Attached files
| file | filename |
|---|---|
| 10-Q - Optex Systems Holdings Inc | v193242_10q.htm |
| EX-31.2 - Optex Systems Holdings Inc | v193242_ex31-2.htm |
| EX-32.1 - Optex Systems Holdings Inc | v193242_ex32-1.htm |
| EX-31.1 - Optex Systems Holdings Inc | v193242_ex31-1.htm |
| EX-32.2 - Optex Systems Holdings Inc | v193242_ex32-2.htm |
FIRST
AMENDMENT
TO
LOAN AND
SECURITY AGREEMENT
This First Amendment to Loan &
Security Agreement is entered into as of August 3, 2010 (the “Amendment”) by and
between PENINSULA BANK BUSINESS FUNDING, a division of THE PRIVATE BANK OF THE
PENINSULA (“Bank”) and OPTEX SYSTEMS, INC. (“Borrower”)
RECITALS
Borrower and Bank are parties to that
certain Loan & Security Agreement dated March 4, 2010 as amended from time
to time (the “Agreement”). The parties desire to amend the Agreement in
accordance with the terms of this Amendment.
NOW THEREFORE, the parties agree as
follows:
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1.
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Section
6.8(c) and 6.8(d) EBITDA are amended in
their entirety to read as follows:
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(c)
as of the last day of Borrower’s fourth fiscal quarter ending October 2,
2010, twenty thousand dollars ($20,000); and (d) as of the last day of
Borrower’s first fiscal quarter ending January 2, 2011, two hundred
thousand dollars ($200,000).
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2.
Unless otherwise defined, all initially
capitalized terms in this Amendment shall be as defined in the Agreement.
The Agreement, as amended hereby, shall remain in full force and effect in
accordance with its terms. Except as expressly set forth herein, the
execution, delivery, and performance of this Amendment shall not operate as a
waiver of, or as an amendment of, any right, power, or remedy of Bank under the
Agreement, as in effect prior to the date hereof, or the Security
Agreement.
3.
This Amendment may be executed in any number
of counterparts and by different parties on separate counterparts, each of
which, when executed and delivered, shall be deemed to be an original, and all
of which, when taken together, shall constitute but one and the same
Amendment. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page were an original thereof.
Notwithstanding the foregoing, Borrower shall deliver all original signed
documents requested by Bank no later than ten (10) Business Days following the
date of this Amendment.
5.
As a condition to the effectiveness of this Amendment, Bank shall have received,
in form and substance satisfactory to Bank, the following:
(a)
this
Amendment, duly executed by Borrower.
(b)
an
amendment fee of $5,000, plus all Bank Expenses incurred through the date of
this Amendment; and
(c)
such
other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate.
IN WITNESS WHEREOF, the undersigned
have executed this Amendment as of the first date above written.
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OPTEX
SYSTEMS, INC.
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By:
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/s/ Karen
Hawkins
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Karen
Hawkins
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Title:
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PENINSULA
BANK BUSINESS FUNDING, A DIVISION
OF
THE PRIVATE BANK OF THE PENINSULA
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By:
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Title:
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