Modification Agreement Extending Termination Date of Revolving Credit and Security Agreement between PNC Bank and Robotic Vision Systems, Inc.

Contract Categories: Business Finance › Modification Agreements
Summary

This agreement, dated May 16, 2003, is between PNC Bank, as agent for the lenders, and Robotic Vision Systems, Inc. It extends the termination date of an existing revolving credit and security agreement from May 16, 2003, to May 23, 2003. All other terms of the original loan agreement remain unchanged. The extension is agreed to by both parties and requires the signature of Robotic Vision Systems, Inc.'s authorized representative.

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EX-10.22 3 b46692rvexv10w22.txt PNC LETTER Exhibit 10.22 [PNCBusinessCredit Letterhead] May 16, 2003 Mr. Pat V. Costa Chairman, President and Chief Executive Officer Robotic Vision Systems, Inc. 486 Amherst Street Nashua, NH 03063 Gentlemen: On April 28, 2000, a certain Revolving Credit and Security Agreement (the "Loan Agreement", as amended) was entered into by and among Robotic Vision Systems, Inc. (the "Borrower"), the financial institutions which are now or which hereafter become a party thereto (collectively, the "Lenders" and individually, a "Lender"), and PNC Bank, National Association ("PNC"), as Agent for the Lenders (PNC in such capacity, the "Agent"). The Termination Date as set forth in the Loan Agreement of April 28, 2003 was previously extended to and including May 9, 2003, and was subsequently extended to and including May 16, 2003. The parties have agreed to further extend the Termination Date from May 16, 2003 to and including May 23, 2003. The Agent and the Borrower hereby agree to such modification of the Loan Agreement. However, except for the change in the Termination Date, all other terms and conditions as set forth in the Loan Agreement shall remain in full force and effect. Very truly yours, PNC BANK NATIONAL ASSOCIATION BY: /s/ John C. Williams _________________________________ JOHN C. WILLIAMS, Vice President The undersigned, _____________________, on behalf of Robotic Vision Systems, Inc., consents and agrees to the modification of the Loan Agreement as set forth above. Dated: April __, 2003 ROBOTIC VISION SYSTEMS, INC. BY:_________________________________ Pat V. Costa, Chairman, President, and CEO