Exhibit 10.10(14)
SECOND MODIFICATION TO LOAN AND SECURITY AGREEMENT
This SECOND Modification to Loan and Security Agreement (this
"Modification") is entered into by and between FOTOBALL USA, INC. ("Borrower")
and COMERICA BANK successor by merger to Comerica Bank - California, a
California banking corporation ("Bank") as of this 30TH DAY OF SEPTEMBER, 2003,
at San Jose, California.
RECITALS
This Modification is entered into upon the basis of the following facts
and understandings of the parties, which facts and understandings are
acknowledged by the parties to be true and accurate:
Bank and Borrower previously entered into a Loan and Security Agreement
(Accounts and Inventory) dated JUNE 24, 2002, which was subsequently amended
pursuant to that certain modification agreement dated APRIL 16, 2003. The Loan
and Security Agreement and each modification shall collectively be referred to
herein as the "Agreement".
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as set forth
below.
AGREEMENT
1. Incorporation by Reference. The Recitals and the documents referred
to therein are incorporated herein by this reference. Except as otherwise noted,
the terms not defined herein shall have the meaning set forth in the Agreement.
2. Modification to the Agreement. Subject to the satisfaction of the
conditions precedent as set forth in Section 3 hereof, the Agreement is hereby
modified as set forth below.
A. "Section 6.16(d) of the Agreement hereby is deleted in its
entirety and replaced with the following:
"(d) Intentionally Omitted."
B. "Section 6.16(e) of the Agreement hereby is deleted in its
entirety and replaced with the following:
"(e) Intentionally Omitted."
3. Legal Effect. The effectiveness of this Modification is conditioned
upon receipt by Bank of this Modification, and any other documents which Bank
may require to carry out the terms hereof. Except as specifically set forth in
this Modification, all of the terms and conditions of the Agreement remain in
full force and effect.
4. Integration. This is an integrated Modification and supersedes all
prior negotiations and agreements regarding the subject matter hereof. All
amendments hereto must be in writing and signed by the parties.
IN WITNESS WHEREOF, the parties have agreed as of the date first set
forth above.
FOTOBALL USA, Inc. COMERICA BANK
By: /s/ Xxxxxx X. Xxxxxxxxxxx By:/s/ Xxxxxxx Xxxxxx
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Xxxxxx X. Xxxxxxxxxxx Xxxxxxx Xxxxxx
Title: Sr. Vice President & CFO Senior Vice President-Western Division
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