EXHIBIT 10.30
FIRSTAR
AMENDMENT TO REVOLVING CREDIT AGREEMENT
AND REVOLVING CREDIT NOTE
This amendment (the "Amendment"), dated as of the date specified below,
is by and between the borrower (the "Borrower") and the bank (the "Bank")
identified below.
RECITALS
A. The Borrower and the Bank have executed a - Revolving Credit Agreement
(the "Agreement") and the Borrower has executed a Revolving Credit Note (the
"Note"), both dated AUGUST 14, 1998 and as amended from time to time, and the
Borrower (and if applicable, certain third parties) have executed the collateral
documents identified in Article III of the Agreement and certain other related
documents (collectively the "Loan Documents"), setting forth the terms and
conditions upon which the Borrower may obtain loans from the Bank from time to
time in the original amount not to exceed $12,000,000.00, as may be amended from
time to time.
B. The Borrower has requested that the Bank permit certain modifications to
the Agreement and Note as described below.
C. The Bank has agreed to such modifications, but only upon the terms and
conditions outlined in this Amendment.
TERMS OF AGREEMENT
In consideration of the mutual covenants contained herein, and for other
good and valuable consideration, the Borrower and the Bank agree as follows:
Extension of Maturity Date. If checked here, the references to "
FEBRUARY 19, 1999 in Paragraph 1.1 of the Agreement and in the Note as the
maturity date of the loan and the Termination Date for advances are hereby
deleted and replaced with " AUGUST 31, 1999".
Financial Covenants (continued):
(viii) The combination of Net Income plus Loan Loss Provision for BNC- ND
and BNC-NIN combined must be at least $564,000 at 3/31/99 and $1,348,000 at
6/30/99. This covenant replaces the ROA covenants.
(ix) All Financial Covenants will be measured on a combined basis for BNC - ND
and BNC
Effectiveness of Prior Documents. Except as specifically amended hereby,
the Agreement, the Note and the other Loan Documents shall remain in full force
and effect in accordance with their respective terms. All warranties and
representations contained in the Agreement and the other Loan Documents are
hereby reconfirmed as of the date hereof. AJI collateral previously provided to
secure the Agreement and/or Note continues as security, and all guaranties
guaranteeing obligations under the Loan Documents remain in full force and
effect. This is an amendment, not a novation.
Preconditions to Effectiveness. This Amendment shall only become
effective upon execution by the Borrower and the Bank, and approval by any other
third party required by the Bank.
No Waiver of Defaults; Warranties. This Amendment shall not be construed
as or be deemed to be a waiver by the Bank of existing defaults by the Borrower,
whether known or undiscovered. All agreements, representations and warranties
made herein shall survive the execution of this Amendment.
Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be considered an original, but when taken
together shall constitute one document.
Authorization. The Borrower represents and warrants that the execution,
delivery and performance of this Amendment and the documents referenced herein
are within the authority of the Borrower and have been duly authorized by all
necessary action.
Attachments. All documents attached hereto, Including any appendices,
schedules, riders, and exhibits to this Amendment, are hereby
expressly Incorporated by reference.
Dated as of: FEBRUARY 19, 1999
BNCCORP INC
(Individual Borrower) Borrower Name (Organization)
(SEAL) a DELAWARE Corporation
Borrower Name N/A BY: /s/ Xxxxxxx X. Xxxxxxxxx
Name and Title XXXXXXX X XXXXXXXXX, PRESIDENT
By:
(SEAL)
Borrower Name N/A Name and Title:
Agreed to:
FIRSTAR BANK MILWAUKEE, N.A.
(Firstar Bank)
By:
XXXX X XXXXX
Name and Title: VICE PRESIDENT
