EXHIBIT 10.63
LOAN MODIFICATION AGREEMENT
This Loan Modification Agreement is entered into as of May 6, 1999,
by and between Exodus Communications, Inc. ("Borrower") and Silicon Valley
Bank ("Bank").
1. DESCRIPTION OF EXISTING INDEBTEDNESS: Among other indebtedness which
may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to,
among other documents, a Loan and Security Agreement, dated June 14, 1996,
together with all schedules thereto (the "Loan Agreement"), as may be
amended from time to time. The Loan Agreement provided for, among other
things, a Committed Line in the original principal amount of One Million
Dollars ($1,000,000) (the "Revolving Facility"). The Revolving Facility
has been modified pursuant to, among other documents, an Loan Modification
and Assumption Agreement, dated April 14, 1998, pursuant to, among other
things the Committed Line was increased to Seven Million Dollars
($7,000,000). Defined terms used but not otherwise defined herein shall
have the same meanings as in the Loan Agreement.
Hereinafter, all indebtedness owing by Borrower to Bank shall be referred
to as the "Indebtedness".
2. DESCRIPTION OF COLLATERAL AND GUARANTIES. Repayment of the
Indebtedness is secured by the Collateral as defined in the Loan Agreement,
and a Collateral Assignment, Patent Mortgage and Security Agreement dated
June 13, 1996.
Hereinafter, the above-described security documents and guaranties,
together with all other documents securing repayment of the Indebtedness
shall be referred to as the "Security Documents". Hereinafter, the
Security Documents, together with all other documents evidencing or
securing the Indebtedness shall be referred to as the "Existing Loan
Documents".
3. DESCRIPTION OF CHANGE IN TERMS.
A Modification(s) to Loan Agreement.
1. The definition of "Revolving Maturity Date" is hereby
amended to mean August 6, 1999.
4. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended
wherever necessary to reflect the changes described above.
5. NO DEFENSES OF BORROWER. Borrower (and each guarantor and pledgor
signing below) agrees that it has no defenses against the obligations to
pay any amounts under the Indebtedness.
6. CONTINUING VALIDITY. Borrower (and each guarantor and pledgor
signing below) understands and agrees that in modifying the existing
Indebtedness, Bank is relying upon Borrower's representations, warranties,
and agreements, as set forth in the Existing Loan Documents. Except as
expressly modified pursuant to this Loan Modification Agreement, the terms
of the Existing Loan Documents remain unchanged and in full force and
effect. Bank's agreement to modifications to the existing Indebtedness
pursuant to this Loan Modification Agreement in no way shall obligate Bank
to make any future modifications to the Indebtedness. Nothing in this
Loan Modification Agreement shall constitute a satisfaction of the
Indebtedness. It is the intention of Bank and Borrower to retain as liable
parties all makers and endorsers of Existing Loan Documents, unless the
party is expressly released by Bank in writing. No maker, endorser, or
guarantor will be released by virtue of this Loan Modification Agreement.
The terms of this paragraph apply not only to this Loan Modification
Agreement, but also to all subsequent loan modification agreements.
This Loan Modification Agreement is executed as of the date first
written above.
BORROWER: BANK:
EXODUS COMMUNICATIONS, INC. SILICON VALLEY BANK
By: /s/ Xxxx Xxxxx By: /s/ Xxxxxxx Xxxxxxx
Name: Xxxx Xxxxx Name: Xxxxxxx Xxxxxxx
Title: Vice President, Finance Title: Senior Vice President
