Second Note Modification Agreement and Allonge (Promissory Note Revolving Line of Credit)

Contract Categories: Business Finance - Credit Agreements
EX-10.18 2 dex1018.htm SECOND NOTE MODIFICATION AGREEMENT AND ALLONGE BETWEEN INCONTACT AND ZIONS Second Note Modification Agreement and Allonge between inContact and Zions

Exhibit 10.18

Second Note Modification Agreement and Allonge

(Promissory Note – Revolving Line of Credit)

This Second Note Modification Agreement and Allonge (the “Modification”) is made and entered into as of March 1, 2011, between inContact, Inc. (“Borrower”) and Zions First National Bank (“Lender”).


1. Borrower has executed a Promissory Note (Revolving Line of Credit) dated July 16, 2009, in favor of Lender in the original principal amount of eight million five hundred thousand dollars ($8,500,000.00), as amended by that certain Note Modification Agreement and Allonge (Revolving Line of Credit) dated August 3, 2010 (collectively the “Note”).

2. Borrower and Lender desire to modify the Note as provided herein.


For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender hereby agree and amend and modify the Note as follows:

1. Recitals. Borrower and Lender each hereby acknowledge the accuracy of the Recitals, which are incorporated herein by reference.

2. Definitions. Except as otherwise provided herein, terms defined in the Loan Agreement shall have the same meaning when used herein. Terms defined in the singular shall have the same meaning when used in the plural and vice versa. As used herein, the term:

“Loan Agreement” means that certain Loan Agreement dated July 16, 2009, as amended by that certain Amendment to Loan Agreement dated February 22, 2010, that certain Second Amendment to Loan Agreement dated August 3, 2010, and that certain Third Amendment to Loan Agreement of even date herewith, by and between Lender and Borrower, together with any exhibits, amendments, addenda, and modifications.

3. Attachment to Note. An original of this Modification shall be attached to the original Note as an allonge to the Note and made a part of the Note, provided, however, that failure to attach an original of this Modification as an allonge to the Note shall not impact the effectiveness of this Modification and this Modification shall nonetheless be valid, binding and enforceable.

4. Modification of Note. The Note is hereby modified as follows:

(a) The Maturity Date of the Loan is extended to July 1, 2013.

5. Conforming Modifications. Each of the Loan Documents is modified to be consistent herewith and to provide that it shall be a default or an Event of Default thereunder if Borrower shall fail to comply with any of the covenants of Borrower herein.

6. Effective Date of Modification. The modifications provided in this Modification shall be effective upon execution hereof by Lender and Borrower.

7. Note Remains in Full Force and Effect. Except as expressly modified by this Modification, the Note and all Loan Documents remain in full force and effect. All Collateral securing the Note shall continue to secure the Note as modified.

8. Payment of Expenses and Attorneys Fees. Borrower shall pay all reasonable expenses of Lender relating to the negotiation, drafting of documents, and documentation of this Modification, including, without limitation, title insurance, recording fees, filing fees, and reasonable attorneys fees and legal expenses.

9. Modified Note Becomes a Loan Document. The Note, as modified by this Modification, shall be a Loan Document and all references in the Loan Documents to the Note shall refer to the Note as modified by this Modification.

10. Integrated Agreement; Amendment. This Modification constitutes the entire agreement between Borrower and Lender concerning modification of the Note and may not be altered or amended except by written agreement signed by Borrower and Lender. PURSUANT TO UTAH CODE SECTION 25-5-4, BORROWER IS NOTIFIED THAT THIS MODIFICATION IS A FINAL EXPRESSION OF THE AGREEMENT BETWEEN BORROWER AND LENDER CONCERNING MODIFICATION OF THE NOTE AND THIS MODIFICATION MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY ALLEGED ORAL AGREEMENT.

All other prior and contemporaneous agreements, arrangements and understandings between the parties hereto as to modification of the Note are rescinded.

This Modification and the Note shall be read and interpreted together as one instrument.

11. Governing Law. This Modification shall be governed by and construed in accordance with the laws of the State of Utah.

12. Counterpart Execution. This Modification may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document. Signature pages may be detached from the counterparts and attached to a single copy of this Modification to physically form one document. Receipt by Lender of an executed copy of this Modification by facsimile or electronic mail shall constitute conclusive evidence of execution and delivery of this Modification by the signatory thereto.

[Signature Page(s) Follow]


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IN WITNESS WHEREOF, the parties have executed this Modification as of the day and year first indicated above.


Zions First National Bank
By:   /s/ Thomas C. Etzel
Name: Thomas C. Etzel
Title: Senior Vice President
inContact, Inc.
By:   /s/ Gregory S. Ayers
Name: Gregory S. Ayers
Title: Chief Financial Officer


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