Second Amendment to Loan and Security Agreement, dated as of April 11, 2013, by and among Telanetix, Inc., a Delaware corporation, Telanetix, Inc., a California corporation, AccessLine Holdings, Inc., and AccessLine Communications Corporation, and East West Bank (X)

 

 

Borrower:

Telanetix, Inc. (Delaware) Telanetix, Inc. (California) AccessLine Holdings, Inc. AccessLine Communications Corporation 11201 SE 8th Street Bellevue, WA  98004

Lender:

East West Bank Loan Servicing Department 9300 Flair Drive, 6th Floor El Monte, CA  91731

(1)	The paragraphs entitled “LINE OF CREDIT” through “REMITTANCE ACCOUNT” immediately below the Section styled “Term” of the Loan Agreement are hereby replaced in their entirety, to read as follows:

“LINE OF CREDIT.  Lender hereby establishes in favor of Borrowers a $1,000,000 revolving line of credit (the “Line”). Lender agrees to make Advances to Borrowers requested by Borrowers from time to time under the Line from the date of this Agreement to the Expiration Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the sum of $1,000,000.00 (“Commitment Amount”).  Within the limits set forth in this Agreement, Borrowers may borrow, partially or wholly prepay, and reborrow under the Line.

 

LINE USAGE. Maximum aggregate amounts that may be outstanding under the following sub-limits, not to exceed the Commitment Amount:

 

1. Up to $200,000.00 for credit cards;

2. Up to $250,000.00 for issuance of standby letters of credit.

 

ADVANCE AUTHORITY.  The following person or persons are authorized to request advances and authorize payments under the Line until Lender receives from Borrowers, at Lender's address shown above, written notice of revocation of such authority: Chief Financial Officer or Chief Executive Officer.

 

Making Loan Advances.  Advances under the Line, as well as directions for payment from Borrowers’ accounts, may be requested orally or in writing by authorized persons.  Lender may, but need not, require that all oral requests be confirmed in writing.  Each Advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrowers (1)  when credited to any deposit account of any Borrower maintained with Lender or (2)  when advanced in accordance with the written instructions of an authorized person.  Lender’s a cutoff time is 4:00 pm Pacific Standard Time, after which all requests for Advances will be treated as having been requested on the next succeeding Business Day.  If a request for an Advance is made prior to 4:00 p.m. Pacific Standard Time on a Business Day, Lender shall fund such request on such day; otherwise Lender shall fund the same on the next succeeding Business Day.

 

(2)	The  paragraph entitled “Collateral Exam” in the section entitled “CONDITIONS PRECEDENT TO EACH ADVANCE” of the Loan Agreement is hereby deleted in its entirety.

 

(3)	The  paragraph entitled “Borrowing Base Certificate” in the section entitled “Financial Statements” of the Loan Agreement is hereby deleted in its entirety.

 

(4)	The  paragraph entitled “Agings” in the section entitled “Financial Statements” of the Loan Agreement is hereby deleted in its entirety.

 

(5)	The definitions for “Account,” “Account Debtor,” “Borrowing Base,” and “Eligible Accounts”  in the section entitled “DEFINITIONS” of the Loan Agreement are hereby deleted in their entirety.

 

 

 

[Signature page follows]

 

 

 

 

By: /s/ Doug Johnson 

By: /s/ Doug Johnson 

By: /s/ Doug Johnson 

 

By: /s/ Doug Johnson 

 

 

 

By: /s/ Phillip S. Ernst