Flexsteel Industries, Inc. 8-K


 


Exhibit 10.1


 





SECOND
AMENDMENT TO CREDIT AGREEMENT


 


 


THIS
AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of June 5, 2018, by and between FLEXSTEEL INDUSTRIES,
INC., a Minnesota corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").


 


RECITALS


 


WHEREAS,
Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Credit Agreement between Borrower
and Bank dated as of June 30, 2016, as amended from time to time ("Credit Agreement").


 


WHEREAS,
Bank and Borrower have agreed to certain changes in the terms and conditions set forth in the Credit Agreement and have agreed
to amend the Credit Agreement to reflect said changes.


 


NOW,
THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
that the Credit Agreement shall be amended as follows:


 


1.


Section
1.1. (a) is hereby amended by deleting "June 30, 2018" as the last day on which Bank will make advances under the Line
of Credit, and by substituting for said date "June 30, 2019," with such change to be effective upon the execution and
delivery to Bank of a promissory note dated as of June 5, 2018 (which promissory note shall replace and be deemed the Line of
Credit Note defined in and made pursuant to the Credit Agreement) and all other contracts, instruments and documents required
by Bank to evidence such change.


 


2.


Section
1.3. is hereby deleted in its entirety, without substitution.


 


3.


Except
as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver
or modification. All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment. This Amendment
and the Credit Agreement shall be read together, as one document.


 


4.


Borrower
hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein.
Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement,
nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event
of Default.


 


5.


Borrower
acknowledges receipt of a copy of this Amendment signed by the parties hereto.


 


IMPORTANT:
READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE.
NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS
AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT. THIS NOTICE ALSO APPLIES TO ANY OTHER CREDIT AGREEMENTS NOW IN EFFECT BETWEEN YOU
AND THIS LENDER.




    	 	 	 



    	 



    

 


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


 


 





	FLEXSTEEL
INDUSTRIES, INC.	WELLS
FARGO BANK,
	 	NATIONAL ASSOCIATION
	 	 
	 	 
	By:	/s/ Marcus Hamilton	 	By:	/s/ James J. Hilgenberg	 
	 	MARCUS
HAMILTON, CFO	 	JAMES J. HILGENBERG,
	 	 	VICE
PRESIDENT