EXHIBIT 10.37
FOURTEENTH AMENDMENT TO AMENDED
AND
RESTATED CREDIT
AGREEMENT
THIS FOURTEENTH AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT (“Thirteenth Amendment”) is made as
of the 15th day of July, 2009, by and between CULP, INC., a
North Carolina corporation (together with its successors and
permitted assigns, the “Borrower”), and WACHOVIA
BANK, NATIONAL ASSOCIATION (formerly, Wachovia Bank, N.A.), a
national banking association, as Agent and as a Bank (together with
its endorsees, successors and assigns, the
“Bank”).
BACKGROUND
The Borrower and the Bank entered into an Amended
and Restated Credit Agreement, dated as of August 23, 2002, as
amended by Second Amendment to Amended and Restated Credit
Agreement (the “Second Amendment”), dated as of June 3,
2003; by Third Amendment to Amended and Restated Credit Agreement
(the “Third Amendment”), dated as of August 23,
2004; by Fourth Amendment to Amended and Restated Credit Agreement
(“Fourth Amendment”), dated as of December 7,
2004; by Fifth Amendment to Amended and Restated Credit Agreement
(“Fifth Amendment”) dated as of February 18, 2005; by
Sixth Amendment to Amended and Restated Credit Agreement
(“Sixth Amendment”), dated as of August 30, 2005;
by Seventh Amendment to Amended and Restated Credit Agreement
(“Seventh Amendment”), dated as of December 7, 2005; by
Eighth Amendment to Amended and Restated Credit Agreement
(“Eighth Amendment”), dated as of January 29,
2006; by Ninth Amendment to Amended and Restated Credit Agreement
(“Ninth Amendment”), dated as of July 20, 2006; by
Tenth Amendment to Amended and Restated Credit Agreement
(“Tenth Amendment”), dated as of January 22, 2007; by
Eleventh Amendment to Amended and Restated Credit Agreement
(“Eleventh Amendment”), dated as of April 16,
2007; and by Twelfth Amendment to Amended and
Restated Credit Agreement (“Twelfth
Amendment”), dated as of December 27, 2007; and by Thirteenth
Amendment to Amended and Restated Credit Agreement
(“Thirteenth Amendment”), dated as of November 3,
2008 (it being acknowledged by the parties hereto that the proposed
First Amendment to Amended and Restated Credit Agreement, which had
been under discussion in March 2003, was never executed by the
parties and is of no force or effect; otherwise, such agreement, as
amended by the Second Amendment, Third Amendment, Fourth Amendment,
Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth
Amendment, Ni
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