Amendment No. 7 to Amended and Restated Business Loan Agreement among Bank of America, IMPCO Technologies, and Quantum Fuel Systems

Summary

This amendment updates the existing business loan agreement between Bank of America, IMPCO Technologies, Inc., and Quantum Fuel Systems Technologies Worldwide, Inc. The main change is to extend certain deadlines in the agreement from February 28, 2002, to March 31, 2002. The amendment is effective once all parties sign, a $5,000 amendment fee and legal costs are paid, and any additional documents required by the bank are provided. All other terms of the original loan agreement remain unchanged.

EX-10.47 5 dex1047.txt AMENDED & RESTATED BUSINESS AGREEMENT FEB. 28 EXHIBIT 10.47 AMENDMENT NO. 7 TO AMENDED AND RESTATED BUSINESS LOAN AGREEMENT This Amendment No. 7 to Amended and Restated Business Loan Agreement dated as of February 28, 2002 (this "Amendment") is executed with reference to the Amended and Restated Business Loan Agreement dated as of April 30, 2001 (as amended, the "Loan Agreement") among Bank of America, N.A. (the "Bank"), IMPCO Technologies, Inc. (the "Borrower") and Quantum Fuel Systems Technologies Worldwide, Inc. (under its former name, Quantum Technologies, Inc.) (the "Subsidiary Borrower"). The parties hereby agree to amend the Loan Agreement as follows: 1. Defined Terms. All initially capitalized terms used in this Amendment ------------- without definition shall have the respective meanings assigned thereto in the Loan Agreement. 2. Amendment to Section 1.2. Section 1.2 of the Loan Agreement is hereby ------------------------ amended by deleting the reference to "February 28, 2002" and substituting in place thereof a reference to "March 31, 2002". 3. Amendment to Section 2.3(b). Section 2.3(b) of the Loan Agreement is --------------------------- hereby amended by deleting the reference to "February 28, 2002" and substituting in place thereof a reference to "March 31, 2002". 4. Amendment to Section 3.4(b). Section 3.4(b) of the Loan Agreement is --------------------------- hereby amended by deleting the reference to "February 28, 2002" and substituting in place thereof a reference to "March 31, 2002". 5. Conditions Precedent. The effectiveness of this Amendment shall be -------------------- conditioned upon receipt by the Bank of all of the following: a. Counterparts of this Amendment executed by all parties hereto; b. Receipt by the Bank of an amendment fee in the amount of $5,000 and payment of the Bank's legal fees and expenses of its counsel, including any outstanding invoices; and c. Such other assurances, certificates, documents, consents or opinions as the Bank reasonably may require. 6. Representations and Warranties. The Borrower hereby represents and ------------------------------ warrants that no default under Section 13 of the Loan Agreement has occurred and remains continuing. 7. Counterparts. This Amendment may be executed in counterparts in ------------ accordance with Section 14.12 of the Loan Agreement. 8. Confirmation. In all other respects, the Loan Agreement is confirmed. ------------ IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above by their duly authorized representatives. IMPCO TECHNOLOGIES, INC. By /s/William B. Olson ______________________________________ Title: CFO __________________________________ QUANTUM FUEL SYSTEMS TECHNOLOGIES WORLDWIDE, INC. (formerly known as Quantum Technologies, Inc.) By: /s/ Timothy S. Gerken _____________________________________ Title: Director of Financial Services __________________________________ BANK OF AMERICA, N.A. By: /s/ David P. Maiorella _____________________________________ Title: Vice President __________________________________