EXHIBIT 10.18
Bank of America
Amendment to Documents
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FIRST AMENDMENT TO BUSINESS LOAN AGREEMENT
This First Amendment to Business Loan Agreement is entered into as of
September 22, 1997, between Bank of America Texas, N.A. ("Bank") and Mountain
Empire Rubber & Specialty Co., Inc. ("Borrower").
RECITALS
A. WHEREAS, Bank and Borrower have entered into that certain Business Loan
Agreement dated February 24, 1997, (the "Agreement"), and
B. WHEREAS, Borrower and Bank desire to amend certain terms and provisions of
said Agreement as more specifically hereinafter set forth.
AGREED
NOW, THEREFORE, in consideration of the foregoing recitals and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Bank and Borrower mutually agree to amend said Agreement as follows:
1. In Paragraph 1.1 (Line of Credit Amount) of the Agreement, the amount
"Seven Hundred Fifty Thousand and no/100 Dollars ($750,000.00)" is
substituted for the amount "Five Hundred Thousand and no/100 Dollars
($500,000.00)".
2. In Paragraph 1.2 (Availability) of the Agreement, the date "December 31,
1998" is substituted for the date "March 31, 1998".
3. In Paragraph 7.4 (Total Liabilities to Tangible Net Worth) of the
Agreement, the ratio "1.50:1.0" is substituted for the ratio "1.25:1.0".
This Amendment will become effective as of the date first written above,
provided that each of the following conditions precedent have been satisfied in
a manner satisfactory to Bank:
The Bank has received from the Borrower a duly executed original of this
Amendment, together with a duly executed Guarantor Acknowledgment and
Consent in the form attached hereto (the "Consent").
The Bank has received from the Borrower a duly executed Corporate
Resolution Authorizing Execution of Guaranty.
The Bank has received from the Borrower a duly executed Corporate
Resolution to Borrow.
Except as provided in this Amendment, all of the terms and provisions of this
Agreement and the documents executed in connection therewith shall remain in
full force and effect. All references in such other documents to the Agreement
shall hereafter be deemed to be references to the Agreement as amended hereby.
THIS WRITTEN AMENDMENT AND THE DOCUMENTS EXECUTED IN CONNECTION HEREWITH
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES.
IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of
the date first written above.
BANK OF AMERICA TEXAS, N.A. Mountain Empire Rubber & Specialty Co., Inc.
By: ____________________________ By: ___________________________________
Xxx X. Xxxx, Vice President Xxxxx Xxxxxxx, Chairman
By: ___________________________________
Xxx Xxxxxxxxx, Secretary
GUARANTOR ACKNOWLEDGEMENT
AND CONSENT
The undersigned, each a guarantor of the Borrower's obligations to the
Bank under the Agreement, each hereby (i) acknowledge and consent to the
execution, delivery, and performance by Borrower of the foregoing First
Amendment to Agreement (the "Amendment"), and (ii) reaffirm and agree that the
guaranty to which the undersigned is party and all other documents and
agreements executed and delivered by the undersigned to the Bank in connection
with the Agreement are in full force and effect, without defense, offset, or
counterclaim, to secure the indebtedness of the Borrower to the Bank, including
without limitation the indebtedness evidenced by the Agreement as amended.
(Capitalized terms used herein have the meanings specified in the Amendment.)
XXXXXX INTERNATIONAL, INC.
a Delaware corporation
Dated: _____________________
____________________________
Xxxxx Xxxxxxx, President
