarantors acknowledge that the Note will mature on
April 30, 2004. Borrower and Bank agree that the maturity of the Note shall be
extended, on the same terms and conditions as presently in effect, to November
1, 2004, at which time the outstanding principal balance, accrued interest and
all other amounts under the Note shall become due and payable. All periodic
payments required under the Note shall be made during this extension period.

 

Affirmations of Borrower. Borrower affirms and represents that the most recent
Commercial Loan Invoice received by Borrower with respect to the Obligations (as
defined in the Note) is correct, that the Note, as modified hereby, and other
Loan Documents as previously modified (as defined in the Note) are in full force
and effect, that Borrower has no defense to payment or performance of the
Obligations, that no setoffs against the Obligations exist, and that Borrower
has no counterclaims against Bank. Borrower ratifies and confirms all provisions
of the Note and other Loan Documents and affirms that the maturity date is the
only provision of the Loan Documents that are being modified by this letter.

 

Please indicate your agreement with the terms, affirmations and representations
of this letter agreement by signing it as provided below and returning it to the
undersigned within 10 days of the date hereof. This Agreement may be signed in
counterparts. Should you have any questions, do not hesitate to call.

 

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Very truly yours, Wachovia Bank, National Association By:  

/s/ James K Baumgardner

   

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James K. Baumgardner

   

Senior Vice President

 

Borrower agrees to the terms of the above letter agreement this 22nd day of
January, 2004 and certifies that this Agreement was executed in the State of
South Carolina                                                       and
delivered to Wachovia in the State of South Carolina

 

Borrower:

 

JPS Industries, Inc.

By:  

/s/ Charles R. Tutterow

   

--------------------------------------------------------------------------------

Its:

 

Executive VP & CFO

Date:

 

1/22/04

 

Guarantors:

 

JPS Converter and Industrial Corp. By:  

/s/ Charles R. Tutterow

   

--------------------------------------------------------------------------------

Its:

 

Secretary

Date:

 

1/22/04

 

JPS Elastomerics Corp. By:  

/s/ Charles R. Tutterow

   

--------------------------------------------------------------------------------

Its:

 

Secretary

Date:

 

1/22/04