|   |   | Exhibit 10.1(e)   Jane P. Faulkenberry    Senior Vice President    918-588-6272    FAX: 918-280-3368    Jfaulkenberry@bokf.com 
 

December 31, 2006

Ms. Debra RoeChief Financial OfficerThe Monarch Cement Company449 1200 StreetHumboldt, KS 66748

RE:  Fifth Amendment to Agreement dated January 1, 2001between The Monarch Cement Company ("Borrower") and Bank of Oklahoma, N.A.("Lender") in the aggregate amount of $35,000,000 (the "Loan Agreement"), asamended by First Amendment dated December 31, 2002, Second Amendment datedDecember 31, 2003, Third Amendment dated December 31, 2004 and Fourth Amendmentdated January 1, 2006. 

Dear Debbie:

Bank of Oklahoma, N.A. ("Lender") is pleased to renew andmodify the Loan Agreement subject to the terms of this letter agreement ("FifthAmendment").  Subject to the terms of the Loan Agreement, as amended, and thisFifth Amendment, the Commitment will be:  1) a $25,000,000 Term Loan ("TermLoan") with a balance as of December 7, 2006 of $21,863,143.26 and 2) a$15,000,000 Revolving Line of Credit ("Revolving Line") that is a renewal andincrease of the $10,000,000 Revolving Line subject to the terms of this letteramendment ("Fifth Amendment"). 

Section 2 of the Loan Agreement is hereby deleted andreplaced with the following:** **

2.  **The Revolving Line.**  Lender agrees toloan Borrower up to $15,000,000 as Borrower may from time to time request asevidenced by a promissory note in the form attached as Exhibit B, maturing onDecember 31, 2007 (which together with any extensions, renewals and changes inform thereof, is hereinafter referred to as the "Line Note").  Advances underthe Line Note shall be used for working capital and general corporate purposes,including issuance of letters of credit. 

2.1  Provided there is no Event of Default, Borrower mayadvance, pay down, and re-advance funds on the Line Note. 

2.2  Letters of Credit shall be issued pursuant to Lender'sstandard procedure, upon receipt by Lender of an application; provided that (a)no event of default has occurred and is continuing, and (b) the requested letterof credit will not expire after the maturity date of the Line Note.  Borrowershall pay all standard fees and costs charged by Lender in connection with theissuance of Letters of Credit.  Lender shall be reimbursed for drawings underthe Letters of Credit either by Borrower or by an advance on the Line Note.

2.3  Borrower may repay the Revolving Line in whole or partat any time without penalty.

2.4.  Interest shall accrue and be payable quarterly as setforth in the Line Note at a floating interest rate of BOKF National Prime less1.00%.  The outstanding principal balance plus accrued interest shall be payableat maturity date of December 31, 2007. 

**TERMS AND CONDITIONS:**  Unless otherwise agreed to inwriting by Lender: 

1.  **Financial Statements:** Borrower will provide annual audited financialstatements within 120 days of the end of each fiscal year and quarterlyunaudited financial statements within 60 days after the end of each quarter. Along with quarterly financial statements, Borrower will provide Lender with itsinternally-prepared analysis of cash sources and uses for the four-quarterperiod then ended, in form and content to be determined by Borrower and Lenderas mutually acceptable. 

2. **Capital Budget:**  Borrower will provide to Lender, prior to the beginning ofBorrower's fiscal year and with quarterly updates thereafter, its capitalspending budget in form and content determined by Borrower and Lender asmutually acceptable.  Upon reasonable request by Lender, Borrower will furnishcopies of other information related to planned capital projects. 

3.** Minimum Net Worth:**  Borrower's tangible net worth will be determined on thelast day of any fiscal quarter commencing with the quarter ending 12/31/2006, asdefined below: 

a.  **Tangible Net Worth:**  Borrower will maintain a minimum Tangible Net Worth (inaccordance with generally accepted accounting principles) of $60,000,000.

b.  **Adjusted Tangible Net Worth:**  Borrower will maintain a minimum AdjustedTangible Net Worth of $90,000,000.  Adjusted Tangible Net Worth is defined asTangible Net Worth before balance sheet adjustments made for pension andretirement benefits to comply with FASB 158, "Employers' Accounting for DefinedBenefit Pension and Other Post-Retirement Plans." 

4. **Sale or Merger:**  Borrower willnot sell to, merge or consolidate with any person or entity or permit any suchmerger or consolidation with the Borrower, **except for:** 

a. mergers between Borrower and any of its subsidiaries or between any of itssubsidiaries, and

b. mergers in which Borrower is the surviving entity. 

5.  **Creation or Existence of Liens:**  Borrower will not create or permit to existany mortgage, pledge, lien or other encumbrance on any of its property, personalor real, tangible or intangible, other than purchase money liens up to$1,000,000 in the aggregate related to the acquisition of assets of Borroweracquired in the ordinary course of business. 

6.  **Limitation on Indebtedness:**  No limitation, other than Borrower will notcreate, assume or incur:   

a.  Secured debt in the aggregate in excess of $1,000,000; and 

b. Unsecured debt (other than the Commitment herein) in the aggregate in excess of$2,000,000. 

7.  **Change in Ownership:**  Borrower will not permit the sale or transfer ofcapital stock that results in a change in control of Borrower.  A change incontrol (as defined in Borrower's proxy statement) is any merger, consolidationor disposition of all or substantially all of the assets of Borrower or anyacquisition by any person or group of persons acting in concert who after suchacquisition would own more than 30% of the Borrower's outstanding voting stock. 

8.  **Reimbursement of Expenses:**  Borrower will pay all reasonable and customaryout-of-pocket expenses incurred as part of the Loan Agreement, including but notlimited to reasonable attorney's fees; **however, there will be no costs toBorrower for preparation of this Fifth Amendment, absent material modificationsor extended negotiations.** 

9.  **General Terms:**  Borrower agrees to maintain its properties, maintaininsurance in amounts and against risks customary for Borrower's business,maintain all licenses and permits necessary to conduct Borrower's business,comply with laws including but not limited to environmental laws, and maintainits corporate existence in good standing. 

**EVENTS OF DEFAULT: **Borrower shall be in defaultunder this Agreement upon the occurrence of any one or more of the followingevents or conditions, herein called "Default": 

1.  Anypayment required under any Note or obligation of Borrower to Lender is not madewithin ten days of the due date. 

2. Borrower fails to perform or comply with any covenant, obligation, warranty orprovision in this Agreement or in any note or obligation of Borrower to Lender,and such default continues uncured for thirty days or more from date ofoccurrence. 

3.  Anywarranty, representation, financial information, or statement made or furnishedto Lender by or on behalf of Borrower proves to have been false in any materialrespect when made or furnished. 

4.  Thecondemnation, seizure or appropriation of substantially all, or such as inLender's reasonable opinion constitutes a material portion of the assets of theBorrower. 

5.  Therendering against Borrower of one or more final judgments, decrees or orders forpayment not covered by insurance, and the continuance of such judgment or orderunsatisfied and in effect for any period of thirty consecutive days without astay of execution. 

6. Dissolution or termination of existence of Borrower. 

7. Appointment of a receiver over any part of the property of Borrower, theassignment of property of Borrower for the benefit of creditors or thecommencement of any proceedings under any bankruptcy or insolvency laws by oragainst Borrower. 

Upon the occurrence or the existence of a Default, Lendermay, at its option and without notice or demand to Borrower, immediately declaredue and payable all liabilities and obligations of Borrower to Lender andexercise all rights and remedies possessed by Lender. 

**GENERAL PROVISIONS:** 

Unless otherwise specified herein, all terms andconditions, representations, and warranties of Borrower in the Loan Agreementremain in full force and effect.  In addition to the terms of the LoanAgreement, as modified by this Fifth Amendment, Borrower consents to theprovisions of the Term Note and the Line Note; provided however, that to theextent any conflict exists between the Loan Agreement and the Notes, then theLoan Agreement shall be controlling.

 

LENDER:                                                                   BORROWER:

Bank of Oklahoma, N.A.                                              TheMonarch Cement Company

 

By:  /s/ Jane Faulkenberry                                             By:/s/ Walter H. Wulf, Jr.       Jane Faulkenberry                                                      Walter H. Wulf, Jr.       Senior Vice President                                                 President |
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