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EXHIBIT 10.14
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT ("Amendment") is
executed as of this 25th day of October, 1995, by and between RADIO SYSTEMS
CORPORATION, a Tennessee corporation with principal offices in Knoxville,
Tennessee ("Borrower") and FIRST AMERICAN NATIONAL BANK, a national banking
association with principal offices in Nashville, Tennessee ("Lender");
W I T N E S S E T H:
WHEREAS, Borrower and Lender entered into that certain Loan and
Security Agreement dated April 3, l995 (the "Agreement"), pursuant to which
Lender has made available to Borrower a line of credit in the maximum principal
amount of $5,000,000, as described therein; and
WHEREAS, Borrower and Lender desire to amend the Agreement in certain
respects;
NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Approved Overadvances. Advances in excess of the Borrowing Base will
be permitted by Lender at this time and until November 19, 19__ (the "Approved
Overadvances"). The aggregate outstanding amount of the Approved Overadvances
shall be $200,000 from the date hereof through November 4, 1995, and $100,000
from November 4, 1995, through November 19, 1995. Any overadvances made in
excess of the Approved overadvances will be made in the sole discretion of
Lender, and is not the present intention of Lender to permit any such
overadvances.
2. Representations and Warranties. Borrower represents and warrants
that the representations and warranties set forth in Article IV of the Agreement
are true and correct on and as of the date of this Amendment, and that no
default or Event of Default exists under the Agreement or any other documents
executed in connection therewith.
3. Miscellaneous. Except as amended hereby, the Agreement shall remain
in full force and effect. This Amendment does not constitute a waiver of any
default or Event of Default under the Agreement, whether or not Lender is aware
of any such default or Event of Default.
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
LENDER:
FIRST AMERICAN NATIONAL BANK
By: /s/ Xxxxx X. Xxxx
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Title: Assistant Vice-President
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BORROWER:
RADIO SYSTEMS CORPORATION
By: /s/ Xxxxx X. Xxxxxx
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Title: Vice-President,
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Chief Financial Officer
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