LOAN MODIFICATION AGREEMENT NO. 5
Exhibit 10.12
LOAN MODIFICATION AGREEMENT NO. 5
Preamble: This Loan Modification Agreement (this “Agreement”), dated as of April 21, 2005 (the “Effective Date”), is made between UPS Capital Corporation, as lender (the “Lender”) and each Person identified as “Borrower” on the signature page(s) hereof, as borrower(s) (individually and collectively, the “Borrower”), for the purpose of amending or otherwise modifying the terms of that certain Loan and Security Agreement, dated as of August 28, 2002, heretofore made between Lender and Borrower (which, as it has been, or hereafter may be, modified or amended, is called herein the “Loan Agreement”). Now, therefore, in consideration of the mutual promises contained herein and in the Loan Agreement, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower, each intending to be legally bound, agree as follows:
2. Loan Modifications. Lender and Borrower agree to modify the Loan Agreement as follows:
2.1 Continuation of Line Increase. The increase in the Maximum Amount from $15,000,000 to $20,000,000 effected through the date hereof pursuant to that certain Loan Modification Agreement No. 4, dated as of February 28, 2005, between Borrower and Lender (“Fourth Modification”), shall continue in effect through the Termination Date; provided, however, that total Borrowings under the Line of Credit shall continue to be tied to, and limited by, the Borrowing Base in effect from time to time.
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and Borrower relative to the subject matter hereof, and supersedes and replaces any prior understandings and agreements, written or oral, in regard thereto. This Agreement shall be binding on, and inure to the benefit of, the successors and assigns of Borrower and Lender. Borrower shall reimburse Lender for all costs which Lender incurs, including reasonable attorneys fees, in the preparation, negotiation, execution and performance of this Agreement, and the recording of any Loan Documents in connection herewith.
“Borrower” |
“Lender” |
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NATIONAL R.V. HOLDINGS, INC. |
UPS CAPITAL CORPORATION |
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By: |
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Xxxxxx X. Xxxxxxx |
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By: |
/S/ Xxxx X. Xxxxxxxx |
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Authorized Officer Treasurer |
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Authorized Officer |
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NATIONAL R.V., INC. |
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By: |
/S/ |
Xxxxxx X. Xxxxxxx |
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Authorized Officer Treasurer |
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COUNTRY COACH, INC. |
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By: |
/S/ |
Xxxxxx X. Xxxxxxx |
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Authorized Officer Treasurer |
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