Exhibit 10.1
SEVENTH AMENDMENT
TO LOAN AND SECURITY AGREEMENT
(ASSET BASED)
THIS AGREEMENT made and entered into as of this 28th day of June, 2007 by and betweenAllin Corporation; Allin Interactive Corporation; Allin Corporation of California DBA: Allin Consulting; Allin Network Products, Inc.; Allin Holdings Corporation; Allin Consulting of Pennsylvania, Inc.; and Codelab Technology Group, Inc., having a business address of 381 Mansfield Ave Suite 400, Pittsburgh, PA 15220-2751, hereinafter “Borrower”;
AND
S&T Bank having its principal office located at 800 Philadelphia St, Indiana, PA, 15701; hereinafter “Lender”.
WHEREAS, the parties did enter into a Loan and Security Agreement (Asset Based) dated October 1, 1998, hereinafter “Loan Agreement”; and
WHEREAS, pursuant to that Loan Agreement, the Borrower executed uniform commercial code statements and a Revolving Credit Note; and
WHEREAS, the parties desire that the section titled 1.2Borrowing Base.,paragraph(b) “Qualified Accounts”, subparagraph(i) and subparagraph(vii) of the Loan Agreement be modified.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and intending to be legally bound hereby the parties agree as follows:
1. The Loan Agreement dated October 1, 1998, amended on March 25, 1999 (the “First Amendment”), September 30, 1999 (the “Second Amendment”), September 28, 2001 (the “Third Amendment”), September 26, 2005 (the “Fourth Amendment), September 26, 2005 (the “Fifth Amendment”) and September 6, 2006 (the “Sixth Amendment”) is hereby amended by adding to the section titled1.2Borrowing Base,paragraph(b) “Qualified Accounts”, subparagraph(i)with the following:
(i)The Citigroup invoices over 120 days from invoice date shall be eligible for borrowing until July 31, 2007. On August 1, 2007, Borrowing Base shall continue as fully described in Sixth Amendment to Loan and Security Agreement (Asset Based).
2. In all respects the uniform commercial code statements and the Revolving Credit Note dated October 1, 1998, as amended from time to time, shall remain in full force and effect.
WITNESS the due execution hereof and intending to be legally bound hereby the day and year first above written.
ATTEST: - | ALLIN CORPORATION | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | ALLIN INTERACTIVE CORPORATION | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | ALLIN CORPORATION OF CALIFORNIA | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | ALLIN NETWORK PRODUCTS, INC. | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | ALLIN HOLDINGS CORPORATION | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | ALLIN CONSULTING OF PENNSYLVANIA, INC. | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | CODELAB TECHNOLOGY GROUP, INC. | |||||
/s/ Robert V. Fulton | By | /s/ Dean C. Praskach | ||||
Asst. Secretary | Dean C. Praskach, VP/Finance Sec/Treas | |||||
ATTEST: - | S&T BANK | |||||
/s/ Lewis Summerfield | By | /s/ Michelle Petrovsky | ||||
Assistant Secretary | Senior Vice President | |||||