Exhibit 10.26


 


FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT


 


 


THIS FIRST
AMENDMENT TO REVOLVING CREDIT AGREEMENT, dated as of August 6, 2004, amends and
supplements that certain Revolving Credit Agreement dated as of August 15,
2003 (the “Credit Agreement”) between FIRST COMMUNITY BANCORP (the “Borrower”)
and U.S. BANK NATIONAL ASSOCIATION (the “Lender”).


 


RECITAL


 


The Borrower
and the Lender desire to amend the Credit Agreement as provided below.


 


AGREEMENTS


 


In
consideration of the promises and agreements set forth in the Credit Agreement,
as amended hereby, the Lender and the Borrower agree as follows:


 


1.                                       Definitions
and References.  Capitalized terms
not otherwise defined herein have the meanings assigned to them in the Credit
Agreement.  All references to the Credit
Agreement contained in the related loan documents (collectively, the “Loan
Documents”) shall, upon fulfillment of the conditions set forth in section 3
below, mean the Credit Agreement as amended by this First Amendment.


 


2.                                       Amendment
to Credit Agreement.  Section 1.2 of
the Credit Agreement is amended by deleting “August 14, 2004” contained
therein and substituting “October 13, 2004” in its place.


 


3.                                       Effectiveness
of First Amendment.  This First
Amendment shall become effective upon its execution and delivery by the
Borrower and the Lender and receipt by the Lender of evidence satisfactory to
the Lender that The Northern Trust Company has extended the maturity date of
the Other Bank Agreement to a date no sooner than October 13, 2004.


 


4.                                       Representations
and Warranties.  The Borrower
represents and warrants to the Lender that:


 





















 


(a)                                  The
execution, delivery and issuance of this First Amendment, and the performance
by the Borrower of its obligations hereunder, are within its corporate power,
have been duly authorized by proper corporate action on the part of the
Borrower, are not, to the Borrower’s knowledge, in violation of any existing
law, rule or regulation of any governmental agency or authority, any order or
decision of any court, the Articles of Incorporation or By-Laws of the Borrower
or the terms of any agreement, restriction or undertaking to which the Borrower
is a party or by which it is bound, and do not require the approval or consent
of the shareholders of the Borrower, any governmental body, agency or authority
or any other person or entity; and


 


(b)                                 The
representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct in all material respects as of the date of this
First Amendment and, to the Borrower’s knowledge, no condition exists or event
or act has occurred that, with or without the giving of notice or the passage
of time, would constitute an “Event of Default” under the Credit Agreement.


 


5.                                       Costs
and Expenses.  The Borrower agrees to
pay to the Lender, on demand, all reasonable costs and expenses (including
reasonable attorneys’ fees) paid or incurred by the Lender in connection with
the negotiation, execution and delivery of this First Amendment.


 


6.                                       Full
Force and Effect.  The Loan
Agreement, as amended hereby, remains in full force and effect.


 


7.                                       Counterparts.  This First Amendment may be executed in any
number of counterparts, all of which taken together shall constitute one
agreement, and any party hereto may execute this First Amendment by signing any
such counterpart.


 


	
   

  	
  FIRST
  COMMUNITY BANCORP

  
	
   

  	
   

  
	
   

  	
  BY

  	
  /s/ Victor R. Santoro

  	
   

  
	
   

  	
   

  	
  Victor R. Santoro, Executive Vice

  President & Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BY

  	
  /s/ Steve E. Check

  	
   

  
	
   

  	
   

  	
  Steve E.
  Check, Senior Vice President

  



 


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