Item 1.01   Entry into a Material Definitive Agreement.

 

Amendment to Credit Facility

 

On August 29, 2008, XETA Technologies, Inc. (the “Company”) and Bank of Oklahoma, N.A., entered into the Sixth Amendment to Revolving Credit and Term Loan Agreement dated as of August 29, 2008.

 

The amendment replaces and renews the $7,500,000 Revolving Line Note through September 30, 2009.  The amendment also revises (i) the funded debt to EBITDA ratio to not greater than 2.75 to 1; (ii) the minimum tangible net worth requirement to $11,000,000; and (iii) the ceiling on aggregate capital expenditures during any one fiscal year to $1,500,000.

 

The amendment and new promissory note are attached hereto as Exhibit 10.1 and 10.2.

 

Item 9.01   Financial Statements and Exhibits.

 

(d)                                 Exhibits

 

10.1                   Sixth Amendment to Revolving Credit and Term Loan Agreement.

 

10.2                   Promissory Note for $7,500,000 dated August 29, 2008.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

XETA Technologies, Inc.

 

(Registrant)

 

 

 

 

Dated:   August 29, 2008

By

:  /s/ Robert B. Wagner

 

Robert B. Wagner, Chief Financial Officer

 


 

EXHIBIT INDEX

 

SEC No.

 

Description

 

 

 

10.1

 

Sixth Amendment to Revolving Credit and Term Loan Agreement.

 

 

 

10.2

 

Promissory Note for $7,500,000 dated August 29, 2008.