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EXHIBIT 10.15
AMENDMENT NO. 2 TO LOAN AGREEMENT
THIS AMENDMENT, dated as of January 11, 2000, by and between Saturn
Electronics Texas, L.L.C., a Texas limited liability company, of Auburn Hills,
Michigan ("Company"), and Comerica Bank, a Michigan banking corporation, of
Detroit, Michigan ("Bank").
W I T N E S S E T H:
WHEREAS, said parties desire to amend that certain Loan Agreement dated
April 16, 1998 as amended by Amendment No. 1 dated as of June 10, 1999 (the
"Agreement"), entered into by and between Company and Bank to increase the
credit provided to Company under the Agreement.
NOW, THEREFORE, it is agreed as follows:
1. Section 1.1 of the Agreement is amended by deleting the figure Five
Million Dollars ($5,000,000) where it appears therein and replacing it with the
figure Fifteen Million Dollars ($15,000,000).
2. The first sentence of Section 1.2 of the Agreement is amended by
deleting the date June 1, 2000 where it appears therein and replacing it with
the date January 1, 2001.
3. Section 1.4 of the Agreement is amended by deleting the figure Five
Million Dollars ($5,000,000) where it appears therein and replacing it with the
figure Fifteen Million Dollars ($15,000,000).
This Amendment shall be effective as of the date hereof and upon delivery by
Company to Bank of a replacement Revolving Credit Note in the principal amount
of $15,000,000. Except as modified hereby, all of the terms and conditions of
the Agreement and the Note shall remain in full force and effect. Company hereby
represents and warrants that, after giving effect to the amendments contained
herein, (a) execution, delivery and performance of this Amendment and any other
documents and instruments required under this Amendment or the Agreement are
within Company's corporate powers, have been duly authorized, are not in
contravention of law or the terms of the Company's Articles of Organization or
Membership Regulations, and do not require the consent or approval of any
governmental body, agency, or authority; and this Amendment and any other
documents and instruments required under this Amendment or the Agreement, will
be valid and binding in accordance with their terms; (b) the representations and
warranties of the Company set forth in Sections 3.1 through 3.15 of the
Agreement are true and correct on and as of the date hereof with the same force
and effect as if made on and as of the date hereof; and (c) no event of default,
or condition or event which, with the giving of notice or the running of time,
or both, would constitute an event of default under the Agreement, has occurred
and is continuing as of the date hereof.
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This Amendment may be executed in counterparts, of which this is one, all
of which shall constitute one and the same instrument.
WITNESS the due execution hereof as of the day and year first above
written.
BANK: COMPANY:
COMERICA BANK SATURN ELECTRONICS TEXAS, L.L.C.
By: [SIG] By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Its: Assistant Vice-President Its: Treasurer
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