Exhibit 10.1
FIFTH AMENDMENT TO REVOLVING
CREDIT
AND TERM LOAN AGREEMENT
This Fifth
Amendment to Revolving Credit and Term Loan Agreement is dated as
of September 5, 2007, between XETA TECHNOLOGIES, INC. , an
Oklahoma corporation (“Borrower”), and BANK OF
OKLAHOMA, N.A. (“Bank”).
RECITALS
A.
Reference is made to the Revolving Credit and Term Loan Agreement
dated as of October 1, 2003, and amended June 7, 2004, September
30, 2005, December 21, 2005, and September 28, 2006 (as amended,
the “Credit Agreement”) between Borrower and Bank,
pursuant to which currently exists: (i) a term loan in the
original principal amount of $3,374,734.33 (“Term
Loan”), (ii) a real estate loan in the original principal
amount of $2,238,333.48 (“Real Estate Loan”), and (iii)
a revolving line of credit in the amount of $7,500,000
(“Revolving Line”). Terms used herein shall have
the meanings ascribed to them in the Credit Agreement unless
otherwise defined herein.
B.
Borrower has requested that Bank extend the commitment under the
Revolving Line to September 23, 2008; and Bank has agreed to
accommodate such request, subject to the terms and conditions set
forth below.
AGREEMENT
For valuable
consideration received, it is agreed as follows:
1.
AMENDMENTS TO THE CREDIT AGREEMENT . The Credit
Agreement is hereby amended as follows:
1.1.
The Revolving Line Note, attached to the Credit Agreement as
Schedule “1.49” is hereby replaced by the
$7,500,000 Promissory Note in form and content as set forth on
Schedule “1.1” attached hereto (“Renewal
Note”).
1.2.
Section 1.53 (Termination Date) is hereby amended to reflect that
the date R
