Amendment to Amended and Restated Credit Agreement dated as of March 10, 2010



 Exhibit 10.3 

AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”) is entered into as of March 10, 2010,
among PLANAR SYSTEMS, INC., an Oregon corporation (the “Borrower”), and BANK OF AMERICA, N.A., a national banking association (the “Lender”). 

RECITALS 

A. Borrower and Lender are each a party to that certain Amended and Restated Credit Agreement dated as of December 1 2009 (as
amended, restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which and subject to the terms and conditions therein contained, Lenders agreed to make loans to Borrower and to
issue letters of credit for the account of Borrower. 
 B. The Credit Agreement contains certain covenants binding upon
Borrower, including Section 6.02(b) thereof that requires Borrower to deliver to Lender a Borrowing Base Certificate (as defined in the Credit Agreement) on a monthly basis. 

C. Borrower has requested that Lender amend the Credit Agreement to require Borrower to deliver to Lender a Borrowing Base Certificate on
a monthly basis only at such times when loans or letters are outstanding under the Credit Agreement, which Lender has agreed to do, subject to the terms and conditions of this Amendment. 

NOW THEREFORE, in consideration of the foregoing, and for other good and valuable consideration receipt of which is hereby acknowledged,
the parties agree as follows: 
 AGREEMENT 

1. Definitions; Interpretation. All capitalized terms used in this Amendment and not otherwise defined herein have the meanings
specified in the Credit Agreement. The rules of construction and interpretation specified in Sections 1.02 and 1.05 of the Credit Agreement also apply to this Amendment and are incorporated herein by this reference. 

2. Amendments to Credit Agreement. Subsection (b) of Section 6.02 of the Credit Agreement is amended and restated
to read as follows: 
 (b)(i) concurrently with the delivery of each Request for Credit Extension a
Borrowing Base Certificate prepared as of the end of the month immediately preceding the date of delivery of such Request for Credit Extension, duly certified by a Responsible Officer of Borrower, together with an aging of the Accounts (as defined
in Article 9 of the UCC) of Borrower and Guarantors as of the end of such month, unless Borrower has previously delivered to Lender such Borrowing Base Certificate and such aging of Accounts pursuant to clause (ii) following, and (ii) as
soon as available, but in any event within 30 days after the end of each month that, as of the end of such month any Loan or L/C Borrowing remained unpaid, a Borrowing Base Certificate prepared as of the end of such month, duly certified by a
Responsible Officer of Borrower, together with an aging of the Accounts (as defined in Article 9 of the UCC) of Borrower and Guarantors as of the end of such month; 

3. Conditions to Effectiveness. Notwithstanding anything contained herein to the contrary, this Amendment shall become effective
as of March 10, 2010; provided that each of the following conditions is fully and simultaneously satisfied on or before March 12, 2010 

(a) Delivery of Amendment. Borrower and Lender shall have executed and delivered counterparts of this Amendment to each other;

  

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 (b) Confirmation of Guarantors. Each Guarantor shall have executed and delivered to
Lender a Consent of Guarantors in the form of Annex 1 hereto; and 
 (c) Representations True; No Default.
The representations of the Borrower as set forth in Article V of the Credit Agreement shall be true on and as of the date of this Amendment with the same force and effect as if made on and as of this date or, if any such representation
or warranty is stated to have been made as of or with respect to a specific date, as of or with respect to such specific date. No Event of Default and no event which, with notice or lapse of time or both, would constitute an Event of Default, shall
have occurred and be continuing or will occur as a result of the execution of this Amendment. 
 4. Representations and
Warranties. The Borrower hereby represents and warrants to Lender that each of the representations and warranties set forth in Article V of the Credit Agreement is true and correct as if made on and as of the date of this Amendment
or, if any such representation or warranty is stated to have been made as of or with respect to a specific date, as of or with respect to such specific date. Borrower expressly agrees that it shall be an additional Event of Default under the Credit
Agreement if any representation or warranty made by the Borrower hereunder shall prove to have been incorrect in any material respect when made. 

5. No Further Amendment. Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents shall
remain unmodified and in full force and effect and the parties hereby ratify their respective obligations thereunder. References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”,
“hereby”, “herein”, and “hereof”) and in any Loan Document to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. 

6. Reservation of Rights. Borrower acknowledges and agrees that the execution and delivery by Lender of this Amendment shall not
be deemed to create a course of dealing or otherwise obligate Lender to forbear or execute similar amendments under the same or similar circumstances in the future. 

7. Miscellaneous. 

(a) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF OREGON;
PROVIDED THAT LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
 (b) Counterparts. This Amendment may be
executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(c) Integration. This Amendment, together with the other Loan Documents, comprises the complete, final and integrated agreement of
the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. 

(d) Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 (e) Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS,
PROMISES AND COMMITMENTS MADE BY THE LENDERS AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING,
EXPRESS CONSIDERATION, AND BE SIGNED BY LENDERS TO BE ENFORCEABLE. 
  

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 IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment by its duly
authorized officer as of the day and year first above written. 
  

			
	PLANAR SYSTEMS, INC., an Oregon corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	BANK OF AMERICA, N.A., a national banking association
		
	By:	 	  

	Name:	 	  

	Title:	 	  




 

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 Annex 1 

CONSENT OF GUARANTORS 

This CONSENT OF GUARANTORS (this “Consent”) is entered into as of as of March 10, 2010, by PLANAR CHINA LLC, an
Oregon limited liability company (“Planar China”), CLARITY, A DIVISION OF PLANAR SYSTEMS, INC., an Oregon corporation (“Clarity”), RUNCO INTERNATIONAL, LLC, an Oregon limited liability company, formerly known as
Runco International, Inc. (“Runco”), PLANAR TAIWAN LLC, an Oregon limited liability company (“Planar Taiwan” and together with Planar China, Clarity and Runco, collectively, the “Guarantors” and
individually, a “Guarantor”), to and in favor of BANK OF AMERICA, N.A., a national banking association (the “Lender”). 

RECITALS 

A. Planar Systems, Inc., an Oregon corporation (the “Borrower”) and Lenders are a party to that certain Amended and
Restated Credit Agreement dated as of December 1 2009 (as amended, restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B. In connection with and as a condition to the obligation of Lender to make its initial Credit Extension under the Credit Agreement,
each Guarantor entered into that certain Amended and Restated Continuing Guaranty dated as of December 1, 2009 (as amended, restated, extended, supplemented or otherwise modified from time to time, the “Guaranty”), pursuant to
which each Guarantor guaranteed, among other things, the payment and performance of the debts, liabilities, obligations, covenants and duties of, Borrower to Lender arising under the Credit Agreement and the other Loan Documents to which Borrower is
a party. 
 C. Borrower and Lender intend to enter into that certain Amendment to Amended and Restated Credit Agreement dated as
of March 10, 2010 (the “Amendment”), pursuant to which, among other things, the Lenders will agree to only require Borrower to deliver to Lender a Borrowing Base Certificate on a monthly basis at such times when loans or
letters are outstanding under the Credit Agreement. 
 D. It is a condition precedent to the effectiveness of the Amendment that
each Guarantor enter into this Consent. 
 NOW THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration receipt of which is hereby acknowledged, each Guarantor agrees as follows: 
 AGREEMENT 

1. Definitions. Capitalized terms not otherwise defined in this Consent shall have the meanings given in the Guaranty, and if not
defined therein shall have the meanings given in the Credit Agreement. 
 2. Consent. Each Guarantor hereby acknowledges
that it has received a copy of the Credit Agreement and hereby consents to its contents, including all prior and current amendments to the Credit Agreement (notwithstanding that such consent is not required). 

3. Ratification and Confirmation. Each Guarantor hereby ratifies and confirms each of its debts, liabilities, obligations,
covenants and duties to Lender arising under the Guaranty and the other Loan Documents to which such Guarantor is a party. Each Guarantor hereby confirms and agrees that its guarantee of the payment and performance of the Guaranteed Obligations (as
defined in the Guaranty) remains in full force and effect, and that the Guaranteed Obligations (as defined in the Guaranty) shall include the debts, liabilities, obligations, covenants and duties of, Borrower to Lender arising under the Credit
Agreement and the other Loan Documents to which Borrower is a party. 
  

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 4. Representations and Warranties. Each Guarantor hereby represents and warrants to
Lenders, the Administrative Agent and the L/C Issuer that each of the representations and warranties set forth in Section 28 of the Guaranty is true and correct as if made on and as of the date of this Consent. 

5. Governing Law. THIS CONSENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF OREGON;
PROVIDED THAT LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. 
 6. Severability. Any provision of this
Consent that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions thereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

7. Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS AFTER
OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY LENDERS TO BE
ENFORCEABLE. 
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 IN WITNESS WHEREOF, each Guarantor have executed this Consent of Guarantors by its
duly authorized officer as of the day and year first above written. 
  

			
	PLANAR CHINA LLC, an Oregon limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	CLARITY, A DIVISION OF PLANAR SYSTEMS, INC., an Oregon corporation
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	RUNCO INTERNATIONAL, LLC, an Oregon limited liability company, formerly known as Runco International, Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	PLANAR TAIWAN LLC, an Oregon limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  




 

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