Fifth Amendment to Business Loan Agreement between TRM Corporation and Bank of America, N.A.
TRM Corporation and Bank of America, N.A. have agreed to a fifth amendment to their existing Business Loan Agreement, originally dated May 15, 2003. This amendment extends the availability period for the line of credit to August 31, 2004, and reaffirms the obligations of TRM Corporation and its guarantors. The amendment also includes a release of claims by the borrower against the bank and confirms that all other terms of the original agreement remain unchanged. Guarantors TRM Copy Centers (USA) Corporation and TRM ATM Corporation consent to the amendment and reaffirm their guarantees.
Exhibit 10.1
FIFTH AMENDMENT TO
BUSINESS LOAN AGREEMENT
This FIFTH AMENDMENT TO BUSINESS LOAN AGREEMENT (Amendment) is entered into as of July 30, 2004, between TRM CORPORATION (the Borrower) and BANK OF AMERICA, N.A. (the Bank).
RECITALS
A. Borrower and Bank are parties to that certain Business Loan Agreement entered into as of May 15, 2003, as amended by a First Amendment to Business Loan Agreement entered into as of March 25, 2004, a Second Amendment to Business Loan Agreement entered into as of April 30, 2004, a Third Amendment to Business Loan Agreement entered into as of May 31, 2004 and a Fourth Amendment to Business Loan Agreement entered into as of June 30, 2004 (the Business Loan Agreement).
B. Borrower and Bank desire to amend the Business Loan Agreement as set forth herein.
NOW THEREFORE, the parties agree as follows:
AGREEMENT
1. Recitals. The Recitals are true.
2. Definitions. Capitalized terms used herein and not otherwise defined shall have the meaning given in the Business Loan Agreement.
3. Amendment to Section 1.2 of the Business Loan Agreement. Section 1.2 of the Business Loan Agreement is amended in its entirety to read:
1.2 Availability Period. The line of credit is available between the date of this Agreement and August 31, 2004, or such earlier date as the availability may terminate as provided in this Agreement (the Facility No. 1 Expiration Date).
4. Release. Borrower hereby releases Bank and its officers, agents, successors and assigns from all claims of every nature known or unknown arising out of or related to the Business Loan Agreement which exist, or but for the passage of time, could be asserted, on the date Borrower signs this Amendment.
5. No Further Amendment, Expenses. Except as expressly modified by this Amendment, the Business Loan Agreement and all other documents executed by the parties in connection with the transactions contemplated by the Business Loan Agreement shall remain unmodified in full force and effect and the parties hereby ratify their respective obligations
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thereunder. Without limiting the foregoing, Borrower expressly reaffirms and ratifies its obligation to pay or reimburse Bank on request for all reasonable expenses, including legal fees actually incurred by Bank in connection with the preparation of this Amendment, any other amendment documents and the closing of the transaction contemplated hereby and thereby.
6. Effective Date. The foregoing provisions are effective upon execution hereof.
7. Miscellaneous.
(a) Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original, and all of which taken together shall constitute one and the same Amendment, it being understood that the Bank may rely on a facsimile counterpart signature page hereof for purpose of determining whether a party hereto has executed a counterpart hereof.
(b) Governing Law. This Amendment and the other agreements provided for herein and the rights and obligations of the parties hereto and thereto shall be construed and interpreted in accordance with the laws of the State of Oregon.
(c) Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWERS RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY THE LENDERS TO BE ENFORCEABLE.
EXECUTED AND DELIVERED by the duly authorized officers of the parties as of the date first above written.
BORROWER: TRM CORPORATION | ||||
By: | /s/ Daniel E. O'Brien | |||
Name: | Daniel E. O'Brien | |||
Title: | Chief Financial Officer | |||
BANK: BANK OF AMERICA, N.A. | ||||
By: | /s/ Eric Eidler | |||
Name: | Eric Eidler | |||
Title: | Senior Vice President |
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CONSENTS OF GUARANTORS
The undersigned Guarantor, TRM Copy Centers (USA) Corporation, consents to the execution and delivery of the Fourth Amendment to Business Loan Agreement between Bank of America, N.A. and TRM Corporation set forth above and agrees that its Continuing Guaranty dated March 17, 2000 shall continue to be applicable to all indebtedness of TRM Corporation to Bank of America, N.A., including without limitation all indebtedness under the Business Loan Agreement dated May 15, 2003, as amended by the First, Second, Third, Fourth and Fifth Amendments thereto, subject however to the Thirty Million Dollar ($30,000,000) limit specified in paragraph 2 of such Continuing Guaranty.
TRM Copy Centers (USA) Corporation | ||||
Dated July 30, 2004 | By: | /s Daniel E. O'Brien | ||
Name: | Daniel E. O'Brien | |||
Title: | Chief Financial Officer | |||
The undersigned Guarantor, TRM ATM Corporation, consents to the execution and delivery of the Fifth Amendment to Business Loan Agreement between Bank of America, N.A. and TRM Corporation set forth above and agrees that its Continuing Guaranty dated February 14, 2001 shall continue to be applicable to all indebtedness of TRM Corporation to Bank of America, N.A., including without limitation, all indebtedness under the Business Loan Agreement dated May 15, 2003, as amended by the First, Second, Third, Fourth and Fifth Amendments thereto, subject however to the Thirty Million Dollar ($30,000,000) limit specified in paragraph 2 of such Continuing Guaranty.
TRM ATM Corporation | ||||
Dated July 30, 2004 | By: | /s/ Daniel E. O'Brien | ||
Name: | Daniel E. O'Brien | |||
Title: | Chief Financial Officer |
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