EXHIBIT NO. 10.20 – AMENDMENT DATED NOVEMBER 28, 2003, OF THE CREDIT

AGREEMENT DATED AS OF NOVEMBER 30, 2001, AS AMENDED, BETWEEN MAF

BANCORP, INC. AND HARRIS TRUST AND SAVINGS BANK

 

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SECOND AMENDMENT TO CREDIT AGREEMENT

 

Harris Trust and Savings Bank

Chicago, Illinois

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain Credit Agreement dated as of November
30, 2001 (the Credit Agreement, as the same has been amended prior to the date
hereof, being referred to herein as the “Credit Agreement”), between the
undersigned, MAF Bancorp, Inc., a Delaware corporation (the “Company”) and you
(the “Lender”). All capitalized terms used herein without definition shall have
the same meanings herein as such terms have in the Credit Agreement.

 

The Company has requested the Lender amend the Credit Agreement by (a) extending
the Revolving Credit Termination Date to November 26, 2004, (b) increase the
Revolving Credit Commitment to $55,000,000, and (c) amend certain other
provisions of the Credit Agreement, and the Lender is willing to do so under the
terms and conditions set forth in this agreement (herein, the “Amendment”).

 

1. AMENDMENTS.

 

Upon satisfaction of the conditions precedent set forth in Section 2 below, the
Credit Agreement shall be and hereby is amended as follows:

 

1.1. Subsection (a) of Section 1.3 of the Credit Agreement (Letters of Credit)
shall be amended and restated in its entirety to read as follows:

 

(a) General Terms. Subject to the terms and conditions hereof, the Revolving
Credit may be availed of by the Company in the form of standby letters of credit
issued by the Lender for the account of the Company or, at the Company’s option,
for the account of the Company and MAF Developments (and any joint venture in
which MAF Developments is a partner), jointly and severally (individually a
“Letter of Credit” and collectively the “Letters of Credit”), provided that the
aggregate amount of Letters of Credit issued and outstanding hereunder shall not
at any time exceed $27,500,000. For purposes of this Agreement, a Letter of
Credit shall be deemed outstanding as of any time in an amount equal to the
maximum amount which could be drawn thereunder under any circumstances and over
any period of time plus any unreimbursed drawings then outstanding with respect
thereto. If and to the extent any Letter of Credit expires or otherwise
terminates without having been drawn upon, the availability under

 

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the Revolving Credit Commitment shall to such extent be reinstated.

 

1.2. The definitions of “Revolving Credit Commitment” and “Revolving Credit
Termination Date” appearing in Section 4.1 of the Credit Agreement (Definition)
shall each be amended and restated in their entirety to read as follows:

 

“Revolving Credit Commitment” means $55,000,000, as such amount may be reduced
pursuant hereto.

 

“Revolving Credit Termination Date” means November 26, 2004, or such earlier
date on which the Revolving Credit Commitment is terminated in whole pursuant to
Section 3.3, 3.4, 8.2, or 8.3 hereof.

 

1.3. Section 7.9 of the Credit Agreement (Adjusted Net Worth) is hereby amended
and restated in its entirety to read as follows:

 

Section 7.9. Adjusted Net Worth. The Company shall, as of the last day of each
fiscal quarter of the Company, maintain Adjusted Net Worth of the Company and
its Subsidiaries determined on a consolidated basis in an amount not less than
$450,000,000.

 

1.4. Section 7.10 of the Credit Agreement (Adjusted New Income) is hereby
amended and restated in its entirety to read as follows:

 

Section 7.10. Adjusted Net Income. As of the last day of each fiscal year of the
Company, the Company shall have Adjusted Net Income for the year then ended of
not less than $80,000,000.

 

1.5. Subsections (e) and (j) of Section 7.11 of the Credit Agreement
(Indebtedness for Borrowed Money) shall each be amended and restated in their
entirety to read as set forth below:

 

(e) obligations of the Company or MAF Developments arising under or in
connection with letters of credit issued by or for the benefit of the Company or
MAF Developments (and any joint venture in which MAF Development is a partner)
relating to land development activities of the Company or MAF Developments (and
any joint venture in which MAF Developments is a partner) in an aggregate amount
not to exceed $40,000,000 at any one time outstanding;

 

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(j) unsecured indebtedness of the Company or any Subsidiary not otherwise
permitted under this Section in an aggregate amount not to exceed $15,000,000 at
any one time outstanding, except that, in the event the Revolving Credit
Commitment is terminated in whole either at the Revolving Credit Termination
Date or otherwise (except by virtue of an Event of Default), the limitation on
additional indebtedness imposed by this Section 7.11(j) shall be increased to
$55,000,000 in the aggregate at any one time outstanding; and

 

2. CONDITIONS PRECEDENT.

 

The effectiveness of this Amendment is subject to the satisfaction of all of the
following conditions precedent:

 

2.1. The Company and the Lender shall have executed and delivered this
Amendment, and the Company shall have executed and delivered a replacement
Revolving Credit Note to the Bank in the form attached hereto as Exhibit A.

 

2.2. Legal matters incident to the execution and delivery of this Amendment
shall be satisfactory to the Lender and its counsel.

 

3. MISCELLANEOUS.

 

3.1 Except as specifically amended herein, the Credit Agreement shall continue
in full force and effect in accordance with its original terms. Reference to
this Amendment need not be made in the Credit Agreement, the Notes, or any other
instrument or document executed in connection therewith, or in any certificate,
letter or communication issued or made pursuant to or with respect to the Credit
Agreement, any reference in any of such items to the Credit Agreement being
sufficient to refer to the Credit Agreement as amended hereby.

 

3.2 The Company agrees to pay on demand all costs and expenses of or incurred by
the Lender in connection with the negotiation, preparation, execution, and
delivery of this Amendment, including the fees and expenses of counsel for the
Lender.

 

3.3 This Amendment may be executed in any number of counterparts, and by the
different parties on different counterpart signature pages, all of which taken
together shall constitute one and the same agreement. Any of the parties hereto
may execute this Amendment by signing any such counterpart and each of such
counterparts shall for all purposes be deemed to be an original. This Amendment
shall be governed by the internal laws of the State of Illinois.

 

[SIGNATURE PAGE TO FOLLOW]

 

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This Second Amendment to Credit Agreement is entered into and effective as of
November 28, 2003.

 

MAF Bancorp, Inc.

By   /s/ Jerry Weberling    

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Name

 

Jerry Weberling

       

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Title

 

Executive Vice President

       

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Accepted and agreed to in Chicago, Illinois, as of the date and year last above
written.

 

HARRIS TRUST AND SAVINGS BANK

By  

/s/ Michael S. Cameli

   

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Name

 

Michael S. Cameli

       

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Title

  Vice President        

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EXHIBIT A

 

MAF BANCORP, INC.

REVOLVING CREDIT NOTE

 

    Chicago, Illinois

$55,000,000

  November 28, 2003

 

On the Revolving Credit Termination Date, for value received, the undersigned,
MAF BANCORP, INC., a Delaware corporation (the “Company”), hereby promises to
pay to the order of HARRIS TRUST AND SAVINGS BANK (the “Lender”), at the
principal office of the Lender in Chicago, Illinois, the principal sum of (i)
Fifty-Five Million Dollars ($55,000,000), or (ii) such lesser amount as may at
the time of the maturity hereof, whether by acceleration or otherwise, be the
aggregate unpaid principal amount of all Revolving Credit Loans owing from the
Company to the Lender under the Revolving Credit provided for in the Credit
Agreement hereinafter mentioned.

 

This Note evidences loans constituting part of a “Base Rate Portion” and “LIBOR
Portions” as such terms are defined in that certain Credit Agreement dated as of
November 30, 2001, as amended, between the Company and the Lender (said Credit
Agreement, as the same may be amended, modified or restated from time to time,
being referred to herein as the “Credit Agreement”) made and to be made to the
Company by the Lender under the Revolving Credit provided for under the Credit
Agreement, and the Company hereby promises to pay interest at the office
described above on each loan evidenced hereby at the rates and at the times and
in the manner specified therefor in the Credit Agreement.

 

Each loan made under the Revolving Credit against this Note, any repayment of
principal hereon, the status of each such loan from time to time as part of the
Base Rate Portion or a LIBOR Portion and, in the case of any LIBOR Portion, the
interest rate and Interest Period applicable thereto shall be endorsed by the
holder hereof on a schedule to this Note or recorded on the books and records of
the holder hereof (provided that such entries shall be endorsed on a schedule to
this Note prior to any negotiation hereof). The Company agrees that in any
action or proceeding instituted to collect or enforce collection of this Note,
the entries so endorsed on a schedule to this Note or recorded on the books and
records of the holder hereof shall be prima facie evidence (absent manifest
error) of the unpaid principal balance of this Note, the status of each such
loan from time to time as part of the Base Rate Portion or a LIBOR Portion, and,
in the case of any LIBOR Portion, the interest rate and Interest Period
applicable thereto.

 

This Note is issued by the Company under the terms and provisions of the Credit
Agreement, and this Note and the holder hereof are entitled to all of the
benefits and security provided for thereby or referred to therein, to which
reference is hereby made for a statement thereof. This Note may be declared to
be, or be and become, due prior to its expressed maturity, voluntary prepayments
may be made hereon, and certain prepayments are required to be made hereon, all
in the events, on the terms and with the effects provided in the Credit
Agreement. All capitalized terms used herein without definition shall have the
same meanings herein as such terms are defined in the Credit Agreement.

 

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This Note is issued in substitution and replacement for, and evidences the
indebtedness currently evidenced by, the Revolving Credit Note of the Company
dated November 30, 2001, heretofore issued to the Bank and, in addition,
evidences additional loans to be made available to the Company by the Lender
under the Credit Agreement referred to above.

 

The Company hereby promises to pay all costs and expenses (including attorneys’
fees) suffered or incurred by the holder hereof in collecting this Note or
enforcing any rights in any collateral therefor. The Company hereby waives
presentment for payment and demand. THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS.

 

MAF BANCORP, INC.

        By  

 

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,

 

 

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(Print or Type Name)

      (Title)

 

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