Document:

Document

Exhibit

10-h

EXECUTION COPY

FIRST AMENDMENT TO

CREDIT AGREEMENT

This Amendment is agreed

to as of the 21st day of November, 2000, by and between Analysts International

Corporation, a Minnesota corporation (the “Borrower”), and Wells Fargo Bank

Minnesota, National Association, f/k/a Norwest Bank Minnesota, National

Association, a national banking association (the “Bank”).

The Borrower and the Bank

have entered into a Credit Agreement dated as of January 31, 2000 (as amended,

the “Credit Agreement”).

The Borrower and the Bank

wish to increase the amount of the revolving credit facility provided under the

Credit Agreement.

ACCORDINGLY, in

consideration of the mutual covenants contained in the Credit Agreement and

herein, the parties hereby agree as follows:

1.             Definitions.  All terms defined in the Credit Agreement

that are not otherwise defined herein shall have the meanings given them in the

Credit Agreement.

2.             Amendment.  The Credit Agreement is hereby amended as

follows:

(a)           The amount, “$25,000,000,” in the

definition of “Facility Amount” in Section 1.1 of the Credit Agreement is

hereby deleted, and the amount, “$30,000,000”, is substituted therefor.

(b)           Exhibit B to the Credit Agreement is

hereby deleted, and Exhibit A to this Amendment is hereby substituted therefor.

3.             Renewal Note.  Simultaneously with the execution of this

Amendment, the Borrower shall execute and deliver to the Bank its promissory

note in the form of Exhibit A hereto (the “Renewal Note”).  The Bank shall accept the Renewal Note in

substitution for, but not in payment of, the Note (as defined in the Credit

Agreement, prior to the date of this Amendment).  Each reference in the Credit Agreement to the “Note” shall

hereafter be deemed to be a reference to the Renewal Note.

4.             Amendment Fee. In

consideration of the Bank’s entering into this Amendment, the Borrower shall

pay the Bank, on or before November 21, 2000, an amendment fee in the amount of

$5,000. Such fee shall be deemed fully earned by the Bank’s execution and

delivery of this Amendment.

5.             Representations and Warranties.  The Borrower hereby represents and warrants

to the Bank as follows:

 

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(a)           The Borrower has all requisite power

and authority, corporate or otherwise, to execute and deliver this Amendment

and the Renewal Note, and to perform this Amendment, the Renewal Note, and the

Credit Agreement as amended hereby. 

This Amendment and the Renewal Note have been duly and validly executed and

delivered to the Bank by the Borrower, and this Amendment, the Renewal Note and

the Credit Agreement as amended hereby constitute the Borrower’s legal, valid

and binding obligations enforceable in accordance with their terms.

(b)           The execution, delivery and

performance by the Borrower of this Amendment and the Renewal Note, and the

performance of the Credit Agreement as amended hereby, have been duly

authorized by all necessary action and do not and will not (i) require any

authorization, consent or approval by any governmental department, commission,

board, bureau, agency or instrumentality, domestic or foreign,

(ii) violate the articles of incorporation or bylaws of the Borrower or

any provision of any law, rule, regulation or order presently in effect having

applicability to the Borrower, or (iii) result in a breach of or

constitute a default under any indenture or agreement to which the Borrower is

a party or by which the Borrower or its properties may be bound or affected.

(c)           All of the representations and

warranties contained in Article IV of the Credit Agreement are correct on and

as of the date hereof as though made on and as of such date, except to the

extent that such representations and warranties relate solely to an earlier

date.

6.             Conditions.  The amendments set forth in paragraph 2

shall be effective only if the Bank has received (or waived the receipt of)

each of the following, in form and substance satisfactory to the Bank, on or

before November 21, 2000 (or such later date as the Bank may agree to in

writing):

(a)           The Renewal Note, duly executed on

behalf of the Borrower.

(b)           This Amendment, duly executed by the

Borrower.

(c)           The amendment fee required under

paragraph 4.

(d)           A copy of the resolutions of the

board of directors of the Borrower evidencing approval of this Amendment, the

Renewal Note, the Credit Agreement as amended hereby, and the other matters

contemplated hereby, certified as accurate by the secretary of the Borrower.

(e)           A certificate of the secretary of the

Borrower (i) stating that there have been no amendments to or restatements

of the articles of incorporation or bylaws of the Borrower as furnished to the

Bank in connection with the execution and delivery of the Credit Agreement

other than those that may be attached to the certificate, and

(ii) certifying the names of the officers of the Borrower that are

authorized to sign the

 

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documents to be delivered pursuant to this Agreement,

together with the true signatures of such officers.

7.             Miscellaneous.  The Borrower shall pay all costs and

expenses of the Bank, including attorneys’ fees, incurred in connection with

the drafting and preparation of this Amendment and any related documents.  Except as amended by this Amendment, all of

the terms and conditions of the Credit Agreement shall remain in full force and

effect.  This Amendment may be executed

in any number of counterparts, each of which when so executed and delivered

shall be deemed to be an original and all of which counterparts of this

Amendment, taken together, shall constitute but one and the same

instrument.  This Amendment shall be

governed by the substantive law of the State of Minnesota.

IN WITNESS WHEREOF, the parties hereto have caused

this Amendment to be executed as of the date first above written.

	

   

  	

  ANALYSTS INTERNATIONAL

  CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

  Marti R. Charpentier

  
	

   

  	

  Its Chief Financial

  Officer

  
	

   

  	

   

  
	

   

  	

  WELLS FARGO BANK MINNESOTA,

  NATIONAL ASSOCIATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

  Richard G. Trembley

  
	

   

  	

  Its Vice President

  

 

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Exhibit A

(Exhibit B to Credit Agreement)

PROMISSORY NOTE

	

  $30,000,000

  	

  Minneapolis,

  Minnesota

  

November 21, 2000

For value received, Analysts International

Corporation, a Minnesota corporation (the “Borrower”), promises to pay to the

order of Wells Fargo Bank Minnesota, National Association, f/k/a Norwest Bank

Minnesota, National Association, a national banking association (the “Bank”),

at its main office in Minneapolis, Minnesota, or at such other place as the

holder hereof may hereafter from time to time designate in writing, in lawful

money of the United States of America and in immediately available funds, the

principal sum of Thirty Million Dollars ($30,000,000), or so much thereof as is

advanced by the Bank to the Borrower pursuant to the Credit Agreement dated as

of January 31, 2000 between the Borrower and the Bank, as amended by a First

Amendment to Credit Agreement of even date herewith (together with all

amendments, modifications and restatements thereof, the “Credit Agreement”),

and to pay interest on the principal balance of this Note outstanding from time

to time at the rate or rates determined pursuant to the Credit Agreement.

This Note is issued pursuant to, and is subject to,

the Credit Agreement, which provides (among other things) for the amount and

date of payments of principal and interest required hereunder, for the

acceleration of the maturity hereof upon the occurrence of an Event of Default

(as defined therein) and for the voluntary and mandatory prepayment hereof.

This Note is the “Note,” as defined in the Credit Agreement.

This Note is issued in substitution for, but not in

payment of, the Borrower’s Promissory Note dated January 31, 2000, payable to

the order of the Bank in the face principal amount of $25,000,000.

The Borrower shall pay all costs of collection,

including reasonable attorneys’ fees and legal expenses, if this Note is not

paid when due, whether or not legal proceedings are commenced.

Presentment or other demand for payment, notice of

dishonor and protest are expressly waived.

	

   

  	

  ANALYSTS INTERNATIONAL

  CORPORATION

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  By

  	

   

  
	

   

  	

   

  	

  Marti R. Charpentier

  
	

   

  	

   

  	

  Its Chief Financial

  Officer

  

 

 

4Document

Exhibit 10-k

 

EXECUTION COPY

FOURTH AMENDMENT TO

CREDIT AGREEMENT

                                This Amendment, dated as of November

30, 2001, is made by and between Analysts International Corporation, a

Minnesota corporation (the “Borrower”), and Wells Fargo Bank, National

Association, assignee of Wells Fargo Bank Minnesota, National Association,

f/k/a Norwest Bank Minnesota, National Association (the “Bank”).

Recitals

                                The

Borrower and the Bank have entered into a Credit Agreement dated as of January

31, 2000 as amended by a First Amendment to Credit Agreement dated as of

December 12, 2000, a Second Amendment to Credit Agreement dated as of April 2,

2001, but effective as of March 30, 2001, and a Third Amendment dated as of

August 6, 2001 (as so amended, the “Credit Agreement”).  Capitalized terms used in these recitals

have the meanings given to them in the Credit Agreement unless otherwise

specified.

                                The Borrower has requested that

certain amendments be made to the Credit Agreement, which the Bank is willing

to make pursuant to the terms and conditions set forth herein.

                                NOW, THEREFORE, in consideration of

the premises and of the mutual covenants and agreements herein contained, it is

agreed as follows:

1.             Defined Terms. Capitalized

terms used in this Amendment which are defined in the Credit Agreement shall

have the same meanings as defined therein, unless otherwise defined herein. In

addition, Section 1.1 of the Credit Agreement is amended by adding the

following definition:

“Facility

Termination Date’ means December 28, 2001, or the earlier date of termination

of the Facility pursuant to Section 2.8 or 7.2(a).”

2.             Commitment to Obtain New

Financing.  Section 5.13 is hereby

deleted in its entirety.

3.             No Prepayment under Note

Purchase Agreement.  Section 6.17 is

hereby added to the Credit Agreement as follows:

“Section 6.17 No

Prepayment under Note Purchase Agreement. 

The Borrower will not prepay any amount (whether principal, interest or

otherwise) owing under the Note Purchase Agreement or otherwise evidenced by

any note issued pursuant thereto without the prior written consent of the Bank

(without regard to any modification or

 

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amendment of such notes

or the Note Purchase Agreement or any payment schedule related thereto not previously

approved by the Bank in writing pursuant to Section 6.11 hereof).”

4.             No Other Changes. Except as

explicitly amended by this Amendment, all of the terms and conditions of the

Credit Agreement shall remain in full force and effect and shall apply to any

advance or letter of credit thereunder.

5.             Amendment Fee.  In consideration of the Bank’s entering into

this Amendment, the Borrower shall pay to the Bank, on or before November 30,

2001, an amendment fee in the amount of fifty thousand dollars ($50,000). Such

fee shall be deemed fully earned by the Bank’s execution and delivery of this

Amendment.

6.             Conditions Precedent. This

Amendment shall be effective when the Bank shall have received an executed

original hereof, together with each of the following, each in substance and

form acceptable to the Bank in its sole discretion:

(a)           Payment of the fee described in

Paragraph 5.

(b)           Such other matters as the Bank may

require.

7.             Representations and Warranties.

The Borrower hereby represents and warrants to the Bank as follows:

(a)           The Borrower has all requisite power

and authority to execute this Amendment  and to perform all of its obligations

hereunder, and this Amendment has been duly executed and delivered by the

Borrower and constitutes the legal, valid and binding obligation of the

Borrower, enforceable in accordance with its terms.

(b)           The execution, delivery and

performance by the Borrower of this Amendment  have been duly authorized by

all necessary corporate action and do not (i) require any authorization,

consent or approval by any governmental department, commission, board, bureau,

agency or instrumentality, domestic or foreign, (ii) violate any provision

of any law, rule or regulation or of any order, writ, injunction or decree

presently in effect, having applicability to the Borrower, or the articles of

incorporation or by-laws of the Borrower, or (iii) result in a breach of

or constitute a default under any indenture or loan or credit agreement or any

other agreement, lease or instrument to which the Borrower is a party or by

which it or its properties may be bound or affected.

(c)           All of the representations and

warranties contained in Article IV of the Credit Agreement are correct on and

as of the date hereof as though made on and as of

 

2

 

such

date, except to the extent that such representations and warranties relate

solely to an earlier date.

8.             References. All references

in the Credit Agreement to “this Agreement” shall be deemed to refer to the Credit

Agreement as amended hereby; and any and all references in the Loan Documents  to

the Credit Agreement shall be deemed to refer to the Credit Agreement as

amended hereby.

9.             Release. The Borrower hereby

absolutely and unconditionally releases and forever discharges the Bank, and

any and all participants, parent corporations, subsidiary corporations,

affiliated corporations, insurers, indemnitors, successors and assigns thereof,

together with all of the present and former directors, officers, agents and

employees of any of the foregoing, from any and all claims, demands or causes

of action of any kind, nature or description, whether arising in law or equity

or upon contract or tort or under any state or federal law or otherwise, which

the Borrower has had, now has or has made claim to have against any such person

for or by reason of any act, omission, matter, cause or thing whatsoever

arising from the beginning of time to and including the date of this Amendment,

whether such claims, demands and causes of action are matured or unmatured or

known or unknown.

10.           Costs and Expenses. The

Borrower hereby reaffirms its agreement under the Credit Agreement to pay or

reimburse the Bank on demand for all costs and expenses incurred by the Bank in

connection with the Loan Documents and all other documents contemplated

thereby, including without limitation all reasonable fees and disbursements of

legal counsel. Without limiting the generality of the foregoing, the Borrower

specifically agrees to pay all fees and disbursements of counsel to the Bank

for the services performed by such counsel in connection with the preparation

of this Amendment and the documents and instruments incidental hereto. The

Borrower hereby agrees that the Bank may, at any time or from time to time in

its sole discretion and without further authorization by the Borrower, make a

loan to the Borrower under the Credit Agreement, or apply the proceeds of any

loan, for the purpose of paying any such fees, disbursements, costs and

expenses and the fee required under paragraph 5 hereof.

11.           Miscellaneous. This Amendment

may be executed in any number of counterparts, each of which when so executed

and delivered shall be deemed an original and all of which counterparts, taken

together, shall constitute one and the same instrument.

 

3

 

                                IN WITNESS

WHEREOF, the parties hereto have caused this Amendment to be duly executed as

of the date first written above.

 

 

	

  WELLS FARGO

  BANK, NATIONAL

  ASSOCIATION

  	

   

  	

  ANALYSTS INTERNATIONAL

  CORPORATION

  
	

  By

  _________________________________

  	

   

  	

  By

  _________________________________

  
	

  Richard G.

  Trembley

  	

   

  	

  Marti R.

  Charpentier

  
	

  Its Vice

  President

  	

   

  	

  Its Vice

  President — Finance

  

 

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