Exhibit 10.26
July 1, 2003
Xx. Xxxxxx X. Xxxxx
Chairman of the Board of Directors
Xxxxxxx Technology Company, Inc.
00 Xxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Re: Commercial revolving and term loans and letters of credit ("Credit
Facility") from Fleet National Bank as Agent, and Wachovia Bank National
Association to Xxxxxxx Americas Corporation, Xxxxxxx Europe Consolidated Inc.
and Xxxxxxx Asia Pacific Corporation (collectively the "Borrower") and other
Credit Parties.
Dear Xx. Xxxxx,
Reference is hereby made to the above captioned Credit Facility.
Capitalized terms used herein and not otherwise defined shall have the same
meaning herein as in the Credit Agreement and the Loan Documents.
Fleet National Bank, as Administrative Agent, is please to advise you that
the Lenders will further amend the subject Credit Facility under the following
terms and conditions:
- The revolver will be permanently reduced to the outstanding balance at
closing.
- The maturity will be extended from July 1, 2003 to August 1, 2003.
- All other terms and conditions will remain the same.
- A $25,000 amendment fee will be fully earned at closing with $10,000
payable upon acceptance of this proposal and $15,000 payable on August 1,
2003. The $15,000 August 1, 2003 payment will be waived if all outstanding
balances are paid by that time.
- Reaffirmation of all existing covenants and guarantees.
- The Borrower will execute and deliver such documents and do such other
acts and things as the Lenders may request in order to fully effect the
purposes of the agreement.
Unless specifically affected hereby, all terms and conditions of the Loan
Documents remain in full force and effect and enforceable in accordance with
their terms.
Notwithstanding this correspondence or any discussions we may have
regarding the Credit Facility and/or the Loan Documents, the Agent and the
Lenders reserve all rights
and remedies available to them under the Loan Documents and under applicable
law. Neither this correspondence nor any such discussions shall imply an
agreement on the part of the Agent or the Lenders to waive any of their rights
and remedies, except as explicitly set forth herein, or to forbear from taking
any action authorized by the Loan Documents or by applicable law, said rights
and remedies being expressly reserved by the Agent and the Lenders.
Please indicate Xxxxxxxxx', Guarantors' and other Credit Parties'
acceptance of the above terms and conditions by signing the enclosed copy of
this letter and returning it to me at the captioned address by July 3, 2003
along with your check in the amount of $10,000.
Very truly yours,
/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Fleet National Bank
Administrative Agent
/s/ Xxxxxx X. Xxxxx - Chairman
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Agreed and accepted this 1st of July, 2003. Name Title Signature
