**Exhibit10.24**

 

**StreamlineFacility Agreement**

 

June 16, 2005

 

VersantCorporation

6539Dumbarton Circle 

Fremont, California 94555

 

Gentlemen:

 

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

 

This will confirm theagreement of Silicon and Borrower that so long as:  (i) Borrower maintains unrestricted cashat Silicon (less the principal amount of outstanding Advances) of at least$1,000,000 (the “Minimum Cash Balance Requirement”), (ii) the aggregateprincipal balance of all outstanding Advances does notexceed $1,000,000 (the “Maximum OutstandingsRequirement”), (iii) no Event of Default has occurred and is continuing; and (iv) Borrower isnot in breach of its obligations under this Agreement, then the followingprovisions shall apply:

 

1.             Copies of Eligible Accounts Not Required.Borrower shall not be required to provide Silicon with copies of EligibleAccounts to support the Advances unless any portion of the Advances remainsoutstanding formore thanten (10) consecutive business days, in which instance, Borrower shall berequired to provide Silicon with copies of the Eligible Account invoices tosupport all outstanding Advances.

 

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

 

In order to initiate anAdvance while this Agreement is in effect, the Borrower must provide Siliconwith (i) a signedfunding transmittal request (in form acceptable to Silicon) and (ii) copiesof the reports required pursuant to Section 6.2 of the Loan Agreement.

 

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

 

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If the foregoing correctlysets forth our agreement, please sign the enclosed copy of this Agreement andreturn it to us.

 
|   | Sincerely yours,    |
|--------|---------------------|
|   |                |
|   | Silicon Valley Bank |
|   |                |
|   |                |
|   | By                  |     /s/ Brett Maver |   |
|   |                | Title |     VP |   |
|        |                     |  |  |  |

 

Acceptedand agreed:

 

Borrower:

 
| Versant Corporation |
|---------------------|
|                |
|                |
| By                  |     /s/ Jochen Witte |   |
|                | President or Vice President |
|                     |  |  |  |

 

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