Document:

Exhibit
10.44

 

Silicon
Valley Bank

 

Amendment
to Loan Agreement

 

	
  Borrower:

  	
  BroadVision,
  Inc.

  
	
   

  	
   

  
	
  Dated:

  	
  September
  29, 2004

  

 

THIS
AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is entered
into between SILICON VALLEY BANK (“Bank”) and the borrower named above
(referred to herein as the “Borrower”).

 

Reference is made
to that certain Amended and Restated Loan and Security Agreement dated as of
March 31, 2002 between Bank and Borrower, as amended or otherwise modified from
time to time (referred to herein as the “Loan Agreement”).  (Capitalized terms used but not defined in
this Amendment, shall have the meanings set forth in the Loan Agreement.)

 

Effective as of
the date hereof, the parties hereto hereby agree to amend and modify the Loan
Agreement as follows:

 

1.             Modified Definition. 
The defined term “Committed Revolving Line” as set
forth in Section 13 of the Loan Agreement is hereby amended to be as follows:

 

“ ‘Committed Revolving Line’ is (A) Fifteen Million Dollars
($15,000,000), provided that Borrower maintains at all times at Bank at
least $4,000,000 in unrestricted cash or cash equivalents, exclusive of any
loan proceeds from Bank; and (B) on and after December 31, 2004, Twenty Million
Dollars ($20,000,000) provided that Borrower maintains at all times at
Bank at least $10,000,000 in unrestricted cash or cash equivalents, exclusive
of any loan proceeds from Bank.”

 

2.             Modified Interest Rate Regarding Revolving Advances.  The first sentence of Section 2.3(a) which
now reads as follows:

 

“(a) Revolving Advances shall accrue interest on the aggregate
principal balance thereof from time to time outstanding at a per annum rate
equal to the Prime Rate.”

 

IS HEREBY AMENDED TO READ AS FOLLOWS:

 

“(a) Revolving Advances shall accrue interest on the aggregate principal
balance thereof from time to time outstanding at a per annum
rate equal to the Prime Rate provided that any Revolving Advance remain
outstanding for a single day only; further, to the extent that any Revolving
Advance remains outstanding for more than one day the applicable interest rate
shall be deemed to be equal to a per annum rate
equal to the Prime Rate plus ten percentage points (10.00%).”

 

 

3.             Revised Financial Covenants.  Section 6.7 of the Loan Agreement is hereby
amended to read as follows:

 

“6.7  Borrower, on a consolidated
basis, will maintain the following financial covenants:

 

(A) Borrower, at all times, will maintain at or through Bank
unrestricted cash or cash equivalents in a minimum aggregate amount of
$4,000,000 through December 30, 2004, exclusive of any loan proceeds made by
Bank to Borrower.  Thereafter, Borrower,
at all times, will maintain at or through Bank unrestricted cash or cash
equivalents in a minimum aggregate amount of $10,000,000, exclusive of any loan
proceeds made by Bank to Borrower.”

 

(B)  Borrower will, on a
quarterly basis, earn revenues of at least $17,500,000.”

 

4.             Representations True.   Borrower represents and warrants to Bank that
all representations and warranties in the Loan Agreement, as modified hereby,
are true and correct.

 

5.             General Provisions.  This Amendment,
the Loan Agreement, any prior written amendments and modifications to the Loan
Agreement signed by Bank and the Borrower, and the other written documents and
agreements between Bank and the Borrower set forth in full all of the
representations and agreements of the parties with respect to the subject
matter hereof and supersede all prior discussions, representations, agreements
and understandings between the parties with respect to the subject hereof.  Except as herein expressly modified, all of
the terms and provisions of the Loan Agreement, and all other documents and
agreements between Bank and the Borrower shall continue in full force and
effect and the same are hereby ratified and confirmed.  This Amendment may be executed in any number
of counterparts, which when taken together shall constitute one and the same
agreement.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date first written above.

 

	
  Borrower:

  	
  Silicon:

  
	
   

  	
   

  
	
  BROADVISION, INC.

  	
  SILICON
  VALLEY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/
  William E. Meyer

  	
   

  	
  By 

  	
  /s/
  Amanda Peters

  	
   

  
	
   

  	
     President
  or Vice President

  	
   

  	
  Title

  	
  Vice
  President

  	
   

  
							

 

2Exhibit 10.1

 

FOURTH AMENDMENT TO THE RESTRUCTURING
AGREEMENT

DATED OCTOBER 25, 2004

 

 

FOURTH
AMENDMENT TO RESTRUCTURING AGREEMENT

 

This FOURTH AMENDMENT, dated October 25, 2004 (the “Amendment”),
to the Restructuring Agreement (as amended from time to time in accordance with
the terms therein, the “Restructuring Agreement”), dated August 24,
2004, by and among the parties specified therein is executed by (i) Applied
Extrusion Technologies, Inc., a Delaware corporation (“AET”), Applied
Extrusion Technologies, Inc. (Canada), a Delaware corporation (“AET Canada”
and together, with AET, the “Company”) and Applied Extrusion
Technologies Limited (“AET/UK”), and (ii) Barclays Bank PLC, DDJ Capital
Management, LLC (as investment manger or adviser acting on behalf of certain
funds and accounts it manages or advises), Post Advisory Group, LLC, TCW Shared
Opportunity Fund III, L.P., TCW Shared Opportunity Fund IV, L.P., TCW Shared
Opportunity Fund IVB, L.P., TCW/PCG Special Situation Partners, LLC, Xerion
Partners I LLC and Pequot
Capital Management, Inc. (as investment manager or adviser acting on behalf of
certain funds and accounts it manages or advises) (together the “Participating
Holders”).

 

WHEREAS, the Company, AET/UK and each
of the Participating Holders have determined that it is in each of their best
interests to, as of the date hereof, amend and restate Sections 1(a) and
8(b)(iii) of the Restructuring Agreement in its entirety in the form specified
below.

 

NOW THEREFORE, in consideration of the
promises and the mutual covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company, AET/UK and each of the Participating Holders
hereby agree as follows:

 

1.                                       Amendment & Restatement of Sections 1(a)
and 8(b)(iii) of the Restructuring Agreement.

 

Section 1(a) is amended by deleting the words “October 25, 2004” and
replacing them with the words “November 1, 2004.”

 

Section 8(b)(iii) is
amended and restated in its entirety to read as follows:

 

“(iii)  If the Solicitation Commencement Date has not
occurred on or before November 1, 2004;”

 

2.                                       Entire
Agreement.  This Amendment
constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all other prior negotiations, agreements
and understandings, both written and oral, among the parties hereto with
respect to the subject matter hereof.

 

3.                                       Other
Terms & Conditions.  Each of the
other provisions, terms and conditions of the Restructuring Agreement are
deemed to have been incorporated by reference herein and remain in full force
and effect without amendment, alteration or any other modification
notwithstanding anything to the contrary herein.

 

[Remainder of Page Left Intentionally Blank]

 

 

IN WITNESS WHEREOF, each of the
parties hereto has caused this Amendment to be executed and delivered by its
duly authorized officer as of the date first above written.

 

	
   

  	
  APPLIED EXTRUSION TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian P. Crescenzo

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian P. Crescenzo

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Secretary

  and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  APPLIED EXTRUSION TECHNOLOGIES

  (CANADA), INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian P. Crescenzo

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian P. Crescenzo

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  APPLIED EXTRUSION TECHNOLOGIES LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian P. Crescenzo

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Brian P. Crescenzo

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
					

 

 

IN WITNESS WHEREOF, each of the
parties hereto has caused this Amendment to be executed and delivered by its
duly authorized officer as of the date first above written.

 

 

	
   

  	
  Barclays Bank PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Damien Miller

  	
   

  
	
   

  	
   

  	
  Name: Damien Miller

  
	
   

  	
   

  	
  Title:  Director

  

 

 

IN WITNESS WHEREOF, each of the
parties hereto has caused this Amendment to be executed and delivered by its
duly authorized officer as of the date first above written.

 

 

	
   

  	
  DDJ Capital Management,
  LLC, as investment manager

  or adviser acting on behalf of certain funds and

  accounts it manages or advises

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert L. Hockett

  	
   

  
	
   

  	
   

  	
  Name: Robert L. Hockett

  
	
   

  	
   

  	
  Title:  Principal

  

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

 

	
   

  	
  Post Advisory Group, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carl Goldsmith

  	
   

  
	
   

  	
   

  	
  Name: Carl Goldsmith

  
	
   

  	
   

  	
  Title: Senior Investment Officer

  

 

 

IN WITNESS WHEREOF, each of the
parties hereto has caused this Amendment to be executed and delivered by its
duly authorized officer as of the date first above written.

 

 

	
   

  	
  Pequot Capital Management,
  Inc. , as investment

  manager or adviser acting on behalf of certain funds

  and accounts it manages or advises.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard Joslin

  	
   

  
	
   

  	
   

  	
  Name: Richard Joslin

  
	
   

  	
   

  	
  Title: 
  Principal

  

 

 

IN WITNESS WHEREOF, each of the
parties hereto has caused this Amendment to be executed and delivered by its
duly authorized officer as of the date first above written.

 

 

	
  TCW Shared Opportunity Fund III, L.P.

  	
  TCW Shared Opportunity Fund IV, L.P.  

  
	
   

  	
   

  
	
  Face Amount of Notes Held: (set forth in

  accompanying memorandum)

  	
  Face Amount of Notes Held: (set forth in
  accompanying memorandum)

  
	
   

  	
   

  
	
  By: TCW Asset Management Company, its

  Investment Adviser

  	
  By: TCW Asset Management Company, its

  Investment Adviser 

  
	
   

  	
   

  
	
  By:

  	
  /s/ C. Shawn Bookin

  	
   

  	
  By:

  	
  /s/ C. Shawn Bookin

  	
   

  
	
  Name:

  	
  C. Shawn Bookin,

  Managing Director

  	
  Name:

  	
  C. Shawn Bookin,

  Managing Director

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard H. Stevenson

  	
   

  	
  By:

  	
  /s/ Richard H. Stevenson

  	
   

  
	
  Name:

  	
  Richard H. Stevenson,

  Vice President

  	
  Name:

  	
  Richard H. Stevenson,

  Vice President

  
								

 

	
  TCW Shared Opportunity
  Fund IVB, L.P.

  	
  TCW/PCG Special Situation
  Partners, LLC

  
	
   

  	
   

  
	
  Face Amount of Notes Held: (set forth in

  accompanying memorandum)

  	
  Face Amount of Notes Held: (set forth in

  accompanying memorandum)

  
	
   

  	
   

  
	
  By: TCW Asset Management Company, its

  Investment Adviser

  	
  By: TCW Asset Management Company, its

  Investment Adviser

  
	
   

  	
   

  
	
  By:

  	
  /s/ C. Shawn Bookin

  	
   

  	
  By:

  	
  /s/ C. Shawn Bookin

  	
   

  
	
  Name:

  	
  C. Shawn Bookin,

  Managing Director

  	
  Name:

  	
  C. Shawn Bookin,

  Managing Director

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard H. Stevenson

  	
   

  	
  By:

  	
  /s/ Richard H. Stevenson

  	
   

  
	
  Name:

  	
  Richard H. Stevenson,

  Vice President

  	
  Name:

  	
  Richard H. Stevenson,

  Vice President

  
								

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Amendment to be executed and delivered by
its duly authorized officer as of the date first above written.

 

 

	
   

  	
  Xerion Partners I LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Daniel J.
  Arbess

  	
   

  
	
   

  	
   

  	
  Name:  Daniel
  J. Arbess

  
	
   

  	
   

  	
  Title:

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