EXHIBIT 10.10
SIXTH AMENDMENT TO REIMBURSEMENT AGREEMENT
THIS SIXTH AMENDMENT TO REIMBURSEMENT AGREEMENT (this "Amendment") is
entered into as of November 8, 2002, by and between 3D SYSTEMS CORPORATION, a
Delaware corporation ("Company"), and XXXXX FARGO BANK WEST, NATIONAL
ASSOCIATION formerly known as Norwest Bank Colorado, National Association
("Reimbursement Bank").
RECITALS
WHEREAS, Company and Reimbursement Bank have entered into that certain
Reimbursement Agreement dated as of August 1, 1996, as amended from time to time
("Reimbursement Agreement") to provide for the reimbursement of a letter of
credit issued to support the Issuance of Mesa County, Colorado, Industrial
Development Revenue Bonds in the principal amount of $4,900,000.00.
WHEREAS, Reimbursement Bank and Company have agreed to certain changes in
the terms and conditions set for in the Reimbursement Agreement and have agreed
to amend the Reimbursement Agreement to reflect said changes.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree that the Reimbursement
Agreement shall be amended effective January 1, 2003, as follows:
1. Section 8.6, is hereby deleted in its entirety, and the following
substituted therefor:
8.6 Fixed Charge Coverage Ratio. Permit the Company's fixed Charge Coverage
Ratio to be less than 1.0 at the end of the first quarter, March 2003; 1.20
at the end of the second quarter, June 2003; and 1.25 at the end of the
third quarter, 2003 and for each quarter end thereafter. The Fixed Charge
Coverage Ratio is defined as EBITDA, less distributions to shareholders,
plus subordinated shareholder infusion, less taxes paid and less unfinanced
capital expenditures; divided by the principal portion of long term debt
payments, and interest expenses both measured cumulative year-to-date and
annualized. "EBITDA" means net profit before tax from normal business
operations, plus interest expense (net of capitalized interest expense),
depreciation expense and amortization expense and is measured cumulative
year-to-date and annualized.
Except as specifically provided herein, all terms and conditions of the
Reimbursement Agreement remain in full force anti effect, without waiver or
modification. All terms defined in the Reimbursement Agreement shell have the
same meaning when used in fids Agreement. This Amendment and the Reimbursement
Agreement shall be read together, as one document.
IN WITNESS WHEREOF, the parties hereto have caused the Amendment to be
executed as of the day and year first written above.
COMPANY: REIMBURSEMENT BANK
3D SYSTEMS CORPORATION XXXXX FARGO BANK WEST, NATIONAL
ASSOCIATION, f/k/a Norwest Bank
Colorado, National Association
By: /S/ E. XXXXX XXXXXX By: /S/ XXXXX XXXX
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E. Xxxxx Xxxxxx Xxxxx Xxxx
Xx. Vice President, Vice President
Chief Financial Officer
