Document:

Exhibit 10.10

 

LOAN MODIFICATION AGREEMENT NO.
3

 

Preamble: This Loan Modification Agreement
(this “Agreement”), dated as of December 1, 2004 (the “Effective  Date”), is made between UPS Capital
Corporation, as lender (the “Lender”) and each Person identified as “Borrower”
on the signature page(s) hereof, as borrower(s) (individually and collectively,
the “Borrower”), for the purpose of amending or otherwise modifying the terms
of that certain Loan and Security Agreement, dated as of August 28, 2002,
heretofore made between Lender and Borrower (which, as it has been, or
hereafter may be, modified or amended, is called herein the “Loan Agreement”). Now,
therefore, in consideration of the mutual promises contained herein and in the
Loan Agreement, the receipt and sufficiency of which are hereby acknowledged,
Lender and Borrower, each intending to be legally bound, agree as follows:

 

1.  Definitions.  Capitalized terms used herein, but not
expressly defined themselves herein, shall have the meanings given to such
terms in the Loan Agreement.

 

2.  Loan Modifications.  Lender and Borrower agree to modify the Loan Agreement
as follows:

 

2.1  Line
Increase.  For a 90 day period, beginning
on the Effective Date and ending 90 days after the Effective Date (such latter date
herein called the “End Date”), the Maximum Amount shall be increased by $5,000,000,
that is, from $15,000,000 to $20,000,000; provided, however, that total Borrowings
under the Line of Credit shall continue to be tied to, and limited by, the
Borrowing Base in effect from time to time. On the last Business Day of each of
the three consecutive weeks prior to the week containing the End Date (each
such date herein called a “Reduction Date”), the Maximum Amount shall be
reduced by $1,250,000 and, on the End Date, the Maximum Amount shall be
returned to, and remain at, $15,000,000.

 

2.2  Availability
Increase.  In connection with the
foregoing increase in the Maximum Amount, for the same said period; that is, from
the Effective Date to, but not including, the End Date, the dollar limitation on
Borrowings supported by Eligible Inventory (the “Inventory Cap”), as reflected
in the definition of the Borrowing Base, shall be increased from $7,500,000 to $10,000,000
but shall reduce by $625,000 on each Reduction Date and shall return to
$7,500,000 on the End Date.

 

2.3  Resulting
Payment Obligation; Additional Collateral.  To the extent that, on any Reduction Date or
on the End Date, as applicable, either (A) total Borrowings then exceed
the Maximum Amount, as so reduced on such date, and/or (B) total
Borrowings exceed the Borrowing Base, as so reduced by the reduction of the Inventory
Cap on such date, then, the Borrower shall be obliged to remit to the Lender on
such Reduction Date or the End Date, as applicable, the entire amount of such
excess (in either or each case); otherwise, without necessity of further notice
from the Lender, an Event of Default shall automatically exist on such Reduction
Date or the End Date, as applicable.

 

2.4  Amendment
Fee.  There shall be due and payable to
the Lender on the Effective Date, in consideration of its entry into this
Agreement, a fully earned, non-refundable amendment fee equal in amount to
$10,000.

 

3.  Inducing Representations.  To induce Lender to enter into this Agreement,
Borrower hereby represents and warrants that: (i) Borrower is duly
authorized to enter into this Agreement, and this Agreement, upon its execution
by Borrower and Lender, will constitute Borrower’s legal, valid and binding obligations

 

1

 

enforceable in accordance with its terms against Borrower; (ii) after
giving effect to this Agreement, no Event of Default exists; (iii) no
present right of set off, counterclaim, recoupment claim or defense exists in
Borrower’s favor in respect of its payment or performance of any Obligations; and
(iv) except as modified by this Agreement, all terms of the Loan Agreement
and each Loan Document shall remain in full force and effect.

 

4.  Miscellaneous.  Except as otherwise expressly provided herein,
all modifications to the Loan Agreement set forth herein shall take effect on
the Effective Date. Each existing Loan Document (including, particularly, any
Note) shall be deemed modified hereby as necessary to conform its terms to the
terms of the Loan Agreement, as modified hereby. This Agreement constitutes a
Loan Document, and shall be governed and construed accordingly. This Agreement constitutes
the entire agreement between Lender and Borrower relative to the subject matter
hereof, and supersedes and replaces any prior understandings and agreements, written
or oral, in regard thereto. This Agreement shall be binding on, and inure to
the benefit of, the successors and assigns of Borrower and Lender. Borrower shall
reimburse Lender for all costs which Lender incurs, including reasonable
attorneys fees, in the preparation, negotiation, execution and performance of
this Agreement, and the recording of any Loan Documents in connection herewith.

 

5.  Conditions Precedent.  The following shall constitute express
conditions precedent to Lender having any obligations under this Agreement, regardless
of its execution hereof: (i) to the extent any fee or other sum is described
as owing to Lender and payable on the Effective Date in Section 2 hereof,
then such fee or other sum shall have been paid to Lender; and (ii) if
required by Lender, the Borrower shall have delivered to Lender such additional
Loan Documents, including, particularly, any Notes, which Lender determines to
be necessary to give effect hereto. 2

 

IN WITNESS WHEREOF, Lender and Borrower have
executed this Agreement, by and through their respective authorized officers,
as of the Effective Date.

 

 

	
  “Borrower”

  	
  “Lender”

  
	
   

  	
   

  
	
  NATIONAL R.V. HOLDINGS, INC.

  	
  UPS CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /S/ Thomas J. Martini

  	
   

  	
  By:

  	
  /S/ John P. Holloway

  	
   

  
	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
  Authorized Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NATIONAL R.V., INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/ Thomas J. Martini

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  COUNTRY COACH, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/ Thomas J. Martini

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
   

  

 

2Exhibit 10.11

 

LOAN MODIFICATION AGREEMENT NO.
4

 

Preamble: This Loan Modification Agreement
(this “Agreement”), dated as of February 28, 2005 (the “Effective Date”),
is made between UPS Capital Corporation, as lender (the “Lender”) and each
Person identified as “Borrower” on the signature page(s) hereof, as borrower(s)
(individually and collectively, the “Borrower”), for the purpose of amending or
otherwise modifying the terms of that certain Loan and Security Agreement,
dated as of August 28, 2002, heretofore made between Lender and Borrower
(which, as it has been, or hereafter may be, modified or amended, is called
herein the “Loan Agreement’). Now, therefore, in consideration of the mutual
promises contained herein and in the Loan Agreement, the receipt and
sufficiency of which are hereby acknowledged, Lender and Borrower, each
intending to be legally bound, agree as follows:

 

1.  Definitions.  Capitalized terms used herein, but not
expressly defined themselves herein, shall have the meanings given to such
terms in the Loan Agreement.

 

2.  Loan Modifications.  Lender and Borrower agree to modify the Loan
Agreement as follows:

 

2.1  Continuation
of Line Increase.  The increase in the
Maximum Amount from $15,000,000 to $20,000,000 effected through the date hereof
pursuant to that certain Loan Modification Agreement No. 2, dated as of November 30,
2004, between Borrower and Lender (“Second Modification”), shall continue in
effect through the April 15, 2005 (“End Date”); provided, however, that
total Borrowings under the Line of Credit shall continue to be tied to, and
limited by, the Borrowing Base in effect from time to time. On the last
Business Day of week prior to the week containing the End Date (such date
herein called the “Reduction Date”), the Maximum Amount shall be reduced by
$2,500,000 and, on the End Date, the Maximum Amount shall be returned to, and
remain at, $15,000,000.

 

2.2  Continuation
of Availability Increase.  In connection
with the foregoing continuation of the increase in the Maximum Amount, the
increase in the dollar limitation on Borrowings supported by Eligible
Inventory, as reflected in the definition of the Borrowing Base, from
$7,500,000 to $10,000,000, effected pursuant to the Second Modification, shall
be continued through the End Date but shall reduce by $1,250,000 on the
Reduction Date and shall return to $7,500,000 on the End Date.

 

2.3  Resulting
Payment Obligations.  To the extent that,
on any Reduction Date or on the End Date, as applicable, either (A) total
Borrowings then exceed the Maximum Amount, as so reduced on such date, and/or (B) total
Borrowings exceed the Borrowing Base, as so reduced by the reduction of the
Inventory Cap on such date, then, the Borrower shall be obliged to remit to the
Lender on such Reduction Date or the End Date, as applicable, the entire amount
of such excess (in either or each case); otherwise, without necessity of
further notice from the Lender, an Event of Default shall automatically exist
on such Reduction Date or the End Date, as applicable.

 

2.4  Increase
in Concentration Limits Clause (xi) of the definition of Eligible Accounts set
forth in Section 1.1 of the Loan Agreement is hereby deleted in its
entirety and the following revised clause (xi) is hereby substituted in lieu
thereof:

 

(xi)  which is owing by any Account
Debtor (excepting, however, Lazydays, RV) whose accounts in face amount with
Borrower exceed

 

1

 

twenty percent (20%) of Borrower’s Eligible
Accounts, but only to the extent of such excess;

 

2.5  Amendment
Fee.  There shall be due and payable to
the Lender on the Effective Date, in consideration of its entry into this
Agreement, a fully earned, non-refundable amendment fee equal in amount to
$20,000.

 

3.  Inducing Representations.  To induce Lender to enter into this Agreement,
Borrower hereby represents and warrants that: (i) Borrower is duly
authorized to enter into this Agreement, and this Agreement, upon its execution
by Borrower and Lender, will constitute Borrower’s legal, valid and binding
obligations enforceable in accordance with its terms against Borrower; (ii) after
giving effect to this Agreement, no Event of Default exists; (iii) no
present right of set off, counterclaim, recoupment claim or defense exists in
Borrower’s favor in respect of its payment or performance of any Obligations;
and (iv) except as modified by this Agreement, all terms of the Loan
Agreement and each Loan Document shall remain in full force and effect.

 

4.  Miscellaneous.  Except as otherwise expressly provided herein,
all modifications to the Loan Agreement set forth herein shall take effect on
the Effective Date. Each existing Loan Document (including, particularly, any
Note) shall be deemed modified hereby as necessary to conform its terms to the terms
of the Loan Agreement, as modified hereby. This Agreement constitutes a Loan
Document, and shall be governed and construed accordingly. This Agreement
constitutes the entire agreement between Lender and Borrower relative to the
subject matter hereof, and supersedes and replaces any prior understandings and
agreements, written or oral, in regard thereto. This Agreement shall be binding
on, and inure to the benefit of, the successors and assigns of Borrower and
Lender. Borrower shall reimburse Lender for all costs which Lender incurs,
including reasonable attorneys fees, in the preparation, negotiation, execution
and performance of this Agreement, and the recording of any Loan Documents in
connection herewith.

 

5.  Conditions Precedent.  The following shall constitute express
conditions precedent to Lender having any obligations under this Agreement,
regardless of its execution hereof: (i) to the extent any fee or other sum
is described as owing to Lender and payable on the Effective Date in Section 2
hereof, then such fee or other sum shall have been paid to Lender; and (ii) if
required by Lender, the Borrower shall have delivered to Lender such additional
Loan Documents, including, particularly, any Notes, which Lender determines to
be necessary to give effect hereto.

 

IN WITNESS WHEREOF, Lender and Borrower have
executed this Agreement, by and through their respective authorized officers,
as of the Effective Date.

 

 

	
  “Borrower”

  	
  “Lender”

  
	
   

  	
   

  
	
  NATIONAL R.V. HOLDINGS, INC.

  	
  UPS CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /S/ Thomas J. Martini

  	
   

  	
  By:

  	
  /S/ John P. Holloway

  	
   

  
	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
  Authorized Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  NATIONAL R.V., INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/ Thomas J. Martini

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  COUNTRY COACH, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/ Thomas J. Martini

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
   

  

 

2

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