EXHIBIT 10.14
August 18, 2000
Xxxxxxx X. Xxxxxxx, Xx.
Chairman and Chief Executive Officer
Xxxxxxx-Xxxxx, Inc.
000 Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
RE: Modification of Xxxxxxx-Xxxxx, Inc.'s Revolving Credit Agreement.
Dear Xxxxxxx:
Per your request, the Required Lenders have agreed to amend and modify the
Revolving Credit Agreement between Xxxxxxx-Xxxxx, Inc.(herein after referred to
as "Borrower") and the Lenders dated April 22, 1999 (as amended, replaced,
restated and/or supplemented from time to time, the "Credit Agreement") with
respect to certain defined terms on the terms and conditions stated below:
1. Amend the Fixed Charge Coverage Ratio definition to exclude from the
definition of Capital Expenditures, expenditures related to software
development costs, limited to an amount not to exceed $8.652 million for
the reporting period of June 30, 2000, September 30, 2000, December 31,
2000 and March 31, 2001.
2. Modify the Capital Expenditure Covenant definition to exclude
expenditures related to the software development cost, for purposes of
calculating the Fixed Charge Coverage Ratio, limited to an amount not to
exceed $8.652 million for the reporting period of June 30, 2000,
September 30, 2000, December 31, 2000 and March 31, 2001. Furthermore,
for purposes of calculating the Capital Expenditure Covenant of $23
million as of fiscal year end December 31, 2000, software development
cost will be included.
3. Amendment Fee. Borrower shall pay an Amendment Fee of five one
hundredths of one percent (.05%), pro-rata based on Lender Commitment,
to each Lender that has responded affirmatively in writing to the
request to execute this Amendment, on or before August 18, 2000.
It is the intent of U.S. Bancorp Ag Credit, Inc., as Agent, that this letter
become an integral part of the Credit Agreement and that all of the terms set
forth herein shall be incorporated into the Credit Agreement.
If you have any questions regarding this matter, please do not hesitate to
call. Please acknowledge in the appropriate space below and return one copy to
my attention.
Sincerely,
U.S. Bancorp AG Credit, Inc.
/s/ Xxxx X. Xxxxxxx
By: _________________________________
Xxxx X. Xxxxxxx
Vice President
ACCEPTED AND AGREED TO THIS 18TH DAY
OF AUGUST, 2000
XXXXXXX-XXXXX, INC., Borrower
000 Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
/s/ Xxxxxxx X. Xxxxxxx, Xx.
By: _________________________________
Xxxxxxx X. Xxxxxxx, Xx.
Chairman and Chief Executive
Officer
