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EXHIBIT 10.16
LOAN MODIFICATION AGREEMENT
This agreement amends the Promissory Note dated July 24, 1996 ("Note") and
BUSINESS LOAN AGREEMENT dated March 1, 1999 ("BUSINESS LOAN AGREEMENT"), each
executed by TELECT, INC. (together if more than one "Borrower") in favor of Bank
of America, N.A., formerly Bank of America, N.A., doing business as Seafirst
Bank, ("Bank") regarding a loan in the maximum principal amount of
$12,000,000.00 (the "Loan"), which currently has a maximum principal amount of
$20,000,000.00. All references to "Bank of America, N.A., doing business as
Seafirst Bank" in any of the loan documents entered into by Borrower with regard
to the Loan are hereafter deemed to be references to Bank. For mutual
consideration, Borrower and Bank agree to amend the Note as follows:
1. Credit Limit. The maximum principal amount of Borrower's line of
credit is hereby changed to $30,000,000.00, and Borrower's
maximum liability for principal under the Note is also changed
to $30,000,000.00.
2. Maturity Date. The maturity date of the Note is changed to May
1, 2001. Bank's commitment to make advances to Borrower under
its line of credit is also extended to May 1, 2001.
2. Other Terms. Except as specifically amended by this agreement or
any prior amendment, all other terms, conditions, and
definitions of the Note, Business Loan Agreement, and all other
security agreements, guaranties, deeds of trust, mortgages, and
other instruments or agreements entered into with regard to the
Loan shall remain in full force and effect.
This agreement is dated April 4, 2000.
Bank: Bank of America, N.A.
By: /s/
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Name: Xxx Xxxxx
Title: Vice President
Borrower: TELECT, INC.
Signature: /s/
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By: Xxxx X. Xxxxxxx
Title: Vice President, Finance & Information Technology
