EXHIBIT 10.2
SILICON VALLEY BANK
AMENDMENT TO LOAN DOCUMENTS
BORROWER: I/O MAGIC CORPORATION
IOM HOLDINGS, INC.
DATE: APRIL 18, 2008
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 Loan and
Security Agreement dated January 29, 2007 (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
April 15, 2008 is $228,244.12 (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 Advances pursuant to
the New Loan Documents as of the date hereof, and shall, for all purposes, be
deemed to be Advances 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
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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 interests in favor of Silicon. In addition, in the event the
Borrower has 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. Moreover, that certain
Cross-Corporate Continuing Guaranty executed by each Borrower in favor of
Silicon and dated January 29, 2007 shall continue in full force and effect and
shall apply to all Obligations of Borrower whether under the Existing Loan
Agreement or the New Loan Documents.
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:
I/O MAGIC CORPORATION SILICON VALLEY BANK
BY /S/ XXXX XXXXXXX BY /S/ XXX XXXXX
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PRESIDENT OR VICE PRESIDENT TITLE RELATIONSHIP MANAGER
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BY /S/ XXXXXX X. XXXXXX
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SECRETARY OR ASS'T SECRETARY
BORROWER:
IOM HOLDINGS, INC.
BY /S/ XXXX XXXXXXX
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PRESIDENT OR VICE PRESIDENT
BY /S/ XXXXXX X. XXXXXX
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SECRETARY OR ASS'T SECRETARY
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