Senior Account Manager Knowledge Based Industries Tel; (604) 665-8688 Fax: (604) 665-6368 Email: gord.hundal@rbc.com
EXHIBIT 10.22
G. (Gord) Xxxxxx
Senior Account Manager
Knowledge Based Industries
Tel; (000) 000-0000
Fax: (000) 000-0000
Email: xxxx.xxxxxx@xxx.xxx
July 24, 2003
Private and Confidential
Spectrum Signal Processing Inc.
#200 - 0000 Xxxxxxxxxx Xxx
Burnaby, B.C.
V5A 4X1
Attention: Xx. Xxxxx Xxxxxxx
Dear Sirs:
Re: Spectrum Signal Processing Inc. (the "Borrower") Credit Facilities with Royal Bank of Canada (the "Bank")
Further to our recent discussions on the subject, we are pleased to confirm the following amendments to your Credit Facility outlined in our letter to you of April 24, 2003 and amending letter of June 20, 2003.
SECURITY
Xxxxxxx as follows;
(a)
General Security Agreement - Prior charge in favour of Citicorp Vendor Finance, Ltd permitted. Priority agreement from Arrow Electronics Canada Ltd. to be obtained.
Delete:
(a)
Guarantee and postponement of claim on the Bank’s form 812 in the amount of $5,000,000 signed by Spectrum Signal Processing (USA) Inc., supported by a general security agreement constituting a first ranking security interest in all personal property of Spectrum Signal Processing (USA) Inc.;
(b)
Guarantee and postponement of claim on the Bank’s form 812 in the amount of $5,000,000 signed by Spectrum Signal Processing (UK) Limited.
GENERAL COVENANTS
Add
(m)
The Borrower will provide a full Guarantee, supported by a first charge General Security Agreement, from any subsidiary whose percentage, measured in revenue or assets, of the consolidated company exceeds 10%.
Except as specifically amended above, all terms and conditions outlined in the Credit Agreement dated April 28, 2003 and amending letter of June 20, 2003, continue to apply, unamended.
Please provide your acceptance of this Amending Letter by signing and returning the attached copy to the Bank by August 22, 2003 after which date the within offer is null and void, unless extended in writing by the Bank.
Yours truly,
/S/ X.X. Xxxxxx
Senior Account Manager
We acknowledge and accept the foregoing terms and conditions of this Amending Letter July 25 , 2003.
SPECTRUM SIGNAL PROCESSING INC.
By: /S/ XXXXX XXXXXXX
Name: Xxxxx Xxxxxxx
Title: Vice President of Finance and Chief Financial Officer
By: /S/ XXXXXX XXXXXXXXXX
Name: Xxxxxx Xxxxxxxxxx
Title: President and Chief Executive Officer
I/We have authority to bind the corporation.
We acknowledge and confirm our agreement with the foregoing terms and conditions as of July 25 , 2003.
SPECTRUM SIGNAL PROCESSING (USA) INC.
By:
/S/ XXXXXX XXXXXXXXXX
Name: Xxxxxx Xxxxxxxxxx
Title: Director
By: /S/ XXXX XXXX
Name: Xxxx Xxxx
Title: Director
I/We have authority to bind the corporation.
We acknowledge and confirm our agreement with the foregoing terms and conditions as of July 25 , 2003.
SPECTRUM SIGNAL PROCESSING (UK) LIMITED
By: /S/ XXXXX XXXXXXX
Name: Xxxxx Xxxxxxx
Title: Director
By: /S/ XXXXXX XXXXXXXXXX
Name: Xxxxxx Xxxxxxxxxx
Title: Director
I/We have authority to bind the corporation.
