Document:

Amendment No.3 to the Loan and Security Agreement

 Exhibit 10-26 
  
 AMENDMENT NO. 3 TO THE LOAN AND SECURITY AGREEMENT 
 DATED AS OF JANUARY 31, 2002 
 AMONG LASALLE BANK NATIONAL ASSOCIATION, AS A
LENDER 
 AND AS AGENT FOR THE LENDERS, THE LENDERS 
 AND COBRA ELECTRONICS CORPORATION 
  
 THIS AMENDMENT NO. 3 (this “Amendment”) is made as of the 31st day of July, 2003 to the Loan and Security Agreement dated January 31, 2002 (as amended from time to time, the “Loan
Agreement”); unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Loan Agreement among Cobra Electronics Corporation (“Borrower”), LaSalle Bank National Association as agent
(“Agent”) for itself (in its individual capacity, “LaSalle”) and the other Lenders from time to time party thereto. 
  
 WHEREAS, Borrower has requested that Agent and Lenders amend and Agent and Lenders have agreed to do so subject to the terms and conditions hereof.

  
 NOW, THEREFORE, in consideration of the foregoing, and the
mutual covenants herein contained, and such other consideration as the parties mutually agree, the parties hereto agree as follows: 
  
 1. Amendment. Borrower, Agent and Lenders agree to amend the Loan Agreement as follows: 
  
 (a) Section 14(a) of the Loan Agreement is hereby amended
and restated in its entirety, as follows: 
  
 Borrower’s
Tangible Net Worth shall not at any time be less than the Minimum Tangible Net Worth; “Minimum Tangible Net Worth” being defined for purposes of this subsection as (i) $41,500,000 at all times from the date hereof through December
30, 2002 and (ii) thereafter, from the last day of each Fiscal Year of Borrower through the day prior to the last day of each immediately succeeding Fiscal Year of Borrower, the Minimum Tangible Net Worth during the immediately preceding period plus
ninety percent (90%) of Borrower’s net income (but without reduction for any net loss) for the Fiscal Year ending on the first day of the current period as reflected on Borrower’s audited year end financial statement; and “Tangible
Net Worth” being defined for purposes of this subsection as Borrower’s consolidated shareholders’ equity (including retained earnings) less the book value of all intangible assets (which shall consist of goodwill,
intellectual property, prepaid expenses, equity in foreign subsidiaries and deferred taxes) the amount of any debt subordinated to Agent and Lenders, all as determined under generally accepted accounting principles applied on a basis consistent with
the financial statements dated December 31, 2001 except as set forth herein. In no event shall (i) the amount of Borrower’s 

 
investment in Horizon Navigation, Inc. and (ii) the capitalized development costs associated with GPS product developments be deemed intangible assets for
the purposes of this calculation. 
  
 2. Representations and
Warranties of Borrower. Borrower represents and warrants that, as of the date hereof: 
  
 (a) Borrower has the right and power and is duly authorized to enter into this Amendment and all other agreements executed in connection
herewith; 
  
 (b) After giving effect to this
Amendment, no Event of Default or an event or condition which upon notice, lapse of time or both will constitute an Event of Default has occurred and is continuing; 
  
 (c) The execution, delivery and performance by Borrower of this Amendment and the other agreements to which
Borrower is a party (i) have been duly authorized by all necessary action on its part; (ii) do not and will not, by the lapse of time, giving of notice or otherwise, violate the provisions of the terms of its Certificate of Incorporation or By-Laws,
or of any mortgage, indenture, security agreement, contract, undertaking or other agreement to which Borrower is a party, or which purports to be binding on Borrower or any of its properties; (iii) do not and will not, by lapse of time, the giving
of notice or otherwise, contravene any governmental restriction to which Borrower or any of its properties may be subject; and (iv) do not and will not, except as contemplated in the Loan Agreement, result in the imposition of any lien, charge,
security interest or encumbrance upon any of Borrower’s properties under any indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which Borrower is a party or which purports to be binding on Borrower
or any of its properties; 
  
 (d) No consent,
license, registration or approval of any governmental authority, bureau or agency is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment and the other agreements executed by Borrower in
connection herewith; 
  
 (e) This Amendment and
the other agreements executed by Borrower in connection herewith have been duly executed and delivered by Borrower and are enforceable against Borrower in accordance with their terms; and 
  
 (f) All information, reports and other papers and data
heretofore furnished to Agent by Borrower in connection with this Amendment, the Loan Agreement and Other Agreements are accurate and correct in all material respects and complete insofar as may be necessary to give Agent true and accurate knowledge
of the subject matter thereof. Borrower has disclosed to Agent every fact of which it is aware which would reasonably be expected to materially and adversely affect the business, operations or financial condition of Borrower or the ability of
Borrower to perform its obligations under this Amendment, the Loan Agreement or under any of the Other Agreements. None of the information furnished to Agent by or on 
  

 2 

 
behalf of Borrower contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained
herein or therein not materially misleading. 
  
 3. Conditions
Precedent. The amendments to the Loan Agreement set forth in this Amendment shall become effective as of the date of this Amendment upon the occurrence of the following: 
  
 (a) execution of the Amendment by all parties hereto; 
  
 (b) the receipt by Agent of a $20,000 amendment fee.

  
 4. Fees and Expenses. Borrower agrees to pay all legal
fees and other expenses, whether for in-house or outside counsel, incurred by Agent in connection with this Agreement and the transactions contemplated hereby. 
  

5. Loan Agreement Remains in Force. Except as specifically amended hereby, all of the terms and conditions of the Loan Agreement shall remain in
full force and effect and this Agreement shall not be a waiver of any rights or remedies which Agent or Lenders have provided for in the Loan Agreement and all such terms and conditions are herewith ratified, adopted, approved and accepted.

  
 6. Additional Documents. Upon the request of Agent,
Borrower will cause to be done, executed, acknowledged and delivered all such further acts, conveyances and assurances as Agent from time to time may reasonably request of Borrower for accomplishing the transaction referred to herein. 
  
 7. No Novation. This Amendment and all other agreements executed by
Borrower on the date hereof are not intended to nor shall be construed to create a novation or accord and satisfaction, and shall only be a modification and extension of the existing Liabilities of Borrower to Lenders. 
  
 8. Entire Agreement. This Amendment and the other documents it refers
to comprise the entire agreement relating to the subject matter they cover and supersede any and all prior written or oral agreements among Agent, Lenders and Borrower relating thereto. 
  
 9. 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 hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
  
 Except as expressly provided for herein, the terms and conditions of the Loan
Agreement shall remain in full force and effect. 
  

 3 

 IN WITNESS WHEREOF, Borrower, Agent and Lenders have caused this Amendment to be duly executed by their
proper duly authorized officers of the day and year first set forth above. 
  

	LASALLE BANK NATIONAL
ASSOCIATION, as Agent and as a Lender
		
	 By
	 	 /S/    STEVEN
MARKS        

	 Its
	 	 Vice President

	
	NATIONAL CITY BANK OF
MICHIGAN/ILLINOIS, as a Lender
		
	 By
	 	 /S/    JOHN
WEBER        

	 Its
	 	 Senior Vice President

	
	 US BANK, NATIONAL ASSOCIATION,
 successor by merger to Firstar Bank, N.A., as
 a Lender

		
	 By
	 	 /S/    TIMOTHY
FOSSA        

	 Its
	 	 Vice President

	
	 COBRA ELECTRONICS CORPORATION

		
	 By
	 	 /S/    MICHAEL
SMITH        

	 Its
	 	 Senior Vice President and CFO

  
  

 4Agreement in Principle for GTL Project Development

 Exhibit 10.6 
  
 AGREEMENT IN PRINCIPLE FOR GTL PROJECT DEVELOPMENT 
  
 THIS AGREEMENT entered into this 18th day of June 2003, between Ivanhoe Energy Inc., a
Yukon corporation with its principal office in Vancouver, B.C., Canada (“Ivanhoe”) and Syntroleum Corporation, a Delaware corporation, with its principal office in Tulsa, Oklahoma (“Syntroleum”). Each of Ivanhoe and Syntroleum
are sometimes herein called individually a “Party” and collectively the “Parties”. 
  
 WHEREAS, Syntroleum is engaged in researching, developing, testing, commercializing and licensing its proprietary gas-to-liquids processes and
catalysts (the “GTL Technology”) for use by the energy industry throughout the United States of America and the world; and 
  
 WHEREAS, Syntroleum is engaged in developing GTL projects world-wide, either for its sole ownership or in partnership with others; and 

 
 WHEREAS, Ivanhoe is engaged in developing GTL projects world-wide,
either for its sole ownership or in partnership with others, under the terms of the Master License Agreement, dated April 26, 2000, Amended October 11, 2000 and June 1, 2002 (“License”) with Syntroleum; and 
  
 WHEREAS, Ivanhoe and Syntroleum desire to jointly develop certain GTL
projects (“GTL Projects”) from time to time whereby the Parties would share cumulative commercial and technical knowledge, business and government relationships, engineering designs and development activities to form the basis for an
equity share in the Projects; 
  
 NOW, THEREFORE, in
consideration of the foregoing and of the covenants, promises and agreements contained in this Agreement, Syntroleum and Ivanhoe agree as follows. 
  
 1. Projects Under Consideration. The Parties have discussed possible joint participation in GTL Projects in Bolivia, Egypt and Qatar. Additional
GTL Projects may be added from time to time under a nomination procedure that will be developed jointly. Nothing in this Agreement shall prevent Ivanhoe or Syntroleum from pursuing GTL projects on their own. If Ivanhoe pursues GTL projects on its
own, the normal terms of the License shall be applicable, except as amended pursuant to Paragraphs 2(a) and 2(b) below. 

 In recognition of the consideration to be given and received by the Parties under this Agreement, and in order to
promote and facilitate GTL Projects, the Parties have agreed to the following: 
  
 2. Addenda to the License: 
  
 (a) The License will be amended to include in the Licensed Territory the United States of America, Canada, Mexico, the People’s Republic of China, India, and their respective territorial waters and any country
in its territorial waters. With respect to China and India, the Parties will develop additional procedures to protect intellectual property and Syntroleum shall have final approval in respect of intellectual property protection procedures and
project participants and contractors in these countries, and approval shall not be unreasonably withheld. 
  
 (b) The rights of Ivanhoe to receive future license fee credits under the License for the US$10 million paid under Article 5 of the License and the
related indemnifications under Article 6 are hereby terminated pursuant to Paragraph 4 below. 
  
 (c) For GTL Projects in which the Parties participate, the License Fees and royalties, technology fees and catalyst markup will not be payable to
Syntroleum by Ivanhoe and such waiver by Syntroleum will be taken into consideration in determining respective ownership interest in the project. Nothing in this Agreement shall prevent Syntroleum from receiving compensation for technology and
catalyst mark-ups from third party participants, as may be negotiated as part of the Participation Agreement between the Parties. 
  
 The terms of the License shall otherwise continue in effect, except as they are changed by the foregoing agreed Addenda to the License. Nothing in this Agreement shall
imply a waiver of License Fees, royalties, technology fees and catalyst mark-up for projects independently pursued by Ivanhoe under the License. 
  
 3. Sweetwater Project Credit. The US$2 million previously paid by Ivanhoe as equity participation in the Sweetwater project is hereby forfeited
to Syntroleum and shall not be applicable for any credit in any other project where license fees are otherwise due and payable to Syntroleum. Ivanhoe is released from any further obligations on the Sweetwater Project and the DOE Catoosa Project
under previous agreements. 
  
 4. Syntroleum Research
and Development. Syntroleum has made significant expenditures in research and development over the last four years including pilot plant facilities for the multi-stage advanced reactor unit, product upgrading Synfining unit and the Catoosa DOE
project that have supported the design basis for and critical to the success of large plants being developed by Ivanhoe. It is agreed that the previous payments in the amount of US$10 million 

 and its US$2 million equity contribution to the Sweetwater Project are partial reimbursement to Syntroleum for its
expenses to conduct the research and development program through the first quarter of 2003. 
  
 5. Syntroleum Specialty Products. For joint venture projects being pursued together by the Parties, in order to enhance the project economics,
Syntroleum will contribute the ability to produce specialty products and lubricants subject to economic enhancement opportunities and product market limitations. Nothing in this Agreement shall imply that Ivanhoe has the right to produce specialty
products and Lubricants except as provided in this Paragraph 5. 
  
 (6) Individual GTL Project Agreements. Joint participation by the Parties in each GTL Project will be pursuant to a mutually an agreed definitive participation agreement (“Participation Agreement”) entered into by the
Parties or jointly with third parties. The Parties shall have no obligations in respect of any GTL Project until they have entered into the Participation Agreement. The Participation Agreements will contain terms and conditions generally found in
similar agreements in the international petroleum industry. The Parties shall both have the right to participate in the negotiations of contracts with a host country or other private entities for a GTL Project, but they shall appoint one
representative to be the principal negotiator on behalf of the Parties. The negotiator shall keep the Parties fully informed and consult with the Parties regarding principal issues and developments. 
  
 If the Parties are successful in obtaining a GTL Project, the Parties shall also enter
into a mutually agreeable Joint Operating Agreement (“JOA”) to govern their relationships in respect of fulfilling the obligations and operations under the GTL Project. The JOA will also contain provisions normally found in such agreements
in the international petroleum industry, including the appointment of an operator, budgeting and cash call provisions and an appropriate accounting procedure. 
  
 7. Contributions and Participation in GTL Projects by the Parties; Costs and Expenses. The Parties agree that
their participation in each GTL Project shall be based on and in proportion to what they contribute and/or bring into the GTL Project, either by way of commercial and technical knowledge and data and/or financial assistance. The contributions and
participations shall be detailed in the Participation Agreement for each individual GTL Project separately. 
  
 If other qualified companies join the GTL Project with the agreement of the Parties, in order to share costs and minimize individual risks, expenses and investments,
the Parties agree to reduce their participations proportionately to the participating interest to be obtained by other companies included in the GTL Project. 
  
 Unless expressly agreed otherwise in writing, each Party shall bear its own costs and expenses of performing this Agreement and obtaining
any individual GTL Project and/or entering into separate Participation Agreements. 

 8. Term of Agreement. The term of this Agreement shall be for two (2) years from the date of
this Agreement and may be renewed for additional, successive one (1) year periods by mutual agreement. 
  
 9. Entire Agreement. This Agreement sets forth the entire agreement and understanding between Syntroleum and Ivanhoe regarding its subject
matter, except that for each individual GTL Project the Parties are to enter into Participation Agreements. This Agreement supersedes all prior agreements and understandings regarding the same subject matter. This Agreement may be modified or
amended only by a written document duly signed by both Syntroleum and Ivanhoe. 
  
 10. General Provisions. 
  
 10.1 Confidentiality. The confidentiality agreements previously signed between Ivanhoe and Syntroleum with respect to the License and operations thereunder, shall apply mutatis mutandis, to activities under this Agreement unless
and until more specific agreements are entered into. 
  
 10.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America, without regard to conflict of laws provisions thereof. 
  
 10.3 Assignment. This Agreement shall not be assigned by either
Party without the prior written consent of the other Party. 
  
 IN WITNESS WHEREOF, Syntroleum and Ivanhoe have duly executed this Agreement as of the date and year first above written. 
  

	SYNTROLEUM CORPORATION
		
	By:	 	 /s/ K.R. Roberts

	 	 	 Kenneth R. Roberts
 Sr. Vice
President

	
	IVANHOE ENERGY INC.
		
	By:	 	 /s/ E. L. Daniel

	 	 	 E. Leon Daniel
 President and
CEO

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