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EXHIBIT 4
AGREEMENT TO EXTEND REVOLVING CREDIT AGREEMENT
May 20, 1998
Xx. Xxxxx XxXxxxxx Xxxxx
The Bank of New York
Xxx Xxxx Xxxxxx - 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Mr. Xxxxxx Xxxxxx
The Huntington National Bank
00 Xxxxx Xxxx Xxxxxx - XX 0000
Xxxxxxxx, Xxxx 00000
Xx. Xxxxxx Xxxxxx
NBD Bank
000 Xxxxxxxx Xxxxxx - 0xx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Re: X. X. Xxxxx Corporation, Revolving Credit Agreement Extension
Dear Paula, Bob, and Xxx:
Enclosed please find the Company's 1998 Annual Operating Plan, and a copy of the
Company's 1997 Shareholders Report which includes the results from 1997. Once
you have had an opportunity to review the report, we can discuss any questions
you may have.
As you know, the Revolving Credit Agreement between The Bank of New York, The
Huntington National Bank, and NBD Bank, (the "Bank" or "Banks") dated as of
February 28, 1996 (the "Agreement"), currently extends through December 31,
1999, having been extended one year ago.
In Section 4.11, the Agreement provides for the Company to request an extension
of the Termination Date and the Commitments for periods of one year, by making a
request following delivery of annual financial statements and the Company's plan
for the current year. We are obviously interested in extending the term of the
Agreement.
Page 11 of 14 pages
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The Bank of New York
The Huntington National Bank
NBD Bank
May 20, 1998
Page 2
Please consider this letter as the Company's formal request to an extension of
the Agreement through December 31, 2000, under the same terms and conditions as
outlined in the Agreement. Kindly acknowledge your Bank's consent to the
extension of the Agreement to December 31, 2000, by signing your name at the
appropriate location below and returning one copy of this letter to my
attention. Once I receive copies from each of the Banks, I will circulate
originals so that we each have a fully executed set.
Sincerely,
X. X. XXXXX CORPORATION
/s/ Xxxxxxx Xxxxxxxx
Xxxxxxx X. Xxxxxxxx
Vice President and Assistant Treasurer
/msk
Enclosures
By signing below, each Bank agrees to the extension of the Agreement through
December 31, 2000, as provided by the Agreement. All other terms of the
Agreement shall remain in force and unchanged by this extension.
Acknowledged and Agreed:
/s/ Xxxxx Xxxxx 7/15/98
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The Bank of New York, by Xx. Xxxxx XxXxxxxx Xxxxx date
/s/ R. H. Friend 7/10/98
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The Huntington National Bank, by Mr. Xxxxxx Xxxxxx date
/s/ X. X. Xxxxxx 7/20/98
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NBD Bank, by Xx. Xxxxxx Xxxxxx date
Page 12 of 14 pages
