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EXHIBIT 10.20
SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT dated as of this 24th day of October, 1996, by
and between NEW WEST EYEWORKS, INC., a Delaware corporation ("Borrower") and
U.S. Bank of WASHINGTON, NATIONAL ASSOCIATION ("Bank") amends that certain
Credit Agreement dated June 10, 1996, by and between the parties ("Agreement").
WHEREAS, the parties wish to amend the Agreement as provided herein.
For mutual consideration, the parties agree as follows:
A. REQUIRED LEVEL OF WORKING CAPITAL. Section 6.18 of the Agreement is
hereby amended by striking the required levels of working capital on page 28 of
the Agreement and replacing it with the following:
Permit Working Capital to be less than negative $2,400,000 as of the
last day of each fiscal quarter of Borrower.
B. FEE. Concurrently with the execution of this Second Amendment,
Borrower shall pay Bank a nonrefundable fee in the amount of One Thousand and
no/100 Dollars ($1,000.00).
C. OTHER TERMS. Except as specifically amended by this Amendment, all
other terms and conditions of the Agreement shall remain in full force and
effect, and are hereby ratified and affirmed. Defined terms in the Agreement
shall have the same meanings hereon. ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN
MONEY, TO EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE
NOT ENFORCEABLE UNDER WASHINGTON LAW.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by themselves or by their respective officers or agents thereunto duly
authorized.
BORROWER: BANK:
NEW WEST EYEWORKS, INC. U.S. BANK OF WASHINGTON,
NATIONAL ASSOCIATION
/S/ Xxxxx X. Xxxx /S/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx Xxxxx X. Xxxx
President and Chief Executive Officer Assistant Vice President
