REVOLVING CREDIT LOAN AGREEMENT
MODIFICATION AGREEMENT
THIS AGREEMENT made this 1st day of July, 1999, between UNI-MARTS, INC.,
a Delaware Corporation, with an address of 000 Xxxx Xxxxxx Xxxxxx, Xxxxx
Xxxxxxx, XX 00000-0000 ("Borrower") and U.S. BANK, a state banking association
with an address of 000 Xxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxxxx, ("Lender")
provides as follows:
Borrower have executed and delivered to Lender that certain Revolving
Loan Agreement (the "LOAN AGREEMENT") dated December 30, 1998, in the original
principal amount of $10,000,000.00.
NOW THEREFORE, in consideration of the foregoing and other good and
valuable consideration, receipt of which is hereby acknowledged, and intending
to be legally bound, Borrower and Lender agree to amend the Loan Agreement as
follows:
1. Article 5, Section 5.8(j)(3) of the Loan Agreement requires the
Borrower to maintain a minimum tangible net worth of $24,000,000. The Borrower
has determined that its tangible net worth at the end of its third fiscal
quarter will be between $23,800,000 and $23,900,000 and therefore, will violate
this covenant of the Loan Agreement. As a result of the violation of this
covenant, the Loan Agreement provides that this is an Event of Default.
2. Lender, at the request of the Borrower, agrees to not consider
this breach of the Affirmative Covenants to be an Event of Default for the
period through September 30, 1999. As consideration for the Lender waiving
this provision, the Borrower agrees to an increase to the Note interest rate
from Libor plus 275 basis points to Libor plus 280 basis points. The increase
in the Note rate will be effective July 2, 1999 through September 30, 1999 at
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which time the Note interest rate will revert to the rate set forth in the
Note.
3. Borrower shall be responsible for all reasonable expenses
incurred with respect to the documentation associated with this amendment.
4. Except as specifically amended by this Agreement, the Loan
Agreement shall remain unmodified and in full force and effect.
IN WITNESS WHEREOF, the parties hereto cause this Revolving
Credit Loan Agreement to be executed as of the date first above written.
LENDER:
U.S BANK
By: /S/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Assistant Vice President
BORROWER:
ATTEST: UNI-MARTS, INC.
/S/ Xxxxx X. Xxxxxx By: /S/ N. Xxxxxxx Xxxxxxx
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Secretary N. Xxxxxxx Xxxxxxx
Vice President/CFO
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