Exhibit
10.24


 


Streamline
Facility Agreement


 


June 16, 2005


 


Versant
Corporation


6539
Dumbarton Circle 


Fremont, California 94555


 


Gentlemen:


 


Reference is made to the Loan
and Security Agreement between you (“Borrower”) and us (“Silicon”) dated June 16,
2005 (as amended, the “Loan Agreement”). This letter agreement, the Loan
Agreement and all other written
documents and agreements between us are referred to herein collectively as the “Loan
Documents”. Capitalized terms used but not defined in this agreement, shall
have the meanings set forth in the Loan Agreement.


 


This will confirm the
agreement of Silicon and Borrower that so long as:  (i) Borrower maintains unrestricted cash
at Silicon (less the principal amount of outstanding Advances) of at least
$1,000,000 (the “Minimum Cash Balance Requirement”), (ii) the aggregate
principal balance of all outstanding Advances does not  exceed $1,000,000 (the “Maximum Outstandings
Requirement”), (iii) no Event of Default has occurred and is continuing; and (iv) Borrower is
not in breach of its obligations under this Agreement, then the following
provisions shall apply:


 


1.             Copies of Eligible Accounts Not Required.
Borrower shall not be required to provide Silicon with copies of Eligible
Accounts to support the Advances unless any portion of the Advances remains
outstanding for  more than
ten (10) consecutive business days, in which instance, Borrower shall be
required to provide Silicon with copies of the Eligible Account invoices to
support all outstanding Advances.


 


2.             Standard Terms and Conditions Apply. Upon the
earliest to occur of (a) a breach of the Minimum Cash Balance Requirement,
(b) a breach of the Maximum Outstandings Requirement, (c) the
occurrence of an Event of Default under the Loan Documents, or (d) a breach
of Borrower’s obligations under this Agreement, all of the respective terms and conditions of the Loan
Agreement that have been modified by this Agreement will immediately revert to
the respective standard terms and conditions as provided for in the Loan
Agreement (without giving effect to this Agreement), which standard terms will
immediately go back into effect without any further action on the part of
Silicon or Borrower.


 


In order to initiate an
Advance while this Agreement is in effect, the Borrower must provide Silicon
with (i) a signed
funding transmittal request (in form acceptable to Silicon) and (ii) copies
of the reports required pursuant to Section 6.2 of the Loan Agreement.


 


This letter agreement, the
Loan Agreement and the other Loan Documents set forth in full all of the representations and agreements of the parties
with respect to the subject matter hereof and supersede all prior discussions,
oral representations, oral agreements and oral understandings between the
parties with respect to the subject
hereof. Except as herein expressly amended, all of the terms and provisions of
the Loan Agreement and all other
Loan Documents shall continue in full force and effect and the same are hereby ratified
and confirmed.


 


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If the foregoing correctly
sets forth our agreement, please sign the enclosed copy of this Agreement and
return it to us.


 


	
   

  	
  Sincerely yours,

  
	
   

  	
   

  
	
   

  	
  Silicon Valley Bank

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
      /s/ Brett Maver

  	
   

  
	
   

  	
   

  	
  Title

  	
      VP

  	
   

  
					



 


Accepted
and agreed:


 


Borrower:


 


	
  Versant Corporation

  
	
   

  
	
   

  
	
  By 

  	
      /s/ Jochen Witte

  	
   

  
	
   

  	
  President or Vice President

  
				



 


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