Accounts Loans. 80% of the amount of Borrower's Eligible Receivables (as defined in Section 8 above), plus
Accounts Loans. Loans (the “Accounts Loans”) in an amount not to exceed the lesser of:
Accounts Loans. Loans (the "Accounts Loans") in a total amount outstanding at any time not to exceed 80% (an "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above); plus
Accounts Loans. An amount not to exceed the lesser of: (i) $3,000,000 at any one time outstanding (the "Maximum Credit Limit"); or (ii) 80% (the "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above). Silicon may, from time to time, modify the Advance Rate, in its good faith business judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts or other issues or factors relating to the Accounts or other Collateral. plus
Accounts Loans. An amount not to exceed the lesser of: (i) $1,000,000; or (ii) 70% of the Net Amount of Borrower's accounts, which Silicon in its discretion deems eligible for borrowing; PROVIDED THAT, in no event may the total amount of the outstanding Accounts Loans and Term Loan exceed the total sum of $800,000 until Borrower satisfies all of the Term Loan Extension Conditions set forth in Section 5.1 below.
Accounts Loans. An amount not to exceed (a) the lesser of (i) $3,000,000 at any one time outstanding (the "Maximum Credit Limit"), or (ii) 80% (the "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above); minus (b) the principal amount of all term loans due to Silicon, subject to a maximum of $1,000,000; provided however, that the term debt shall no longer be deducted after Borrower has received equity contributions or Subordinated Debt in the aggregate amount of not less than $2,000,000 from and after August 1, 2006. The term "Subordinated Debt" means indebtedness incurred by Borrower subordinated to all of Borrower's now or hereafter Obligations to Silicon (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Silicon entered into between Silicon and the other creditor), on terms acceptable to Silicon."
Accounts Loans. Each Account Loan is a legal, valid and binding obligation of the borrower, secured by the related Liability in accordance with Seller's underwriting standards as disclosed to Buyer, has been originated and serviced in all material respects accordance with all applicable laws, regulations and orders, and is authorized under applicable laws, regulations and orders to be transferred by Seller to Buyer hereunder. Seller, to the best of its knowledge, is not subject to any liability for violations of any applicable law, regulation or order with respect to any such Account Loan arising out of actions or events occurring prior to the Closing Date or the transfers contemplated hereby. Seller is the sole owner of each Account Loan free and clear of all liens, claims, security interests, charges and encumbrances.
Accounts Loans. An amount not to exceed the lesser of: (i) $2,500,000 at any one time outstanding (the "Maximum Credit Limit"); or (ii) 75% (the "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above). Notwithstanding the foregoing, until such time as Borrower has renegotiated its convertible debentures and received, after the date hereof, at least $1,000,000 cash proceeds from the holders of such renegotiated convertible debentures (the "Debenture Transaction"), the Maximum Credit Limit shall be $1,250,000. Silicon may, from time to time, modify the Advance Rate, in its good faith business judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts or other issues or factors relating to the Accounts or other Collateral. plus
Accounts Loans. An amount not to exceed the lesser of: (i) $3,000,000 at any one time outstanding (the "Maximum Credit Limit"); or (ii) 80% (the "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above). Silicon may, from time to time, modify the Advance Rate, in its good faith business judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts or other issues or factors relating to the Accounts or other Collateral. plus 2. Term Loan #1. An amount equal to the aggregate unpaid principal balance from time to time outstanding of the Loan ("Term Loan #1") being made concurrently herewith in the original principal amount of $750,000 to refinance Borrower's existing three term loans previously made by Silicon and to replenish Borrower's working capital provided for the purchase by Borrower of new or used domestic Equipment acceptable to Silicon in its good faith business judgment, including computer equipment, office equipment, lab equipment, test equipment and furnishings. To evidence Term Loan #1, Borrower shall deliver to Silicon, at the time of the Term Loan #1 request, all invoices for the Equipment which was previously purchased by the Borrower. The invoices cannot be dated prior to October 1, 2003. Term Loan #1 shall be used only to reimburse the Borrower for previously purchased Equipment and shall not exceed 100% of the invoice amount of such Equipment approved from time to time by Silicon; provided that Borrower may use up to, but not more than, 20% of the amount of Term Loan #1 for (i) the purchase or license of software, (ii) leasehold improvements and (iii) other soft costs, including sales tax, freight and installation expenses. Subject to and upon the terms and conditions of this Agreement, Term Loan #1 will be made in one single disbursement. Term Loan #1 cannot be repaid and reborrowed. Term Loan #1 shall be repaid as provided for herein.
Accounts Loans. Loans (the "Accounts Loans") in a total amount outstanding at any time not to exceed 80% (an "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above) (the "Borrowing Base"); SILICON VALLEY BANK AMENDMENT TO LOAN DOCUMENTS --------------------------------------------------------------------------------
