THIRD AMENDMENT
TO
CREDIT AND SECURITY AGREEMENT
This Third Amendment is made and is effective this 13th day of May,
1996, by and between CARLYLE GOLF, INC., a Colorado corporation (the
"Borrower"), and NORWEST BUSINESS CREDIT, INC., a Minnesota corporation
(the "Lender").
RECITALS
The Borrower and the Lender entered into a Credit and Security
Agreement dated as of July 7, 1995 (the "Credit Agreement"), as previously
amended.
The Borrower has requested that the Lender agree to amend certain
loan covenants set forth in the Credit Agreement, and the Lender is
willing to do so on the terms and subject to the conditions set forth
herein.
NOW THEREFORE, in consideration of the premises and the mutual
promises herein contained, the parties hereto agree as follows:
1. Section 6.13 of the Credit Agreement is hereby amended by
replacing the table contained therein with the following table:
"DATE ACTUAL INCOME OR LOSS
April 30, 1996 ($550,000)
May 31, 1996 ($576,000)
June 30, 1996 ($611,000)
July 31, 1996 ($630,000)
August 31, 1996 ($660,000)
September 30, 1996 ($680,000)
October 31, 1996 ($750,000)"
2. This Amendment shall be effective only upon payment by the
Borrower to the Lender of a covenant restructuring fee of $10,000.
3. All outstanding Defaults by the Borrower under the Credit
Agreement, which occurred prior to the date hereof, are waived effective
as of the date each such Default occurred.
4. Except as specifically amended hereby, the Credit Agreement
shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Third
Amendment to be duly executed as of the day and year first above written.
CARLYLE GOLF, INC.
By: /s/Xxxxxx X. Xxxxx
Its: President
NORWEST BUSINESS CREDIT, INC.
By: /s/Xxxxxx Xxxx
Its: Vice President
