Exhibit 10.29
AMENDMENT NUMBER FOUR TO LOAN AND SECURITY AGREEMENT
This Amendment Number Four to Loan and Security Agreement ("Amendment") is
entered into as of April 26, 2000, by and between FOOTHILL CAPITAL CORPORATION,
a California corporation ("Foothill"), and SILICON STORAGE TECHNOLOGY, INC., a
California corporation ("Borrower"), in light of the following:
A. Borrower and Foothill have previously entered into that certain Loan and
Security Agreement, dated as of September 22, 1998 as amended on December 8,
1998, September 30, 1999, and January 20, 2000 (the "Agreement").
B. Borrower and Foothill desire to further amend the Agreement as provided
for and on the conditions herein.
NOW, THEREFORE, Borrower and Foothill hereby amend and supplement the
Agreement as follows:
1. DEFINITIONS. All initially capitalized terms used in this Amendment
shall have the meanings given to them in the Agreement unless specifically
defined herein.
2. AMENDMENT.
2.1 Section 2.2(a)(ii)(y) of the Agreement is hereby amended to read as
follows:
"(y) $20,000,000 through July 31, 2000, and $5,000,000 at all
times on or after August 1, 2000."
3. REPRESENTATIONS AND WARRANTIES. Borrower hereby affirms to Foothill that
all of Borrower's representations and warranties set forth in the Agreement are
true, complete and accurate in all respects as of the date hereof.
4. NO DEFAULTS. Borrower hereby affirms to Foothill that no Event of
Default has occurred and is continuing as of the date hereof.
5. CONDITION PRECEDENT. The effectiveness of this Amendment is expressly
conditioned upon receipt by Foothill of:
(a) an executed copy of this Amendment; and
(b) an amendment fee of $2,500, which fee shall be charged to
Borrower's Loan Account pursuant to SECTION 2.6(e) of the Agreement.
6. COSTS AND EXPENSES. Borrower shall pay to Foothill all of Foothill's
out-of-pocket costs and expenses (including, without limitation, the fees and
expenses of its counsel, which counsel may include any local counsel deemed
necessary,
1
search fees, filing and recording fees, documentation fees, appraisal fees,
travel expenses, and other fees) arising in connection with the preparation,
execution, and delivery of this Amendment and all related documents.
7. LIMITED EFFECT. In the event of a conflict between the terms and
provisions of this Amendment and the terms and provisions of the Agreement, the
terms and provisions of this Amendment shall govern. In all other respects, the
Agreement, as amended and supplemented hereby, shall remain in full force and
effect.
8. COUNTERPARTS; EFFECTIVENESS. This Amendment may be executed in any
number of counterparts and by different parties on separate counterparts, each
of which when so executed and delivered shall be deemed to be an original. All
such counterparts, taken together, shall constitute but one and the same
Amendment. This Amendment shall become effective upon the execution of a
counterpart of this Amendment by each of the parties hereto.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first set forth above.
FOOTHILL CAPITAL CORPORATION,
a California corporation
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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Title: Vice President
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SILICON STORAGE TECHNOLOGY, INC.,
a California corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Title: VP/CFO
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