XATA CORPORATION 10QSB - MARCH 31, 1998
EXHIBIT 10.9
THIRD AMENDMENT TO CREDIT AGREEMENT
THIS THIRD AMENDMENT TO CREDIT AGREEMENT (the "Third Amendment") dated as of May
11, 1998 is between Norwest Bank Minnesota, National Association (the "Bank")
and XATA Corporation (the "Borrower").
BACKGROUND
The Borrower and the Bank entered into a Credit Agreement dated June 20, 1995 as
amended by a First Amendment on November 3, 1995 and as amended by a Second
Amendment dated May 9, 1997 (as amended the "Agreement") pursuant to which the
Bank provided to the Borrower a conditional revolving line of credit (the
"Line"). The Line is currently evidenced by a promissory note dated May 9, 1997
(the "May 1997 Revolving Note").
The Borrower has now requested that the Bank extend the maturity date of the
Line. The Bank is willing to grant this request subject to the terms of this
Third Amendment.
In consideration of the above premises, the Bank and the Borrower agree as
follows:
1. Section 1.2 of the Agreement is hereby amended by deleting the March
31, 1998 date referenced therein and replacing it with "June 30, 1998".
2. Section 2.2 of the Agreement is hereby amended by deleting the March
31, 1998 date referenced therein and replacing it with "June 30, 1998".
3. Exhibit B of the Agreement is hereby amended by adding the following
under the section titled "Security Documents":
Collateral Pledge Agreement. A Collateral Pledge Agreement
signed by the Borrower granting the Bank a first lien security
interest in the Borrower's accounts. The Borrower will execute
a financing statement and all other documents sufficient to
perfect the security interest granted to the Bank.
4. The Borrower hereby represents and warrants to the Bank as follows:
A. The Agreement remains in full force and effect.
B. The execution, delivery and performance of this Third
Amendment are within its corporate powers, have been duly
authorized and are not in contravention of law or the terms of
the Borrower's articles of incorporation or by-laws, or of any
undertaking to which the Borrower is a part or by which it is
bound.
C. The resolutions set forth in the corporate certificate of
authority dated October 20, 1995 and delivered by the Borrower
to the Bank have not been amended or rescinded, and remain in
full force and effect.
5. Except as modified by this Third Amendment, the Agreement remains
unchanged and in full force and effect.
IN WITNESS WHEREOF, the Bank and Borrower have executed this Third Amendment as
of the date and year first above written.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION XATA CORPORATION
By: /s/ Xxx Xxxxxxxx By: /s/ Xxxxxx X. Xxxxxxx
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Xxx Xxxxxxxx, Vice President
Its: President & CEO
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By: /s/ Xxxxxx X. Xxxxxxxxxxxx
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Its: CFO
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