Exhibit 10.14
AMENDMENT TO CREDIT AGREEMENT
THIS AMENDMENT TO CREDIT AGREEMENT, made this Nineteenth day of December, 1996,
by and between THE SOURCE COMPANY (the "Borrower") and WACHOVIA BANK OF NORTH
CAROLINA, N.A. (the "Bank");
WITNESSETH:
WHEREAS the Borrower and the Bank entered into a Credit Agreement dated the
Fourteenth day of November, 1996; and
WHEREAS the Borrower and the Bank now mutually desire to effect certain
amendments to the Credit Agreement;
NOW, THEREFORE in consideration of the premises and the mutual covenants herein
and in the Credit Agreement contained, the parties agree as follows:
Section 6.06 contained on Page 29 of the Credit Agreement is hereby
amended and restated to read as follows:
Minimum Tangible Net Worth. From January 31, 1997 and at all times
thereafter, Tangible Net Worth will at no time be less than $2,500,000.00 plus
the sum of 50.0% of the cumulative Reported Net Income of the Borrower during
any period after January 31, 1997 (taken as one accounting period), calculated
quarterly but excluding from such calculations any quarter in which the Net
Income of the Borrower is negative.
Except as herein amended, the terms and provision of the Credit Agreement shall
be and remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Credit
Agreement to be executed as of the year and the day first above written.
CONSENTED TO AND AGREED:
THE SOURCE COMPANY
By:__________________________________
Chairman and Chief Executive Officer
ATTEST:
[CORPORATE SEAL] By:__________________________________
Secretary
WACHOVIA BANK OF NORTH CAROLINA, N.A.
By:__________________________________
Vice President
