EXHIBIT 10.26 (i)
SEVENTH AMENDMENT TO LOAN AGREEMENT
THIS SEVENTH AMENDMENT TO LOAN AGREEMENT (this
"Amendment") is entered into as of July 31, 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. Section 2.2(d) of the Loan Agreement is hereby
deleted in its entirety, and the following substituted
therefor:
"Section 2.2(d). Third Party Term Lender. At
Borrower's option, Borrower may obtain term loan
financing not to exceed $75,000,000.00 from one or
more parties other than Lender, which loans may be
secured only by purchase money liens on new
equipment and/or by liens on the real estate and
equipment to be acquired by Borrower in Malaysia
and which loans, in the aggregate with all loans
outstanding under Facility B, do not exceed
$75,000,000.00. Borrower shall provide to Lender
executed copies of all documentation evidencing
the term loan financing permitted hereunder not
later than ten (10) days after the funding of the
loan(s) evidenced thereby."
2. Section 9.5 of the Loan Agreement is amended by
adding thereto a new sentence which reads as follows:
"In addition to the foregoing, Borrower may
purchase up to 2,000,000 shares of its issued and
outstanding common stock for an aggregate price
not to exceed $50,000,000.00."
3. 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.
4. 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/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxxx X. Xxxxxxxxxx
Title: Treasurer Title: Vice President
