SVB Agreement definition
Examples of SVB Agreement in a sentence
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).
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 Agent shall have received a waiver from Silicon Valley Bank of any event of default under the Loan and Security Agreement (the "SVB Agreement") dated as of March 8, 2001 by and between Silicon Valley Bank and the Company in form and substance reasonably satisfactory to the Agent; provided, however, that no such waiver will be required if there are no amounts outstanding under the SVB Agreement.
Certain of the Company's assets, including but not limited to, Company equipment, receivables and intellectual property are subject to security interests and liens pursuant to the Second SVB Agreement as referenced under Section 2.7 above.
The Company will pay an additional $0.5 million in fees to SVB at each anniversary of the SVB Agreement date for a total of $1.0 million and these fees are recorded in other current liabilities and other liabilities in the condensed consolidated balance sheets as of March 31, 2023.
SVB shall use commercially reasonable efforts to give ORIX (i) a copy of any written notice of the occurrence or existence of an event of default under any of the SVB Documents sent to the Company, simultaneously with the sending of such notice to the Company, and (ii) written notice of any termination of the SVB Agreement.
Reference is made to that certain Loan and Security Agreement with Silicon Valley Bank dated as of April 1, 2000, as amended (the "First SVB Agreement").
Reference is made to that certain Loan and Security Agreement with Silicon Valley Bank dated as of July 31, 2001 (the "Second SVB Agreement").
At any time Borrower owes Lenders less than $1,000,000, the outstanding principal balance of the SVB Loan may not exceed the lesser of (i) $3,000,000, or the Borrowing Base, as defined in the SVB Agreement as of the date hereof.
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.