SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
Exhibit 10.1
SIXTH
AMENDMENT
TO
THIS
SIXTH AMENDMENT to Loan
and Security Agreement (this “Amendment”) is entered into this 23 day of March
2010, by and between Silicon Valley Bank (“Bank”) and ST. XXXXXXX SOFTWARE,
INC., a Delaware corporation (“Borrower”) whose address is 00000 Xxxxxx xx
Xxxxxxx, Xxx Xxxxx, XX 00000.
Recitals
A. Bank
and Borrower have entered into that certain Loan and Security Agreement dated as
of May 11, 2007 as amended by that certain First Amendment to Loan and Security
Agreement dated as of July 9, 2007, that certain Second Amendment to Loan and
Security Agreement dated as of August 13, 2007, that certain Third Amendment to
Loan and Security Agreement dated as of January 25, 2008, that certain Fourth
Amendment to Loan and Security Agreement dated as of July 23, 2008 and that
certain Fifth Amendment to Loan and Security Agreement dated as of February 27,
2009 (as the same may from time to time be further amended, modified,
supplemented or restated, the “Loan Agreement”).
B. Bank
has extended credit to Borrower for the purposes permitted in the Loan
Agreement.
C. Borrower
has requested that Bank amend the Loan Agreement to (i) extend the maturity
date, (ii) extend additional credit and (iii) make certain other revisions to
the Loan Agreement as more fully set forth herein.
D. Bank
has agreed to so amend certain provisions of the Loan Agreement, but only to the
extent, in accordance with the terms, subject to the conditions and in reliance
upon the representations and warranties set forth below.
Agreement
Now,
Therefore, in
consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows:
1. Definitions. Capitalized
terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement.
2. Amendments to Loan
Agreement.
2.1 Section 2.1.5 (Term
Loans). Section 2.1.5 is amended in its entirety and replaced
with the following:
“2.1.5 Term Loan A.
(a) Term Loan
A. Subject to the terms and conditions of this Agreement, Bank
agrees to lend to Borrower, during the Draw Period, one term loan (“Term Loan A”) in an aggregate
amount not to exceed the Term Loan A Amount. When repaid, Term Loan A
may not be re-borrowed. Borrower shall use the proceeds of Term
Loan A to repay Indebtedness owing from Borrower to Partners for Growth and when
Term Loan A is made, Bank shall wire the proceeds thereof directly to Partners
for Growth.
(b) Repayment. Interest
accrues from the date of Term Loan A at the rate in Section 2.3(a)(ii) and
is payable monthly. On the Term Loan A Maturity Date, all principal and accrued
interest on Term Loan A shall be paid in full.”
2.2 Section 2.1.6 (Term Loan B).
New Section 2.1.6 is added as follows:
“2.1.6 Term Loan B.
(a) Term Loan
B. Subject to the terms and conditions of this Agreement, Bank
agrees to lend to Borrower, during the Draw Period, one term loan (“Term Loan B”) in an aggregate
amount not to exceed the Term Loan B Amount. When repaid, Term Loan B
may not be re-borrowed. Borrower shall use the proceeds of Term
Loan B to repay Indebtedness owing from Borrower to Partners for Growth and when
Term Loan B is made, Bank shall wire the proceeds thereof directly to Partners
for Growth
(b) Repayment. Borrower
shall repay Term Loan B in (i) twenty four (24) equal installments of principal,
plus (ii) monthly payments of accrued interest (each,
a “Term Loan B
Payment”). Beginning on the day thirty (30) days following the
date Term Loan B is made, each Term Loan B Payment shall be payable on the same
day of each month thereafter. Borrower ’s final Term Loan B Payment,
due on the Term Loan B Maturity Date, shall include all outstanding principal
and accrued and unpaid interest under Term Loan B.
(c) Prepayment. At
Borrower’s option, so long as an Event of Default has not occurred and is not
continuing, Borrower shall have the option to prepay all, but not less than all,
of Term Loan B, provided Borrower (a)
provides written notice to Bank of its election to exercise to prepay Term Loan
B at least thirty (30) days prior to such prepayment, and (b) pays, on the date
of the prepayment (i) all accrued and unpaid interest with respect to Term Loan
B through the date the prepayment is made; (ii) all unpaid principal with
respect to Term Loan B; (iii) a prepayment fee equal to (A) two percent (2.00%)
of the amount outstanding under Term Loan B at the time of prepayment if
prepayment occurs sooner than twelve (12) months from the date Term Loan B is
made or (B) one percent (1.00%) of the amount outstanding under Term Loan B at
the time of prepayment if prepayment occurs more than twelve (12) months from
the date Term Loan B is made but not more than twenty-four (24) months from the
date Term Loan B is made, (the “Term Loan Prepayment Fee”), and such
Term Loan Prepayment Fee shall bear interest until paid at a rate equal to the
highest rate applicable to the Obligations; and (iv) all other sums, if any,
that shall have become due and payable hereunder with respect to this
Agreement. Notwithstanding the foregoing, Bank agrees to waive the
Term Loan Prepayment Fee if Bank agrees to refinance and redocument this
Agreement with Bank or under another division of Bank prior to the Term Loan B
Maturity Date”
2.3 Section 2.3(a) (Interest
Rate). Section 2.3(a) is amended in its entirety and replaced
with the following:
“(a) Interest Rates.
(i) Advances. Subject
to Section 2.3(b), the principal amount outstanding under the Revolving Line
shall accrue interest at a floating per annum rate equal to the greater of two
percentage points (2.00%) above the Prime Rate or six percent (6.00%) which
interest shall be payable monthly in accordance with Section 2.3(f)
below.
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(ii) Term Loan
A. Subject to Section 2.3(b), the principal amount outstanding
under Term Loan A shall accrue interest at a floating per annum rate equal to
the greater of two percentage points (2.00%) above the Prime Rate or six percent
(6.00%) which interest shall be payable monthly in accordance with Section
2.3(f) below.
(iii) Term Loan
B. Subject to Section 2.3(b), the principal amount outstanding
under Term Loan B shall accrue interest at a floating per annum rate equal to
the greater of three and one half percentage points (3.50%) above the Prime Rate
or seven and one half percent (7.50%) which interest shall be payable monthly in
accordance with Section 2.3(f) below.”
2.4 Section 2.4
(Fees). Section 2.4 is amended in its entirety and replaced
with the following:
“2.4 Fees. Borrower
shall pay to Bank:
(a) Letter of Credit
Fee. Bank’s customary fees and expenses for the issuance or
renewal of Letters of Credit, upon the issuance or renewal of such Letter of
Credit by Bank;
(b) Early Termination
Fee. Subject to the terms of Section 4.1, the Early
Termination Fee in accordance with Section 12.1;
(c) Term Loan Prepayment
Fee. The Term Loan Prepayment Fee in accordance with Section
2.1.6(c);
(d) Success
Fee. Upon the closing of a Corporate Transaction where the
consideration payable with respect to one share of the fully diluted common
stock of Borrower is less than fifty seven cents ($0.57) per share, a Success
Fee equal to the Success Fee Amount. The provisions of this Section 2.4(d) shall
survive termination of this Agreement and/or repayment in full of all the
Obligations;
(e) Collateral Monitoring
Fee. A monthly collateral monitoring fee of Six Hundred Fifty
Dollars ($650), payable in arrears on the last day of each month (prorated for
any partial month at the beginning and upon termination of this Agreement);
and
(f) Bank
Expenses. All Bank Expenses (including reasonable attorneys’
fees and expenses, plus expenses, for documentation and negotiation of this
Agreement) incurred through and after the Effective Date, when
due.”
2.5 Section 6.9 (Financial
Covenants). Section 6.9 is amended in its entirety and
replaced with the following:
“6.9 Financial Covenants. Borrower
shall maintain at all times, to be tested as of the last day of each month,
unless otherwise noted, on a consolidated basis with respect to Borrower and its
Subsidiaries:
(a) Tangible Net
Worth. A Tangible Net Worth not less than negative Eighteen
Million Dollars ($18,00,000) at all times, increasing quarterly by fifty percent
(50%) of Net Income and monthly by fifty percent (50%) of issuances of equity
after January 31, 2010 and the principal amount of Subordinated Debt received
after January 31, 2010.
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(b) Xxxxxxxx to
Plan. As of the last day of each month, Borrower’ s xxxxxxxx
for the rolling three (3) months, shall be at least eighty percent
(80%) of Borrower’s projected xxxxxxxx for such month as outlined in Borrower’s
forecast provided to Bank on February 2, 2010 and any revisions to such plan
that are approved in writing by Bank. Any such revisions to such plan
that are approved by Borrower’s board of directors shall be provided to Bank
within five (5) days of approval by Borrower’s board of directors.”
2.6 Section 12.1 (Termination Prior to
Revolving Line Maturity Date). Section 12.1 is amended in its
entirety and replaced with the following:
“12.1 Termination Prior to Revolving Line
Maturity Date. This Agreement may be terminated prior to the
Revolving Line Maturity Date by Borrower, effective three (3) Business Days
after written notice of termination is given to Bank. Notwithstanding
any such termination, Bank’s lien and security interest in the Collateral shall
continue until Borrower fully satisfies its Obligations (other than inchoate
indemnity obligations and cash collateralized Letters of Credit extending beyond
the termination date of this Agreement). If such termination is at
Borrower’s election or at Bank’s election due to the occurrence and continuance
of an Event of Default, Borrower shall pay to Bank, in addition to the payment
of any other expenses or fees then-owing, a termination fee in an amount equal
to the Applicable Termination Fee Amount (the “Early Termination
Fee”). The Early Termination Fee shall be due and payable on the
effective date of such termination and thereafter shall bear interest at a rate
equal to the highest rate applicable to any of the
Obligations. Notwithstanding the foregoing, Bank agrees to waive the
Early Termination Fee if Bank agrees to refinance and redocument this Agreement
under another division of Bank (in its sole and exclusive discretion) prior to
the Revolving Line Maturity Date.”
2.7 Section 13
(Definitions). The following terms and their respective
definitions set forth in Section 13.1 are amended in
their entirety and replaced with the following:
"Acquisition" means any sale,
license, or other disposition of all or substantially all of the assets of
Borrower, or any reorganization, consolidation, or merger of Borrower where
Borrower is not the surviving entity or holders of Borrower’s securities before
the transaction receive compensation for their securities in the form of cash,
other securities or otherwise.
“Applicable Termination Fee
Amount” means (i) Eighty Thousand Dollars ($80,000) if this Agreement is
terminated on or prior to November 15, 2010, (ii) Forty Thousand Dollars
($40,000) if this Agreement is terminated after November 15, 2010 but prior to
February 15, 2011 and (iii) Twenty Thousand Dollars ($20,000) if this Agreement
is terminated after February 15, 2011 but prior to the Revolving Line Maturity
Date.
“Availability Amount” is (a)
the lesser of (i) the Revolving Line or (ii) or the Borrowing Base minus (b) the
amount of all outstanding Letters of Credit (including drawn but unreimbursed
Letters of Credit), minus (c) the FX Reserve, minus (d) any amounts used for
Cash Management Services, minus (e) the outstanding principal amount of Term
Loan A and minus (f) the outstanding principal balance of any
Advances.
“Borrowing Base” means (i)
eighty percent (80%) of Eligible Accounts and (ii) the lesser of (a) sixty
percent (60%) of Advanced Billing Accounts or (b) Six Hundred Thousand Dollars
($600,000), as determined by Bank from Borrower’s Transaction Report submitted
at the end of the most recently ended month; provided, however, that Bank may,
with notice to Borrower, decrease the foregoing percentage in its good faith
business judgment based on events, conditions, contingencies, or risks which, as
determined by Bank, may adversely affect Collateral.
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“Corporate
Transaction” is (i) an IPO, (ii) an Acquisition or (iii) a
dissolution or liquidation of Borrower that occurs within twenty four (24)
months of the Sixth Amendment Effective Date.
“Credit Extension” is any
Advance, Term Loan A, Term Loan B, each Letter of Credit, the FX Reserve, any
amount utilized for Cash Management Services, or any other extension of credit
by Bank for Borrower’s benefit.
“Draw Period” is the period of
time from March __, 2010 through the earlier to occur of (a) July 20, 2010
or (b) an Event of Default.
“IPO” is the initial public
offering of Borrower’s equity securities.
“Revolving Line” is an Advance
or Advances in an amount up to Two Million Three Hundred Thousand Dollars
($2,300,000).
“Revolving Line Maturity Date”
is May 15, 2011.
“Sixth Amendment Effective
Date” means March __, 2010.
“Success Fee Amount” means an
amount equal to the lesser of (i) Thirty Five Thousand Eighty Eight Dollars
($35,088) or (ii) the product of (a) One Hundred Forty Thousand Three Hundred
Fifty One (140,351) and (b) the difference between (I) the consideration payable
with respect to one share of the fully diluted common stock of Borrower in
connection with the Corporate Transaction and (II) fifty seven cents
($0.57).
“Term Loan A” is a loan made
by Bank pursuant to the terms of Section 2.1.5 hereof.
“Term Loan A Amount” is an
amount equal to Three Hundred Thousand Dollars ($300,000).
“Term Loan A Maturity Date” is
May 15, 2011.
“Term Loan B” is a loan made
by Bank pursuant to the terms of Section 2.1.6 hereof.
“Term Loan B Amount” is an
amount equal to Two Hundred Thousand Dollars ($200,000).
“Term Loan B Maturity Date” is
the date twenty four (24) months after Term Loan B is made.
“Term Loan B Payment” is
defined in Section 2.1.6 hereof.
2.8 Exhibit
C to the Agreement is hereby replaced with Exhibit C attached
hereto.
3. Limitation
of Amendments.
3.1 The
amendments set forth in Section
2, above, are effective for the purposes set forth herein and shall be
limited precisely as written and shall not be deemed to (a) be a consent to any
amendment, waiver or modification of any other term or condition of any Loan
Document, or (b) otherwise prejudice any right or remedy which Bank may now have
or may have in the future under or in connection with any Loan
Document.
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3.2 This
Amendment shall be construed in connection with and as part of the Loan
Documents and all terms, conditions, representations, warranties, covenants and
agreements set forth in the Loan Documents, except as herein amended, are hereby
ratified and confirmed and shall remain in full force and effect.
4. Representations and
Warranties. To induce Bank to enter into this Amendment,
Borrower hereby represents and warrants to Bank as follows:
4.1 Immediately
after giving effect to this Amendment (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material
respects as of the date hereof (except to the extent such representations and
warranties relate to an earlier date, in which case they are true and correct as
of such date), and (b) no Event of Default has occurred and is
continuing;
4.2 Borrower
has the power and authority to execute and deliver this Amendment and to perform
its obligations under the Loan Agreement, as amended by this
Amendment;
4.3 The
organizational documents of Borrower delivered to Bank on the Sixth Amendment
Effective Date remain true, accurate and complete and have not been amended,
supplemented or restated and are and continue to be in full force and
effect;
4.4 The
execution and delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by this
Amendment, have been duly authorized;
4.5 The
execution and delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by this
Amendment, do not and will not contravene (a) any law or regulation binding on
or affecting Borrower, (b) any contractual restriction with a Person binding on
Borrower, (c) any order, judgment or decree of any court or other governmental
or public body or authority, or subdivision thereof, binding on Borrower, or (d)
the organizational documents of Borrower;
4.6 The
execution and delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by this
Amendment, do not require any order, consent, approval, license, authorization
or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on
either Borrower, except as already has been obtained or made; and
4.7 This
Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general
application and equitable principles relating to or affecting creditors’
rights.
5. Counterparts. This
Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument.
6. Effectiveness. This
Amendment shall be effective as of the date first written above upon (a) the due
execution and delivery to Bank of this Amendment by each party hereto (b) the
payment by Borrower of a renewal fee with respect to the Revolving Line in the
amount of Eighteen Thousand Four Hundred Dollars ($18,400), (c) the payment by
Borrower of a facility fee with respect to Term Loan B in the amount of Two
Thousand Dollars ($2,000) and (d) the due execution and delivery to Bank of
updated Borrowing Resolutions for Borrower.
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7. Reference to and Effect on the Loan
Agreement and the Other Documents. (i) On and after the Sixth
Amendment Effective Date, each reference in the Loan Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to
the Loan Agreement, and each reference in the other Loan Documents to the “Loan
Agreement,” “thereunder,” “thereof” or words of like import referring to the
Loan Agreement shall mean and be a reference to the Loan Agreement as amended by
this Amendment; and (ii) except as specifically amended by this Amendment, the
Loan Agreement and the other Loan Documents shall remain in full force and
effect and are hereby ratified and confirmed.
[Signature
page follows.]
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In Witness
Whereof, the parties hereto have caused this Amendment to be duly
executed and delivered as of the date first written above.
BANK
SILICON
VALLEY BANK
By: /s/
Xxxxx X.
Xxxxxxxx
Name: Xxxxx X. Xxxxxxxx
Title: Relationship Manager
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BORROWER
ST.
XXXXXXX SOFTWARE, INC.
By: /s/ Xxxxxx
Xxxxxxx
Name: Xxxxxx Xxxxxxx
Title: VP of Finance
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EXHIBIT
C
COMPLIANCE
CERTIFICATE
TO: SILICON
VALLEY BANK
FROM: ST. XXXXXXX SOFTWARE, INC.
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Date:____________________________ |
The
undersigned authorized officer of ST. XXXXXXX SOFTWARE, INC. (“Borrower”)
certifies that under the terms and conditions of the Loan and Security Agreement
between Borrower and Bank (the “Agreement”), (1) Borrower is in complete
compliance for the period ending _______________ with all required covenants
except as noted below, (2) there are no Events of Default, (3) all
representations and warranties in the Agreement are true and correct in all
material respects on this date except as noted below; provided, however, that
such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties
expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date, (4) Borrower, and each of its
Subsidiaries, has timely filed all required tax returns and reports, and
Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise
permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no
Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower
has not previously provided written notification to Bank. Attached
are the required documents supporting the certification. The
undersigned certifies that these are prepared in accordance with GAAP
consistently applied from one period to the next except as explained in an
accompanying letter or footnotes and except as otherwise permitted in the
Agreement. The undersigned acknowledges that no borrowings may be
requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is
determined not just at the date this certificate is
delivered. Capitalized terms used but not otherwise defined herein
shall have the meanings given them in the Agreement.
Please
indicate compliance status by circling Yes/No under “Complies”
column.
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Reporting Covenant
|
Required
|
Complies
|
Monthly
financial statements with
Compliance
Certificate
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Monthly
within 30 days
|
Yes No
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Annual
Projections
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FYE
within 45 days
|
Yes No
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10-Q,
10-K and 8-K
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Within
5 days after filing with SEC
|
Yes No
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A/R
& A/P Agings, Deferred Revenue Report
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Monthly
within 15 days
|
Yes No
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Transaction
Report
|
(A)
the more frequent of weekly or with each Advance request when there are
Advances outstanding or (B) if there are no Advances outstanding, within
fifteen (15) days after the end of each month
|
Yes No
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Financial Covenant
|
Required
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Actual
|
Complies
|
Maintain
on a Monthly Basis:
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Minimum Tangible Net
Worth
|
$_______*
|
$_______
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Yes No
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Xxxxxxxx to
plan
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80%
|
_____%
|
Yes No
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* A
Tangible Net Worth not less than negative Eighteen Million Dollars ($18,00,000)
at all times, increasing quarterly by fifty percent (50%) of Net Income and
monthly by fifty percent (50%) of issuances of equity after January 31, 2010 and
the principal amount of Subordinated Debt received after January 31,
2010.
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The
following financial covenant analysis and information set forth in Schedule 1
attached hereto are true and accurate as of the date of this
Certificate.
The
following are the exceptions with respect to the certification
above: (If no exceptions exist, state “No exceptions to
note.”)
ST.
XXXXXXX SOFTWARE, INC.
By:
Name:
Title:
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BANK
USE ONLY
Received
by: _______________________________
authorized
signer
Date: ____________________________________
Verified:
__________________________________
authorized
signer
Date: ____________________________________
Compliance
Status: Yes No
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Schedule 1 to Compliance
Certificate
Financial Covenants of
Borrower
In the
event of a conflict between this Schedule and the Loan Agreement, the terms of
the Loan Agreement shall govern.
Dated: ____________________
Tangible Net Worth (Section
6.9(a))
Required: A
Tangible Net Worth not less than Eighteen Million Dollars ($18,00,000) at all
times, increasing quarterly by fifty percent (50%) of Net Income and monthly by
fifty percent (50%) of issuances of equity after January 31, 2010 and the
principal amount of Subordinated Debt received after January 31,
2010.
Actual:
A.
|
Aggregate
net worth of Borrower
|
$______
|
B.
|
Aggregate
value of intangible assets of Borrower
|
$______
|
C.
|
Aggregate
Subordinated Debt
|
$______
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D
|
Tangible
Net Worth (line A minus line B plus line C)
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$______
|
Is line D
equal to or greater than the dollar amount required above?
_______ No, not in
compliance _______ Yes, in
compliance
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BORROWING
RESOLUTIONS
CORPORATE
BORROWING CERTIFICATE
Borrower: ST. XXXXXXX SOFTWARE,
INC.
Bank: Silicon
Valley Bank
|
Date: March 23, 2010 |
I hereby
certify as follows, as of the date set forth above:
1. I
am the Secretary, Assistant Secretary or other officer of the
Borrower. My title is as set forth below.
2. Borrower’s
exact legal name is set forth above. Borrower is a corporation
existing under the laws of the State of
DE
.
[print
name of state]
3. Attached
hereto are true, correct and complete copies of Borrower’s Articles/Certificate
of Incorporation (including amendments), as filed with the Secretary of State of
the state in which Borrower is incorporated as set forth in paragraph 2
above. Such Articles/Certificate of Incorporation have not been
amended, annulled, rescinded, revoked or supplemented, and remain in full force
and effect as of the date hereof.
4. The
following resolutions were duly and validly adopted by Borrower’s Board of
Directors at a duly held meeting of such directors (or pursuant to a unanimous
written consent or other authorized corporate action). Such
resolutions are in full force and effect as of the date hereof and have not been
in any way modified, repealed, rescinded, amended or revoked, and Bank may rely
on them until Bank receives written notice of revocation from
Borrower.
Resolved,
that any one of the
following officers or employees of Borrower, whose names, titles and signatures
are below, may act on behalf of Borrower:
Name
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Title
|
Signature
|
Authorized
to Add or Remove
Signatories
|
|||
Xxxxxx Xxxxxxx
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VP of Finance
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/s/ Xxxxxx Xxxxxxx
|
ý
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□
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||||||
□
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||||||
□
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Resolved
Further, that any
one of the persons designated above with a checked box beside his or her
name may, from time to time, add or remove any individuals to and from the above
list of persons authorized to act on behalf of Borrower.
Resolved
Further, that
such individuals may, on behalf of Borrower:
Borrow
Money. Borrow money from Silicon Valley Bank
("Bank").
Execute Loan
Documents. Execute any loan documents Bank
requires.
Grant
Security. Grant Bank a security interest in any of Borrower’s
assets.
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Negotiate
Items. Negotiate or discount all drafts, trade acceptances,
promissory notes, or other indebtedness in which Borrower has an interest and
receive cash or otherwise use the proceeds.
Letters of
Credit. Apply for letters of credit from Bank.
Foreign Exchange
Contracts. Execute spot or forward foreign exchange
contracts.
Issue
Warrants. Issue warrants for Borrower's capital
stock.
Further
Acts. Designate other individuals to request advances, pay
fees and costs and execute other documents or agreements (including documents or
agreement that waive Borrowers right to a jury trial) they believe to be
necessary to effectuate such resolutions.
Resolved
Further, that all
acts authorized by the above resolutions and any prior acts relating thereto are
ratified.
5. The
persons listed above are Borrower's officers or employees with their titles and
signatures shown next to their names.
By: /s/ Xxxxxx
Xxxxxxx
Name: Xxxxxx
Xxxxxxx
Title: VP of
Finance
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*** If the Secretary, Assistant
Secretary or other certifying officer executing above is designated by the
resolutions set forth in paragraph 4 as one of the authorized signing officers,
this Certificate must also be signed by a second authorized officer or director
of Borrower.
I, the EVP Sales, Marketing, Service of
Borrower, hereby certify as to paragraphs 1 through 5 above, as
[print
title]
of the
date set forth above.
By: /s/ Xxxxxx
Xxx
Name: Xxxxxx
Xxx
Title: EVP Sales, Marketing,
Service
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