Exhibit 10.15
AMENDMENT TO CREDIT AGREEMENT
THIS AMENDMENT TO CREDIT AGREEMENT, made this Thirty First day of January, 1997,
by and between THE SOURCE COMPANY (the "Borrower") and WACHOVIA BANK OF NORTH
CAROLINA, N.A. (the "Bank");
WITNESSETH:
WHEREAS the Borrower and the Bank entered into a Credit Agreement dated the
Fourteenth day of November, 1996; and
WHEREAS the Borrower and the Bank now mutually desire to effect certain
amendments to the Credit Agreement;
NOW, THEREFORE in consideration of the premises and the mutual covenants herein
and in the Credit Agreement contained, the parties agree as follows:
The first sentence of Section 2.01 (a) of The Credit Agreement is
deleted in its entirety and the following is substituted therefor:
Subject to the terms and conditions set forth herein, you agree to make loans
and advances to us from time to time; provided, however, (i) the aggregate
outstanding principal amount of Receivable Based Advances shall at no time,
without your consent, exceed eighty-five percent (85%) of the net amount of
Eligible Current Receivables, plus seventy percent (70%) of the net amount of
Eligible Non-Current Receivables (as defined in the General Security Agreement);
and (ii) in no event shall the aggregate principal amount of Receivable Based
Advances at any time exceed Twelve Million, Five Hundred Thousand dollars
($12,500,000.00).
Except as herein amended, the terms and provision of the Credit Agreement shall
be and remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Credit
Agreement to be executed as of the year and the day first above written.
CONSENTED TO AND AGREED:
THE SOURCE COMPANY
By:__________________________________
Chairman and Chief Executive Officer
ATTEST:
[CORPORATE SEAL] By:__________________________________
Secretary
WACHOVIA BANK OF NORTH CAROLINA, N.A.
By:__________________________________
Vice President