Amendment No. 7 to Loan Agreement between Bank of America, N.A. and Edelbrock Corporation

Summary

This amendment, dated March 26, 2004, updates the existing loan agreement between Bank of America and Edelbrock Corporation. The main change increases a specified loan amount from $400,000 to $600,000. Edelbrock Corporation confirms that it is not in default and that all previous representations remain true. All other terms of the original agreement remain unchanged. Both parties agree that this document is the final and complete agreement regarding this amendment.

EX-10.2 3 a98706exv10w2.txt EXHIBIT 10.2 EXHIBIT 10.2 [BANK OF AMERICA LOGO] AMENDMENT NO. 7 TO LOAN AGREEMENT This Amendment No. 7 (the "Amendment") dated as of MARCH 26, 2004, is between Bank of America, N.A. (the "Bank") and Edelbrock Corporation (the "Borrower"). RECITALS A. The Bank and the Borrower entered into a certain Business Loan Agreement dated as of January 26, 2000 (together with any previous amendments, the "Agreement"). B. The Bank and the Borrower desire to amend the Agreement. AGREEMENT 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Agreement. 2. Amendments. The Agreement is hereby amended as follows: 2.1 In Subparagraph 1.6(a)(iv) of the Agreement, the amount "SIX HUNDRED THOUSAND AND 00/100 DOLLARS ($600,000.00)" is substituted for the amount "FOUR HUNDRED THOUSAND AND 00/100 DOLLARS ($400,000.00)." 3. Representations and Warranties. When the Borrower signs this Amendment, the Borrower represents and warrants to the Bank that: (a) there is no event which is, or with notice or lapse of time or both would be, a default under the Agreement except those events, if any, that have been disclosed in writing to the Bank or waived in writing by the Bank, (b) the representations and warranties in the Agreement are true as of the date of this Amendment as if made on the date of this Amendment, (c) this Amendment does not conflict with any law, agreement, or obligation by which the Borrower is bound, and (d) this Amendment is within the Borrower's powers, has been duly authorized, and does not conflict with any of the Borrower's organizational papers. 4. Effect of Amendment. Except as provided in this amendment, all of the terms and conditions of the Agreement shall remain in full force and effect. 5. Counterparts. This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 6. FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES. 1 This Amendment is executed as of the date stated at the beginning of this Amendment. Borrower: Bank: Edelbrock Corporation Bank of America, N.A. By: /s/ Jeffrey L. Thompson By: /s/ Robert J. Lovie - ---------------------------------- ------------------------------------------ Jeffrey L. Thompson, Executive Robert J. Lovie, Senior Vice President Vice President 2