SVB Term Loan definition

SVB Term Loan is defined in Section 2.2(a)(ii)(B) hereof.

SVB Term Loan means the term loan between Borrowers and SVB in the original principal amount of $3,250,000.00 pursuant to the SVB Term Loan Documents and any amendments, extensions, modifications, replacements or substitutions to such loan.

SVB Term Loan means the “Term Loan 2015” as defined in the Senior Loan Documents in the original principal amount of $2,500,000 and any renewal or replacement thereof in future periods.

Examples of SVB Term Loan in a sentence

• The Company’s SVB Term Loan is interest-bearing debt at a variable rate.

• The Company does not generate revenue and will be reliant on external financing to fund operations and repay the SVB Term Loan.

• The Company incurred total additional transaction costs of $220,898 related to the SVB Term Loan and First Amendment.

• The SVB Term Loan requires a final payment of 8.6% of the amount advanced (“Final Payment”), due upon the earlier of the maturity or termination of the SVB Term Loan.

• The SVB Term Loan is subject to standard events of default, including default in the event of a material adverse change.

• SVB may declare the Company to be in breach of the agreement in the event of a material adverse change, which has been defined to include a material impairment in the Company’s assets acting as collateral under the SVB Term Loan, a material adverse change in the business, operations, or condition (financial or otherwise) of the Company, or a material impairment of the prospect of repayment of any portion of its debt obligations.

• The SVB Term Loan is repayable over 33 months following an interest-only period ending December 31, 2017.

• The SVB Term Loan contains a voluntary prepayment option whereby the principal amount can be prepaid in whole, or in part, for a fixed fee if a prepayment is made on or before the second anniversary of the SVB Term Loan.

• The SVB Term Loan is secured by a perfected first priority lien on all of the Company’s assets, with a negative pledge on the Company’s intellectual property.

• The SVB Term Loan contained a voluntary prepayment option whereby the principal amount can be prepaid in whole, or in part, for a fixed fee if a prepayment is made on or before the second anniversary of the SVB Term Loan.