FIRST AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
This AMENDMENT, dated the 20th day of April, 1995 between SYMMETRICOM, INC., a
California corporation, (herein referred to as the "Borrower") and COMERICA
BANK-California (herein referred to as the "Bank").
WITNESSETH:
WHEREAS, the Bank and the Borrower on December 1, 1993 entered into a certain
Revolving Credit Loan Agreement (the "Agreement"), a certain Revolving Credit
Master Note (the "Revolving Credit Note"), a certain Guaranty, a certain
Corporate Resolution Authorizing Execution of Guaranty, a certain Loan
Disbursement Order, and a certain Advance & Repayment Agreement (collectively
the "Loan Documents"); and
WHEREAS, the Borrower desires to borrow up to Seven Million and 00/100 Dollars
($7,000,000.00) from the Bank from time to time for the working capital needs
of the Borrower; and
WHEREAS, the modifications to the Agreement and to the Revolving Credit Note
contemplated hereby are in the best interest of, and will mutually benefit,
the parties hereto; and
NOW, THEREFORE, in consideration of the premises and the mutual promises
herein contained, the Borrower and the Bank agree to amend the Agreement in
the manner and to the extent hereinafter set forth:
1. In Section 1.1 titled "Definitions", delete the following section:
"Termination Date".
2. In Section 1.1 titled "Definitions", add the following section:
"'Termination Date' shall mean December 1, 1996 (or such earlier date on which
the Borrower shall permanently terminate the Bank's commitment under Section
2.8.1 of this Agreement)".
3. Replace Section 6.5 with the following: "Maintain Tangible Net Worth.
On a consolidated basis, maintain a Tangible Net Worth for it of not less than
the amount specified during the period specified below:
(a) $40,000,000.00 from the date of this Amendment and at all
times thereafter".
4. Replace the first paragraph of the Revolving Credit Master Note with the
following: FOR VALUE RECEIVED, the undersigned promises to pay to the order
of COMERICA BANK-CALIFORNIA (the "Bank") at Pier 00 Xxxxx Xxxxxxxx, Xxx
Xxxxxxxxx, Xxxxxxxxxx, on December 1 , 1996, the principal sum or so much of
the principal sum of Seven Million Dollars ($7,000,000.00) as may from time to
time have been advanced and be outstanding under that certain Revolving Credit
Loan Agreement dated December 1 , 1993, between the undersigned and the Bank
(the "Agreement") plus all accrued but unpaid interest thereon.
IN ADDITION, in consideration of the premises and the mutual promises herein
contained, the Borrower and the Bank agree to amend the Revolving Credit Note
and the Loan Documents in the manner and to the extent hereinafter set forth:
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the
Agreement and the Revolving Credit Note to be executed and delivered by their
duly authorized officers on the day and year first written above.
By: /s/ Xxxxxxx X. Xxxxxx By: /s/ J. Xxxxx Xxxxxxx
Xxxxxxx X. Xxxxxx J. Xxxxx Xxxxxxx
Its: Chief Executive Officer
Its: Chief Financial Officer
COMERICA BANK -CALIFORNIA
By: /s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxx
Its: Assistant Vice President
