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Exhibit 10.11
As of October 15, 1998
Xxx X. Xxxxxx, Inc.
0 Xxxxxx Xxx
Xxxx Xxxxxxx, Xxxxxxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxxxxxx
Re: Second Amendment to Credit Agreement
Ladies/Gentlemen:
Please refer to the Credit Agreement dated as of June 5, 1998 (as
previously amended, the "Credit Agreement") between Xxx X. Xxxxxx, Inc. (the
"Company") and Bank of America National Trust and Savings Association (the
"Bank").
The Company and the Bank hereby agree that clause (ii) of the proviso
to Section 10.9 of the Credit Agreement is amended in its entirety to read as
follows:
(ii) so long as no Event of Default or Unmatured Event of Default
exists or would result therefrom, (x) the Company may make payments of
principal of, and the Company or any Subsidiary may purchase,
Subordinated Debentures in an aggregate amount not exceeding $5,000,000
in any Fiscal Year and (y) the Company may purchase or redeem shares of
its Series A common stock in an aggregate amount not exceeding $300,000
after the Effective Date.
This letter amendment (a) may be executed in counterparts and by the
parties on separate counterparts and (b) shall be governed by the laws of the
State of Illinois applicable to contracts made and to be performed entirely
within such State. Please evidence your agreement to the foregoing by signing
and returning a counterpart of this letter amendment.
Very truly yours,
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By: s/Xxxxxx Xxxxxx
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Title:
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Agreed as of October 15, 1998
XXX X. XXXXXX, INC.
By: s/Xxxxxxx X. Xxxxxxxxx
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Title:
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