AMENDMENT NO. 8 TO LOAN AGREEMENT
Exhibit
10.17
AMENDMENT
NO. 8 TO LOAN AGREEMENT
This
Amendment No. 8 (the "Amendment") dated as of April 19, 2007, is between Bank
of
America, N.A. (the "Bank") and Sport Chalet, Inc. (the "Borrower").
(a) |
RECITALS
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A.
The
Bank and the Borrower entered into a certain Business Loan Agreement dated
as of
June 19, 1998 (together with any previous amendments, the
"Agreement").
B.
The
Bank and the Borrower desire to amend the Agreement.
(b) |
AGREEMENT
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1.
Definitions.
Capitalized terms used but not defined in this Amendment shall have the meaning
given to them in the Agreement.
2.
Amendments.
The
Agreement is hereby amended as follows:
2.1
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Paragraph
2.1(a) of the Agreement is hereby amended to read in its entirety
as
follows:
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“(a)
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During
the availability period described below, the Bank will provide a
line of
credit to the Borrower. The amount of the line of credit (the
'Commitment') from the date of Amendment No. 8 through June 30, 2007
will
be Twenty Five Million and 00/100 Dollars ($25,000,000.00). From
July 1,
2007 and thereafter, the amount of the line credit will be Twenty
Million
and 00/100 Dollars ($20,000,000.00), provided, however, that the
Commitment shall be Thirty Five Million and 00/100 Dollars
($35,000,000.00) during the period of October 1 through and including
December 31 of each year.”
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3.
Representations
and Warranties.
When
the Borrower signs this Amendment, the Borrower represents and warrants to
the
Bank that: (a) there is no event which is, or with notice or lapse of time
or
both would be, a default under the Agreement except those events, if any, that
have been disclosed in writing to the Bank or waived in writing by the Bank
(b)
the representations and warranties in the Agreement are true as of the date
of
this Amendment as if made on the date of this Amendment, (c) this Amendment
does
not conflict with any law, agreement, or obligation by which the Borrower is
bound, and (d) if the Borrower is a business entity or a trust, this Amendment
is within the Borrower's powers, has been duly authorized, and does not conflict
with any of the Borrower's organizational papers.
4.
Effect
of Amendment.
Except
as provided in this Amendment, all of the terms and conditions of the Agreement
shall remain in full force and effect.
5.
Counterparts.
This
Amendment may be executed in counterparts, each of which when so executed shall
be deemed an original, but all such counterparts together shall constitute
but
one and the same instrument.
6.
FINAL
AGREEMENT.
BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS
DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE
SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER,
TERM
SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS RELATING TO THE SUBJECT
MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN
OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT
MAY
NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.
This
Amendment is executed as of the date stated at the beginning of this
Amendment.
BANK: | ||
Bank of America, N.A. | ||
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By: | Xxxxxxx Xxxxxx, | |
Authorized
Signer
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BORROWER(S): | ||
Sport Chalet, Inc. | ||
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By: | /s/ Xxxxxx Xxxxxxxx | |
Xxxxxx
Xxxxxxxx, Executive vice President-Finance,
Chief
Financial Officer and Secretary
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