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EXHIBIT 10.13.2
[FINOVA LETTERHEAD]
VIA FAX AND U.S. MAIL
March 1, 1999
Xxxxx X. Xxxxxxx
Vice President of Finance
& Chief Financial Officer
Rockford Corporation
000 Xxxxx Xxxxxxxx Xxxxx
Xxxxx, Xxxxxxx 00000
RE: AMENDMENT #2 TO LOAN AND SECURITY AGREEMENT
Dear Xxx:
This letter will confirm our conversation of February 24, 1999.
Section 3.1.1b of the First Amendment to the loan and security
agreement dated December 30, 1998 is amended to delete the following words
"(after first deducting from such eligible Receivables a dilution reserve to
account for dilution in excess of five percent (5%) to be established at
Xxxxxx's sole discretion and to be adjusted quarterly at Xxxxxx's sole
discretion on a trailing twelve-month basis)."
Add Section 3.1.3b - establish a new sublimit of the revolving lines to
issue letters of credit (standby-or commercial) in an amount up to $3 million.
Section 13.14 of the Loan and Security Agreement dated June 20, 1997 is
revised to delete the minimum EBITDA amount of $3 million, and replace it with a
minimum EBITDA of $7 million at 6/30/99 and $8 million at 12/31/99.
All other terms and conditions of the above agreements remain
unchanged. Please sign, date and fax back a copy indicating your agreement with
the above. I will forward an original copy by regular mail.
Sincerely,
[FINOVA] Capital Corporation
/s/
Xxxx Xxxxxxxxx
Vice President
Portfolio Manager
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[FINOVA Letterhead]
Xxxxx X. Xxxxxxxx
March 1, 1999
Page Two
Amendment #2 to Loan and Security Agreement
Agreed and accepted
ROCKFORD CAPITAL CORPORATION,
an Arizona Corporation
By: /s/
____________________________________
Name: Vice President Finance & CFO
Title: Xxxxx X. Xxxxxxx
Date: March 10, 1999
________________________________
