Limited Waiver and Amendment to Loan Documents
Exhibit
10.1
Silicon
Valley Bank
Limited
Waiver and
Amendment
to Loan Documents
Borrower: Internap
Network Services Corporation
Date: November
3, 2005
THIS
LIMITED WAIVER AND AMENDMENT TO LOAN DOCUMENTS (this “Amendment”)
is
entered into between Silicon Valley Bank (“Silicon”) and the borrower named
above (“Borrower”).
Silicon
and Borrower agree to amend the Loan and Security Agreement between them, dated
October 21, 2002 (as otherwise amended, if at all, the “Loan Agreement”), as
follows, effective as of the date hereof. (Capitalized terms used but not
defined in this Amendment shall have the meanings set forth in the Loan
Agreement.)
1. Waiver
of Default. Borrower
has
advised Silicon that Borrower has failed to comply with the Minimum Cash EBITDA
Financial Covenant set forth in Section 5 of the Amended and Restated Schedule
to Loan and Security Agreement entitled "5. FINANCIAL COVENANTS (Section 5.1)"
for the reporting period ending September 30, 2005 (the “Covenant Default”).
Silicon and Borrower agree that the Borrower's Covenant Default is hereby
waived. It is understood by the parties hereto, however, that such waiver does
not constitute a waiver of any other provision or term of the Loan Agreement
or
any related document, nor an agreement to waive in the future this covenant
or
any other provision or term of the Loan Agreement or any related
document.
2. Modified
Maturity of Term Loan I. Notwithstanding
anything to the contrary in the Loan Agreement, the final payment of principal
plus interest of Term Loan I shall be due and payable on November 1, 2005.
3. Fee.
In
consideration for Silicon entering into this Amendment, Borrower shall
concurrently pay Silicon a fee in the amount of $1,000, which shall be
non-refundable and in addition to all interest and other fees payable to Silicon
under the Loan Documents. Silicon is authorized to charge said fee to Borrower’s
loan account.
4. Representations
True. Borrower
represents and warrants to Silicon that all representations and warranties
set
forth in the Loan Agreement, as amended hereby, are true and correct as of
the
date hereof.
5. General
Provisions. This
Amendment, the Loan Agreement, any prior written amendments to the Loan
Agreement signed by Silicon and Borrower, and the other written documents and
agreements between Silicon and Borrower set forth in full all of the
representations and agreements of the parties with respect to the subject matter
hereof and
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Silicon
Valley Bank
|
Amendment
to Loan Documents
|
supersede
all prior discussions, representations, agreements and under-standings between
the parties with respect to the subject hereof. Except as herein expressly
amended, all of the terms and provisions of the Loan Agreement, and all other
documents and agreements between Silicon and Borrower shall continue in full
force and effect and the same are hereby ratified and confirmed.
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Borrower:
By
/s/ Xxxxx Xxxxxx
President
or Vice President
By____________________________
Secretary
or Ass't Secretary
|
Silicon:
SILICON
VALLEY BANK
By
/s/
X.X. Xxxxxxxx
Title
VP
|
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