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FIRST AMENDMENT
TO
CREDIT AGREEMENT
This First Amendment to Credit Agreement (this "First Amendment"),
dated as of December 14, 1994, is among Michigan National Bank, a national
banking association, and the other banking institutions who appear as
signatories to this First Amendment (each a "Bank" and collectively the
"Banks"), Michigan National Bank, as agent ("Agent"), and Xxxxxxx
Industries, Inc., a Delaware corporation ("Borrower").
Recitals
The parties hereto executed a certain Credit Agreement (the "Credit
Agreement") dated as of June 1, 1994, providing for, among other things,
the establishment by the Banks for the benefit of the Borrower of a line of
credit in the amount of $30,000,000.
The Borrower has now requested the Banks to consider certain
amendments to the Credit Agreement and the Banks have consented to such
amendments as set forth herein upon the terms and conditions set forth
herein.
Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Credit Agreement.
NOW, THEREFORE, the parties hereto agree that the Credit Agreement
shall be amended, effective on and as of December 14, 1994, as follows:
1. Section 5.3.5 shall be revised by deleting the contents thereof in
their entirety and replacing the same with the term "RESERVED".
2. Schedule 4.13 to the Credit Agreement shall be revised by adding
thereto the following additional Indebtedness, the effect of which is to
increase, but only while and to the extent such additional Indebtedness is
outstanding, the amount of Indebtedness permitted to be outstanding under
the Credit Agreement:
$2,161,500 obligation of Alaska Gold Company and guaranty by Borrower
thereof
$5,182,495 obligation of Xxxxxxx West, Inc. for the purchase of a
Beechcraft Aircraft and guaranty by Borrower thereof
$21,428,500 outstanding principal amount of 8.38% Senior Notes to Xxxx
Xxxxxxx Life Insurance Company (due 2000)(listed above), to be assumed by
Borrower from Utah Railway Company, the original issuer, and guaranties
thereof by Utah Railway Company and the Brass Subsidiaries
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3. Except as herein provided, the Credit Agreement shall remain in
full force and effect, including the provisions of Section 9 thereof which
are herein incorporated by this reference.
IN WITNESS WHEREOF, the parties hereto have caused this First
Amendment to be executed and delivered as of the date first hereinabove set
forth.
"BORROWER"
XXXXXXX INDUSTRIES, INC.
WITNESS:
________________________ By:_____________________
________________________ Its: Executive Vice President
"BANKS"
MICHIGAN NATIONAL BANK
WITNESS:
________________________ By:_____________________
________________________ Its: Vice President
Ratable Share: 6.25%
Commitment: $1,875,000
BANK IV KANSAS, N.A.
________________________ By:_____________________
________________________ Its:____________________
Ratable Share: 18.75%
Commitment: $5,625,000
FIRST BANK NATIONAL ASSOCIATION
________________________ By:_____________________
________________________ Its:____________________
Ratable Share: 18.75%
Commitment: $5,625,000
LASALLE NATIONAL BANK
________________________ By:_____________________
________________________ Its:____________________
Ratable Share: 18.75%
Commitment: $5,625,000
NBD BANK, N.A.
________________________ By:_____________________
________________________ Its:____________________
Ratable Share: 18.75%
Commitment: $5,625,000
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SOCIETY NATIONAL BANK
________________________ By:_____________________
________________________ Its:____________________
Ratable Share: 18.75%
Commitment: $5,625,000
"AGENT"
MICHIGAN NATIONAL BANK
________________________ By:_____________________
________________________ Its:____________________
