Res 1983-028 - Laserfiche WebLink

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FIRST AMENDME~l TO LOAN AGREEMENT This First Amendment to Loan Agreement (this "First Amendment to Loan Agreement"), dated as of April 1, 1983, is by and among (i) the CITY OF SAN ~1ARCOS INDUSTRIAL DEVELOPMENT CORPORATION (the "Corpora- tion") , a nonprofit industrial development corporation, created and existing under the Development Corporation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (ii) STEWART & STEVENSON SERVICES, INC. (the "User"), a Texas corporation, (iii) TEXAS COMMERCE BANK NATIONAL ASSOCIATION, as Trustee (the "Trustee") under that certain Trust Indenture, dated as of April 1, 1980 (the "Original Indenture"), by and between the Trustee and (iv) the undersigned holders of $7,500,000 in principal amount of the Corporation's $8,500,000 Industrial Development Revenue Bonds, Series 1980 (Stewart & Stevenson Services, Inc., Project) (the "Bonds"). WIT N E SSE T H ---------- WHEREAS, by a resolution adopted on April 22, 1980, by the Board of Directors of the Corporation, the Corporation issued the Bonds, pursuant to the terms and provisions of the Original Indenture to provide for the financing, the cost of acquiring, constructing and installing certain industrial facilities (the "Project") of the User; and WHEREAS, the Corporation entered into the Original Agreement with the User to provide for (i) the loan from the Corporation to the User of the proceeds of the Bonds to finance the cost of the Project, (ii) the revision from time to time of the Project and (iii) the repayment of such loan by the User; and WHEREAS, the Corporation, the User, the Trustee and the holder of the Bonds described above executing this First Amendment to Agreement each desires to amend the Original Agreement to modify certain financial covenants of the User contained in the Original Agreement; and WHEREAS, Section 1104 of the Original Indenture permits the Trustee to consent to, and the Corporation and the User to enter into, one or more amendments, changes or modifications of the Original Agreement with the consent of the holder or holders of not less than a majority in aggregate principal amount of the Bonds outstanding and affected by such amendment, change or modification; NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged, and the mutual benefits herein expressed, the undersigned agree as follows: Section 1. Section 8.12 of the Original Agreement is hereby amended to read as follows: