EXHIBIT 10.1
EXECUTION VERSION
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This First Amendment to Second Amended and Restated Credit Agreement (this “Agreement”) dated as of February 21, 2023, is made by and among CULP, INC., a North Carolina corporation (“Borrower”), READ WINDOW PRODUCTS, LLC, a North Carolina limited liability company (“Guarantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”).
W I T N E S S E T H :
WHEREAS, Borrower, Guarantor, and Lender are parties to that certain Second Amended and Restated Credit Agreement dated as of January 19, 2023 (as amended, restated, supplemented, or otherwise modified from time, the “Credit Agreement”); and
WHEREAS, Loan Parties have requested that Lender amend the Credit Agreement as set forth herein, and Lender is willing to do so on 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:
(n) Indebtedness owed to (i) any Person providing property, casualty, liability, or other insurance to any Loan Party or any of its Subsidiaries or (ii) any Person providing financing for the premiums of property, casualty, liability, or other insurance provided to any Loan Party or any of its Subsidiaries, so long as, in each case, the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year; and
(o) Liens granted on the unearned portion of insurance premiums and policy dividends securing the financing of insurance premiums to the extent the financing is permitted under the definition of Permitted Indebtedness; and
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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement to be duly executed as of the date first written above.
CULP, INC.
By:_________________________________
Name: Kenneth R. Bowling
Title: EVP, CFO, and Treasurer
READ WINDOW PRODUCTS, LLC
By: CULP, INC., its sole member and manager
By:_________________________________
Name: Kenneth R. Bowling
Title: EVP, CFO, and Treasurer
[CULP—FIRST AMENDMENT TO CREDIT AGREEMENT]
Wells Fargo Bank, National Association
By:
Name: Susan Carr
Title: Authorized Signatory
[CULP—FIRST AMENDMENT TO CREDIT AGREEMENT]