EXHIBIT 10.20
AG CAPITAL COMPANY
CREDIT AGREEMENT MODIFICATION
FARGO, NORTH DAKOTA
DECEMBER 28, 2001
The Credit Agreement made and entered into as of December 15, 2000, by
and between RDO EQUIPMENT CO. ("Borrower") and AG CAPITAL COMPANY ("Lender"), is
hereby modified as follows:
Section one (1), DEFINITIONS, page 6, of the Credit Agreement, shall be
modified as follows:
"TERMINATION DATE" MEANS THE EARLIER OF (a) DECEMBER 1, 2002; OR
(b) THE DATE UPON WHICH THE OBLIGATION OF THE LENDER TO MAKE ADVANCES
IS TERMINATED PURSUANT TO SECTION 3.7.
Section three (3), THE SEASONAL LOAN II, page 8, of the Credit
Agreement, shall be modified as follows:
3.4. "PAYMENTS AND INTEREST ON SEASONAL NOTE II"
(a) EXCEPT TO THE EXTENT ANY PART THEREOF IS A FIXED RATE AMOUNT,
THE BORROWER AGREES TO PAY INTEREST ON THE OUTSTANDING
PRINCIPAL AMOUNT OF SEASONAL NOTE II FROM THE DATE HEREOF
UNTIL PAID IN FULL AT A RATE PER ANNUM EQUAL TO LIBOR PLUS 400
BASIS POINTS, EFFECTIVE JANUARY 1, 2002, DETERMINED TWO (2)
BUSINESS DAYS PRIOR TO THE FIRST BUSINESS DAY OF ANY CALENDAR
WEEK AND FIXED UNTIL THE FIRST BUSINESS DAY OF THE FOLLOWING
CALENDAR WEEK.
(b) AFTER THE DATE HEREOF, INTEREST ACCRUED ON SEASONAL NOTE II
THROUGH MATURITY SHALL BE PAYABLE FOR EACH CALENDAR MONTH ON
THE FIFTEENTH (15TH) DAY OF THE FOLLOWING CALENDAR MONTH AND
AT MATURITY, WHEN THE ENTIRE OUTSTANDING PRINCIPAL AMOUNT
SHALL BE DUE AND PAYABLE. INTEREST ACCRUED AFTER MATURITY
SHALL BE PAYABLE UPON DEMAND.
Section fifteen (15), AFFIRMATIVE COVENANTS, page 22, of the Credit
Agreement, shall be modified as follows:
15.10. "NET WORKING CAPITAL." MAINTAIN AT ALL TIMES NET WORKING CAPITAL
OF AT LEAST $40,000,000.
Except as expressly modified by the terms of this Credit Agreement
Modification, all of the terms and conditions of the Credit Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this agreement this 28th
day of December, 2001.
RDO EQUIPMENT CO.
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxx
--------------------------
Xxxxxx X. Xxxxx
Its: Treasurer
AG CAPITAL COMPANY
a Delaware corporation
By: /s/ Xxxxx Xxxx
--------------------------
Xxxxx Xxxx
Its: Director of Finance
DECEMBER 28, 2001
