TERMINATION OF CREDIT AGREEMENT
Exhibit 10.21
This Termination is entered into as of January 10, 2008 by and between First Interstate
BancSystem, Inc., a Montana corporation (the “Borrower”), and Xxxxx Fargo Bank, National
Association, a national banking association (the “Bank”).
The Borrower and the Bank are parties to a Credit Agreement dated June 30, 2005, setting forth
the terms on which the Bank may make advances to the Borrower during a period ending June 30, 2008
(the “Existing Credit Agreement”).
Concurrent with the execution of this Termination, the parties are entering into a separate
Credit Agreement, dated the date hereof, setting forth the terms on which the Lenders (as defined
therein) may make advances to the Borrower (the “New Credit Agreement”). The New Credit Agreement
is intended to supersede the Existing Credit Agreement, and the parties accordingly wish to
terminate their obligations under the Existing Credit Agreement.
Accordingly, in consideration of the mutual covenants contained in the Existing Credit
Agreement, the New Credit Agreement and this Termination, the parties hereby agree as follows:
1. As used herein, “Effective Time” means the time at which the first advance or other
extension of credit is made under the New Credit Agreement.
2. As of the Effective Time, the Bank shall have no further obligation to make advances under
the Existing Credit Agreement, and the Borrower shall repay all obligations outstanding under the
Existing Credit Agreement, whether from the proceeds of advances under the New Credit Agreement or
otherwise.
3. Nothing herein shall terminate any obligation that, by its express terms or by its nature,
survives termination of the Existing Credit Agreement, including but not limited to any
indemnification obligation and any obligation under Section 7.3 (“Costs, Expenses and Attorneys’
Fees”) of the Existing Credit Agreement.
4. This Termination may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which counterparts of this
Termination, taken together, shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above-written.
| FIRST INTERSTATE BANCSYSTEM, INC. | XXXXX FARGO BANK, NATIONAL ASSOCIATION | |||||||||
By
|
/s/ XXXXXXX X. XXXXX | By | /s/ XXXXXXX X. XXXXXXXX | |||||||
| Name: Xxxxxxx X. Xxxxx | Name: Xxxxxxx X. Xxxxxxxx | |||||||||
| Title: Executive Vice
President and Chief Financial Officer |
Title: Vice President | |||||||||
