SIXTH LOAN MODIFICATION AGREEMENT
This Sixth Loan Modification Agreement (this
“ Loan Modification Agreement ”) is entered into
as of June 26, 2009, with an effective date of June 1, 2009, by and
between SILICON VALLEY BANK , a California corporation, with
its principal place of business at 3003 Tasman Drive, Santa Clara,
California 95054 and with a loan production office located at One
Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 (“ Bank ”) and VOXWARE,
INC. , a Delaware corporation with its chief executive office
located at 300 American Metro Blvd, Suite 155, Hamilton, NJ 08619
(“ Borrower ”).
1. DESCRIPTION OF EXISTING INDEBTEDNESS AND
OBLIGATIONS . Among other
indebtedness and obligations which may be owing by Borrower to
Bank, Borrower is indebted to Bank pursuant to a loan arrangement
dated as of January 3, 2007, but effective as of December 29, 2006,
evidenced by, among other documents, a certain Amended and Restated
Loan and Security Agreement dated as of January 3, 2007, but
effective as of December 29, 2006, by and between Borrower and
Bank, as amended by a certain First Loan Modification Agreement
dated as of February 2, 2007, as further amended by a certain
Second Loan Modification Agreement, dated as of February 13, 2008
but effective as of December 27, 2007, as further amended by a
certain Waiver and Third Loan Modification Agreement, dated as of
November 14, 2008, as further amended by a certain Waiver and
Fourth Loan Modification Agreement, dated as of February 17, 2009,
and as further modified by a certain Fifth Loan Modification
Agreement, dated as of March 31, 2009, in each case by and between
Borrower and Bank (as amended, the “ Loan
Agreement ”). Capitalized terms used but not otherwise
defined herein shall have the same meaning as defined in the Loan
Agreement.
2. DESCRIPTION OF COLLATERAL
. Repayment of the Obligations is
secured by the Collateral as described in the Loan Agreement and
the Intellectual Property Collateral as described in a certain
Intellectual Property Security Agreement dated as of December 29,
2003 (as amended, the “ IP Security Agreement ”)
(together with any other collateral security granted to Bank, the
“ Security Documents ”).
Hereinafter, the Security
Documents, together with all other documents evidencing or securing
the Obligations shall be referred to as the “ Existing
Loan Documents ”.
3. DESCRIPTION OF CHANGE IN TERMS
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A.
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Modifications to Loan Agreement
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1
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The Loan
Agreement shall be amended by deleting the following definition
from Section 13.1 thereof:
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“
Revolving Line Maturity Date ” is May 31,
2009.
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and inserting
in lieu thereof the following:
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“
Revolving Line Maturity Date ” is July 31,
2009.
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4. FEES .
Borrower shall pay to Bank an extension and modification fee equal
to Two Thousand Dollars ($2,000.00), which fee shall be due on the
date hereof and shall be deemed fully earned as of the date hereof.
Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan
Documents.
5. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY
AGREEMENT . Borrower
hereby ratifies, confirms and reaffirms, all and singular, the
terms and conditions of the IP Security Agreement and acknowledges,
co