November 8, 2010
Exhibit
4.1
November
8, 2010
Wegener
Communications, Inc.
00000
Xxxxxxxxxx Xxxxxx
Xxxxx
Xxxxx, Xxxxxxx 00000
Re: Fifteenth
Amendment
Gentlemen:
Xxxxxxx Communications, Inc., a Georgia
corporation (“Borrower”), and The Xxxxx X.
Xxxxxxx Trust Dated December 15, 1999 (“Trust”), as assignee of the
Bank of America, N.A., successor
interest by merger to LaSalle Bank National Association, respecting a $4,250,000
Loan and Security Agreement (“Security Agreement”), which
Security Agreement has been previously amended fourteen times, wish to further
amend the Security Agreement as provided herein (the “Fifteenth
Amendment”).
NOW, THEREFORE, in consideration of the
foregoing recitals, the mutual covenants and agreements set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrower and the Trust hereby agree as
follows:
Provision
A. 7 of the Twelfth Amendment is deleted in its entirety and the following is
substituted in its place:
7. Solvency
Representation. Borrower’s obligations under paragraph 10(p) of the
Security Agreement shall be suspended until the last day of Borrower’s 2011
fiscal second quarter ending on March 4, 2011. Thereafter, such
suspension shall end and Borrower’s full compliance with such obligations shall
be required.
Except as expressly amended hereby, the
Security Agreement, as amended, are ratified and confirmed by the parties hereto
and remain in full force and effect in accordance with the terms
thereof. In the event there is any conflict between the provisions of
this Fifteenth Amendment and those in the Security Agreement generally, the
provisions of this Fifteenth Amendment shall control in all
respects.
[SIGNATURE
PAGE FOLLOWS]
THE XXXXX X. XXXXXXX TRUST DATED DECEMBER 15, 1999 | |||||
By: |
/s/
Xxxxx X. Xxxxxxx
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Name: |
Xxxxx
X. Xxxxxxx
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Title: |
Trustee
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Accepted
and agreed to this 8th day of November, 2010 |
XXXXXXX COMMUNICATIONS, INC. | |||||
By: |
/s/
C. Xxxx
Xxxxxxxx, Xx.
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Name: |
C.
Xxxx Xxxxxxxx,
Xx.
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Title: |
CEO
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Accepted
and agreed to this 8th day of November, 2010 |
By: |
/s/
Xxxxx Xxxxxxxx
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Name: |
Xxxxx
Xxxxxxxx
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Title: |
Treasurer
and CFO
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Accepted
and agreed to this 8th day of November, 2010 |
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Consented and agreed to by the following guarantor of the obligations of Xxxxxxx Communications, Inc. to The Xxxxx X. Xxxxxxx Trust Dated December 15, 1999. |
WEGENER CORPORATION | |||||
By: |
/s/
C. Xxxx
Xxxxxxxx, Xx.
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Name: |
C.
Xxxx Xxxxxxxx,
Xx.
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Title: |
President
and CEO
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Date: | November 8, 2010 |