LETTER AMENDMENT NO. 3
Exhibit 10.1
LETTER AMENDMENT NO. 3
Dated as of December 19, 2006
M&I Xxxxxxxx & Xxxxxx Bank
000 Xxxxxxxx Xxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
000 Xxxxxxxx Xxxx
Xxxxxxxxxxx, Xxxxxxxxx 00000-0000
Ladies/Gentlemen:
We refer to the Revolving Credit Agreement dated as of December 18, 2002, as amended (the
“Credit Agreement”) between you and us. Unless otherwise defined in this letter amendment, terms
defined in the Credit Agreement are used in this letter amendment as defined in the Credit
Agreement.
It is hereby agreed by you and us as follows:
The Credit Agreement is, effective the date first above written, hereby amended as follows:
The Credit Agreement is, effective the date first above written, hereby amended as follows:
(a) | The first sentence of Section 2.1 is amended in full to read as follows: | ||
Section 2.1. Commitment for Revolving Loan. The Bank
agrees, in accordance with the terms of this Agreement, to make
advances (the “Advances”) to the Borrower from time to time from the
date hereof to and including December 31, 2008 (the “Termination
Date”) or the earlier termination of the Commitment under the terms
of this Agreement, in an aggregate amount not to exceed $5,000,000.00
(the “Commitment”).
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(b) | Section 2.4 is amended by changing the phrase “Prime Rate minus 0.50%” both places it appears to be “Prime Rate minus 1.0%” and by changing the phrase “LIBOR plus 2.25%” the one place it appears to be “LIBOR plus 1.75%.” | ||
(c) | Section 5.1(a) (vi) [Borrowing Base and aging reporting] is deleted in its entirety. |
(d) | Section 5.1(g) [Net Income] is amended in full to read as follows: |
[Intentionally Deleted]
On and after the effective date of this letter amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, or words of like import referring to the
Credit Agreement, and each reference in the Note and the Security Agreement to “the Credit
Agreement”, “thereunder”, “thereof”, or words of like import referring to the Credit Agreement,
shall mean and be a reference to the Credit Agreement as amended by this letter amendment. The
Credit Agreement, as amended by this letter amendment, is and shall continue to be in full force
and effect and is hereby in all respects ratified and confirmed.
This letter amendment may be executed in any number of counterparts and by any combination of
the parties hereto in separate counterparts, each of which counterparts shall be an original and
all of which taken together shall constitute one and the same letter amendment.
If you agree to the terms and provisions hereof, please evidence your agreement by executing
and returning one counterpart of this letter amendment to us. This letter amendment shall become
effective as of the date first above written when and if counterparts of this letter amendment
shall have been executed by you and us.
Very truly yours,
LifeCore Biomedical, Inc.
By | /s/ Xxxxx X. Xxxx | |||||
Its | VP of Finance and CFO |
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Agreed as of the date
first above written:
first above written:
M&I Xxxxxxxx & Xxxxxx Bank
By
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/s/ Xxx X. Xxxxxx Xx. | |||
Its
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By
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/s/ Xxxxx X. Xxxxx | |||
Its
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