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EXHIBIT 10.16
October 27, 0000
Xxxxxx Xxxxx Inc.
0000 Xxxxx Xxxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Re: Extension of Credit Agreement
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Ladies and Gentlemen:
We make reference to that certain Credit Agreement, dated as of
October 15, 1996 (as in effect on the date hereof, the "Credit Agreement"),
between Midway Games, Inc. (the "Borrower") and Bank of America National Trust
and Savings Association (successor by merger to Bank of America Illinois) (the
"Lender"). Capitalized terms used herein and not otherwise defined shall have
the meanings provided in the Credit Agreement.
We understand that the Borrower desires to extend the Termination
Date under the Credit Agreement to October 31, 1998 from October 31, 1997 and
the Lender desires to accommodate such request. The Borrower and Lender hereby
agree that the date October 31, 1997 contained in the definition of Termination
Date set forth in Section 1.1 of the Credit Agreement shall be deleted and
replaced with October 31, 1998.
In consideration of the foregoing amendment, the Borrower hereby
represents and warrants to the Lender that:
(a) This amendment is within the Borrower's authority (corporate or
otherwise), has been duly authorized by all necessary action, has received
all necessary consents and approvals (if any shall be required), and does
not and will not contravene or conflict with any provision of law or of the
charter, bylaws or other organizational documents of the Borrower or its
Subsidiaries, or of any other agreement binding upon the Borrower or its
Subsidiaries or their respective property;
(b) This amendment constitutes the legal, valid, and binding
obligation of the Borrower, enforceable against the Borrower in accordance
with its terms;
(c) No Default has occurred and is continuing or will result from the
terms set forth in this amendment; and
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(d) The representations and warranties of the Borrower set forth in
Section 4 of the Credit Agreement are true and correct as if made on the date
hereof, except any such representation or warranty which speaks to a specific
date.
Notwithstanding anything contained in the foregoing to the contrary,
the amendment hereunder will not in any way operate as an amendment or
modification of the Credit Agreement or any Loan Document or a consent or
waiver with respect to any existing or future Default not specifically
enumerated above.
If the foregoing is in accordance with your understanding and is
acceptable to you, please so indicate by
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executing this letter in the space provided below and returning it to us.
Very truly yours,
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION (as
successor to Bank of America
Illinois)
By: /s/ Xxxxxx Xxxxxxx
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Name: Xxxxxx Xxxxxxx
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Title: Managing Director
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Agreed and Accepted this 27th day of October, 1997:
MIDWAY GAMES, INC.
By: /s/ Xxxxxx X. Xxxx, Xx.
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Name: XXXXXX X. XXXX, XX.
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Title: Vice President - Finance
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