EXHIBIT 10.35
LOAN MODIFICATION
SEAFIRST BANK AGREEMENT
This agreement amends the Revolving Note dated December 2, 1994 ("Note")
and Credit Agreement dated December 2, 1994 ("Credit Agreement"), each executed
by UTILX CORPORATION ("Borrower") in favor of SEATTLE-FIRST NATIONAL BANK
("Bank"), regarding a loan in the maximum principal amount of $5,000,000 (the
"Loan"). For mutual consideration, Borrower and Bank agree to amend the above
loan documents as follows:
MATURITY DATE. THE MATURITY DATE OF THE NOTE IS CHANGED TO November 30,
1996. SECTION 1.36 OF THE CREDIT AGREEMENT IS AMENDED TO CHANGE THE TERMINATION
DATE TO November 30, 1996.
COVENANTS. THE FOLLOWING COVENANTS OF THE CREDIT AGREEMENT ARE MODIFIED
AS FOLLOWS:
- Section 7.2 of the Credit Agreement is amended to require Borrower to
maintain, as of each fiscal quarter end, a minimum Tangible Net Worth of not
less than $25,000,000.
- Section 7.3 of the Credit Agreement is amended to require Borrower to
maintain, as of each fiscal quarter end, a ratio of Current Assets to Current
Liabilities of not less than 3.00 to 1.
OTHER TERMS. EXCEPT AS SPECIFICALLY AMENDED BY THIS AGREEMENT OR ANY
PRIOR AMENDMENT, ALL OTHER TERMS, CONDITIONS, AND DEFINITIONS OF THE NOTE,
CREDIT AGREEMENT, AND ALL OTHER SECURITY AGREEMENTS, GUARANTIES, DEEDS OF TRUST,
MORTGAGES, AND OTHER INSTRUMENTS OR AGREEMENTS ENTERED INTO WITH REGARD TO THE
LOAN SHALL REMAIN IN FULL FORCE AND EFFECT.
DATED October 24 , 1995
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Bank: Borrower:
SEATTLE-FIRST NATIONAL BANK UTILX CORPORATION
By By /s/ Xxxxx X. Xxxx
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Title Title VP - Chief Financial Officer
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