Exhibit 10.26(f)
FOURTH AMENDMENT TO LOAN AGREEMENT
THIS FOURTH AMENDMENT TO LOAN AGREEMENT (this "Amendment") is
entered into as of January 12, 1996, by and between IOMEGA
CORPORATION, a Delaware corporation ("Borrower"), and XXXXX FARGO
BANK, NATIONAL ASSOCIATION ("Lender").
RECITALS
WHEREAS, Borrower is currently indebted to Lender pursuant to
the terms and conditions of that certain Loan Agreement between
Borrower and Lender dated as of July 5, 1995, as amended ("the Loan
Agreement").
WHEREAS, Lender and Borrower have agreed to certain changes in
the terms and conditions set forth in the Loan Agreement and have
agreed to amend the Loan Agreement to reflect said changes.
NOW, THEREFORE, for valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto
agree that the Loan Agreement shall be amended as follows:
1. Clause 2.1(a)(iv) of the Loan Agreement (added via the
Second Amendment) is hereby amended to read as follows:
"(iv) up to and including the earliest to occur of:
(A) receipt by Borrower of funds from a secondary public
offering of common stock, (B) April 12, 1996, or (C) a
date on which Overadvance has been paid down to zero and
Lender receives written notice from Borrower of
cancellation of Overadvance, (which such earliest date
referred to as the "Overadvance Maturity Date"), an
amount equal to ten percent (10%) of Borrower's net
borrowing base in effect from time to time, as determined
by Lender based on Lender's review of Borrower's
Collateral Activity Report."
2. The outstanding principal balance of Overadvances shall
be due and payable in full on the Overadvance Maturity Date. All
terms and conditions of the Facility A Revolving Credit Note, other
than those which are expressly inconsistent with the terms of this
Amendment, continue to be applicable to Overadvances.
3. Borrower shall pay a non-refundable fee of $12,000.00,
for each 30-day period or partial period during which the
Overadvance is available or any liabilities under the Overadvance
remain outstanding, which fee shall be due and payable beginning
January 16, 1996 and, if applicable, February 16, 1996 and March
16, 1996, in consideration for Lender's agreement set forth herein.
4. Except as specifically provided herein, all terms and
conditions of the Loan Agreement remain in full force and effect,
without waiver or modification. All terms defined in the Loan
Agreement shall have the same meaning when used in this Amendment.
This Amendment and the Loan Agreement shall be read together, as
one document.
5. Borrower hereby remakes all representations and
warranties contained in the Loan Agreement and reaffirms all
covenants set forth therein. Borrower further certifies that as of
the date of this Amendment there exists no Event of Default as
defined in the Loan Agreement, nor any condition, act or event
which with the giving of notice or the passage of time or both
would constitute any such Event of Default.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed as of the day and year first written
above.
XXXXX FARGO BANK,
IOMEGA CORPORATION NATIONAL ASSOCIATION
By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxxxxxx
Title: Assistant Treasurer Title: Vice President
