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| XETA > SEC Filings for XETA > Form 8-K on 6-Oct-2009 | All Recent SEC Filings |
6-Oct-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhibi
Amendment to Credit Facility
On September 30, 2009 XETA Technologies, Inc. (the "Company") and Bank of Oklahoma, N.A. ("the Bank"), entered into the Seventh Amendment to Revolving Credit and Term Loan Agreement (the "Amendment") to temporarily extend until November 30, 2009 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, September 5, 2007, and August 29, 2008 (the "Credit Agreement"), pending final negotiation of terms for a longer renewal agreement.
The temporary Amendment extends the maturity of the $7,500,000.00 Revolving Line Note and the $1,197,732.81 Real Estate Loan to November 30, 2009, and amends certain provisions of the Credit Agreement to: (i) exclude from "qualified receivables" accrued accounts receivable for materials which have been shipped to the customer but which have not been billed or invoiced; (ii) prohibit the Company from purchasing its capital stock; and (iii) limit capital expenditures during the extension period to $250,000.00.
In addition, during the temporary extension through November 30, 2009 the Amendment prohibits the Company from (i) making or permitting to remain outstanding any loan or advance to, or certain extensions of credit to any person; or owning, purchasing or acquiring any stock, obligations or securities of, or any other interest in, or making any capital contribution to, or otherwise making an investment in, any person except in limited circumstances identified in the Amendment; and (ii) making or entering into any acquisition except as expressly agreed to by the Bank.
The Company does not expect the amended terms in the Amendment to have any detrimental impact on the Company's operations or the execution of its strategies during the temporary extension period.
The Amendment and related promissory notes are attached hereto as Exhibits 10.1, 10.2 and 10.3.
(d) Exhibits
10.1 Seventh Amendment dated September 30, 2009 to Revolving Credit and Term Loan Agreement.
10.2 Promissory Note for $1,197,732.81 dated September 30, 2009.
10.3 Promissory Note for $7,500,000.00 dated September 30, 2009.
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