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| Bank of America |
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Amendment Number 001 |
| Banc of America Leasing & Capital, LLC |
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to Master Loan and Security Agreement No. 17507-70000 |
This
Amendment Number 001 (the Amendment) is made this
30th day of April, 2008
to Master Loan and Security Agreement No. 17507-70000 dated as of June 13, 2007, (together with
all (equipment schedules,) (equipment) notes, addenda, amendments, riders, and other documents
and instruments thereto, the Agreement), between Banc of America Leasing & Capital, LLC
(Lender) and iRobot Corporation
(Borrower).
WITNESSETH:
WHEREAS, Lender and Borrower are parties to the Agreement;
and
WHEREAS, Lender and Borrower desire to amend certain
provisions of the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises as hereinafter set forth,
and for other good and valuable consideration, the receipt and
sufficiency of which are hereby
acknowledged, the parties agree as follows:
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1. |
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The Agreement is hereby amended by deleting the Addendum to Master Loan and Security
Agreement No. 17507-70000 dated June 19, 2007 in its
entirety. |
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2. |
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The Agreement is hereby amended by inserting the following as a second paragraph at the end
of Section 8 of the Agreement: |
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All covenants of Borrower that are based upon a specified level or ratio relating to assets,
liabilities, indebtedness, rentals, net worth, cash flow, earnings, profitability, or any
other accounting-based measurement or test, now or hereafter existing (collectively, the
Additional Covenants), in that certain Credit Agreement dated June 5, 2007 by and
between Borrower and Bank of America, N.A., or in any replacement credit facility acceptable
to Lender between Borrower and a United States national banking association or other
financial institution (a Bank Facility), are hereby Incorporated into and made a part of
this Agreement (with such adjustments to defined terms as may be necessary to assure
consistency) as such Additional Covenants may be amended from time to time under such Bank
Facility; provided, however, that (i) the Additional
Covenants shall be deemed
permanently incorporated into this Agreement, in their then existing form without further
modification or amendment except as may be agreed to in writing by Lender, upon and
notwithstanding the cancellation or termination of a Bank Facility due to voluntary
prepayment, payment at maturity, default or otherwise, unless a replacement credit facility
with Additional Covenants has been accepted in writing by Lender in its sole discretion prior
to the effective date of such cancellation or termination of such Bank Facility, and (ii) any
waiver of any breach (or anticipated breach) of any Additional Covenant under the Bank
Facility (by reason of amendment, forbearance or otherwise) shall not constitute a waiver of
the corresponding default (or anticipated default) under this Agreement unless specifically
agreed to in writing by Lender. Borrower shall promptly provide Lender: (a) certified copies
of true, correct and complete documentation of any Bank Facility in effect from time to time,
and any all proposed amendments and modifications thereof; (b) notices of any event of
default or other condition of non-compliance issued to Borrower in connection with a Bank
Facility; (c) any certificates of compliance and supporting information and reports in the
form required pursuant to a Bank Facility as they pertain to the Additional Covenants, and
shall continue to provide the same to Lender notwithstanding the cancellation or other
termination of such Bank Facility for so long as any Obligations owing to Lender remain
outstanding in connection with this Agreement; and (d) prior written notice of the
cancellation or termination of a Bank Facility for any reason. Borrower further acknowledges
and agrees that any event of default under a Bank Facility shall constitute an Event of
Default under this Agreement. |
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3. |
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The Agreement is hereby amended by deleting Section 8 (c) in its entirety and replacing it
with the following:
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Borrower shall notify Lender in writing at least 30 days before changing its legal name,
state of organization, corporate address or organizational
identification number; |
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4. |
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It is the intention of Lender and Borrower that, upon execution, this Amendment shall
constitute a part of the Agreement, Except as amended
hereby, the Agreement shall remain in full force and effect and is in all respects hereby
ratified and affirmed. To the extent that the provisions of
this Amendment conflict with the provisions of the Agreement, the provisions of this
Amendment shall control. Capitalized terms not otherwise
defined herein shall have the meanings ascribed them in the Agreement. All other financial
terms and conditions contained herein that are not
specifically defined herein shall have meanings determined in accordance with generally
accepted accounting principles consistently applied. This
Amendment shall apply to all Equipment Notes now existing (except any Equipment Notes which
Lender has assigned to a third party unless such
third party has approved or consented to this Amendment) or hereafter
entered into under the
Agreement. |
IN WITNESS WHEREOF, the parties, each by its duly authorized officer or agent, have duly executed
and delivered this Amendment, which is intended to take effect as a sealed instrument, as of the
day and year first written above.
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| Banc of America Leasing & Capital, LLC (Lender) |
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iRobot Corporation (Borrower) |
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| By: |
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-s- Patricia Smith-Disu |
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By: |
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-s- Geoffrey P. Clear |
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| Printed Name: |
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Patricia Smith-Disu |
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Printed Name: |
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GEOFFREY P. CLEAR |
| Title: |
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Vice President |
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Title: |
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SR VP/CFO |
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