FOURTH AMENDMENT TO LOAN AGREEMENT AND REVOLVING NOTE
EXHIBIT 10.14
FOURTH AMENDMENT TO LOAN AGREEMENT AND REVOLVING NOTE
This Fourth Amendment to Loan Agreement and Revolving Note is made and entered into this 2nd day of December, 2003, by and between U.S. Bank National Association, a national banking association, with an address of 000 Xxxxx Xxxx Xxxxxx, Post Xxxxxx Xxx 0000, Xxxxx Xxxxx, Xxxxx Xxxxxx 00000-0000 (“Lender”) and Daktronics, Inc., a South Dakota corporation, with an address of 000 00xx Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxx 00000 (“Borrower”).
RECITALS:
A. Lender and Borrower entered into a Loan Agreement dated October 14, 1998, which Loan Agreement was amended by an Amendment to Loan Agreement dated November 30, 1999, a subsequent Amendment to Loan Agreement dated December 8, 2000, and a Third Amendment to Loan Agreement dated June 20, 2002.
B. In accordance with the Loan Agreement, Lender is the holder of a Revolving Note dated October 14, 1998 signed on behalf of Borrower. Pursuant to the Amendment to Loan Agreement dated November 30, 1999, the loan amount is $20,000,000.00 (the “Revolving Loan”).
C. Lender and Borrower mutually wish to extend the maturity date of the Revolving Loan from October 1, 2004 to October 1, 2005.
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1. | The Loan Agreement and Revolving Note are hereby amended to provide that the Revolving Loan Maturity Date is October 1, 2005. |
2. | This Agreement shall not operate as a novation of the Note. Except as modified herein, all of the terms and conditions of the Loan Agreement and Revolving Note, including previous amendments thereto, shall remain in full force and effect. |
3. | Borrower acknowledges that the Loan Agreement, Revolving Note and related loan documents are and shall remain the legal and binding obligation of Borrower, free of any claim, defense or offset. |
U.S. | BANK NATIONAL ASSOCIATION DAKTRONICS, INC. |
By: | /s/ Xxxx Xxxxx | By: | /s/ Xxxxx X. Xxxxxx | ||
Xxxx Xxxxx, Vice President |
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Xxxxx X. Xxxxxx, Chief Executive Officer | |||
By: | /s/ Xxxxxxx X. Xxxxxxxxx | ||||
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Xxxxxxx X. Xxxxxxxxx Chief Financial Officer |