Exhibit 10.53
Greyrock
Business
Credit
A NationsBank Company
Amendment to Loan Documents
Borrower: Seer Technologies, Inc.
Address: 0000 Xxxxxxx Xxxxxxx
Xxxx, Xxxxx Xxxxxxxx 00000
Date: May 5, 1998
THIS AMENDMENT ("Amendment") is entered into as of the above date between
GREYROCK BUSINESS CREDIT, a Division of NationsCredit Commercial Corporation
("GBC"), whose address is 00000 Xxxxxxxx Xxxx., Xxxxx 000, Xxx Xxxxxxx, XX
00000 and the borrower named above ("Borrower") with respect to the Loan and
Security Agreement between GBC and Borrower, dated March 26, 1997, as amended
from time to time (the "Loan Agreement"). (This Amendment, the prior
Amendments dated February 24, 1998 and March 11, 1998, the Loan Agreement, any
other prior written amendments to said agreements signed by GBC and the
Borrower, and all other written documents and agreements between GBC and the
Borrower are referred to herein collectively as the "Loan Documents".
Capitalized terms used but not defined in this Amendment, shall have the
meanings set forth in the Loan Agreement.)
The parties agree to amend the Loan Agreement as follows, effective on the
date hereof:
1. Modification to Maturity Date. The following is substituted in place
and stead of Section 4 of the Schedule to Loan and Security Agreement:
"4. Maturity Date
(Section 6.1): May 31, 1999, subject to automatic renewal as provided in
Section 6.1 above, and early termination as provided in
Section 6.2 above."
2. Modification to Section 6.1. The following is substituted in place
and stead of Section 6.1 of the Loan Agreement:
"6.1 Maturity Date. This Agreement shall continue in effect until the
maturity date set forth on the Schedule (the "Maturity Date"); provided
that the Maturity Date shall automatically be extended, and this
Agreement shall automatically and continuously renew, for successive
additional terms of one year each, unless one party gives written notice
to the other, not less than sixty (60) days prior to the next Maturity
Date, that such party elects to terminate this Agreement effective on
the next Maturity Date."
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3. Representations True. Borrower represents and warrants to GBC that
all representations and warranties set forth in the Loan Agreement, as amended
hereby, are true and correct.
4. General Provisions. This Amendment, the Loan Agreement, and the
other Loan Documents set forth in full all of the representations and
agreements of the parties with respect to the subject matter hereof and
supersede all prior discussions, representations, agreements and
understandings between the parties with respect to the subject hereof. Except
as herein expressly amended, all of the terms and provisions of the Loan
Agreement and the other Loan Documents shall continue in full force and effect
and the same are hereby ratified and confirmed.
Borrower: GBC:
SEER TECHNOLOGIES, INC. GREYROCK BUSINESS CREDIT,
a Division of
NationsCredit Commercial Corporation
By /s/ Xxxxxx Xxxxxxxxxxx
President or Vice-President
By /s/ Xxxxxx XxXxxxxx By /s/ Xxxx Xxxxxx
Secretary or Ass't Secretary Title: Vice President of Operations
CONSENT
The undersigned, guarantors, acknowledge that their consent to the
foregoing Agreement is not required, but the undersigned nevertheless do
hereby consent to the foregoing Agreement and to the documents and agreements
referred to therein and to all future modifications and amendments thereto,
and any termination thereof, and to any and all other present and future
documents and agreements between or among the foregoing parties. Nothing
herein shall in any way limit any of the terms or provisions of the Continuing
Guarantees of the undersigned, all of which are hereby ratified and affirmed.
This Consent may be executed in counterparts. The signatures of the
undersigned shall be fully effective even if other persons named below fail to
sign this Consent.
SEER TECHNOLOGIES IRELAND LIMITED SEER TECHNOLOGIES BENELUX B.V.
By /s/ Xxxxxx Xxxxxxxxxxx By /s/ Xxxxxx Xxxxxxxxxxx
Title: Title:
By /s/ Xxxxxx XxXxxxxx By /s/ Xxxxxx XxXxxxxx
Title: Title:
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