Line of Credit Renewal Confirmation Letter between Pacific Business Funding and Versant Corporation (June 2003)
This letter confirms that Pacific Business Funding, a division of Cupertino National Bank, has renewed Versant Corporation's existing line of credit until July 18, 2004. Versant Corporation will pay a $25,000 renewal fee. All other terms from the original Loan and Security Agreement dated April 18, 2002, and its amendment from April 11, 2003, remain unchanged. The agreement is acknowledged and accepted by both parties as indicated by their signatures.
Exhibit 10.20
June 5, 2003
Lee McGrath
CFO
Versant Corporation
6539 Dumbarton Circle
Fremont, CA 94555
Re: Confirmation of renewal of line of credit dated April 18, 2002
Dear Lee,
Per our discussions, this letter will confirm that Pacific Business Funding ("Bank") a division of Cupertino National Bank has approved to renew the existing line of credit to Versant Corporation ("Borrower") to July 18, 2004.
Borrower will pay lender a fee of $25,000 for this renewal.
All other terms and conditions granted to each party in the Loan and Security Agreement ("Agreement") dated and sign by both parties on April 18, 2002 and extended by both parties via an amendment on April 11, 2003, excepted as specifically noted above, shall remain the same.
Please call with any questions or sign below acknowledging the above.
Best regards,
| /s/ Mike Hansen |
|
| Senior Vice President |
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| Pacific Business Funding |
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Agreed to:
| By: | /s/ Lee McGrath |
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| It's: | CFO |
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| Date | 6/4/03 |
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