Exhibit 10.3
Fourth Amendment Amended and Rotated Credit Agreement
(this "Amendment")
Reference is made to the Amended and Restated Credit Agreement dated as of
December 30, 1996 (as amended or otherwise modified, the "Credit Agreement";
capitalized terms used and not defined herein are so used as defined in the
Credit Agreement) between Bagcraft Corporation of America ("Borrower") and
General Electric Capita1 Corporation, as Agent and Lender ("GE Capital").
Borrower and GE Capital hereby amend the Credit Agreement such that, for
purposes of calculating compliance with clause (d) of Annex K of the Credit
Agreement (Consolidated Tangible Net Worth) for any measurement period ending
June 1, 1997 and December 31, 1999, inclusive, all amounts outstanding under
Term Loan B and Term Loan C at the time of such calculation shall not be
included as liabilities for purposes of such calculation.
This Amendment is limited to the specific provisions set forth above and,
except as so set forth, shall not be construed as a consent, waiver or other
modification with respect to any term, condition or other provision of any
Loan Document.
This Amendment may be executed in counterparts and, upon Agent's receipt of
all such executed counterparts, shall be effective as of June 1, 1997.
Dated: July 25, 0000 XXXXXXXX XXXXXXXXXXX XX XXXXXXX,
as Borrower
By:____________________________
Title:_________________________
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent and Lender
By:_____________________________
Title: Duly Authorized Signatory
