This Amendment to the Domestic Factoring Agreement (the " Domestic Amendment") is entered into as of June 16, 2003 (the "Amendment Date"), by and among PACIFIC BUSINESS FUNDING, a division of Cupertino National Bank ("Purchaser"), andSouthwall Technologies,Inc. ("Seller").
RECITALS
Seller and Purchaser are parties to that certain Domestic Factoring Agreement dated as of May 16, 2003 collectively (the " Domestic Agreement"). Each of the parties hereto desires to amend the Agreement in accordance with the terms of this Amendment.
NOW, THEREFORE, the parties agree as follows
- Section 12, (U):Definitions,"Eligible Accounts" shall be eliminated for the Domestic Agreement.
- Schedule 1, Section 1.3,Reserve: Change N/A to 30%
- Schedule 1, Section 2.5Other Fees: Eliminate everything except; "All such other fees are due upon rendering of services or the incurrence of fees, as applicable."
- Schedule 1, Section 5(V), (II) (a)Financial Reporting: Eliminate "an income statement, statement of cash flows, balance sheets"
- Schedule 1, Section 7Grant of Security Interest In Commercial Tort Claims:Add the word "None" on the blank line.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.
"PURCHASER" PACIFIC BUSINESS FUNDING, a division of Cupertino National Bank
By /s/ Melvin L. Robbins Title Senior Vice President | "SELLER" SOUTHWALL TECHNOLOGIES, INC.
By /s/ John Lipscomb Title V.P. Corporate Controller |