FOURTH AMENDMENT
TO
CREDIT AGREEMENT
This Fourth Amendment to Credit Agreement (this "Fourth Amendment"),
dated as of Decemeber 31, 1997, is among Michigan National Bank, a national
banking association, and the other banking institutions listed on Exhibit A
attached hereto and who appear as signatories to this Fourth Amendment (each
a "Bank" and collectively the "Banks"), Michigan National Bank, as agent
("Agent"), and Xxxxxxx Industries, Inc., a Delaware corporation
("Borrower").
Recitals
The Agent, the Borrower and some of the Banks executed a certain Credit
Agreement (the "Credit Agreement") dated as of June 1, 1994, as amended,
providing for, among other things, the establishment by the Banks for the
benefit of the Borrower of a line of credit in the amount of $100,000,000.
The Credit Agreement was amended by a First Amendment to Credit Agreement,
dated as of December 14, 1994, by a Second Amendment to Credit Agreement,
dated as of June 1, 1995, and by a Third Amendment to Credit Agreement,
dated as of Decemeber 18, 1996(the Credit Agreement, as so amended, the
"Amended Credit Agreement").
The Borrower has now requested the Banks to extend the Line of Credit
Maturity from December 31, 1999 to May 30, 2001, and the Banks have
consented to such extension.
Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Amended Credit Agreement.
NOW, THEREFORE, the parties hereto agree that the Amended Credit
Agreement shall be amended, effective (unless otherwise specified herein) on
and as of December 31, 1997, as follows:
1. The Line of Credit Maturity is hereby extended to May 30, 2001.
2. Except as herein provided, the Amended Credit Agreement shall remain
in full force and effect, including the provisions of Section 9 thereof
which are herein incorporated by this reference.
3. The Borrower hereby reaffirms the representations and warranties set
forth in Section 4 of the Amended Credit Agreement and certifies that no
Event of Default has occurred or is existing under the Amended Credit
Agreement.
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4. Contemporaneously herewith, Borrower shall execute and deliver each
Bank a new Amended and Restated Line of Credit Note to reflect the new Due
Date of May 30, 2001.
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to
be executed and delivered as of the date first hereinabove set forth.
"BORROWER"
XXXXXXX INDUSTRIES, INC.
WITNESS:
_________________________ By:_________________________
_________________________ Its: Executive Vice President
"BANKS"
MICHIGAN NATIONAL BANK
_________________________ By:_________________________
_________________________ Its: Senior Realtionship Manager
BOATMEN'S NATIONAL BANK
_________________________ By:___________________________
_________________________ Its:__________________________
THE FIRST NATIONAL BANK OF CHICAGO
_________________________ By:___________________________
_________________________ Its:__________________________
MERCANTILE BANK NATIONAL ASSOCIATION
_________________________ By:___________________________
_________________________ Its:__________________________
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KEY BANK NATIONAL ASSOCIATION
_________________________ By:___________________________
_________________________ Its:__________________________
"AGENT"
MICHIGAN NATIONAL BANK
_________________________ By:___________________________
_________________________ Its:__________________________
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