EXHIBIT 10.3.7

 

AMENDMENT TO

$7,000,000 LINE OF CREDIT

FROM

JPMORGAN CHASE BANK, NA

TO

BOSS HOLDINGS, INC.

AND BOSS MANUFACTURING COMPANY

 

 

 

 

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SEVENTH AMENDMENT TO LOAN AGREEMENT

     This Seventh Amendment to Loan Agreement, dated as of June 1, 2008
("Amendment"), amends the Loan Agreement dated June 16, 2000, as amended by a
First Amendment dated as of May 28, 2002, a Second Amendment dated as of April
15, 2003, a Third Amendment dated as of October 13, 2003, a Fourth Amendment
dated as of March 17, 2004, a Fifth Amendment dated as of July 30, 2004 and a
Sixth Amendment dated as of January 30, 2006 (collectively, "Agreement"), both
between JP Morgan Chase Bank, NA, successor to American National Bank and Trust
Company of Chicago ("Bank"), Boss Holdings, Inc. and Boss Manufacturing Company
(collectively, "Borrowers").

     The parties agree that the Agreement shall be amended as follows:

      1.       The definition of "Revolving Credit Termination Date” set forth
in Section 1.1 of the Agreement shall be deleted in its entirety, and the
following definition shall be substituted in its place:     “Revolving Credit
Termination Date” means January 4, 2010, as such date may be amended upon the
written consent of all of the parties hereto.   2. Except as specifically
amended herein the Agreement shall continue in full force and effect in
accordance with its original terms. Reference to this specific Amendment need
not be made in any note, document, letter, certificate, the Agreement itself, or
any communication issued or made pursuant to or with respect to the Agreement,
any reference to the Agreement being sufficient to refer to the Agreement as
amended hereby. All terms used herein which are defined in the Agreement shall
have the same meaning herein as in the Agreement. In the event of any conflict
between the terms of the Agreement and the terms of this Amendment, this
Amendment shall control.

[SIGNATURE PAGE FOLLOWS]

 

 

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of
the day and year first above written.

JP MORGAN CHASE BANK, NA  BOSS HOLDINGS, INC.    By: /s/ James M. Corkery   By:
 /s/ Steven G. Pont        Its:  Regional President   Its: VP/Finance &
Treasurer             BOSS MANUFACTURING COMPANY        By:  /s/ Steven G. Pont 
          Its:  VP/Finance & Treasurer  

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     The undersigned Guarantors of the obligations of Borrowers under the
Agreement consent to this Amendment, acknowledge and agree that the Guaranty
Agreement between them and Bank dated as of June 16, 2000 shall remain in full
force and effect and apply to the obligations of Borrowers as amended by this
Amendment. Guarantors further agree that the term "Guaranteed Obligations" as
used in the above-described Guaranty Agreement shall mean, among other things,
obligations of Borrowers under the Agreement as amended by this Amendment.

BOSS MANUFACTURING HOLDINGS, INC.  BOSS BALLOON COMPANY    By: /s/ Steven G.
Pont   By:  /s/ Steven G. Pont        Its:  VP/Finance & Treasurer   Its:
VP/Finance & Treasurer       Date: June 6, 2008  Date: June 6, 2008 

     The undersigned Guarantor of the obligations of Borrowers under the
Agreement consents to this Amendment, acknowledges and agrees that the Guaranty
between it and Bank dated as of March 17, 2004 shall remain in full force and
effect and apply to the obligations of Borrowers as amended by this Amendment.
The undersigned Guarantor further agrees that the term "Obligations" as used in
the above described Guaranty shall mean, among other things, obligations of
Borrowers under the Agreement as amended by this Amendment.

BOSS PET PRODUCTS, INC.    By:  /s/ Steven G. Pont        Its: VP/Finance &
Treasurer     Date: June 6, 2008 

     The undersigned Guarantor of the obligations of Borrowers under the
Agreement consents to this Amendment, acknowledges and agrees that the Guaranty
between it and Bank dated as of July 30, 2004 shall remain in full force and
effect and apply to the obligations of Borrowers as amended by this Amendment.
The undersigned Guarantor further agrees that the term "Obligations" as used in
the above described Guaranty shall mean, among other things, obligations of
Borrowers under the Agreement as amended by this Amendment.

GALAXY BALLOONS, INCORPORATED    By:  /s/ Steven G. Pont        Its: VP/Finance
& Treasurer     Date: June 6, 2008 

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     The undersigned Guarantors of the obligations of Borrowers under the
Agreement consent to this Amendment, acknowledge and agree that the Guaranty
Agreements between them and Bank dated as of May 7, 2007 shall remain in full
force and effect and apply to the obligations of Borrowers as amended by this
Amendment. Guarantors further agree that the term "Guaranteed Obligations" as
used in the above described Guaranty Agreements shall mean, among other things,
obligations of Borrowers under the Agreement as amended by this Amendment.

BOSS CANADA INC.  CANADAWIDE SAFETY INC.    By: /s/ Steven G. Pont   By:  /s/
Steven G. Pont        Its:  VP/Finance & Treasurer   Its: VP/Finance & Treasurer
      Date: June 6, 2008  Date: June 6, 2008 

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