EXHIBIT 10.14
TENTH AMENDMENT TO CREDIT AGREEMENT
THIS AMENDMENT made and entered into as of the 3rd day of May, 2002 by
Xxxxxx Investment Corporation, a Minnesota corporation (herein called
"Borrower") for the benefit of Diversified Business Credit, Inc., a Minnesota
Corporation (herein called "Lender").
WITNESSETH
WHEREAS, Borrower and Lender previously entered into that certain
Credit Agreement dated as of November 18, 1986, as amended by that certain
Amendment to Credit Agreement dated June 23, 1993, that certain Second Amendment
to the Credit Agreement dated June 12, 1995, that certain Third Amendment to the
Credit Agreement dated September 30, 1996, that certain Fourth Amendment to the
Credit Agreement dated July 1, 1997, that certain Fifth Amendment to the Credit
Agreement dated February 27, 1998, that certain Sixth Amendment to the Credit
Agreement dated April 8, 1999, that certain Seventh Amendment to the Credit
Agreement dated April 4, 2000, that certain Eighth Amendment to the Credit
Agreement dated December 21, 2000 and that certain Ninth Amendment to the Credit
Agreement dated November 12, 2001 (collectively, the Credit Agreement together
with the Ninth Amendment are herein called the "Credit Agreement").
WHEREAS, Borrower and Lender desire to alter, amend and modify the
Credit Agreement as hereinafter set forth.
NOW THEREFORE, in consideration of the foregoing, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:
1. Definitions "Maturity Date" is hereby deleted therefrom in its
entirety and the following is hereby inserted in lieu thereof:
"Maturity Date" shall mean April 30, 2004 or as provided in
Paragraph 6 of the Third Amendment and any subsequent
anniversary date thereof.
2. Paragraph 4 of the Ninth Amendment is hereby deleted in its
entirety and the following is hereby inserted in lieu thereof:
OVER ADVANCES. Notwithstanding any other provisions of this
Credit Agreement, if at any time the aggregate principal
amount of Advances outstanding under this Credit Agreement or
any commitment hereunder shall exceed (i) Twenty One Million
Dollars ($21,000,000.00), or (ii) any other limitation set
forth herein, the Borrower shall immediately pay to the Lender
the amount by which said principal amount exceeds such
limitation.
3. Except as expressly amended hereby or previously amended in
writing, the Credit Agreement and Security Documents shall
remain in full force and effect in accordance with their
original terms and binding upon and enforceable against
Borrower, and not subject to any defense, counterclaim or
right of setoff.
IN WITNESS WHEREOF, this Amendment to the Credit Agreement has been
duly executed and delivered by the proper officers thereunto duly authorized on
the day and year first above written.
Xxxxxx Investment Corporation
By /s/ Xxxxxx X. Xxxxxx
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Its President
ADDRESS:
Xxxxx 000
00 Xxxx Xxxxxx Xxxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000
Accepted at Minneapolis, MN
on _____________, 2002.
Diversified Business Credit, Inc.
By
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Its Vice President
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