First Amendment to Revolving Credit Agreement among MegaBingo, Inc., MGAM Systems, Inc., Comerica Bank, and CIT Lending Services Corporation
MegaBingo, Inc. and MGAM Systems, Inc. have entered into an agreement with Comerica Bank and CIT Lending Services Corporation to amend their existing Revolving Credit Agreement dated April 27, 2007. The amendment removes a specific 60-day time limit from Section 7.6(b)(i) of the original agreement. All other terms of the Credit Agreement remain unchanged. The amendment is effective upon signing by all parties.
Exhibit 10.1
June 6, 2007
Comerica Bank, as Agent
500 Woodward Avenue
Detroit, Michigan 48226
Re: | MegaBingo, Inc. and MGAM Systems, Inc. |
Ladies and Gentlemen:
Reference is made to that certain Revolving Credit Agreement, dated as of April 27, 2007 (as in effect, the Credit Agreement) by and among the Banks referred to therein, Comerica Bank, as agent for the Banks (in such capacity, the Agent) and MegaBingo, Inc., a Delaware corporation (MegaBingo) and MGAM Systems, Inc., a Delaware corporation (MGAM, together with MegaBingo, collectively referred to as the Borrowers). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.
The Borrowers hereby request that the Banks amend Section 7.6(b)(i) of the Credit Agreement by deleting the phrase within 60 days of the date of this Agreement appearing therein (the Amendment).
By their signatures set forth below, the Agent and the Banks hereby agree to the Amendment. This letter shall be deemed to be the first amendment to the Credit Agreement.
Except as expressly set forth herein, nothing herein shall constitute an amendment or modification of, or waiver or consent to, any terms or provisions of the Credit Agreement or any other Loan Document.
This letter may be executed in several counterparts and each executed copy shall constitute an original instrument, but such counterparts shall together constitute but one and the same instrument.
Kindly acknowledge your agreement to the foregoing by signing a copy of this letter in the space provided below.
Very truly yours, | ||
MEGABINGO, INC. |
By: | /s/ Randy Cieslewicz | |
Randy Cieslewicz, CFO | ||
MGAM SYSTEMS, INC. | ||
By: | /s/ Randy Cieslewicz | |
Randy Cieslewicz, CFO |
AGREED TO AND ACKNOWLEDGED: | ||
COMERICA BANK, as Agent, Swing Line Bank and Issuing Bank |
By: | /s/ Chad G. Neely | |
Name: Chad G. Neely | ||
Title: Vice President |
COMERICA BANK, as Bank | ||
By: | /s/ Chad G. Neely | |
Name: Chad G. Neely | ||
Title: Vice President |
CIT LENDING SERVICES CORPORATION, as Syndication Agent | ||
By: | /s/ Anthony Holland | |
Name: Anthony Holland | ||
Title: Vice President |
CIT LENDING SERVICES CORPORATION, as Bank | ||
By: | /s/ Anthony Holland | |
Name: Anthony Holland | ||
Title: Vice President |