Exhibit 10.2
THIRD AMENDMENT TO SECOND AMENDED AND
RESTATED
CREDIT AGREEMENT
This THIRD
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“ Amendment ”), dated as of August 7, 2007, is
by and between MagStar Technologies, Inc., a Minnesota corporation
(the “ Borrower ”), and U.S. Bank National
Association, a national banking association (the “
Lender ”).
RECITALS
1.
The Lender and the Borrower entered into a Second Amended and
Restated Credit Agreement dated as of June 30, 2005, as the same
has been amended by a First Amendment dated as of June 30, 2006 and
a Second Amendment dated as of June 30, 2006 (as so amended, the
“ Credit Agreement ”); and
2.
The Borrower desires to amend certain provisions of the Credit
Agreement, and the Lender has agreed to make such amendments,
subject to the terms and conditions set forth in this
Amendment.
AGREEMENT
NOW, THEREFORE, for
good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby covenant and
agree to be bound as follows:
Section 1. Capitalized
Terms . Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them
in the Credit Agreement, unless the context shall otherwise
require.
Section 2.
Amendments . The Credit Agreement is hereby
amended as follows:
2.1
Revolving Maturity
Date .
Section 2.1(a) of the
Credit Agreement is amended by deleting the date
“July 31, 2007” contained therein and substituting
the date “July 31, 2008” in lieu thereof.
2.2
Fixed Charge Coverage
Ratio . Section 6.10 of the Credit Agreement is
amended in its entirety to read as follows:
Section 6.10
Fixed Charge Coverage Ratio . The Borrower will not
permit its Fixed Charge Coverage Ratio, in each case calculated for
the twelve consecutive months then ended, to be less than (a) 0.25
to 1.0 on June 30, 2007, (b) 1.10 to 1.0 on September 30, 2007 and
(c) 1.25 to 1.00 on December 31, 2007 and on the last day of each
fiscal quarter of the Borrower thereafter.