EXHIBIT 10.5
AMENDMENT TO CREDIT AGREEMENT
THIS AMENDMENT made and entered into as of this 2nd day of June, 1993,
by XXXXXX INVESTMENT CORPORATION, a Minnesota corporation (herein called
"Borrower") for the benefit of DIVERSIFIED BUSINESS CREDIT, INC., a Minnesota
corporation (herein called "DBCI").
W I T N E S S E T H:
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WHEREAS, Borrower and DBCI executed a Credit Agreement dated as of
November 18, 1986 (the "Credit Agreement");
WHEREAS, Borrower and DBCI desire to alter, amend and modify the Credit
and Security Agreement as hereinafter set forth.
NOW THEREOF, 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. Paragraph 5(c) and 5(k) of the Credit Agreement dated November 18,
1986, are hereby deleted therefrom in the entirety and the following are hereby
inserted in lieu thereof:
5(c) Expend or contract to expend, in any one calendar year,
more than One Hundred Thousand Dollars ($100,000.00) in the aggregate
or more than Fifty Thousand Dollars ($50,000.00) in any one transaction
for the lease, purchase or other acquisition of any capital asset, or
for the lease of any other asset, whether payable currently or in the
future.
5(k) Permit more than Twenty-Five Thousand Dollars
($25,000.00) to be owing to Borrower by the officers, directors or
shareholders of Borrower or any Affiliated Corporation, or members of
their families, on account of any loan, travel advance, credit sale or
other transaction or event.
2. Except as herein specifically set forth, the terms and provisions of
the Credit and Security Agreement shall remain in full force and effect without
modification, amendment or alteration.
IN WITNESS WHEREOF, this Amendment to 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
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, President
ADDRESS: 000 - 00xx Xxxxxx Xxxxx
Xxxxx 000
Xxxxxxxxxxx, Xxxxxxxxx 00000
Accepted at Minneapolis, MN
on June 2, 1993.
DIVERSIFIED BUSINESS CREDIT, INC.
By /s/
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Its Vice President and Treasurer
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