EXHIBIT 10.7
BANK OF AMERICA AMENDMENT TO DOCUMENTS
AMENDMENT NO.1 TO BUSINESS LOAN
AGREEMENT
This Amendment No.1 (the "Amendment") dated as of October 6th 1998, is
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between Bank of America NT & SA (the "Bank") and FLIR Systems, Inc. (the
"Borrower").
RECITALS
A. The Bank and the Borrower entered into a certain Business Loan
Agreement dated as of September 1, 1998, (the "Agreement").
B. The Bank and the Borrower desire to amend the Agreement.
AGREEMENT
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1. Definitions. Capitalized terms used but not defined in this Amendment
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shall have the meaning given to them in the Agreement.
2. Amendments. The Agreement is hereby amended as follows:
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2.1 Subparagraph 1.1(a) of the Agreement is amended in its entirety
to read as follows:
(a) During the availability period described below, the Bank will
provide a line of credit to the Borrower. From the date of this
Amendment to January 15, 1999, the amount of the line of credit
is Forty Two Million Dollars ($42,000,000) (the "Commitment"). On
January 16, 1999, and thereafter, the Commitment will reduce to
Thirty Five Million Dollars ($35,000,000). The Commitment is
subject to the following reductions:
(i) The Commitment will reduce by the proceeds obtained from any
lease to finance a product demonstration line of equipment as
allowed elsewhere in the Agreement.
2.2 Paragraph 5.5 of the Agreement is amended in its entirety to read
as follows
5.5 GUARANTIES. Guaranties signed by FLIR Systems Ltd., FSI Automation,
Inc., FLIR Systems Limited, and FLIR Systems International Ltd., each in
the amount of Forty Two Million Dollars ($42,000,000)
Guaranties signed by FLIR Systems AB, FLIR Systems GmbH, FLIR Systems
S.AR.L, and FLIR Systems S.R.L., each in the amount of Ten Million
Dollars ($10,000,000).
3. CONDITIONS. This Amendment will be effective when the Bank receives
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the following items, in form and content acceptable to the Bank:
3.1 LOAN FEE. The Borrower agrees to pay a Two Thousand Dollar ($2,000)
fee due upon execution of the Amendment.
4. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of the
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terms and conditions of the Agreement shall remain in full force and effect.
This Amendment is executed as of the date stated at the beginning of this
Amendment.
BANK OF AMERICA NT & SA FLIR STEMS, INC
/s/ Xxxxxx Xxxxxxxxxx /s/ J. Xxxx Xxxxxx
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By: Xxxxxx Xxxxxxxxxx By: J. Xxxx Xxxxxx
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Title: Vice President Title: Vice President - Finance C.F.O.
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