Examples of SVB Agreement in a sentence
The outstanding principal amount of any Advance (as such term is defined in the SVB Agreement) will bear interest at a floating rate per annum equal to the greater of (1) 4.00% and (2) the Prime Rate plus the Prime Rate Margin.
The SVB Agreement provides for a revolving credit facility (the “Revolver”) up to an aggregate principal amount of $125.0 million, including a sublimit of $20.0 million for Letters of Credit (as such terms are defined in the SVB Agreement).
In addition, in the event of such a default, the Company would be in default under that certain Loan and Security Agreement, dated April 4, 2003, between Silicon Valley Bank and the Company (the "SVB Agreement").
Any borrowings under the SVB Agreement bear interest, based on an interest rate that is dependent upon whether Net Cash is above or below $5.0 million.
Under the original terms of the SVB Agreement, the Company had the ability to borrow up to $15.0 million at any time prior to December 31, 2021.
Daniel Pindur, Value Creation in Successful LBOs, Springer Science & Business Media, May, 2009.
This deferred financing cost, as well as others incurred in conjunction with the execution of the SVB Agreement were amortized from the date of issuance through December 31, 2022, the expiry of the SVB Agreement’s borrowing availability period.
The Company shall have obtained an agreement exercising the warrant issued by the Company to Silicon Valley Bank for Common Stock of the Company, in form and content reasonably satisfactory to Parent, executed by Silicon Valley Bank (the "SVB Agreement").
Following the completion of this offering and the additional funds to be raised pursuant hereto, the Company expects that it will continue to remain in compliance with all covenants under the SVB Agreement eliminating any material risk of default.
The Issuer shall not make any borrowings (i) under the SVB Agreement in excess of the Borrowing Base (as such term is and as “Eligible Accounts” and “Eligible Inventory” are defined as of the date hereof in Schedule 2 to the SVB Agreement); or (ii) under the VLL Agreement in excess of the “Commitment” (as such term is defined in the VLL Agreement) in effect on the date hereof.