Contract
EXHIBIT
10.01
This
THIRD
AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of July 14, 2006,
is effective as set forth below, and is by and between XXXXXXX FURNITURE
COMPANY, INC., a Delaware corporation (the “Borrower”); and WACHOVIA BANK,
NATIONAL ASSOCIATION, a national banking association and successor to SouthTrust
Bank, an Alabama banking corporation (the “Lender”).
RECITALS
The
Lender has made
a certain credit facility (the “Loan”) available to the Borrower pursuant to the
terms and conditions contained in that certain Credit Agreement dated as of
August 29, 2003 between the Borrower and the Lender (as amended by that certain
First Amendment to Credit Agreement dated as of April 23, 2004, and that certain
Second Amendment to Credit Agreement effective as of August 29, 2005, the
“Credit Agreement”).
In
accordance with Section 2.12 of the Credit Agreement, the Borrower has submitted
to the Bank, and the Bank has received, a timely request that the Lender extend
the Date of Maturity (as defined in the Credit Agreement) to August 29,
2008.
The
Lender has
agreed to extend the Date of Maturity in accordance with said request and the
terms of this Amendment.
The
Borrower has
also requested that the Lender amend certain provisions of the Credit Agreement
and, subject to the terms and conditions set forth in this Amendment, the Lender
has agreed to do so.
NOW,
THEREFORE, the
Borrower and the Lender hereby agree as follows:
1. Pursuant
to the
terms of Section 2.12 of the Credit Agreement, the Lender has agreed to extend
the Date of Maturity of the Loan by 12 months, effective August 28, 2006.
Effective August 28, 2006, the maturity date of the Loan and the definition
of
“Date of Maturity” in the Credit Agreement are hereby changed to August 29,
2008.
2. Effective
on the
date hereof, the covenant set forth in Section 5.6 of the Credit Agreement
is
hereby deleted in its entirety. The text of Section 5.6 is hereby replaced
with
“[Intentionally Deleted]”.
3. This
Amendment
shall be deemed to be a contract made under, and for all purposes shall be
construed in accordance with, the laws of the Commonwealth of
Virginia.
4. The
Borrower hereby
acknowledges and agrees that, as of the date hereof, the unpaid principal
balance of the Loan is $ -0- and that there are no set-offs or defenses against
the Credit Agreement or the Note (as defined in the Credit Agreement). The
parties to this Amendment do not intend that this Amendment be construed as
a
novation of the Note or the Credit Agreement. Except as hereby expressly
extended and modified, the Note and Credit Agreement shall otherwise be
unchanged, shall remain in full force and effect, and are hereby expressly
approved, ratified and confirmed.
IN
WITNESS WHEREOF, the parties hereto have executed or caused this instrument
to
be executed under seal as of the day and year first above written.
XXXXXXX
FURNITURE COMPANY, INC. [SEAL]
By: | /s/ Xxxxxxx X. Xxxxx |
Name: | Xxxxxxx X. Xxxxx |
Title: | Executive Vice President - Finance & Administration |
WACHOVIA
BANK ,
NATIONAL
ASSOCIATION [SEAL]
By: | /s/ Xxxxxxxx X. Xxxxxxxxxx |
Name: | Xxxxxxxx X. Xxxxxxxxxx |
Title: | Vice President |