Examples of Square 1 Bank in a sentence
This loan was later consolidated into the Square 1 Bank Transaction and was secured by the Company’s intellectual property.
We are excited to have you as a Square 1 Bank client and want to spread the word about your success! From press releases to mentions on social media sites, and all points in between, Square 1’s marketing and communications team is constantly seeking new opportunities to promote our clients and to connect them to prospects, existing customers, and the larger entrepreneurial/venture capital community.
Member FDIC To: Square 1 Bank, as agent for the Lenders Re: Loan # You are hereby authorized and instructed to charge account No. in the name of KALA PHARMACEUTICALS, INC.
Although the lender has waived our past defaults, there can be no assurance that they will continue do so in the event of future defaults.In June 2017, we entered into a credit agreement with Pacific Western Bank (doing business as Square 1 Bank) (“Square 1 Bank”) for a revolving credit facility of up to $20,000,000 (the “Square 1 Facility”).
Square 1 Bank, as lender, has certain rights and remedies in the event of default, including the right to declare all our obligations under the Square 1 Facility immediately due and payable, and to cease advancing money or extending credit to us under the Square 1 Facility.
In the event we default with Square 1 Bank and Square 1 Bank draws down on all of the standby letters of credit securing Square 1 Bank’s loan, the Supporting Stockholders and Short-Term Lenders will have the right to foreclose on the IP Collateral.
TABLE OF CONTENTS We have, in the past, failed to maintain certain financial liquidity requirements under our revolving credit facility with Square 1 Bank, which constitutes an event of default under the revolving facility agreement.
Liquidity means the sum of cash and cash equivalents (“cash”) at Square 1 Bank, plus 75% of our net accounts receivable less than 90 days from invoice date, plus the amount of the revolving line under the Square 1 Facility less the aggregate outstanding principal amount of all amounts outstanding under such revolving line.
The agreement provides that Square 1 Bank may loan up to $20,000,000 to us, if Square 1 Bank is fully secured by investors’ collateral in the form of standby letters of credit or pledged accounts.
In connection therewith, we granted the Supporting Stockholders a security interest in all of our intellectual property.Square 1 Bank’s loan to us is fully secured by the Supporting Stockholders who have provided standby letters of credit in favor of Square 1 Bank.