ex10_34.htm









Exhibit 10.34

 


SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT


 


This Seventh Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of February 28, 2010, by and between COMERICA BANK (“Bank”) and SCIENTIFIC LEARNING CORPORATION (“Borrower”).


 


RECITALS


 


Borrower and Bank are parties to that certain Loan and Security Agreement dated as of January 15, 2004 (as amended from time to time, including by that certain First Amendment to Loan and Security Agreement dated as of September 29, 2004, that certain Second Amendment to Loan and Security Agreement dated as of December 2, 2005, that certain Third Amendment to Loan and Security Agreement dated as of September 5, 2006, that certain Fourth Amendment to Loan and Security Agreement dated as of June 5, 2007, that certain Fifth Amendment to Loan and Security Agreement dated as of June 30, 2008, that certain Sixth Amendment to Loan and Security Agreement dated as of January 30, 2009 and that certain Bilateral Extension Letter dated as of December 31, 2009, the “Agreement”).  The parties desire to amend the Agreement in accordance with the terms of this Amendment.


 


NOW, THEREFORE, the parties agree as follows:


 


1.             The following defined terms in Section 1.1 of the Agreement hereby are added, amended or restated as follows:


 


“Prime Referenced Rate Addendum” means the Prime Referenced Rate Addendum to Loan and Security Agreement attached hereto as Exhibit C.







“Revolving Line” means a Credit Extension of up to Seven Million Five Hundred Thousand Dollars ($7,500,000).







“Revolving Maturity Date” means December 31, 2011.







2.             Section 2.3(a) of the Agreement is hereby amended and restated in its entirety to read as follows:


 


“(a)           Advances.  Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding daily balance thereof as set forth in the Prime Referenced Rate Addendum.”


 


3.             Notwithstanding the provisions of Sections 4.3 and 6.3 of the Agreement, Bank hereby agrees that it will not perform an audit of the Collateral until Borrower requests an Advance under the Revolving Line, and semi-annually thereafter.   Bank shall not make any Advances under the Revolving Line until such an audit is completed to Bank’s satisfaction.


 


4.             Exhibit C to the Agreement hereby is replaced with Exhibit C attached hereto.


 


5.             Exhibit D to the Agreement hereby is replaced with Exhibit D attached hereto.


 


6.             No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Bank.


 


7.             Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.


 




  





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8.             Borrower represents and warrants that the Representations and Warranties contained in the Agreement, as qualified by the Schedule included with this Amendment, are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.


 


9.             As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:


 


(a)           this Amendment, duly executed by Borrower;


 


(b)           a Certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment;


 


(c)           a renewal fee in the amount of Thirty Thousand Dollars ($30,000), receipt of which is hereby acknowledged;


 


(d)           all reasonable Bank Expenses incurred through the date of this Amendment, which may be debited from any of Borrower's accounts; and


 


(e)           such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.


 


10.           This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.


 


[Balance of Page Intentionally Left Blank]


 





  





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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.


 



	  	
SCIENTIFIC LEARNING CORPORATION


	  	  	  
	  	  	  
	  	
By:

	
/s/ Robert E. Feller


	  	  	  
	  	
Title:   

	
Chief Financial Officer


	  	  	  
	  	COMERICA BANK
	  	  	  
	  	  	  
	  	
By:

	
/s/ Ramesh Bart


	  	  	  
	  	
Title:

	
Vice President












[Signature Page to Seventh Amendment to Loan and Security Agreement]






  





  











  








EXHIBIT C







PRIME REFERENCED RATE ADDENDUM







[please see attached]






  





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EXHIBIT D


COMPLIANCE CERTIFICATE








	
TO:

	
COMERICA BANK







 



	
FROM:

	
SCIENTIFIC LEARNING CORPORATION







 


The undersigned authorized officer of SCIENTIFIC LEARNING CORPORATION hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in compliance for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof provided, however, that those representations and warranties the date expressly referring to another date shall be true, correct and complete in all material respects as of such date.  Attached herewith are the required documents supporting the above certification.  The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes (subject to year-end adjustments with the absence of footnotes).


 


Please indicate compliance status by circling Yes/No under “Complies” column.


 



	
Reporting Covenant

	
Required

	
Complies


	  	  	  	  
	
Monthly financial statements

	
Monthly within 25 days*

	
Yes

	
No


	
Annual (CPA Audited)

	
FYE within 90 days

	
Yes

	
No


	
10K and 10Q

	
(as applicable)

	
Yes

	
No


	
A/R Agings

	
Monthly within 25 days*

	
Yes

	
No


	
A/R Audit

	
Prior to First Advance and semi-annually thereafter

	
Yes

	
No


	
IP Report

	
Within 60 days of new filings

	
Yes

	
No


	
Total amount of Borrower’s cash and investments

	
Amount:  $________

	
Yes

	
No


	
Total amount of Borrower’s cash and investments maintained with Bank

	
Amount:  $________

	
Yes

	
No


	  	  	  	  
	
Financial Covenant

	
Required

	
Actual

	
Complies


	  	  	  	  	  
	
Adjusted Quick Ratio**

	
1.15:1.00

	
_____:1.00

	
Yes

	
No


	
Net Worth**

	
$1.00

	
$_________

	
Yes

	
No


	  	  	  	  	  
	
*provided however if there are less than or equal to $3,000,000 of Advances outstanding and the ratio of Borrower’s unrestricted cash at Bank to Borrower’s Indebtedness to Bank is greater than or equal to 1.50 to 1.00, such financial statements shall be delivered on a quarterly basis and not a monthly basis.


 


**measured quarterly if the aggregate Advances outstanding are less than or equal to $3,000,000 and the ratio of Borrower’s unrestricted cash at Bank to Borrower’s Indebtedness to Bank is greater than or equal to 1.50 to 1.00, and measured monthly at all other times.


	  
	
Comments Regarding Exceptions:  See Attached.


	  











	  	 	
Received by:

	  
	
Sincerely,

	 	
AUTHORIZED SIGNER


	  	 	  	  
	  	 	
Date:

	  
	  	 	  	  
	  	 	
Verified:

	  
	
SIGNATURE

	 	
AUTHORIZED SIGNER


	  	 	  	  
	  	 	  	  
	  	 	
Date:

	  
	
TITLE

	 	  	  











	  	 	
Compliance Status

	  
	  	 	  	  	  	  
	
DATE

	 	  	  
	  	 	  	  









  





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Corporation Resolutions and Incumbency Certification


Authority to Procure Loans












I certify that I am the duly elected and qualified Secretary of SCIENTIFIC LEARNING CORPORATION; that the following is a true and correct copy of resolutions duly adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes.


 


Copy of Resolutions:


 


Be it Resolved, That:


 


1.             Any one (1) of the following President or Chief Financial Officer (insert titles only) of the Corporation are/is authorized, for, on behalf of, and in the name of the Corporation to:


 


(a)           Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank ("Bank"), a Texas banking association, including, without limitation, that certain Loan and Security Agreement dated as of January 15, 2004, as may subsequently be amended from time to time, including but not limited to that certain First Amendment to Loan and Security Agreement dated as of September 29, 2004, that certain Second Amendment to Loan and Security Agreement dated as of December 2, 2005, that certain Third Amendment to Loan and Security Agreement dated as of September 5, 2006, that certain Fourth Amendment to Loan and Security Agreement dated as of June 5, 2007, that certain Fifth Amendment to Loan and Security Agreement dated as of June 30, 2008, that certain Sixth Amendment to Loan and Security Agreement dated as of January 30, 2009, that certain Bilateral Extension Letter dated as of December 31, 2009 and that certain Seventh Amendment to Loan and Security Agreement dated as of February 28, 2010;


 


(b)           Discount with the Bank, commercial or other business paper belonging to the Corporation made or drawn by or upon third parties, without limit as to amount;


 


(c)           Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other securities owned by the Corporation, whether or not registered in the name of the Corporation;


 


(d)           Give security for any liabilities of the Corporation to the Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal property, tangible or intangible of the Corporation;


 


(e)           Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of Indebtedness, applications for letters of credit, guaranties, subordination agreements, loan and security agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes of these Resolutions, any or all of which may relate to all or to substantially all of the Corporation's property and assets.


 


2.             Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign, whether so payable to the order of any of said persons in their individual capacities or not, and whether such proceeds are deposited to the individual credit of any of said persons or not;


 


3.             Any and all agreements, instruments and documents previously executed and acts and things previously done to carry out the purposes of these Resolutions are ratified, confirmed and approved as the act or acts of the Corporation.


 


4.             These Resolutions shall continue in force, and the Bank may consider the holders of said offices and their signatures to be and continue to be as set forth in a certified copy of these Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions).


 






  





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5.             Any person, corporation or other legal entity dealing with the Bank may rely upon a certificate signed by an officer of the Bank to effect that these Resolutions and any agreement, instrument or document executed pursuant to them are still in full force and effect and binding upon the Corporation.


 


6.             The Bank may consider the holders of the offices of the Corporation and their signatures, respectively, to be and continue to be as set forth in the Certificate of the Secretary of the Corporation until notice to the contrary in writing is duly served on the Bank.


 


I further certify that the above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and records, and have not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any provision of the articles of incorporation or bylaws of the Corporation or of any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound; and that neither the articles of incorporation nor bylaws of the Corporation nor any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing Resolutions.


 


I further certify that the following named persons have been duly elected to the offices set opposite their respective names, that they continue to hold these offices at the present time, and that the signatures which appear below are the genuine, original signatures of each respectively:


 


(PLEASE SUPPLY GENUINE SIGNATURES OF AUTHORIZED SIGNERS BELOW)


 



	
NAME (Type or Print)

	  	
TITLE

	  	
SIGNATURE


	  	  	  	  	  
	
D. Andrew Myers 

	  	
President & CEO 

	  	
/s/ D. Andrew Myers                                                  


	  	  	  	  	  
	
Robert E. Feller 

	  	
CFO                           

	  	
/s/ Robert E. Feller                                                  


	  	  	  	  	  
	
Linda L. Carloni 

	  	
SVP & General Counsel 

	  	
/s/ Linda L. Carloni                                                  


	  	  	  	  	  
	
Jon Corbett 

	  	
Controller                           

	  	
/s/ Jon Corbett                                                  












In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal (where available) of said Corporation to be affixed on February 28, 2010.


 



	  	
/s/ Linda L. Carloni


	  	
Secretary













	
The Above Statements are Correct.

	
/s/ Robert E. Feller


	  	
SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE, A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED TO SIGN ALONE.












Failure to complete the above when the Secretary is authorized to sign alone shall constitute a certification by the Secretary that the Secretary is the sole Shareholder, Director and Officer of the Corporation.






  





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Prime Referenced Rate Addendum To


Loan and Security Agreement







This Prime Referenced Rate Addendum to Loan and Security Agreement (this “Addendum”) is entered into as of February 28, 2010, by and between Comerica Bank (“Bank”) and SCIENTIFIC LEARNING CORPORATION (“Borrower”).  This Addendum supplements the terms of the Loan and Security Agreement dated as of January 15, 2004, as amended from time to time, including by that certain First Amendment to Loan and Security Agreement dated as of September 29, 2004, that certain Second Amendment to Loan and Security Agreement dated as of December 2, 2005, that certain Third Amendment to Loan and Security Agreement dated as of September 5, 2006, that certain Fourth Amendment to Loan and Security Agreement dated as of June 5, 2007, that certain Fifth Amendment to Loan and Security Agreement dated as of June 30, 2008, that certain Sixth Amendment to Loan and Security Agreement dated as of January 30, 2009, that certain Bilateral Extension Letter dated as of December 31, 2009 and that certain Seventh Amendment to Loan and Security Agreement dated as of February 28, 2010 (as the same may be amended, modified, supplemented, extended or restated from time to time, collectively, the “Agreement”).


 


1.           Definitions.  As used in this Addendum, the following terms shall have the following meanings.  Initially capitalized terms used and not defined in this Addendum shall have the meanings ascribed thereto in the Agreement.


 


a.              “Applicable Margin” means three quarters of one percent (0.75%) per annum.


 


b.             “Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Bank is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in San Jose, California, and, in respect of notices and determinations relating the Daily Adjusting LIBOR Rate, also a day on which dealings in dollar deposits are also carried on in the London interbank market and on which banks are open for business in London, England.


 


c.              “Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal to the quotient of the following:


 



	
  

	
(1)

	
for any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one (1) month appearing on Page BBAM of the Bloomberg Financial Markets Information Service as of 8:00 a.m. (California time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding Business Day.  In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined by reference to such other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be determined based upon the average of the rates at which Bank is offered dollar deposits at or about 8:00 a.m. (California time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding Business Day, in the interbank eurodollar market in an amount comparable to the outstanding principal amount of the Obligations and for a period equal to one (1) month;







 


divided by


 



	
  

	
(2)

	
1.00 minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain reserves on "Euro-currency Liabilities" as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category.







 


d.             “LIBOR Lending Office” means Bank’s office located in the Cayman Islands, British West Indies, or such other branch of Bank, domestic or foreign, as it may hereafter designate as its LIBOR Lending Office by notice to Borrower.


 


e.             "Prime Rate" means the per annum interest rate established by Bank as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by Bank at any such time.






  





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e.             "Prime Referenced Rate" means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.


 


2.            Interest Rate.  Subject to the terms and conditions of this Addendum, the Obligations under the Agreement shall bear interest at the Prime Referenced Rate plus the Applicable Margin.


 


3.            Payment of Interest.  Accrued and unpaid interest on the unpaid balance of the Obligations outstanding under the Agreement shall be payable monthly, in arrears, on the first calendar day of each month, until maturity (whether as stated herein, by acceleration, or otherwise).  In the event that any payment under this Addendum becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent applicable, interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this Addendum.  Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Prime Referenced Rate on the date of each such change.


 


4.            Bank’s Records.  The amount and date of each advance under the Agreement, its applicable interest rate, and the amount and date of any repayment shall be noted on Bank's records, which records shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank to make any such notation, or any error in any such notation, shall not relieve Borrower of its obligations to repay Bank all amounts payable by Borrower to Bank under or pursuant to this Addendum and the Agreement, when due in accordance with the terms hereof.


 


5.            Default Interest Rate.  From and after the occurrence of any Event of Default, and so long as any such Event of Default remains unremedied or uncured thereafter, the Obligations outstanding under the Agreement shall bear interest at a per annum rate of five percent (5%) above the otherwise applicable interest rate hereunder, which interest shall be payable upon demand.  In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any Event of Default under the Agreement.  In no event shall the interest payable under this Addendum and the Agreement at any time exceed the maximum rate permitted by law.


 


6.            Prepayment.   Borrower may prepay all or part of the outstanding balance of any Obligations at any time without premium or penalty.  Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid.  Borrower hereby acknowledges and agrees that the foregoing shall not, in any way whatsoever, limit, restrict, or otherwise affect Bank’s right to make demand for payment of all or any part of the Obligations under the Agreement due on a demand basis in Bank’s sole and absolute discretion.


 


7.            Regulatory Developments or Other Circumstances Relating to the Daily Adjusting LIBOR Rate.


 


a.             If the adoption after the date hereof, or any change after the date hereof in, any applicable law, rule or regulation (whether domestic or foreign) of any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Bank with any request or directive (whether or not having the force of law) made by any such authority, central bank or comparable agency after the date hereof: (a) shall subject Bank to any tax, duty or other charge with respect to this Addendum or any Obligations under the Agreement, or shall change the basis of taxation of payments to Bank of the principal of or interest under this Addendum or any other amounts due under this Addendum in respect thereof (except for changes in the rate of tax on the overall net income of Bank or its LIBOR Lending Office imposed by the jurisdiction in which Bank's principal executive office or LIBOR Lending Office is located); or (b) shall impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Bank, or shall impose on Bank or the foreign exchange and interbank markets any other condition affecting this Addendum or the Obligations hereunder; and the result of any of the foregoing is to increase the cost to Bank of maintaining any part of the Obligations hereunder or to reduce the amount of any sum received or receivable by Bank under this Addendum by an amount deemed by the Bank to be material, then Borrower shall pay to Bank, within fifteen (15) days of Borrower=s receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank for such increased cost or reduction.  A certificate of Bank, prepared in good faith and in reasonable detail by Bank and submitted by Bank to Borrower, setting forth the basis for determining such additional amount or amounts necessary to compensate Bank shall be conclusive and binding for all purposes, absent manifest error.






  





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b.             In the event that any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not presently applicable to Bank, or any interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by Bank with any guideline, request or directive of any such authority (whether or not having the force of law), including any risk-based capital guidelines, affects or would affect the amount of capital required or expected to be maintained by Bank (or any corporation controlling Bank), and Bank determines that the amount of such capital is increased by or based upon the existence of any obligations of Bank hereunder or the maintaining of any Obligations hereunder, and such increase has the effect of reducing the rate of return on Bank's (or such controlling corporation's) capital as a consequence of such obligations or the maintaining of such Obligations hereunder to a level below that which Bank (or such controlling corporation) could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy), then Borrower shall pay to Bank, within fifteen (15) days of Borrower’s receipt of written notice from Bank demanding such compensation, additional amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in the amount of capital and reduced rate of return which Bank reasonably determines to be allocable to the existence of any obligations of the Bank hereunder or to maintaining any Obligations hereunder.  A certificate of Bank as to the amount of such compensation, prepared in good faith and in reasonable detail by the Bank and submitted by Bank to the undersigned, shall be conclusive and binding for all purposes absent manifest error.


 


8.           Legal Effect.  Except as specifically modified hereby, all of the terms and conditions of the Agreement remain in full force and effect.


 


9.           Conflicts.  As to the matters specifically the subject of this Addendum, in the event of any conflict between this Addendum and the Agreement, the terms of this Addendum shall control.


 


IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth above.


 



	
COMERICA BANK

	  	
SCIENTIFIC LEARNING CORPORATION


	  	  	  	  	  
	
By:

	
/s/ Ramesh Bart

	  	
By:

	
/s/ Robert E. Feller


	
Name:

	
Ramesh Bart

	  	
Name:

	
Robert E. Feller


	
Title:

	
Vice President

	  	
Title:

	
Chief Financial Officer












 


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