AMENDMENT NO. 7 TO CREDIT AGREEMENT
EXHIBIT 10.2
THIS AMENDMENT is entered into effective as of the 2nd day of February, 2006, by and between
XXXXXXX ELECTRONICS, INC., a Minnesota corporation (the “Borrower”) and M&I XXXXXXXX & ILSLEY BANK,
a banking corporation organized and existing under the laws of Wisconsin (“Bank”).
WHEREAS, Borrower and the Bank have entered into that certain Credit and Security Agreement
dated as of June 30, 2003, as heretofore amended (as so amended, the “Credit Agreement”) pursuant
to which Bank has agreed to provide a revolving credit facility and a term loan facility to
Borrower on the terms and conditions contained therein; and
WHEREAS, Borrower and Bank desire to amend certain provisions of the Credit Agreement.
NOW, THEREFORE, Bank and Borrower hereby agree as follows:
1. Certain Definitions. Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Credit Agreement.
2. Capital Expenditures. Section 7.10 of the Credit Agreement is hereby amended by
deleting said Section in its entirety and replacing the same with the following:
“Section 7.10 Capital Expenditures. The Borrower will not incur or contract to
incur Capital Expenditures of more than $1,275,000 in the aggregate during its fiscal year
ending December 31, 2005, or more than $3,000,000 in the aggregate during its fiscal year
ending December 31, 2006 or more than $250,000 in the aggregate during any fiscal year
thereafter.”
3. Miscellaneous. Except as specifically set forth herein, the Credit Agreement shall
remain in full force and effect, with no other modification or waiver. This Amendment shall be
governed by, and construed in accordance with, the laws of the State of Wisconsin. This Amendment
may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same agreement. The Borrower hereby restates and
reaffirms its obligation under the Credit Agreement to pay on demand all costs and expenses,
including (without limitation) attorneys’ fees, incurred by the Lender in connection with the
Obligations, this Amendment, the Loan Documents, and any other document or agreement related
hereto, and the transactions contemplated hereby.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Credit Agreement to
be executed as of the day and year first written above.
| M&I Xxxxxxxx & Xxxxxx Bank | Xxxxxxx Electronics, Inc. | |||||||||||
| By | /s/ Xxxx Xxxxxx | By | /s/ Xxxxxxxx Xxxxxxxx | |||||||||
| /s/ Xxxx Xxxxxx | Xxxxxxxx Xxxxxxxx | |||||||||||
| Its Vice President | Its Chief Financial Officer | |||||||||||
| By | /s/ Xxxx Xxxxxx | |||||||||||
| /s/ Xxxx Xxxxxx | ||||||||||||
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