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Exhibit 10.1
SIXTH AMENDMENT TO REVOLVING CREDIT
AND TERM LOAN AGREEMENT
This Sixth Amendment to Revolving Credit and Term Loan Agreement
is dated as of August 29, 2008, 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, September 28,
2006, and September 5, 2007 (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 30, 2009; 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 "September 28, 2008" shall now mean and read
"September 30, 2009".
1.3.
Section 8.1 (Funded Debt to EBITDA Ratio) is hereby deleted
and replaced with the following:
"8.1
Funded Debt to EBITDA Ratio . Maintain at all times a
Funded Debt to EBITDA Ratio of not greater than 2.75 to 1."
1.4.
Section 8.2 (Minimum Tangible Net Worth) is h
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