Exhibit 10.1
This
SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
is made as of August 15, 2008, but effective as of August 29, 2008,
and is by and between STANLEY FURNITURE COMPANY, INC., a Delaware
corporation (the “Borrower”); and WACHOVIA BANK,
NATIONAL ASSOCIATION, a national banking association and successor
to SouthTrust Bank, an Alabama banking corporation (the
“Lender”).
RECITALS
The Lender has
made a certain credit facility (the “Loan”) available
to the Borrower pursuant to the terms and conditions contained in
that certain Credit Agreement dated as of August 29, 2003 between
the Borrower and the Lender (as amended by that certain First
Amendment to Credit Agreement dated as of April 23, 2004, that
certain Second Amendment to Credit Agreement effective as of August
29, 2005, that certain Third Amendment to Credit Agreement
effective as of August 28, 2006, that certain Fourth Amendment to
Credit Agreement effective as of August 29, 2007, and that certain
Fifth Amendment to Credit Agreement effective as of September 28,
2007, the “Credit Agreement”).
In accordance
with Section 2.12 of the Credit Agreement, the Borrower has
submitted to the Bank, and the Bank has received, a timely request
that the Lender extend the Date of Maturity (as defined in the
Credit Agreement) to August 29, 2010.
The Lender has
agreed to extend the Date of Maturity in accordance with said
request and the terms of this Amendment.
The Borrower
has also requested that the Lender amend certain provisions of the
Credit Agreement and, subject to the terms and conditions set forth
in this Amendment, the Lender has agreed to do so.
NOW, THEREFORE,
the Borrower and the Lender hereby agree as follows:
1. Pursuan
