MODIFICATION AGREEMENTModification Agreement • June 27th, 2012 • Dixie Group Inc • Carpets & rugs
This modification agreement (this “Agreement”) is entered into on June 26, 2012 and made effective as of June 1, 2012 (“Amendment Effective Date”), between Masland Carpets, LLC (each a “Lessee” and if more than one, jointly and severally as “Lessee”) and General Electric Credit Corporation of Tennessee (as assignee of General Electric Credit Corporation) (together with its successors and assignees, the “Lessor”) and each guarantor of Lessee's obligations under each Lease as defined herein who is required by Lessor to countersign hereunder, if any (individually and collectively called the “Guarantor”). All of the terms and conditions set forth in this Agreement are subject to Lessee's execution and delivery of this Agreement on or prior to June 1, 2012 and if Lessee does not execute and deliver this Agreement to Lessor on or prior to such date, Lessor shall have no obligation to proceed with the transactions contemplated under this Agreement.
AGREEMENT TO REDUCE SECURITY DEPOSIT AMOUNT AND AMENDMENT TO SECURITY DEPOSIT PLEDGE AGREEMENT dated as of June 26, 2012Security Deposit Pledge Agreement • June 27th, 2012 • Dixie Group Inc • Carpets & rugs
In consideration of good and valuable consideration, the receipt, adequacy and legal sufficiency of which are hereby acknowledged, General Electric Credit Corporation of Tennessee (as assignee of General Electric Credit Corporation) (as assignee of original Lessor party to each Lease identified herein) (together with its successors and assigns, if any, “Lessor”) as party to that certain Security Deposit Pledge Agreement dated as of August 21, 2009 (as amended from time to time, the “Security Deposit Pledge Agreement”) between Lessor and Masland Carpets, LLC (“Lessee”), hereby agrees to reduce the amount of the Collateral required under the Security Deposit Pledge Agreement to Five Hundred Sixty Five Thousand One Hundred Thirty Nine and 53/100 Dollars ($565,139.53) and return an amount equal to Eight Hundred Nine Thousand Twenty Six and 52/100 Dollars ($809,026.52) to the Lessee.
