Document:

Exhibit 10.1

 

AMENDED AND RESTATED
PROMISSORY  NOTE

 

 

	
  U.S.
  $15,000,000

  	
   

  	
  New York,
  New York

  
	
   

  	
   

  	
  March 28,
  2003

  

 

For value received, the
undersigned Navigation Technologies Corporation (the “Borrower”), by this
promissory note (hereinafter called the “Note”) hereby absolutely and
unconditionally promises to pay to the order of ABN AMRO Bank N.V. (the
“Bank”), at its office located at 55 East 52nd Street, New York, NY
10055 (the “Payment Office”) (or at such other place of payment and for such
other account as shall be designated by the Bank to the Borrower), on June 27,
2003 (the “Maturity Date”) the principal sum of:

 

FIFTEEN MILLION US DOLLARS

 

($15,000,000),
or if less, the unpaid principal amount of all loans (the “Loans”) made by the
Bank to the Borrower under this Note, in lawful money of the United States of
America and in immediately available funds.

 

This Note
constitutes the amendment and restatement in its entirety of the Promissory
Note of the Borrower issued to the Bank in the original principal amount of
$15,000,000, dated as of March 28, 2002 (the “Original Note”), and is in
substitution therefor.  Nothing herein
or in any other document shall be construed to constitute payment of the
Original Note or to release or terminate any guaranty or lien, mortgage, pledge
or other security entered in favor of the Bank.

 

The Borrower
hereby further promises to pay to the order of the Bank, at the Payment Office,
interest on the unpaid principal amount of all Loans evidenced hereby from the
date thereof until the Maturity Date thereof (whether by acceleration or
otherwise), at such rates of interest as is set forth below in this Note.  This Note evidences, among other things, the
obligation of the Borrower to repay all Loans made hereunder by the Bank to the
Borrower.

 

From time to
time from the date hereof up to (but not including) the Maturity Date, so long
as no Event of Default (as hereinafter defined) has occurred and is continuing
and the conditions to lending set forth herein have been satisfied, at the request
of the Borrower (which request shall be in writing and delivered to the Bank,
or made telephonically to the Bank and confirmed in writing not fewer than two
(2) Business Days (as hereinafter defined) in the case of a US LIBOR Rate loan
and one (1) Business Day in the case of Prime Rate loans prior to the drawdown
date of any Loan), the Bank shall make Loans to the Borrower subsequent to the
date 

 

 

hereof, and the Borrower may
borrow, repay, prepay and reborrow the funds available hereunder, provided that
the aggregate principal amount of all Loans outstanding hereunder shall in no
event exceed fifteen million dollars ($15,000,000).

 

The entire
unpaid principal (not at the time overdue) of this Note outstanding shall bear
interest at an annual rate which shall at all times be equal to the Prime Rate
(as hereinafter defined) in effect from time to time during the period
beginning on the date hereof and ending on the date on which the entire unpaid
principal amount of this Note shall be paid in full; provided, however, that if
a US LIBOR Rate option is in effect with respect to any principal amount
outstanding hereunder, such principal amount shall bear interest in accordance
with the US LIBOR Rate provisions set forth in the next paragraph.

 

At the option
of the Borrower, all or any portion of the unpaid principal (not at the time
overdue) of this Note outstanding shall bear interest at the US LIBOR Rate (as
hereinafter defined) plus a margin of thirty (30) basis points.  Requests for borrowings at or conversions
from a Prime Rate loan to this pricing option must be received at least one
hour before the time for determining the relevant rate.  In addition, the Borrower agrees to
indemnify the Bank and to hold the Bank harmless from and against any direct
loss, reasonable cost or out-of-pocket expense that the Bank may sustain or
incur as a consequence of (a) the failure by the Borrower to pay the principal
amount of or any interest on any US LIBOR Rate borrowing as and when due and
payable, including any such loss or expense arising from interest or fees
payable by the Bank to lenders of funds obtained by it in order to maintain the
US LIBOR Rate borrowings or (b) the failure of the Borrower to make a borrowing
or conversion after the Borrower has given (or is reasonably deemed to have
given) a loan or conversion request relating thereto in accordance with this
Note.  The Bank’s willingness to offer
the US LIBOR Rate option hereunder is subject to the availability of funding
sources and the continued legality of the Bank offering such pricing
options.  The Borrower agrees to
reimburse the Bank for any increased costs (taxes, regulatory reserves or
assessments, etc.) incurred by the Bank in connection with borrowings at such
pricing option.

 

Interest on
the Loans shall be due and payable on the last Business Day of each Interest
Period (provided, as to any Loan bearing interest at the US LIBOR Rate in
respect of which the Interest Period is more than three (3) months, the date
that is three (3) months from the first day of such Interest Period and, in
addition, the last day of such Interest Period), on the Maturity Date (whether
by acceleration or otherwise), and on the date of any payment hereon on the
amount paid and the Borrower promises to pay the holder hereof, all of the
unpaid interest accrued to the date of such payment on the unpaid principal
hereof.  All interest payable hereunder
shall be calculated on the basis of a year of 360 days and actual days elapsed.  On the Maturity Date, the Loans shall become
absolutely due and payable by the Borrower hereunder (without regard to the
length of any Interest Period in effect) and the Borrower hereby promises to
pay to the holder hereof, a payment in the amount equal to the outstanding
principal amount of the Loans under this Note, plus any and all accrued and
unpaid interest and all other amounts under this Note owing to the Bank.  As used herein: “Business Day” shall mean
any day other than a Saturday, a Sunday or a day on which banks in New York
City are required or permitted by law to close. “US LIBOR Rate” shall mean the
per annum rate of interest at which Dollar deposits for such Interest Period
are offered based on information presented on Telerate Page 3750 as of 11:00
a.m. London time on the second Business Day prior to the first day of such 

 

 

Interest Period, such rate to
remain in effect for the entire Interest Period.  “Federal Funds Rate” shall mean the average daily Federal Funds
Rate as published by the Federal Reserve Bank of New York in Publication H.15
(or any successor thereto), or, if no such rate is published, the per annum
rate of interest at which overnight federal funds are from time to time offered
to the Bank by any bank in the interbank market in an amount equal to the
principal amount of the respective Loan, as determined in good faith by the
Bank.  “Prime Rate” shall mean the rate
of interest equal to the higher (redetermined daily) of (i) the per annum rate
of interest announced by the Bank from time to time at its principal office in
New York City as its prime rate for U.S. dollar loans (with any change in such
Prime Rate to become effective as and when such prime rate change shall become
effective) or (ii) the Federal Funds Rate, plus one half of one per cent (0.50
%) per annum. “Interest Period” shall mean, as to any Loan bearing interest at
the Prime Rate, initially the period commencing on the drawdown date of such
loan and ending on the last day of the calendar quarter, and thereafter on the
last day of each subsequent calendar quarter, and as to any Loan bearing
interest at the US LIBOR Rate, successive one month, three month, or six month
periods (as selected from time to time by the Borrower not less than two
Business Days prior to the commencement of the respective Interest Period);
provided, however, that: (x) each such one month, three month or six month
period occurring after the initial such period shall commence on the day on
which the next preceding period expires; (y) the final Interest Period shall be
such that its expiration occurs on the maturity date of the Loan; and (z) if
for any reason the Borrower shall fail to timely select a period, then it shall
be deemed to have selected a one-month, period or such shorter period as
provided in clause (y).

 

The Borrower
agrees to pay to the Bank a commitment fee of thirteen (13) basis points per
annum on the average daily amount during each calendar quarter or portion
thereof from the date hereof to the Maturity Date by which the Commitment (as
hereinafter defined) exceeds the outstanding amount of the Loans during such
calendar quarter.  The commitment fee
shall be payable quarterly in arrears on the last Business Day of each calendar
quarter, commencing on the first such date following the date hereof, with a
final payment on the Maturity Date or any earlier date on which the Commitment
shall terminate.  “Commitment” shall
mean the Bank’s obligation to make loans hereunder in an aggregate principal
amount of not more than $15,000,000, as such amount may be reduced from time to
time pursuant to the terms hereof.

 

The Borrower
shall have the right at any time and from time to time upon two (2) Business
Days prior written notice to the Bank to reduce by $500,000 or an integral
multiple thereof or terminate entirely the Commitment, whereupon the Commitment
shall be reduced by such amount.  Upon
the effectiveness of any such reduction or termination, the Borrower shall pay
to the Bank the full amount of any commitment fee accrued on the amount of the
reduction.  No reduction or termination
of the Commitment may be reinstated.

 

Each overdue
amount (whether of principal, interest or otherwise) payable on or in respect
of this Note or the indebtedness evidenced hereby shall (to the extent
permitted by applicable law) bear interest, from the date on which such amount
shall have first become due and payable in accordance with the terms hereof to
the date on which such amount shall be paid to the holder of this Note (whether
before or after judgment), at the rate per annum equal to the higher
(redetermined daily) of (i) one percent (1%) per annum in excess of the
interest rate in effect with respect thereto just prior to the maturity
thereof, or (ii) one percent (1%) per annum in excess of the Bank’s Prime Rate.  The unpaid interest accrued on each overdue
amount in 

 

 

 

accordance with the foregoing
terms of this paragraph shall become absolutely due and payable by the Borrower
to the holder hereof on demand by the holder of this Note at any time.  Interest on each overdue amount will continue
to accrue, as provided by the foregoing terms of this paragraph until the
obligations of the Borrower in respect of the payment of such overdue amount
shall be discharged (whether before or after judgment).

 

The Bank shall
record on its books or records or on the schedule to this Note which is a part
hereof, the principal amount and date of each Loan made hereunder, whether such
Loan is a Prime Rate loan or a US LIBOR Rate loan, and all payments of
principal made thereon; provided, however, that prior to the transfer of this
Note all such information shall be recorded on the schedule attached to this
Note.  The record thereof, whether shown
on such books or records or on the schedule to this Note, shall be conclusive
and binding upon the Borrower absent manifest error provided that the Bank has
provided prior written notice to the Borrower of such outstanding amount and
the Borrower has not notified the Bank of any objection to such amount within
ten (10) Business Days after receipt of such notice; provided, however, that
the failure of the Bank to record any of the foregoing or any error in so
recording shall not limit or otherwise affect the obligation of the Borrower to
repay all Loans made hereunder which remain outstanding, together with all
accrued interest thereon and all other amounts payable hereunder.

 

All payments
due and payable hereunder shall be made by the Borrower to the holder hereof no
later than 1 p.m. local time at the Payment Office, in lawful money of the
United States of America and in funds immediately available and freely
transferable at the Payment Office, without setoff or counterclaim and free and
clear of, and without deduction for, any present or future taxes, levies,
offsets, counterclaims or deductions of any nature whatsoever
(“Deductions”).  Payments received after
such local time shall be deemed received by the holder hereof on the next
succeeding Business Day at such Payment Office.  In the event that the Borrower is compelled for any reason to
make any Deductions, it shall pay to the holder hereof such amounts (after
giving effect to all Deductions on all additional payments to be made
hereunder) as will result in the receipt by the holder hereof of the amount
such holder would have received had no such Deductions been required to be
made.  If any payment shall fall due
hereunder or on any Loan evidenced hereby on a day that is not a Business Day
for the holder hereof at the Payment Office, payment shall be made on the next
succeeding Business Day at such place of payment and interest thereon shall be
payable for such extended time.

 

The Loans
evidenced by this Note may be prepaid in whole or in part without the prior
written consent of the holder hereof, subject to payment by the Borrower of any
breakage costs associated with the prepayment of any US LIBOR Rate loan prior
to the end of the Interest Period relating thereto.

 

The Borrower
shall deliver to the Bank the following:

 

 

 

 

(a)                                  as
soon as practicable but in no event later than ninety (90) days after the end
of each fiscal year of the Borrower, the consolidated balance sheet of the
Borrower and its Subsidiaries as at the end of such year, and the related
consolidated statement of income and consolidated statement of cash flow for
such year, each setting forth in comparative form the figures for the previous
fiscal year and all such consolidated statements to be in reasonable detail,
prepared in accordance with generally accepted accounting principles, and
reviewed by a nationally recognized independent certified public accountant;

 

(b)                                 as
soon as practicable, but in any event not later than forty-five days after the
end of each fiscal quarter of the Borrower, copies of the unaudited
consolidated balance sheet of the Borrower and it Subsidiaries as at the end of
such quarter, and the related consolidated statement of income and consolidated
statement of cash flow for the portion of the Borrower’s fiscal year then
elapsed, all in reasonable detail and prepared in accordance with generally
accepted accounting principles (except without any footnotes and subject to
year end adjustments); and

 

(c)                                  from
time to time such other financial data and information (including accountants’
management letters) as the Bank may reasonably request, provided that such
other financial data and information is publicly available.

 

This Note
evidences the obligations of the Borrower (a) to repay the principal amount of
all loans made by the Bank to the Borrower hereunder, and (b) to pay interest,
as herein provided, on the principal amount hereof remaining unpaid from time
to time, (c) to pay all commitment fees owing hereunder and (d) to repay all
other amounts which may become due and payable hereunder as herein provided
(collectively, the “Obligations”).  The
parties hereto hereby acknowledge and agree that the Obligations are guaranteed
pursuant to the terms of that certain Guaranty dated as of date hereof, from
Koninklijke Philips Electronics N.V. (the “Guarantor”) to the Bank.

 

In the event
that (a) the Borrower shall be in default in the payment when and as due of any
principal amounts due and payable hereunder (whether by acceleration or
otherwise), unless any such nonpayment was due to a technical or administrative
error and full payment of all amounts owing is made within two (2) Business
days after notice of such non-payment was given by the Bank to the Borrower;
(b) the Borrower shall fail to pay any interest on the Loans or other sums due
hereunder or under any of the other documents executed in connection herewith
within three (3) Business Days after the same shall become due and payable,
whether at the stated date of maturity or any accelerated date of maturity or
at any other date fixed for payment (c) a default shall occur under a payment
obligation in excess of an amount of US $1,000,000 contained in any agreement
for borrowed money entered into with the Bank or the Guarantor 

 

 

 

shall default in any provision
of the Guaranty; (d) (i) the Borrower shall fail to pay at maturity, or within
any applicable period of grace, any obligation for borrowed money or credit
received, in an amount in excess of $1,000,000 or (ii) the Guarantor shall fail
to pay at maturity, or within any applicable period of grace, any obligation
for borrowed money or credit received, in an amount in excess of $100,000,000
or (iii) the Guarantor shall fail to pay at maturity, or within any applicable
period of grace, any obligation to the Bank or any of its affiliates for
borrowed money or credit received, in an amount in excess of $60,000,000; (e)
if the Borrower, the Guarantor or any endorser or guarantor of a material part
of the liabilities of the Borrower or the Guarantor shall be dissolved or shall
become insolvent (however evidenced); (f) there occurs any suspension of
business of the Borrower or the Guarantor; (g) there occurs the issuance of any
warrant, process or order of attachment, garnishment or other lien and/or
filing of a lien as a result thereof against any of the property of the
Borrower having a value in excess of $10,000,000; (h) or there occurs the
making by the Borrower, the Guarantor or any endorser or guarantor of a
material part of the liabilities of the Borrower or the Guarantor of an
assignment for the benefit of creditors or if either the Borrower or the
Guarantor shall admit in writing its inability to pay or generally fail to pay
its debts as they come due; (i) a trustee, custodian or receiver being
appointed for the Borrower, the Guarantor or any endorser or guarantor of a
material part of the liabilities of the Borrower or Guarantor or for a material
part of the property of the Borrower or Guarantor; or (j) any proceedings are
being commenced by or against the Borrower, the Guarantor or any endorser or
guarantor of a material part of the liabilities of the Borrower or Guarantor
under any bankruptcy, reorganization under any bankruptcy or insolvency
proceedings, arrangement, insolvency, readjustment of debt, receivership,
liquidation or dissolution law or statute (such events described in (a) – (j)
hereunder being hereinafter referred to as an “Event of Default”), then, upon
the occurrence of any such Event of Default, and at any time thereafter, the
holder hereof may, by notice to the Borrower, declare all amounts owing with
respect to this Note to be, and they shall thereupon forthwith become,
immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower;
provided that in the event of any Event of Default specified in paragraphs (h),
(i) or (j) above, all such amounts shall become immediately due and payable
automatically and without any requirements of notice from the Bank.  In addition, upon the occurrence of any
Event of Default, the Bank shall have no obligation to make any additional
Loans hereunder.

 

The failure of
the holder of this Note to exercise all or any of its rights, remedies, powers
or privileges hereunder in any instance shall not constitute a waiver thereof
in that or in any other instance.

 

The Borrower
represents and warrants to the Bank that: 
(a) the Borrower is a corporation duly organized, validly existing and
in good standing under the laws of Delaware; (b) the Borrower has adequate
corporate power and authority and full legal right to carry on its business in
which it is presently engaged and will be engaged upon consummation of the
transactions contemplated hereby; and (c) all necessary corporate action has
been taken to execute and deliver this Note and to make the borrowings
hereunder.

 

 

 

The Borrower
hereby agrees to indemnify the holder against any direct loss, reasonable cost
or out-of-pocket expense incurred by such holder in connection with this
Promissory Note and any Loans evidenced hereby and the exercise of any and all
rights pertaining thereto, including, without limitation, all court costs,
reasonable attorney’s fees and other costs of collection.  No delay on the part of the holder hereof in
exercising any of its options, powers or rights, or partial or single exercise
thereof shall constitute a waiver thereof. Demand of payment of this Note shall
be sufficiently made upon the Borrower by written, telex, or telegraphic notice
given by or on behalf of the holder to the Borrower at its last known
address.  In no event shall the Borrower
be liable for any indirect or consequential damages.

 

The Borrower
hereby irrevocably waives notice of acceptance, presentment, notice of
nonpayment, protest, notice of protest, suit and all other conditions precedent
in connection with the delivery, acceptance, collection and/or enforcement of
this Note or any collateral or security therefor.  The Borrower and the Bank hereby absolutely and irrevocably
consents and submits to the jurisdiction of the Courts of the State of New York
and of any Federal Court located in the said State of New York in connection
with any actions or proceedings brought against the Borrower by the Bank
arising out of or relating to this Note.

 

The Borrower
shall use the proceeds of the loans made by the Bank to the Borrower pursuant
to this Note for general corporate and working capital purposes.  No portion of this loan is to be used for
the purpose of purchasing or carrying any “margin stock” or “margin security”
as such terms are used in Regulation U and X of the Board of Governors of the
Federal Reserve System (2 C.F.R. Parts 221 and 224).

 

The Borrower
hereby agrees, at the Borrower’s own expense, to execute and deliver, from time
to time, any and all further, or other, instruments, and to perform such acts,
as the Bank may reasonably request to effect the transactions contemplated by
this Note and to provide to the Bank the benefits of all rights, authorities
and remedies conferred upon the Bank by the terms of this Note.

 

This Note is
intended by the parties as the final, complete and exclusive statement of the
transactions evidenced by this Note. 
All prior or contemporaneous promises, agreements and understandings,
whether oral or written, are deemed to be superceded by this Note, and no party
is relying on any promise, agreement or understanding not set forth in this
Note.  This Note may not be amended or
modified except by a written instrument describing such amendment or
modification executed by the Bank, the Borrower and the Guarantor.

 

 

 

This
Promissory Note and the Loans evidenced hereby shall be governed by and
construed in accordance with the laws of the State of New York, without giving
effect to choice of law or conflicts of laws principles.

 

	
  Navigation
  Technologies Corporation

  
	
   

  
	
  By:  

  	
   

  
	
   

  	
   

  
	
  Its: 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:  

  	
   

  
	
   

  	
   

  
	
  Its: 

  	
   

  
	
   

  	
   

  

 

	
  ACCEPTED AND
  ACKNOWLEDGED:

  
	
   

  
	
  ABN AMRO
  BANK N.V.

  
	
   

  
	
   

  
	
  By:

  	
   

  
	
  Title:

  
	
   

  
	
  By:

  	
   

  
	
  Title:

  

 

 

 

PROMISSORY NOTE

 

Loans, Interest Rates, Maturity Dates and
Payments of Principal

 

	
  Date of

  Loan or

  Payment

  	
   

  	
  Amount

  of

  Loan

  	
   

  	
  Applicable

  Interest

  Rate

  	
   

  	
  Maturity

  Date

  	
   

  	
  Amount of

  Principal

  Payment

  	
   

  	
  Unpaid

  Principal

  Balance

  	
   

  	
  Initials
  of

  Person Making

  NotationExhibit 10.2

 

	
  To:

  	
   

  	
  Koninklijke
  Philips Electronics N.V.

  
	
   

  	
   

  	
  F.a.o.
  Corporate Treasury Department

  
	
   

  	
   

  	
  Breitner
  Center, Building HBT 12

  
	
   

  	
   

  	
  1070 MX
  Amsterdam

  
	
   

  	
   

  	
  The
  Netherlands

  

Date:  March 28, 2003

Number        9411

 

Dear Sirs,

 

In consideration of you granting
a guarantee, dated March 28, 2003 with reference 9411 to ABN AMRO Bank N.V. for
our obligations under any loan agreements entered into on the terms and
conditions set out in the letter of March 28, 2003 and the Promissory Note of
March 28, 2003 as referred to in the guarantee (which guarantee is attached to
this letter in the form of a final draft, conformed copy or copy of the
executed version, initialed by us for identification purposes, hereinafter the
“Guarantee”).

 

We herewith irrevocably
guarantee payment to you of all sums paid by you in accordance with the
Guarantee which payment will be effected without undue delay upon receipt by us
of a written request for payment substantially in the form as attached to this
counter guarantee.  Such payment shall
be made to the account identified in the request for payment.

 

Within five business days after
the signing hereof, we will pay you a fee equal to 12,5 basis points over the
Amount to US# 4,688 (four thousand six hundred and eighty eight US Dollars).

 

Any payments by us hereunder
shall be made free and clear of transfer taxes, withholding taxes or similar
charges.

 

The aforementioned obligations
cannot be cancelled or terminated by us. 
This letter shall be governed by and construed in accordance with the
laws of The Netherlands.  Any dispute
arising hereunder or in connection herewith shall be submitted in first
instance to the District Court of Amsterdam, The Netherlands.

 

	
  Navigation
  Technologies Corporation

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Judson
  C. Green

  	
   

  	
  /s/ David B.
  Mullen

  	
   

  
	
  President
  and CEO

  	
  EVP and CFO

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