Exhibit 10.3
Silicon Valley Bank
Amendment to Loan Documents
Borrower: Adept Technology, Inc.
Date: April 22, 2004
THIS AMENDMENT TO LOAN DOCUMENTS is entered into between SILICON VALLEY
BANK ("Silicon") and the borrower named above (the "Borrower"), with reference
to the various loan and security agreements and other documents, instruments and
agreements between them, including but not limited to that certain Accounts
Receivable Purchase Agreement dated March 20, 2003, (as amended, if at all, the
"Existing Loan Agreement"; the Existing Loan Agreement and all related
documents, instruments and agreements may be referred to collectively herein as
the "Existing Loan Documents").
The Parties agree to amend the Existing Loan Documents, as follows:
1. Present Loan Balance. Borrower acknowledges that the present unpaid
principal balance of the Borrower's indebtedness, liabilities and obligations to
Silicon under the Existing Loan Documents, including interest accrued through
4-14-04 is $311,711.27 (the "Present Loan Balance"), and that said sum is due
and owing without any defense, offset, or counterclaim of any kind.
2. Amendment to Existing Loan Documents. The Existing Loan Documents are
hereby amended in their entirety to read as set forth in the Loan and Security
Agreement, and related documents, being executed concurrently (collectively, the
"New Loan Documents"). The Borrower acknowledges that the Present Loan Balance
shall be the opening balance of the Loans pursuant to the New Loan Documents as
of the date hereof, and shall, for all purposes, be deemed to be Loans made by
Silicon to the Borrower pursuant to the New Loan Documents. Notwithstanding the
execution of the New Loan Documents, the following Existing Loan Documents shall
continue in full force and effect and shall continue to secure all present and
future indebtedness, liabilities, guarantees and other Obligations (as defined
in the New Loan Documents): All standard documents of Silicon entered into by
the Borrower in connection with Letters of Credit and/or Foreign Exchange
Contracts; all security agreements, collateral assignments and mortgages,
including but not limited to those relating to patents, trademarks, assignments
and mortgages, including but not limited to those relating to patents,
trademarks, copyrights and other intellectual property; all lockbox agreements
and/or blocked account agreements; and all UCC-1 financing statements and other
documents filed with governmental offices which perfect liens or security
interest in favor of Silicon. In addition, in the event the Borrower has
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previously issued any stock options, stock purchase warrants or securities to
Silicon, the same and all documents and agreements relating thereto shall also
continue in full force and effect.
3. General Provisions. This Amendment and the New 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.
Borrower: Silicon:
ADEPT TECHNOLOGY, INC. SILICON VALLEY BANK
By: /s/ XXXXXXX X. XXXXXX By /s/ XXXXX XXXX
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President or Vice President Title SVP
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By /s/ XXXXXX X. XXXXXXX
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Secretary or Ass't Secretary
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