Amendment to Substituted Revolving Credit Notes between Multi-Color Corporation and PNC Bank, KeyBank

Contract Categories: Business Finance › Note Agreements
Summary

Multi-Color Corporation has amended its revolving credit notes with PNC Bank and KeyBank. For a limited period from May 31, 2002, to September 30, 2002, the borrowing limits are increased to $4.8 million with PNC Bank and $3.2 million with KeyBank. After September 30, 2002, the limits revert to $3 million and $2 million, respectively, and the company must promptly repay any excess. All other terms of the original notes remain unchanged.

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EX-10.38 3 dex1038.htm AMENDMENT TO SUBSTITUTED REVOLVING CREDIT NOTE Prepared by R.R. Donnelley Financial -- Amendment to Substituted Revolving Credit Note
Exhibit 10.38
 
AMENDMENT TO
SUBSTITUTED REVOLVING CREDIT NOTE
 
Cincinnati, Ohio
  
May 31, 2002
 
On June 6, 2000, MULTI-COLOR CORPORATION (the “Company”) executed and delivered a Substituted Revolving Credit Note to PNC BANK, NATIONAL ASSOCIATION (the “Lender”) in the original principal amount of $3,000,000 (the “Note”).
 
By this Amendment to Substituted Revolving Credit Note, the Note hereby is amended as follows:
 
1.  Notwithstanding anything to the contrary contained in the Note or in the Fourth Restated Credit Agreement (as defined in the Note), the total facility under the Note will be FOUR MILLION EIGHT HUNDRED THOUSAND DOLLARS ($4,800,000) during the period from May 31, 2002 through September 30, 2002. On and after October 1, 2002, the total facility under the Note automatically will be reduced to THREE MILLION DOLLARS ($3,000,000) and the Company immediately will make a principal payment under the Note in the amount necessary to reduce the outstanding principal balance of the Note to not more than $3,000,000.
 
Except as expressly modified hereby, all terms and conditions of the Note remain in full force and effect.
 
MULTI-COLOR CORPORATION
By:
  
/s/    DAWN H. BERTSCHE        
   
Dawn H. Bertsche
Vice President—Finance/CFO
 
ACCEPTED:
 
PNC BANK, NATIONAL ASSOCIATION
 
By:
  
/s/    TIMOTHY E. REILLY        
            
Print Name:
  
Timothy E. Reilly
            
Title:
  
Vice President
            
                 

AMENDMENT TO
SUBSTITUTED REVOLVING CREDIT NOTE
 
Cincinnati, Ohio
  
May 31, 2002
 
On June 6, 2000, MULTI-COLOR CORPORATION (the “Company”) executed and delivered a Substituted Revolving Credit Note to KEYBANK NATIONAL ASSOCIATION (the “Lender”) in the original principal amount of $2,000,000 (the “Note”).
 
By this Amendment to Substituted Revolving Credit Note, the Note hereby is amended as follows:
 
1.  Notwithstanding anything to the contrary contained in the Note or in the Fourth Restated Credit Agreement (as defined in the Note), the total facility under the Note will be THREE MILLION TWO HUNDRED THOUSAND DOLLARS ($3,200,000) during the period from May 31, 2002 through September 30, 2002. On and after October 1, 2002, the total facility under the Note automatically will be reduced to TWO MILLION DOLLARS ($2,000,000) and the Company immediately will make a principal payment under the Note in the amount necessary to reduce the outstanding principal balance of the Note to not more than $2,000,000.
 
Except as expressly modified hereby, all terms and conditions of the Note remain in full force and effect.
 
MULTI-COLOR CORPORATION
By:
  
/s/  DAWN H. BERTSCHE       
   
Dawn H. Bertsche
Vice President—Finance/CFO
 
ACCEPTED:
 
KEYBANK NATIONAL ASSOCIATION
 
By:
  
/s/  LOUIS A. FENDER       
           
Print Name:
  
Louis A. Fender
            
Title:
  
Senior Vice President