EXHIBIT 10.41
AMENDMENT TO REVOLVING CREDIT AGREEMENT
THIS AMENDMENT is made as of March 31, 1998, by and among Tier
Technologies, Inc., a California corporation (the "Company"), Tier Technologies
(United Kingdom), Inc., a Delaware corporation ("Tier UK"), and BankBoston,
N.A., a national banking association (the "Bank").
WHEREAS, the parties hereto are parties to a certain Revolving Credit
Agreement dated as of March 31, 1998 (the "Credit Agreement"); and
WHEREAS, the parties desire to amend the Credit Agreement in a certain
respect;
NOW THEREFORE, the parties hereto hereby agree to amend the Credit
Agreement as follows:
1. The Credit Agreement is hereby amended by deleting Section 6.10
thereof in its entirety and by substituting the following new Section in lieu
thereof:
"6.10 Investments. Except as permitted in Section 6.6, neither
the Company nor any of its Subsidiaries shall make or maintain
any Investments other than (i) existing Investments in
Subsidiaries and additional Investments in such Subsidiaries in
the ordinary course of its business, (ii) Qualified Investments,
(iii) loans outstanding to Messrs. Xxxxx X. Xxxxxxx and Xxxxxxx
X. Xxxxxx evidenced by those certain promissory notes dated in
February, 1997 and amended in August, 1997 payable by such
individuals to the Company, the aggregate outstanding principal
balance of which was $2,158,600 as of December 31, 1997, and
(iv) up to $1,800,000 aggregate principal amount of other loans
to employees of the Company and any Subsidiaries who are
shareholders of the Company. It is understood and agreed that as
the loans described in clause (iii) in the preceding sentence
are paid or otherwise reduced, the amount of the payments or
reductions shall not become available for new permitted
Investments under this Section 6.10."
2. Except as specifically provided herein, all of the terms and
conditions of the Credit Agreement shall remain in full force and effect.
3. This Amendment may be signed in any number of counterparts with
the same effect as if the signatures hereto and thereto were upon the same
instrument.
IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their duly authorized officers as of the day and year first above
written.
TIER TECHNOLOGIES, INC.
By: /s/ XXXXXX X. XXXX
------------------------------
Name: Xxxxxx X. Xxxx
Title: EVP & CFO
TIER TECHNOLOGIES
(UNITED KINGDOM), INC.
By: /s/ XXXXXX X. XXXX
------------------------------
Name: Xxxxxx X. Xxxx
Title: CFO
BANKBOSTON, N.A.
BY: /s/ XXXX XXXXXXXXXX
------------------------------
Name: Xxxx Xxxxxxxxxx
Title: Managing Director
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