Document p2EDzOxx7NVex3xkJkBp5Dkdd

January 26, 1961 Mr. Herbert M. Ball, Secretary Johne-Manvllle Corporation 22 East UOth Street lev York 16, H. Y. ]xM j' ^ ^: '- yz< Dear Mr. Ball: Thank you for your letter of January 21*., 1961 addressed to Bestvall Oypetm Cenpany attention Melcoin Meyer, Executive Vtoe Preeldent, and the undersigned, Secretary, returning ene fully exeented oopy of the agreement dated January 1, 19ol, deelgnated "Appointment of Factor for Sale of Oyrpsua Products", between Bestvall Oypaua Cosqwmy and Johna-Hanville Sales Corporation, together with eertaln documents to comply with the npulf nude by Baatwall In paragraphs 1* 2 and 3 of Its letter of January 23# 1961. Beatvall doea not feel that the resolution adopted October 21, 1959 by the Board .of Dlreotora of Johns-Kanrllle Corporation la adequate frost Beatvall*a standpoint to neat the particular circumstances Involved. It refers to "payment of contract obligations In the ordinary course of business". In our opinion, there are obligations Imposed upon Johns* lianvllle Sales Corporation In the agreement of January 1, 1961 in addition to the payment of money. Further, Beatvall has doubts that the agreement of January 1, 1961 vlth JohnsKanvHie Sales Corporation la "In the ordinary course of Per these reasons Beatvall would prefer to have a sep arately executed and sealed guarantee by Johna-Mamvllle Corporation of the performance by it of all of the obligations of Johma-Manvllle Sales Corporation under its agreement of January 1# 1961 with Beatvall. This is the written guarantee referred to in paragraph 1 of Beatvall* a letter of January 23, 1961. If this separate written guarantee is given, then Beatvall would like to hava tho execution and delivery thereof by Johns-Kanville Corporation ratified by the Board of Directors of that conpanh et ita next meeting and a sortifled oopy of such ratifying ('resolution forwarded to ua. SGP 0002487 Mr. Herbert M. Ball, Saoretary -2- January 26, 1961 Tha naxt naatlng of tha Board of Director* of Baatvall la aohadulad to ba hald February 23* 1961. Shortly tharaaftar I will aand you a oartlfiad oopy of tha resolution adoptad at that moating with raapaet to tha agreement of January 1, 1961 with John*-Hanvllie Salaa Corporation. Sincerely yours, AOGtL Arthur 0. Grave* Saoratary uj[^ri^~e AJ. / 4-iCf/ ^ /V /v* ncuuL, uZC^fS V ; v/C I eC, -c* a* J SGP 0002488