Document:

Exhibit 10.14

 

First Amendment

 

January 30, 2004

 

Interactive Health LLC

3030 Walnut Avenue

Long Beach, California 90807

 

Re:                               First Amendment (“First
Amendment”) to Interactive Health LLC Credit Agreement (as amended or otherwise
modified from time to time, the “Credit Agreement”) dated as of December 30,
2003 by and between Interactive Health LLC (“Company”) and Comerica Bank
(“Bank”)

 

Dear Ladies and Gentlemen:

 

The Bank
has agreed to make certain amendments to the Credit Agreement as hereinafter
set forth, but only on the terms and conditions set forth in this First
Amendment.

 

1.                                       The
Bank agrees to amend the Credit Agreement by deleting the reference to “January
31, 2004” in the preamble to Section 6 (Conditions) and replacing it with “February
13, 2004”.

 

2.                                       Except
as specifically set forth above, this First Amendment shall not be deemed to
amend or alter in any respect the terms and conditions of the Credit Agreement
(including without limitation all conditions and requirements for the making of
any Advances, the issuance of any Letter of Credit or the creation of any
Acceptances), any of the Notes issued thereunder or any of the other Loan
Documents.  Nor shall this First
Amendment constitute a waiver or release by the Bank of any right, remedy,
Default or Event of Default under or a consent to any transaction not meeting
the terms and conditions of the Credit Agreement, any of the Notes issued
thereunder or any of the other Loan Documents. Furthermore, this First
Amendment shall not affect in any manner whatsoever any rights or remedies of
the Banks or the Agent with respect to any other non-compliance by the Company
with the Credit Agreement or the other Loan Documents, whether in the nature of
a Default or Event of Default, and whether now in existence or subsequently
arising, and shall not apply to any other transaction.

 

3.                                       Except
as set forth above, this First Amendment shall not be deemed to amend or alter
in any respect the terms and conditions of the Credit Agreement or any other
Loan Document and shall not be deemed to be a waiver of or consent to any other
matter.

 

4.                                       Except
as specifically defined to the contrary herein, capitalized terms used in this
First Amendment shall have the meanings set forth in
the Credit Agreement.

 

 

5.                                       This
First Amendment may be executed in counterpart in accordance with Section 11.11
of the Credit Agreement.

 

6.                                       This
First Amendment shall be construed in accordance with and governed by the laws
of the State of Michigan.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  COMERICA BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc D. Adams

  
	
   

  	
   

  
	
   

  	
  Its: Associate Comerica Bank
  Private Equity Group

  

 

 

ACKNOWLEDGMENTS

 

 

	
  Acknowledged and agreed:

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  INTERACTIVE HEALTH LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. Dragotto

  
	
   

  	
   

  
	
   

  	
  Its: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  Date:  January    , 2004

  

 

2Exhibit 10.15

 

 

Second Amendment

 

February 13, 2004

 

Interactive Health LLC

3030 Walnut Avenue

Long Beach, California 90807

 

Re:                               Second Amendment (“Second
Amendment”) to Interactive Health LLC Credit Agreement (as amended or otherwise
modified from time to time, the “Credit Agreement”) dated as of December 30,
2003 by and between Interactive Health LLC (“Company”) and Comerica Bank
(“Bank”)

 

Dear Ladies and Gentlemen:

 

The Bank
has agreed to make certain amendments to the Credit Agreement as hereinafter
set forth, but only on the terms and conditions set forth in this Second
Amendment.

 

1.                                       The
Bank agrees to amend the Credit Agreement as follows:

 

(a)                                  Clause
(c) of the definition of “Eligible Inventory” in Section 1 of the Credit
Agreement is hereby amended and restated as follows:

 

“(c) it is in the possession
and control of Company and it is stored and held in facilities owned by Company
or, if such facilities are not so owned, Bank is in possession of a Landlord
Agreement, or a bailee agreement or other collateral access agreement, as the
case may be, satisfactory to Bank with respect thereto, or it constitutes In
Transit Inventory;”

 

(b)                                 Clause
(i)(A) of the definition of “In Transit Inventory” in Section 1 of the
Credit Agreement is hereby amended as follows:

 

“(A) which is in transit to
the Company at sea or by inland waterway to or at a port in the United States
so long as, with respect to such Inventory, the Bank shall have been named loss
payee on the Company’s Ocean Cargo Marine or other applicable insurance policy,
the applicable bill of lading shall run to the order of the Bank and shall
promptly be furnished to the applicable freight forwarder and the Company shall
use its reasonable best efforts to cause the applicable freight forwarder to
deliver  in favor of the Bank an
acknowledgment and lien waiver agreement in form and substance satisfactory to
the Bank, provided, however, that so long as the freight forwarder is Nissin
Group, the acknowledgment and lien waiver agreement shall not be required.”

 

 

(c)                                  The
following definitions are hereby added to Section 1 of the Credit Agreement as
follows:

 

“Acquisition Documents”
shall mean the Stock Purchase Agreement by and among the Company, Holdings and
the certain direct and indirect stockholders of Holdings named therein dated as
of July 30, 2003, as amended or otherwise modified from time to time, subject
to the terms hereof, including all schedules and exhibits attached thereto.

 

“Landlord Agreement” shall
mean that certain Landlord Agreement, in form and content of Exhibit I of this
Agreement, executed and delivered by the applicable lessor of real property on
which Collateral is stored or otherwise located, and acknowledged by the
Company.

 

(d)                                 Section
2.3(g) of the Credit Agreement is hereby amended by renumbering the existing
clause (v) therein as clause (vi) and inserting the following as the new clause
(v):

 

“(v) all rent (including any
rent due for the month in which such Advance is to be made) and other
obligations due and owing to the landlord under the lease agreement for the
property located at 3030 Walnut Avenue, Long Beach, California, have been paid
in full; and”

 

(e)                                  Section
4.1(c) of the Credit Agreement is hereby amended and restated as follows:

 

“(c)        Subject to the terms and conditions of this Agreement, on the
Closing Date, Bank shall issue the Wells Fargo Letters of Credit to support the
Wells Fargo L/Cs, provided that the Company execute and deliver unto Bank
Letter of Credit Agreements and such other documentation as Bank may reasonably
require.  No Wells Fargo Letter of Credit
shall be issued on any day other than the Closing Date or shall have an expiry
date that extends beyond August 26, 2004.”

 

(f)                                    Section
7.11 of the Credit Agreement is hereby amended and restated as follows:

 

“7.11  No
Investment Company or Margin Stock. 
None of the Loan Parties nor any of their respective Subsidiaries is an
“investment company” within the meaning of the Investment Company Act of 1940,
as amended. None of the Loan parties nor any of their respective Subsidiaries
is engaged principally, or as one of its important activities, directly or
indirectly, in the business of extending credit for the purpose of purchasing
or carrying margin stock, and none of the proceeds of any of the loans
hereunder will be used, directly or indirectly, for any purpose which would
violate the provisions of Regulation U or X of the Board of Governors of the
Federal Reserve System. Terms for which meanings are provided in Regulation U
of the Board of Governors of the Federal Reserve

 

 

System or any regulations
substituted therefor, as from time to time in effect, are used in this
paragraph with such meanings.”

 

(g)                                 Section
8.1(c) of the Credit Agreement is hereby amended and restated as follows:

 

“(c)        within twenty (20) days after and as of the end of each
month, including the last month of each fiscal year, (i) a monthly aging of
Company’s Accounts, (ii) a monthly aging of Company’s accounts payable, (iii)
an inventory report in form satisfactory to Bank, which shall include a
notification of any change in the location of any Inventory (other than
Inventory in transit and Inventory sold by the Company or any of its
Subsidiaries  in accordance with Section
9.2 of the Credit Agreement and any other Inventory which does not have a fair
market value in excess of $100,000 individually or in the aggregate) or
Equipment (other than trailers, rolling stock, vessels, aircrafts and vehicles
and Equipment sold by the Company or any of its Subsidiaries  in accordance with Section 9.2 of the Credit
Agreement and any other Equipment which does not have a fair market value in
excess of $100,000 individually or in the aggregate), (iv) a Borrowing Base
Certificate,(v) a certification from the Company that all rent (including any
rent due for the month in which such certificate is delivered) and other
obligations due and owing to the landlord under the lease agreement for the
property located at 3030 Walnut Avenue, Long Beach, California, have been paid
in full and (vi) a listing of all outstanding Letters of Credit and
Acceptances, in each case in form acceptable to Bank, and in each case,
accompanied, if so requested by Bank, by supporting detail reasonably
acceptable to Bank;”

 

(h)                                 The
postamble to Section 8.1 of the Credit Agreement is hereby amended and restated
as follows:

 

“all such financial
statements required to be delivered under this Section 8.1 to be complete and
correct in all material respects as of the date when made and to be prepared in
reasonable detail and in accordance with GAAP throughout the periods reflected
therein and consistent with prior periods (except as approved by such officer
and disclosed therein and except in the case of monthly financial statements,
for the absence of footnotes).”

 

(i)                                     Section
8.16(b) of the Credit Agreement is hereby amended and restated as follows:

 

“(b) with respect to real
property located in the United States that is: 
(i) owned or otherwise acquired by the Company or any other Loan Party
after the Closing Date, not later than sixty (60) days after such property is
acquired, the Company shall execute or cause to be executed a Mortgage covering
such property, together with such real estate documentation listed on Schedule
8.16 hereto; and (ii) leased by the Company or any Subsidiary after the Closing
Date, not later than thirty (30) days after the execution of the applicable
lease, the Company

 

 

shall execute and deliver or
cause to be executed and delivered, a Landlord Agreement, together with such
supporting documentation, including without limitation corporate authority
items, certificates and opinions of counsel, as reasonably required by the
Bank, and the Company shall take, or cause to be taken, such steps as are
necessary or advisable under applicable law to perfect the liens granted under
this Section 8.16.”

 

(j)                                     The
brackets surrounding the reference to “[board of directors]” in Section
9.8 of the Credit Agreement are hereby deleted.

 

(k)                                  Section
9.13 of the Credit Agreement is hereby amended and restated as follows:

 

“9.13  Amendment
to Certain Agreements.  Make, permit
or consent to any amendment or other modification to the constitutional
documents of any of the Loan Parties, any documents delivered in connection
with any Permitted Acquisition or any of the Acquisition Documents, except to
the extent that any such amendment (i) does not violate the terms and
conditions of this Agreement or any of the other Loan Documents, (ii) does not
materially adversely affect the interest of the Banks as creditor under this
Agreement, the other Loan Documents or any other document or instrument in any
respect and (iii) could not reasonably be expected to have a Material Adverse
Effect; provided, however, that the Company may amend the Acquisition Documents
with the prior written consent of Bank.”

 

(l)                                     Section
10.1(d) of the Credit Agreement is hereby amended and restated as follows:

 

“(d) default in the
observance or performance of any of the other conditions, covenants or
agreements of Company set forth in this Agreement or in any of the other Loan
Documents, and continuance thereof for a period of thirty (30) days following
the earlier to occur of (i) the obtaining of actual knowledge by the Company or
any other Loan Party of such default or (ii) the receipt of written notice by
Company or any other Loan Party of such default;”

 

(m)                               Section
10.1(e) of the Credit Agreement is hereby amended and restated as follows:

 

“(e)        any representation or warranty made by Company or any other
Loan Party herein or in any instrument submitted pursuant hereto or in any
other Loan Document  proves untrue in any
material adverse respect when made or deemed made;”

 

(n)                                 Section
10.1(g) of the Credit Agreement is hereby amended and restated as follows:

 

 

“(g) default in the payment
of any other obligation of Company or any other Loan Party for borrowed money
in an aggregate amount in excess of Five Hundred Thousand Dollars ($500,000)
individually or in the aggregate when due (whether by acceleration or
otherwise) and continuance thereof beyond any applicable period of cure (not to
exceed 30 days), if any, or in the observance or performance of any conditions,
covenants or agreements related or given with respect to any obligations for
borrowed money in an aggregate amount in excess of Five Hundred Thousand
Dollars ($500,000) individually or in the aggregate when due (whether by
acceleration or otherwise) which is sufficient to permit any holder thereof to
(i) accelerate the maturity of such obligation or (ii) require the purchase or
repayment of such obligation before its regular maturity date or before its
regularly scheduled dates of payment;”

 

(o)                                 Section
10.1(j) of the Credit Agreement is hereby amended and restated as follows:

 

“(j) (i) Whitney shall fail
to own, directly or indirectly, at least fifty percent (50%) by value and by
voting of the aggregate ownership interests of the Holdings or (ii) the
occurrence of a Change of Control (as defined in the notes issued in connection
with the Investor Subordinated Debt Documents);”

 

(p)                                 The
following is hereby added as Section 11.20 of the Credit Agreement:

 

“11.20   Confidentiality.  Bank agrees that it will not disclose without
the prior consent of the Company any information with respect to the Loan
Parties, which is furnished pursuant to this Agreement or any of the other Loan
Documents; provided that the Bank may disclose any such information (a) to its
Affiliates, and their respective partners, directors, officers, employees,
agents, advisors, auditors, counsel and other representatives, (b) as has
become generally available to the public or has been lawfully obtained by the
Bank from any third party under no duty of confidentiality to any Loan Party,
(b) as may be required or appropriate in any report, statement or testimony
submitted to, or in respect to any inquiry, by, any municipal, state or federal
regulatory body having or claiming to have jurisdiction over the Bank,
including the Board of Governors of the Federal Reserve System of the United
States, the Office of the Comptroller of the Currency or the Federal Deposit
Insurance Corporation or similar organizations (whether in the United States or
elsewhere) or their successors, (c) as may be required or appropriate in
respect to any summons or subpoena or in connection with any litigation, (d) in
order to comply with any law, order, regulation or ruling applicable to the
Bank, and (e) to any permitted transferee or assignee or to any approved
participant of, or with respect to, any of its rights and obligations under
this Agreement, provided, for purposes of this subclause (e), that each such
Person executed a confidentiality agreement on terms substantially the same as
those of this Section 11.20. 
Notwithstanding anything herein to the contrary, the parties (and their
Affiliates and respective partners, directors, officers, employees, agents,
advisors, counsel and other

 

 

representatives) may
disclose to any and all Persons, without limitation of any kind, “tax
treatment” and “tax structure,” in each case within the meaning of I.R.C.
Regulation Section 1.6011-4, of the transactions contemplated hereby and all
materials of any kind (including opinions or other tax analyses) that are
obtained by any such party relating to such tax treatment and tax structure, to
the extent required to be disclosed pursuant to such regulation or the Internal
Revenue Code, provided, however, that no party (and none of their respective,
Affiliates and respective partners, directors, officers, employees, agents,
advisors, counsel and other representatives) shall disclose any other information
that is not relevant to understanding the “tax treatment” and “tax structure”
of the transaction (including the identity of any party and any information
that could lead another to determine the identity of any party), or any other
information to the extent that such disclosure could result in a violation of
any federal or state securities law.”

 

(q)                                 New
Exhibit I (Landlord Agreement) is hereby added to the Credit Agreement in the
form attached to this Second Amendment as Attachment 1.

 

2.                                       Except
as specifically set forth above, this Second Amendment shall not be deemed to
amend or alter in any respect the terms and conditions of the Credit Agreement
(including without limitation all conditions and requirements for Advances and
any financial covenants), any of the Revolving Credit Notes issued thereunder
or any of the other Loan Documents.  Nor
shall this Second Amendment constitute a waiver or release by the Bank of any
right, remedy, Default or Event of Default under or a consent to any
transaction not meeting the terms and conditions of the Credit Agreement, any
of the Revolving Credit Notes issued thereunder or any of the other Loan
Documents. Furthermore, this Second Amendment shall not affect in any manner
whatsoever any rights or remedies of the Bank with respect to any other
non-compliance by the Company with the Credit Agreement or the other Loan
Documents, whether in the nature of a Default or Event of Default, and whether
now in existence or subsequently arising, and shall not apply to any other
transaction.

 

3.                                       Company
and each of the undersigned Loan Parties, as applicable, hereby represents and
warrants that, after giving effect to the amendments contained herein, (a)
execution and delivery of this Second Amendment and the other Loan Documents
required to be delivered hereunder, and the performance by the Loan Parties of
their respective obligations under the Credit Agreement as amended hereby
(herein, as so amended, the “Amended Credit Agreement”) are within such
undersigned’s powers, have been duly authorized, are not in contravention of
law or the terms of its articles of incorporation or bylaws or other organic
documents of the parties thereto, as applicable, and except as have been
previously obtained do not require the consent or approval, material to the
amendments contemplated in this Second Amendment, of any governmental body,
agency or authority, and the Amended Credit Agreement and the other Loan
Documents required to be delivered hereunder will constitute the valid and
binding obligations of such undersigned parties enforceable in accordance with
its terms, except as enforcement thereof may be limited by applicable
bankruptcy, reorganization, insolvency,

 

 

moratorium, ERISA or similar laws affecting the
enforcement of creditors’ rights generally and by general principles of equity
(whether enforcement is sought in a proceeding in equity or at law), (b) the
continuing representations and warranties set forth in Sections 7.1 through
7.14, inclusive, of the Amended Credit Agreement are true and correct on and as
of the date hereof (except to the extent such representations specifically
relate to an earlier date), and (c) after giving effect to this Second
Amendment, no Default or Event of Default shall have occurred and be continuing.

 

4.                                       Company
and each other Loan Party hereby acknowledges and agrees that this Second
Amendment and the amendments contained herein do not constitute any course of
dealing or other basis for altering any obligation of the Company, any other
Loan Party or any other party or any rights, privilege or remedy of the Bank
under the Credit Agreement, any other Loan Document, any other agreement or
document, or any contract or instrument.

 

5.                                       Except
as specifically defined to the contrary herein, capitalized terms used in this
Second Amendment shall have the meanings set forth in the Credit Agreement.

 

6.                                       This
Second Amendment may be executed in counterpart in accordance with Section
11.11 of the Credit Agreement.

 

7.                                       This
Second Amendment shall be construed in accordance with and governed by the laws
of the State of Michigan.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  COMERICA BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc D. Adams

  
	
   

  	
   

  
	
   

  	
  Its: Associate Comerica Bank
  Private Equity Group

  

 

 

ACKNOWLEDGMENTS

 

 

	
  Acknowledged and agreed:

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  INTERACTIVE HEALTH LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. Dragotto

  
	
   

  	
   

  
	
   

  	
  Its: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
  Date:  February 13, 2004

  

 

 

ACKNOWLEDGMENT
OF HOLDINGS

 

The
undersigned, an authorized officer of Interactive Health, Inc. (“Holdings”)
hereby acknowledges on behalf of Holdings, that (a) Holdings executed a Parent
Pledge Agreement (“Pledge”) dated as of February 13, 2004, pursuant to which
Holdings pledged to the Bank all of the membership interests of the Company as
security for the obligations of the Company under the Interactive Health LLC
Credit Agreement dated as of December 30, 2003 (as previously amended, the
“Credit Agreement”) by and between Interactive Health LLC (“Company”) and
Comerica Bank (“Bank”) and (b) the Company and the Bank have executed a Second
Amendment dated as of date hereof (the “Second Amendment”) to such Credit
Agreement (the Credit Agreement as amended thereby, the “Amended Credit
Agreement”). The undersigned hereby ratifies and confirms on behalf of
Holdings, Holdings’ obligations under the Pledge and each other Loan Document
to which it is a party, and agrees that the Pledge remains in full force and
effect after giving effect to the effectiveness of the Second Amendment and
that, upon such effectiveness, all references in such Amended Credit Agreement,
the Pledge and each such other Loan Document to the “Credit Agreement” shall be
references to the Amended Credit Agreement. Capitalized terms not otherwise
defined herein will have the meanings given in the Amended Credit Agreement.  This acknowledgment shall be governed by and
construed in accordance with the laws of, and be enforceable in, the State of
Michigan.

 

Dated as
of the 13th day of February, 2004.

 

 

	
   

  	
  INTERACTIVE HEALTH, INC., a
  Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas M. Dragotto

  	
   

  
	
   

  	
   

  
	
   

  	
  Its:  Chief Financial Officer

  

 

 

ATTACHMENT 1

 

EXHIBIT I

 

LANDLORD
AGREEMENT

 

THIS
AGREEMENT, dated as of
                         ,
200   , by                                                     
(hereinafter “Landlord”), in favor of COMERICA BANK, a Michigan banking
corporation (hereinafter referred to as “Comerica”).

 

Recitals:

 

Landlord
is the landlord under a certain lease (as at any time amended, the “Lease”)
dated
                  ,
200    between Landlord and Interactive Health LLC, a Delaware
limited liability company  (“Company”),
covering certain business premises located at
                                            ,
as more fully described in Exhibit A attached hereto (the “Leased
Premises”).

 

Comerica
has been requested to extend loans and other accommodations to Company, and, as
a condition to extending such loans and other financial accommodations,
Comerica has required that Company grant to Comerica a security interest in,
among other things, all inventory, machinery, equipment, furniture and fixtures
of Company, whether now owned or hereafter acquired and all substitutions and
replacements thereof (“Collateral”), a portion of which Collateral is, or may
be located from time to time on or about or affixed to the Leased Premises.

 

NOW,
THEREFORE, for TEN DOLLARS ($10.00) in hand paid to Landlord and in order to
induce Comerica to extend financial accommodations to or for the benefit of
Company in Comerica’s sole discretion, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord hereby agrees with Comerica as follows:

 

1.                                       Landlord acknowledges
the validity of Comerica’s security interest in all of the Collateral and
agrees that Comerica’s security interests in the Collateral shall be superior
to any interest which the Landlord may at any time have therein.  For so long as Comerica has a security
interest in any of the Collateral, Landlord will not assert against any of the
Collateral any statutory, common law, contractual or possessory lien,
including, without limitation, any right of levy or distraint for rent, all of
which Landlord hereby subordinates in favor of Comerica.

 

2.                                       Landlord agrees that
the Collateral may be stored, utilized, and/or installed at the Premises and
that none of the Collateral shall be deemed a fixture or a part of the Leased
Premises, but shall at all times be considered personal property, whether or
not any Collateral becomes so related to the real estate that an interest
therein would otherwise arise under applicable law and Landlord disclaims any
interest in the Collateral as fixtures.

 

 

3.                                       Landlord agrees that
Comerica may enter upon the Leased Premises at any time or times, during normal
business hours, to inspect or remove any of the Collateral therefrom, without
charge.  Comerica shall repair any
physical damage directly caused to the Leased Premises by such removal.  Landlord will not hinder Comerica’s actions
in enforcing its liens and remedies with respect to the Collateral.  Landlord agrees that Comerica may conduct
public or private sales of Collateral at the Leased Premises and that
interested parties will be permitted access to the Leased Premises during
normal business hours for the purpose of inspecting the Collateral prior to any
such sale.

 

4.                                       Landlord will notify
Comerica at One Detroit Center, 500 Woodward Avenue, MC 3265, Detroit, Michigan
48226, Attention:
                                   ,
or at such other address as Comerica shall hereafter specify in writing, in the
event that Company defaults in its obligations under the Lease, and Landlord
shall allow Comerica, at Comerica’s option, without obligation, a period of
fifteen (15) days from Comerica’s receipt of such notice in which to cure or
cause Company to cure any defaults. 
Landlord will permit the Collateral to remain on the Leased Premises for
a period of up to ninety (90) days following receipt by Comerica of written
notice from Landlord that Landlord has terminated the Lease and directing
removal of the Collateral, subject, however, to the payment to Landlord by
Comerica of the regular installments of rent due under the Lease for the period
of time during which Comerica shall elect to use or occupy the Leased Premises
or elect to keep the Collateral thereon without abandoning same, which rent
shall be pro-rated on a per diem basis determined on a 30-day month.  Comerica shall not be deemed to have assumed
nor shall it be liable for any unperformed or unpaid obligations of Company
under the Lease, other than for the payment of rent described in the preceding
sentence.

 

5.                                       Comerica’s right to use
and occupy the Premises under Sections 3 and 4 of this Agreement shall be
extended for the time period that Comerica is prohibited from foreclosing its
security interest in the Collateral and Landlord is prohibited from removing
same from the Leased Premises by virtue of any injunction or restraining order
or by the imposition of the automatic stay arising from the commencement of
bankruptcy by or against the Company, and during the period of any such
prohibition Comerica shall not be obligated to pay any rent.

 

6.                                       This Agreement shall
irrevocably remain in full force and effect until all obligations of Company to
Comerica have been paid and satisfied in full and Comerica has terminated its
financing agreements with Company.

 

7.                                       The provisions of this
Agreement may not be modified or terminated orally, and shall be binding upon
the successors, assigns and representatives of the Landlord, and upon any
successor owner or transferee of the Leased Premises, and shall inure to the
benefit of Comerica and its successors and assigns.  Landlord hereby waives notice of acceptance
of this Agreement by Comerica.

 

8.                                       The laws of the State
of Michigan shall govern the validity, interpretation and enforcement of this
Agreement.

 

 

IN
WITNESS WHEREOF, Landlord has executed this Agreement on the date first above
written.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 

EXHIBIT A

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