Document:

Exhibit 10.2

 

AMENDMENT
NUMBER FOURTEEN TO AMENDED AND RESTATED

LOAN AND SECURITY AGREEMENT

 

THIS AMENDMENT NUMBER FOURTEEN TO
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”),
dated as of March 24, 2005, is entered into between and among the lenders
identified on the signature pages hereof (such lenders, together with their
respective successors and assigns, are referred to hereinafter each
individually as a “Lender” and collectively as the “Lenders”), WELLS FARGO FOOTHILL, INC., a California
corporation, as the arranger and administrative agent for the Lenders (“Agent”
and together with the Lenders, collectively, the “Lender Group”), SILICON GRAPHICS, INC., a Delaware
corporation (“Parent”), and each of Parent’s Subsidiaries identified on
the signature pages hereof (such Subsidiaries, together with Parent, are
referred to hereinafter each individually as a “Borrower,” and
individually and collectively, jointly and severally, as “Borrowers”),
in light of the following:

 

W I  T  N  E  S  S  E  T  H

 

WHEREAS, Borrowers and the Lender Group are parties to
that certain Amended and Restated Loan and Security Agreement, dated as of
September 20, 2002 (as amended, restated, supplemented, or modified from time
to time, the “Loan Agreement”);

 

WHEREAS, Borrowers have requested that the Lender Group agree to an
amendment to the Loan Agreement to provide for added temporary credit
availability in the Borrowing Base based on Intellectual Property;

 

WHEREAS, subject to the satisfaction of the conditions
set forth herein, the Lender Group is willing so to consent to the amendment of
the Loan Agreement.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1.                                      DEFINITIONS.

 

Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed to
them in the Loan Agreement, as amended hereby.

 

2.                                      AMENDMENTS
TO LOAN AGREEMENT.

 

(a)                                  Section 2.1(a) of the Loan Agreement is hereby
amended and restated in its entirety as follows:

 

“Subject to the terms and conditions of this
Agreement, and during the term of this Agreement, each Lender with a Commitment
agrees (severally, not jointly or jointly and severally) to make advances to
Borrowers in an amount at any one time outstanding not to exceed such Lender’s
Pro Rata Share of an amount equal to the lesser of
(i) the Maximum Revolver Amount less the Letter
of Credit Usage, or (ii) the Borrowing Base less
the Letter of Credit Usage.  For purposes
of this Agreement, ‘Borrowing Base,’ as of any date of determination,
shall mean the result of:

 

1

 

“(w)                         the
lesser of

 

“(i)                               85%
of Eligible Accounts, less the
amount, if any, of the Dilution Reserve; provided that in no event shall the
amount of credit availability created by:

 

“(A)                        Eligible
Canadian Accounts exceed $2,000,000,

 

“(B)                          Eligible
Service Accounts exceed $15,000,000, or

 

“(C)                          Eligible
SGI Solutions Finance Accounts exceed $3,000,000, and

 

“(ii)                            an
amount equal to Borrowers’ Collections with respect to Accounts for the
immediately preceding 45 day period, plus

 

“(x)                             the
lowest of: (i) 30% of the value of Eligible Inventory, (ii) 80% of
the Net Orderly Liquidation Value of the book value of Eligible Inventory, and
(iii) $15,000,000; provided, however, that the limitation set forth in
clause (ii) shall not be applicable during the period beginning on February 24,
2005 and continuing through April 11, 2005, plus

 

“(y)                           the
lower of: (i) 100% of the value of Intellectual Property, and (ii) as of March
24, 2005 and continuing through and including March 31, 2005, $16,000,000; and
thereafter, $10,000,000, minus

 

“(z)                             the
aggregate amount of reserves, if any, established by Agent under Section
2.1(b) and the Lender Group Bank Products Reserve.”

 

3.                                      CONDITIONS
PRECEDENT TO THIS AMENDMENT.

 

The satisfaction of each
of the following shall constitute conditions precedent to the effectiveness of
this Amendment and each and every provision hereof:

 

(a)                                  The representations and warranties
in the Loan Agreement and the other Loan Documents shall be true and correct in
all respects on and as of the date hereof, as though made on such date (except
to the extent that such representations and warranties relate solely to an
earlier date);

 

(b)                                 No Default or Event of Default shall
have occurred and be continuing on the date hereof or as of the date of the
effectiveness of this Amendment; and

 

(c)                                  No injunction, writ, restraining
order, or other order of any nature prohibiting, directly or indirectly, the
consummation of the transactions contemplated herein shall have been issued and
remain in force by any Governmental Authority against Borrowers or the Lender
Group.

 

2

 

4.                                      CONSTRUCTION.

 

THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
CALIFORNIA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF
CALIFORNIA.

 

5.                                      ENTIRE
AMENDMENT; EFFECT OF AMENDMENT.

 

This Amendment, and terms
and provisions hereof, constitute the entire agreement among the parties
pertaining to the modification of the Loan Agreement as herein provided and
supersede any and all prior or contemporaneous agreements, promises, and
amendments relating to the subject matter hereof.  Except for the amendment to the Loan
Agreement expressly set forth in Section 2 hereof, the Loan
Agreement and other Loan Documents shall remain unchanged and in full force and
effect.  To the extent any terms or
provisions of this Amendment conflict with those of the Loan Agreement or other
Loan Documents, the terms and provisions of this Amendment shall control.  This Amendment is a Loan Document.

 

6.                                      COUNTERPARTS;
TELEFACSIMILE EXECUTION.

 

This Amendment may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument and any of the parties hereto may
execute this Amendment by signing any such counterpart.  Delivery of an executed counterpart of this Amendment
by telefacsimile shall be equally as effective as delivery of an original
executed counterpart of this Amendment. 
Any party delivering an executed counterpart of this Amendment by
telefacsimile also shall deliver an original executed counterpart of this
Amendment, but the failure to deliver an original executed counterpart shall
not affect the validity, enforceability, and binding effect of this Amendment.

 

7.                                      MISCELLANEOUS.

 

(a)                              Upon the effectiveness of this
Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”,
“herein”, “hereof” or words of like import referring to the Loan Agreement
shall mean and refer to the Loan Agreement as amended by this Amendment.

 

(b)                             Upon the effectiveness of this
Amendment, each reference in the Loan Documents to the “Loan Agreement”, “thereunder”,
“therein”, “thereof” or words of like import referring to the Loan Agreement
shall mean and refer to the Loan Agreement as amended by this Amendment.

 

3

 

IN WITNESS WHEREOF, the parties have caused this
Amendment to be executed and delivered as of the date first written above.

 

	
   

  	
  WELLS FARGO FOOTHILL, INC.,

  a California corporation, as Agent and as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By 

  	
  :  /s/ Thomas P.
  Shughrue

  	
   

  
	
   

  	
  Name:

  	
    Thomas P. Shughrue

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SILICON GRAPHICS, INC.,

  a Delaware Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  :  /s/ Jean Furter

  	
   

  
	
   

  	
  Name:

  	
    Jean Furter

  	
   

  
	
   

  	
  Title:

  	
  Vice President, Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SILICON GRAPHICS FEDERAL, INC.,

  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  :  /s/ Jeffrey Zellmer

  	
   

  
	
   

  	
  Name:

  	
  Jeffrey Zellmer

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
															

 

4Exhibit 10.23

 

August  19, 2004

 

National Vision, Inc.

296 Grayson Highway

Lawrenceville, Georgia 30045-5750

Attention:  Chief Financial
Officer

Ladies and Gentlemen:

 

Reference is
made to the Loan and Security Agreement dated as of May 30, 2001, between National
Vision, Inc., a Georgia corporation (“Borrower”), and Fleet Capital
Corporation, a Rhode Island corporation (“Fleet Capital”), as assigned by Fleet
Capital to Fleet Retail Group, Inc., a Delaware corporation (“Lender”),
pursuant to the Assignment and Assumption dated as of May 24, 2004 (as amended
from time to time and as so assigned, the “Loan Agreement”).  All capitalized terms used herein, unless
otherwise defined, shall have the meanings ascribed to them in the Loan
Agreement.

 

Lender and
Borrower hereby agree that, during the period commencing on the date hereof and
ending on October 2nd , 2004 (the “Purchase Period”), Borrower may purchase up
to $5,000,000 of New Senior Notes with Borrower’s cash on hand, but not with
proceeds of any Revolver Loans; provided, however, that up to and
including August 31st, 2004, after giving effect to such purchases, Borrower
shall have cash on hand in an amount not less than $4,000,000; provided  further
that from September 1st through October 2nd , 2004, after giving effect to such
purchases, Borrower shall have cash on hand in an amount not less than
$2,000,000.  All of the purchases of New
Senior Notes described hereinabove shall comply with Section 9.2.22(iii) of the
Loan Agreement except that any amounts expended to purchase New Senior Notes
during the Purchase Period shall not be included in the calculation of the
Consolidated Fixed Charge Coverage Ratio for the purposes of Section
9.2.22(iii).  After expiration of the
Purchase Period, any amounts expended to purchase New Senior Notes during the
Purchase Period shall be included in the calculation of the Consolidated Fixed
Charge Coverage Ratio for the purpose of satisfying the conditions of Section
9.2.22(iii) of the Loan Agreement.  Any
amounts expended to purchase New Senior Notes during the Purchase Period shall
not be included in the calculation of the Consolidated Fixed Charge Coverage
Ratio under Section 9.3.2 of the Loan Agreement.

 

Notwithstanding anything to the contrary contained in the Loan Agreement,
during the Purchase Period, Borrower shall not have any right to request, and
Lender shall not have any obligation to make, any Revolver Loans whatsoever
under the Loan Agreement nor shall Borrower have any right to request, or
Lender have any obligation to procure, any Letter of Credit; provided, however,
that (i) Lender may continue to honor any deemed request for a Revolver Loan
under Section 3.1 of the Loan Agreement for the becoming due of any Obligations
(including, without limitation, interest and fees) that are not otherwise
timely paid by Borrower and (ii) the fees payable

 

 

by Borrower under Section 2.2
of the Loan Agreement shall continue to be calculated and payable as set forth
in the Loan Agreement.

 

Lender and
Borrower hereby agree that all rent payments which Borrower is required to make
by the terms of Borrower’s leases for its locations at 185 North Route 73,
Sundaes Plaza, West Berlin, New Jersey 08091 and 1283 Arsenal Street, Arsenal
Plaza, Watertown, New York 13601, as in effect on the date hereof, shall not be
included in the definition of “Rentals” for purposes of determining Borrower’s
compliance with Section 9.2.14 of the Loan Agreement; provided, however, that
Borrower shall not amend its leases for the West Berlin, New Jersey or
Watertown, New York locations in a manner that increases the financial
obligation of the borrower thereunder, as determined by the Lender in its
reasonable judgment, without Lender’s prior written consent, such consent to be
given in Lender’s sole and absolute discretion.

 

Lender hereby waives any and all Events of
Default in existence on the date hereof occurring solely as a result of
Borrower’s late submissions of any schedules, financial statements or other
reports required by Sections 7.2, 7.3, 7.4, 7.5, 9.1.3 or 9.1.5 (the “Designated
Defaults”).  In no event shall such
waiver be deemed to constitute a waiver of (a) any Default or Event of Default
other than the Designated Defaults in existence on the date of this Amendment
or (b) Borrower’s obligation to comply with all of the terms and conditions of
the Loan Agreement and the other Loan Documents from and after the date
hereof.  Notwithstanding any prior,
temporary mutual disregard of the terms of any contracts between the parties,
Borrower hereby agrees that it shall be required strictly to comply with all of
the terms of the Loan Documents on and after the date hereof.

 

The effectiveness of this letter agreement is subject to Lender’s
receipt of an original counterpart of this letter agreement duly executed by
Borrower.

 

Borrower hereby:  (i) ratifies
and reaffirms the Obligations, each of the Loan Documents and all of Borrower’s
covenants, duties, indebtedness and liabilities under the Loan Documents; (ii)
acknowledges and stipulates that (a) the Loan Agreement and the other Loan
Documents executed by Borrower are legal, valid and binding obligations of
Borrower that are enforceable against Borrower in accordance with the terms
thereof, (b) all of the Obligations are owing and payable without defense,
offset or counterclaim (and to the extent there exists any such defense, offset
or counterclaim on the date hereof, the same is hereby waived by Borrower) and
(c) the security interests and Liens granted by Borrower in favor of Lender are
duly perfected, first priority security interests and Liens; (iii) represents
and warrants to Lender, to induce Lender to enter into this letter agreement,
that (a) no Default or Event of Default exists on the date hereof other than
the Designated Defaults, (b) the execution, delivery and performance of this
letter agreement have been duly authorized by all requisite corporate action on
the part of Borrower, (c) this letter agreement has been duly executed and
delivered by Borrower and (d) all of the representations and warranties made by
Borrower in the Loan Agreement are true and correct on and as of the date
hereof; (iv) agrees that a breach of any representation, warranty or covenant
herein shall constitute an Event of Default; (v) agrees that this letter
agreement shall be governed by and construed in accordance with the internal
laws of the State of Georgia; (vi) agrees that this letter agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; (vii) agrees that, except as otherwise
expressly provided in this letter agreement, nothing herein shall be deemed to
amend or

 

2

 

modify any provision of the
Loan Agreement or any of the other Loan Documents, each of which shall remain
in full force and effect; (viii) agrees that this letter agreement is not
intended to be, nor shall it be construed to create, a novation or accord and
satisfaction, and the Loan Agreement as herein modified shall continue in full force
and effect; (ix) agrees that this letter agreement may be executed in any
number of counterparts and by different parties to this letter agreement on
separate counterparts, each of which, when so executed, shall be deemed an
original, but all such counterparts shall constitute one and the same
agreement; (x) agrees that any signature delivered by a party by facsimile
transmission shall be deemed to be an original signature hereto; (xi) agrees to
take such further actions as Lender shall reasonably request from time to time
in connection herewith to evidence or give effect to the amendments set forth
herein or any of the transactions contemplated hereby; and (xii) agrees that
section titles and references used in this letter agreement shall be without substantive
meaning or content of any kind whatsoever and are not a part of the agreements
among the parties hereto.  To the fullest extent permitted by Applicable Law, the
parties hereto each hereby waives the right to trial by jury in any action,
suit, counterclaim or proceeding arising out of or related to this letter
agreement.

 

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET
  RETAIL GROUP, INC.

  
	
   

  	
  (“Lender”)

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Accepted and
  agreed to, this 19th day of August, 2004:

  
	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL
  VISION, INC.

  
	
   

  	
  (“Borrower”)

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:
  Senior Vice President, CFO and Treasurer

  
					

 

3

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