Letter Agreement Amending Financial Reporting Deadline under Loan Agreement between Silicon Valley Bank and Force10 Networks, Inc.
Silicon Valley Bank and Force10 Networks, Inc. have agreed to extend the deadline for Force10 to deliver its audited 2010 financial statements under their existing loan agreement. The new deadline is May 30, 2011. All other terms of the loan agreement remain unchanged, and this extension applies only to the 2010 fiscal year. The agreement is effective once Force10 returns a signed copy to the bank.
Exhibit 10.25
Silicon Valley Bank
A Member of SVB Financial Group
April 15, 2011
Dan Morgan
CFO
Force10 Networks, Inc.
350 Holger Way
San Jose, CA 95134
| Re: | Extension of fiscal year end financial reporting |
Dear Mr. Morgan:
This letter is written in connection with that certain Third Amended and Restated Loan and Security Agreement, by and between, Force10 Networks, Inc. (“Borrower”) and Silicon Valley Bank (“Bank”), dated February 25, 2011, and related loan documents, as may be amended from time to time (the “Loan Agreement”). Borrower and Bank desire to amend the terms of the Loan Agreement as more particularly described herein.
Notwithstanding the terms and conditions contained in Section 6.2 of the Loan Agreement, for Borrower’s fiscal year ended 2010 only, Borrower will deliver to Bank, as soon as available, but no later than May 30, 2011, Borrower’s audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank.
By signing below and returning a copy of this letter to Bank, Borrower acknowledges that the Loan Agreement has not been amended in any way, other than as referenced above. In entering into this letter, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Loan Agreement. Except as expressly provided for herein pursuant to this letter, the terms of the Loan Agreement remain unchanged and in full force and effect. Bank’s agreement to modify the Loan Agreement in accordance with the provisions set forth in this letter in no way shall obligate Bank to make any future waivers or modifications to the Loan Agreement. Nothing in this letter shall constitute a satisfaction of the Borrower’s indebtedness to Bank. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of the Loan Agreement, unless the party is expressly released by Bank in writing. No maker or endorser will be released by virtue of this letter. The terms of this paragraph apply not only to this letter, but also to all subsequent loan modification agreements.
The provisions of this letter shall not be deemed effective until such time as Borrower shall have returned a countersigned copy to Bank.
555 Mission Street, Suite 900
San Francisco, California 94105
PHONE ###-###-#### svb.com
| Very truly yours, | ||
| SILICON VALLEY BANK | ||
| By: | /s/ Rick Freeman | |
| Name: | Rick Freeman | |
| Title: | Relationship Manager | |
By executing below, the undersigned acknowledges and confirms the effectiveness of this letter.
BORROWER
Force10 Networks, Inc.
| By: | /s/ W. Zerella | |
| Name: | Bill Zerella | |
| Title: | CFO | |
| Dated: | 4/25/2011 |
