Exhibit 10.23
SILICON VALLEY BANK
AMENDMENT TO LOAN AND SECURITY AGREEMENT
BORROWER: ISILON SYSTEMS, INC., A DELAWARE CORPORATION
DATED AS OF: MARCH 21, 2005
THIS AMENDMENT TO LOAN AGREEMENT is entered into between SILICON VALLEY
BANK ("Silicon") and the borrower named above (the "Borrower"). The Parties
agree to amend the Loan and Security Agreement between them, dated June 24,
2004, as amended or otherwise modified from time to time (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. AMENDED SCHEDULE TO LOAN AGREEMENT. Section 8 of the Schedule to Loan
Agreement entitled "Additional Provisions" is hereby amended by replacing
paragraph (8) thereof that now reads as "(8) [Intentionally Omitted] with the
following:
"(8) ADDITIONAL TRANSACTIONS. Borrower shall consummate an Subordinated
Debt or equity financing transaction, in each case containing terms and
conditions reasonably acceptable to Silicon (a "Transaction"), yielding at least
$5,000,000 in net proceeds thereof to Borrower no later than July 30, 2005.
Further, Borrower shall consummate an additional Transaction yielding at least
$10,000,000 in net proceeds to Borrower no later than November 15, 2005."
2. GENERAL PROVISIONS. Except as herein expressly amended, all of the
terms and provisions of the Loan Agreement, and all other documents and
agreements between Silicon and the Borrower shall continue in full force and
effect and the same are hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first above written.
BORROWER: SILICON:
ISILON SYSTEMS, INC. SILICON VALLEY BANK
BY /s/XXXXXX X. XXXXXXXXXX BY /s/ XXXXXXX XXXXXXXX
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TITLE: CFO TITLE SR. VICE PRESIDENT