Document:

exh_10-42.htm

EXHIBIT 10.42

THIRD AMENDMENT TO

SECOND AMENDED AND RESTATED REVOLVING CREDIT PROMISSORY NOTE (LIBOR/PRIME)

(Avistar Communications Corporation)

Third Amendment dated as of December 20, 2010  (this “Amendment”) to that certain Second Amended and Restated Revolving Credit Promissory Note dated as of December 22, 2009, as amended, by Avistar Communications Corporation, a Delaware corporation (the “Borrower”), to the order of JPMorgan Chase Bank, N.A. (the “Bank”), in the maximum principal amount of $7,000,000 (the “Promissory Note”).

For value received, the parties hereto hereby agree as follows:

	
1.  

	
Initially capitalized terms used herein without definition have the meanings given them in the Promissory Note.

	
2.  

	
The first unnumbered paragraph of the Note is hereby amended by deleting therefrom the date “December 22, 2010” and inserting in lieu thereof the date “December 22, 2011.”

	
3.  

	
The definition of Maximum Facility Amount in Section 1 of the Promissory Note is hereby amended and restated as follows:

“Maximum Facility Amount” shall mean the lesser of (i) Eight Million Dollars ($8,000,000) and (ii) the value assigned by the Bank from time to time, in its sole reasonable discretion, to the collateral, if any, pledged and collaterally assigned to the Bank, and in which the Bank has a first-priority security interest and against which the Bank has a right of setoff, as security for the Borrower’s payment of its obligations under this Note.

	
4.  

	
The Borrowing Notice is hereby amended and restated as set forth in Exhibit A hereto.

	
5.  

	
This Amendment shall become effective on the later of August 16, 2010 and the first date by which all of the following shall have occurred:

	
a.  

	
The Borrower’s payment of $2,500.00 to the Bank’s counsel in respect of services rendered to the Bank in connection with the Borrower;

	
b.  

	
The Bank’s receipt of a reaffirmation of the Guaranty substantially in the form attached hereto as Exhibit B, duly executed by each Guarantor;

	
c.  

	
The Bank’s receipt of a Secretary’s Certificate substantially in the form attached hereto as Exhibit C, duly executed by the Secretary of the Borrower; and

	
d.  

	
The Bank’s receipt of a Form U-1 substantially in the form attached hereto as Exhibit D, duly executed by the Secretary of the Borrower

	
6.  

	
The Promissory Note, as amended by this Amendment, remains in full force and effect.

	
7.  

	
This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles.

	
8.  

	
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one in the same instrument.

The rest of this page is intentionally blank.

Note.Second Amended and Restated.005.Amnd-3.002.doc

UCN 006754857000

Facility ID 198245263

  

  

  

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

JPMorgan Chase Bank, N.A.

By:            /s/ Nancy A. Sheppard

            Nancy A. Sheppard

            Managing Director

Avistar Communications Corporation

By:           /s/ Robert F. Kirk

Name: Robert F. Kirk

Title: Chief Executive Officer

By:           /s/ Elias MurrayMetzger

Name: Elias MurrayMetzger

Title: Chief Financial Officer, Chief Administrative Officer & Corporate Secretary

State of _________                                )

) ss.:

	
County of ________

	
)

On the ____ day of December in the year 2010, before me, the undersigned, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

____________________________________

Notary Public

	
State of _________

	
)

) ss.:

	
County of ________

	
)

On the ____ day of December in the year 2010, before me, the undersigned, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

____________________________________

Notary Public

UCN 006754857000 [Signature Page of Third Amendment to

Facility ID 198245263 Second Amended and Restated Revolving Credit Promissory Note]

  

  

  

EXHIBIT A

Form of Borrowing Notice

Date:  __________________

JPMorgan Chase Bank, N.A.

Attn:  Bill Raines

1111 Fannin Street

14th Floor

Houston, Texas 77002

Telecopier:  (800) 576-3217

Telephone:  (713) 750-3217

Gentlemen:

The undersigned hereby requests a Loan (the “Requested Loan”) under the Second Amended and Restated Revolving Credit Promissory Note (Libor/Prime) dated as of December 22, 2009 by the undersigned to your order with a maximum principal amount of $8,000,000 (as amended, the “Note”).  Initial capitalized terms used herein without definition have the meanings given such terms in the Note.

The undersigned is faxing this Borrowing Notice to you (i) if the Requested Loan is a Prime Loan, by 12:00 noon (NYC time) on the “Disbursement Date” (as specified below) and  (ii) if the Requested Loan is a Libor Loan, by 12:00 noon (NYC time) at least three Banking Days prior to the Disbursement Date.  The undersigned will promptly mail the signed original of this Borrowing Notice to you.

Please book the Requested Loan as follows:

Disbursement Date:                                       _________­­________ ___, 20___

 

Amount:                                       $                Type:           ____ LIBOR                                ____ Prime

 

LIBOR Period (if applicable):                                                      ____ 1 month    ____ 2 months    ____ 3 months

 

Disbursement Instructions:                                                      

 

The proceeds of the Requested Loan shall be used for working capital purposes.  Immediately upon funding of the Requested Loan, the aggregate principal amount of all Loans then outstanding will be $__________________.

 

In witness whereof, the undersigned has executed this Borrowing Notice as of the date first written above.

Avistar Communications Corporation

By:           

Name:           

Title:           

By:           

Name:           

Title:           

 

Note.Second Amended and Restated.005.Amnd-3.002.doc

  

  

  

EXHIBIT B

Reaffirmation of Guaranty

 

Note.Second Amended and Restated.005.Amnd-3.002.doc

  

  

  

EXHIBIT C

Secretary’s Certificate

 

Note.Second Amended and Restated.005.Amnd-3.002.doc

  

  

  

EXHIBIT D

Form U-1

 

Note.Second Amended and Restated.005.Amnd-3.002.docexh_10-43.htm

EXHIBIT 10.43

REAFFIRMATION OF GUARANTY

REAFFIRMATION dated December 20, 2010 (this “Reaffirmation”) by Gerald J. Burnett and by Gerald J. Burnett and Marjorie J. Burnett as Trustee for The Gerald J. Burnett and Marjorie J. Burnett Revocable Trust (collectively, the “Guarantor”) in favor of JPMorgan Chase Bank, N.A., formerly known as JPMorgan Chase Bank (the “Bank”).

WHEREAS, Avistar Communications Corporation, a Delaware corporation (the “Obligor”), has executed and delivered to the Bank that certain Second Amended and Restated Revolving Promissory Note (Libor/Prime) dated as of December 22, 2009, as amended, by the Grantor in favor of the Bank in the maximum principal amount of $7,000,000 (as amended, restated or otherwise modified from time to time, “Note”);

WHEREAS, the Obligor has executed and delivered to the Bank that certain Third Amendment dated as of December 20, 2010 to the Note , which would increase the maximum principal amount of the Note to $8,000,000 (the “Amendment”);

WHEREAS, the Guarantor desires the Bank to execute and deliver the Amendment;

NOW THEREFORE, FOR VALUE RECEIVED, and as an inducement to the Bank to execute and deliver the Amendment, Guarantor, without in any respect limiting the scope of the Guaranty, hereby confirms, acknowledges and agrees that (i) from and after the date hereof the guaranty provided for in the Guaranty shall extend to, cover and guarantee all obligations of the Borrower arising under Note as amended by the Amendment (in addition to any other obligations guaranteed thereby) and (ii) the Guaranty is (and, following the Bank’s execution and delivery of the Amendment, will be) in full force and effect.

This Reaffirmation shall be governed by and construed in accordance with the law of the State of New York applicable to agreements made and to be performed wholly within the State of New York.

The rest of this page is intentionally blank.

Guaranty Reaffirmation-12 2010.002.doc

UCN 006754857000

Facility ID 198245263

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this Reaffirmation as of the date first set forth above.

/s/ Gerald. J. Burnett____________________________________________

Gerald J. Burnett

Gerald J. Burnett and Marjorie J. Burnett, as Trustee for

The Gerald J. Burnett and Marjorie J. Burnett Revocable Trust

By:           /s/ Gerald J. Burnett                                                                           

Gerald J. Burnett

By:           /s/ Marjorie J. Burnett                                                                           

Marjorie J. Burnett

	
State of _________

	
)

) ss.:

	
County of ________

	
)

On the ____ day of December in the year 2010, before me, the undersigned, personally appeared Gerald J. Burnett, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

____________________________________

Notary Public

	
State of _________

	
)

) ss.:

	
County of ________

	
)

On the ____ day of December in the year 2010, before me, the undersigned, personally appeared Marjorie J. Burnett, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

____________________________________

Notary Public

UCN 006754857000 [Signature Page of Reaffirmation of Guaranty]

Facility ID 198245263

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