MODIFICATION AGREEMENT
Exhibit 10.1
Loan No. 0411094-9001
THIS MODIFICATION AGREEMENT is entered into at Costa Mesa, California, as of November 18, 2014, between lteris, Inc., a Delaware corporation, with an address of 0000 Xxxxxxxx Xxxxxx, Xxxxx 000, Xxxxx Xxx, Xxxxxxxxxx 00000 (“Borrower”), and California Bank & Trust, a California banking corporation, with an address of 0000 Xxxxxxx Xxxxxx, Xxxxx Xxxx, Xxxxxxxxxx 00000 (“Bank”).
1. MODIFICATION
1.1 Recitals. The above recitals are hereby made a part of this Agreement, and Borrower acknowledges and agrees that each of the recitals is true, correct and complete.
1.2 Ratification. All of the terms, covenants, provisions, representations, warranties and conditions of the Loan Documents, as amended or modified hereby, are ratified, acknowledged, confirmed and continued in full force and effect as if fully restated herein.
1.3 Collateral. Borrower confirms and ratifies its continuing mortgage, pledge, assignment and grant of security interest in and lien on the Collateral to and in favor of Bank as set forth in the Loan Documents.
1.4 Principal Balance. Borrower acknowledges, agrees and confirms that, as of the date hereof, the current outstanding principal balance under the Revolving Loan is zero and a Stand-By Letter of Credit has been issued and is outstanding for the account of Borrower in the amount of $14,365.00.
1.5 Amendments to Loan and Security Agreement. The Loan and Security Agreement is hereby amended as follows:
(a) Section 1.1(a) (Revolving Loan) is amended to extend the expiration date of Bank’s obligation to make advances under the Revolving Loan and evidenced by the Revolving Note from December 1, 2014 to March 1, 2015 and the reference to “December 1, 2014” in Section 1.1(a) is changed to “March 1, 2015”.
(b) Section 6 of the Loan and Security Agreement regarding the Stand-By Letters of Credit Subline is hereby amended as follows:
(i) The date set forth in the last sentence of the first paragraph under Section 6, providing for the maximum expiration date permitted for Stand-By Letters of Credit extended by Bank under the Stand-By Letter of Credit Subline, is amended from December 1, 2014 to March 1, 2015.
(ii) The date set forth in the first sentence of Section 6.1(d), identifying Stand-By Letters of Credit for which Borrower is required to provide beneficiary letters of cancellation or cash collateral if such Stand-By Letters of Credit are outstanding on such date, is amended from December 1, 2014 to March 1, 2015.
1.6 Amendment to Revolving Note. The Revolving Note is hereby amended as follows:
(a) The Maturity Date set forth in the first paragraph on page 1 of the Revolving Note is hereby amended from December 1, 2014 to March 1, 2015.
Except as modified and amended herein, all other terms and conditions as stated in the Loan and Security Agreement and in all other Loan Documents shall remain unchanged and continue in full force and effect.
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Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Loan and Security Agreement.
Executed and effective as of the date first written hereinabove
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Borrower: | ||
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lteris, Inc., | ||
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a Delaware corporation | ||
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By: |
/s/ Xxxxx Xxxxxxxx | |
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Xxxxx Xxxxxxxx, Chief Executive Officer | |
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Accepted: |
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California Bank & Trust, |
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a California banking corporation |
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By: |
/s/ Xxxxxx Xxxxxxx |
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Xxxxxx Xxxxxxx, Vice President |
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