Exhibit 10.21
Silicon
Valley Bank
Limited Waiver
and
Amendment to Loan
Documents
Borrower: Internap
Network Services Corporation
Date:
March 14, 2005
THIS LIMITED WAIVER AND AMENDMENT TO LOAN
DOCUMENTS (this “Amendment”)
is entered into between Silicon
Valley Bank (“Silicon”) and the borrower named above
(“Borrower”).
Silicon and Borrower agree to amend the Loan and
Security Agreement between them, dated October 21, 2002 (as
otherwise amended, if at all, the “Loan Agreement”), as
follows, effective as of the date hereof. (Capitalized terms used
but not defined in this Amendment shall have the meanings set forth
in the Loan Agreement.)
1.Waiver of Default.
Borrower has advised Silicon that
Borrower has failed to comply with the Minimum Cash EBITDA
Financial Covenant set forth in Section 5 of the Amended and
Restated Schedule to Loan and Security Agreement entitled "5.
FINANCIAL COVENANTS (Section 5.1)" for the reporting period ending
December 31, 2004 (the “Covenant Default”). Silicon and
Borrower agree that the Borrower's Covenant Default is hereby
waived. It is understood by the parties hereto, however, that such
waiver does not constitute a waiver of any other provision or term
of the Loan Agreement or any related document, nor an agreement to
waive in the future this covenant or any other provision or term of
the Loan Agreement or any related document.
2.
Modified Minimum Cash EBITDA
Financial Covenant. The Minimum Cash EBITDA Financial Covenant for
the fiscal quarter ending March 31, 2005 set forth in Section 5 of
the Amended and Restated Schedule to Loan and Security Agreement is
hereby amended to read as follows:
For the quarter ending March 31,
2005:
<$6,000,000>;
All other
portions of the Minimum Cash EBITDA Financial Covenant and Section
5 of the Amended and Restated Schedule to Loan and Security
Agreement remain unchanged.
3.
Extension of Form 10-K
Annual Reporting Requirement. The date by which the Borrower is to provide
Silicon with a copy of Borrower’s Form 10-K annual report and
its annual certified financial statements for the fiscal year
ending December 31, 2004, as set forth in paragraph 8 of Section 6
of
