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SECOND AMENDMENT TO EXPORT-IMPORT BANK LOAN AND SECURITY AGREEMENT

Security Agreement

SECOND AMENDMENT TO EXPORT-IMPORT BANK LOAN AND SECURITY AGREEMENT | Document Parties: EXPORT-IMPORT BANK | POKERTEK, INC | SILICON VALLEY BANK You are currently viewing:
This Security Agreement involves

EXPORT-IMPORT BANK | POKERTEK, INC | SILICON VALLEY BANK

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Title: SECOND AMENDMENT TO EXPORT-IMPORT BANK LOAN AND SECURITY AGREEMENT
Date: 8/14/2009
Industry: Casinos and Gaming     Sector: Services

SECOND AMENDMENT TO EXPORT-IMPORT BANK LOAN AND SECURITY AGREEMENT, Parties: export-import bank , pokertek  inc , silicon valley bank
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Exhibit 10.2

 

SECOND AMENDMENT TO EXPORT-IMPORT BANK

LOAN AND SECURITY AGREEMENT

 

THIS SECOND AMENDMENT TO EXPORT-IMPORT BANK LOAN AND SECURITY AGREEMENT (this “ Agreement ”) is entered into as of July 24, 2009, by and between SILICON VALLEY BANK (“ Bank ”) and POKERTEK, INC. , a North Carolina corporation (“ Borrower ”), with its principal place of business at 1150 Crews Road, Suite F, Matthews, North Carolina 28105 (the “ Borrower ”).

 

Recitals

 

A. Bank and Borrower have entered into that certain Export-Import Bank Loan and Security Agreement dated as of July 25, 2008 (as the same has and may continue to be from time to time further amended, modified, supplemented or restated, the “ Exim Loan Agreement ”).

 

B. Bank has extended credit to Borrower for the purposes permitted in the Exim Loan Agreement.

 

C.  Borrower has requested that Bank (i) extend the Maturity Date, (ii) reduce the Facility Amount, and (iii) amend certain other provisions of the Loan Agreement.

 

D. Although Bank is under no obligation to do so, Bank is willing to amend certain provisions of the Loan Agreement, all on the terms and conditions set forth in this Agreement, so long as Borrower complies with the terms, covenants and conditions set forth in this Agreement in a timely manner.

 

Agreement

 

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

1. Definitions .  Capitalized terms used but not defined in this Agreement, including its preamble and recitals, shall have the meanings given to them in the Exim Loan Agreement.

 

2. Amendments to Exim Loan Agreement .

 

2.1 Section 2.1.1 (Financing of Accounts) .  Section 2.1.1 of the Loan Agreement is hereby amended by adding clauses (g) immediately after clause (f) of Section 2.1.1 of the Loan Agreement as follows:

 

(g) Maximum Advances .  The aggregate face amount of all Financed Receivables outstanding at any time may not exceed the Exim Committed Line.  The aggregate amount of all Advances outstanding at any time to finance Exim Eligible Foreign Inventory may not exceed the Exim Inventory Facility Amount.  The sum of the aggregate amount of all Advances and Domestic Advances outstanding at any time may not exceed the Exim Facility Limit.

 

 

 


 

 

2.2 Section 13 (Definitions) .

 

(a) The following terms and their respective definitions as set forth in Section 13.1 of the Loan Agreement are hereby deleted in their entirety and replaced in alphabetical order with the following:

 

Exim Committed Line ” is an Advance or Advances of up to One Million Five Hundred Fifty-Five Thousand Five Hundred Dollars ($1,555,500).

 

Exim Maturity Date ” is July 23, 2010.

 

(b) The following terms and their respective definitions are hereby added in alphabetical order to Section 13.1 of the Loan Agreement:

 

Exim Facility Limit ” is Two Million Five Hundred Thousand Dollars ($2,500,000).

 

Exim Inventory Facility Amount ” is Seven Hundred Fifty Thousand Dollars ($750,000).

 

Domestic Advances ” means an advance under the Domestic Loan Agreement.

 

3. Limitation of Amendments.

 

3.1 The amendments set forth in Section 2 above ar


 
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