Prepared by R.R. Donnelley Financial -- Amended and Restated Loan and Security Agreement




 Exhibit 10.8 

  
 AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT 
  
 by and between 
  
 SIRF TECHNOLOGY, INC. 
  
 as Borrower 
  
 and

  
 SILICON VALLEY BANK, 
  
 as Bank 
  
 March     , 2003 
  









 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
  
 THIS AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Agreement”) dated March     , 2003, between SILICON VALLEY BANK (“Bank”), whose address is 3003 Tasman Drive, Santa Clara, California 95054, and SIRF TECHNOLOGY, INC., a corporation organized and in
good standing in the State of Delaware (“Borrower”), whose address is 148 E. Brokaw Road, San Jose, California 95112 provides the terms on which Bank will lend to Borrower and Borrower will repay Bank. 
  
 RECITALS: 
  
 A. Borrower and Bank have entered into that certain Loan and Security Agreement dated as of March 24, 2000 (as amended and
modified from time to time, the “Existing Agreement”) pursuant to which Bank agreed to make a committed line of credit in the maximum principal amount of Three Million Dollars ($3,000,000), capped at One Million Five Hundred Thousand
Dollars ($1,500,000), (the “Original Credit Facility”) available to Borrower on the terms and conditions set forth therein. 
  
 B. Borrower has requested that, among other things, Bank increase the maximum principal amount of the committed line of credit to Four Million Dollars
($4,000,000) and Bank has agreed, subject to the execution of this Agreement with the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound
hereby, hereby covenant and agree that effective upon the Closing Date, the Existing Agreement is hereby amended and restated in its entirety as follows: 
  

	1.	ACCOUNTING AND OTHER TERMS 

  
 Accounting terms not defined in this Agreement will be construed following GAAP. Calculations and determinations must be made following GAAP. The term
“financial statements” includes the notes and schedules. The terms “including” and “includes” always mean “including (or includes) without limitation,” in this or any Loan Document. 
  

	2.	LOAN AND TERMS OF PAYMENT 

  

	2.1	Promise to Pay. 

  
 Borrower promises to pay Bank the unpaid principal amount of all Credit Extensions and interest on the unpaid principal amount of the Credit Extensions.

  

	2.1.1	Revolving Advances. 

  
 (a) Bank will make Advances not exceeding (i) the lesser of (A) the Committed Revolving Line or (B) the Borrowing Base; and minus (ii) all amounts
for (A) services utilized under the Cash Management Services Sublimit, (B) all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and (C) the FX Reserve. Amounts borrowed under this Section may be repaid and
reborrowed during the term of this Agreement. 
  










 (b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 3:00 p.m. Pacific time
on the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to Bank the Loan Payment/Advance Request Form attached as Exhibit B (the “Payment/Advance Form”). Bank will credit Advances
to Borrower’s deposit account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due.
Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance. 
  
 (c) The Committed Revolving Line terminates on the Revolving Maturity Date,
when all Advances are immediately payable. 
  
 (d) Bank’s
obligation to lend the undisbursed portion of the Obligations will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or
the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank prior to the execution of this Agreement. 
  

	2.1.2	Letters of Credit Sublimit. 

  
 Bank will issue or have issued Letters of Credit for Borrower’s account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing
Base, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at
any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s obligations to reimburse
Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in
connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “Letter of Credit Fee” and collectively
the “Letter of Credit Fees”) in an amount equal to          percent (    %) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be
paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and
when required by Bank. 
  

	2.1.3	Foreign Exchange Sublimit. 

  
 If there is availability under the Committee Revolving Line and the Borrowing Base, then Borrower may enter in foreign exchange forward contracts with the
Bank under which Borrower commits to purchase from or sell to Bank a set amount of foreign currency more than one (1) business day after the contract date (the “FX Forward Contract”). Bank will subtract 10% of each outstanding FX Forward
Contract from the foreign exchange Sublimit which is a maximum of Two Million Five Hundred Thousand Dollars ($2,500,000) (the “FX Reserve”). The total FX Forward Contracts at any one time may not exceed 10 times the amount of the FX
Reserve. Bank may terminate the FX Forward Contracts if an Event of Default occurs. 
  

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	2.1.4	Cash Management Services Sublimit. 

  
 Borrower may use up to Two Million Five Hundred Thousand Dollars ($2,500,000) for Bank’s Cash Management Services, which may include merchant
services, direct deposit of payroll, business credit card, and check cashing services identified in various cash management services agreements related to such services (the “Cash Management Services”). Such aggregate amounts utilized
under the Cash Management Services Sublimit will at all times reduce the amount otherwise available to be borrowed under the Committed Revolving Line. Any amounts Bank pays on behalf of Borrower or any amounts that are not paid by Borrower for any
Cash Management Services will be treated as Advances under the Committee Revolving Line and will accrue interest at the rate for Advances. 
  

	2.2	Overadvances. 

  
 If Borrower’s Obligations under Sections 2.1.1, 2.1.2, 2.1.3 and 2.1.4 exceed the lesser of either (i) the Committed Revolving Line or (ii) the
Borrowing Base, Borrower shall immediately pay Bank the excess. 
  

	2.3	Interest Rate, Payments. 

  
 (a) Interest Rate. Advances accrue interest on the outstanding principal balance at a per annum rate of one and one quarter percent (1.25%) plus the
greater of (i) the Prime Rate, or (ii) four and one quarter percent (4.25%). After an Event of Default, Obligations accrue interest at five percent (5%) above the rate effective immediately before the Event of Default. The interest rate increases or
decreases when the Prime Rate changes. Interest is computed on a 360 day year for the actual number of days elapsed. 
  
 (b) Payments. Interest due on the Committed Revolving Line is payable on the
                 (        ) day of each month. Bank may debit any of Borrower’s deposit accounts including
Account Number 03517802-70 for the principal and interest payments owing or any amounts Borrower owes Bank. Bank will promptly notify Borrower when it debits Borrower’s accounts. These debits are not a set-off. Payments received after 12:00
noon Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and additional fees or interest accrue. 
  

	2.4	Fees. 

  
 Borrower will pay: 
  
 (a) Facility Fee. A fully earned, nonrefundable fee in the amount of Twenty-Four Thousand Dollars ($24,000). 
  
 (b) Bank Expenses. All Bank Expenses (including reasonable
attorneys’ fees and reasonable expenses) incurred through and after the date of this Agreement, are payable when due. 
  

	3.	CONDITIONS OF LOANS 

  

	3.1	Conditions Precedent to Initial Credit Extension. 

  
 Bank’s obligations to make the initial Credit Extension is subject to the condition precedent that it receive the agreements, documents and fees it
requires. 
  

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	3.2	Conditions Precedent to all Credit Extensions. 

  
 Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following: 
  
 (a) timely receipt of any Payment/Advance Form; and 
  
 (b) the representations and warranties in Section 5 must be true on the date
of the Payment/Advance Form and on the effective date of each Credit Extension and no Event of Default may have occurred and be continuing, or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on
that date that the representation and warranties of Section 5 remain true. 
  

	4.	CREATION OF SECURITY INTEREST 

  

	4.1	Grant of Security Interest. 

  
 Borrower grants Bank a continuing security interest in all presently existing and later acquired Collateral to secure all Obligations and performance of
each of Borrower’s duties under the Loan Documents. Except for Permitted Liens, any security interest will be a first priority security interest in the Collateral. Bank upon the occurrence of any Event of Default, may place a “hold”
on any deposit account of Borrower maintained with Bank. If this Agreement is terminated, Bank’s lien and security interest in the Collateral will continue until Borrower fully satisfies its Obligations. 
  

	4.2	Authorization to File. 

  
 Borrower authorizes Bank to file financing statements without notice to Borrower, with all appropriate jurisdictions, as Bank deems appropriate, in order
to perfect or protect Bank’s interest in the Collateral. 
  

	5.	REPRESENTATIONS AND WARRANTIES 

  
 Borrower represents and warrants as follows: 
  

	5.1	Due Organization and Authorization. 

  
 Borrower is duly existing and in good standing in the State of Delaware and is qualified and licensed to do business in, and in good standing in, any
state in which the conduct of its business or its ownership of property requires that it be qualified, except where the failure to do so could not reasonably be expected to cause a Material Adverse Change. Borrower’s exact legal name is as set
forth on the first page of this Agreement. The execution, delivery and performance of the Loan Documents have been duly authorized, and do not conflict with Borrower’s formation documents, nor constitute an event of default under any material
agreement by which Borrower is bound. Borrower is not in default under any agreement to which, or by which it is bound, in which the default could reasonably be expected to cause a Material Adverse Change. 
  

	5.2	Collateral. 

  
 Borrower has good title to the Collateral, free of Liens except Permitted Liens. The Accounts are bona fide, existing obligations, and the service or
property has been performed or delivered to the account debtor or its agent for immediate shipment to and unconditional acceptance by the account debtor. Borrower has no notice of any actual or imminent Insolvency 
  

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Proceeding of any account debtor whose accounts are an Eligible Account in any Borrowing Base Certificate. All Inventory is in all material respects of good
and marketable quality, free from material defects. 
  

	5.3	Litigation. 

  
 There are no actions or proceedings pending or, to the knowledge of Borrower’s Responsible Officers, threatened by or against Borrower in which a
likely adverse decision could reasonably be expected to cause a Material Adverse Change. 
  

	5.4	No Material Adverse Change in Financial Statements. 

  
 All consolidated financial statements for Borrower delivered to Bank fairly present in all material respects Borrower’s consolidated financial
condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent consolidated financial statements submitted to
Bank. 
  

	5.5	Solvency. 

  
 The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; the Borrower is
not left with unreasonably small capital after the transactions in this Agreement or any of the Loan Documents; and Borrower is able to pay its debts (including trade debts) as they mature. 
  

	5.6	Regulatory Compliance. 

  
 Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company
Act. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor
Standards Act. Borrower has not violated any laws, ordinances or rules, the violation of which could reasonably be expected to cause a Material Adverse Change. None of Borrower’s or any Subsidiary’s properties or assets has been used by
Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each Subsidiary has timely filed all
required tax returns and paid, or made adequate provision to pay, all material taxes, except those being contested in good faith with adequate reserves under GAAP. Borrower and each Subsidiary has obtained all consents, approvals and authorizations
of, made all declarations or filings with, and given all notices to, all government authorities that are necessary to continue its business as currently conducted, except where the failure to do so could not reasonably be expected to cause a
Material Adverse Change. 
  

	5.7	Subsidiaries. 

  
 Borrower does not own any stock, partnership interest or other equity securities except for Permitted Investments. 
  

	5.8	Full Disclosure. 

  
 No written representation, warranty or other statement of Borrower in any certificate or written statement given to Bank (taken together with all such
written certificates and written statements to Bank) contains any untrue statement of a material fact or omits to state a material 
  

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 fact necessary to make the statements contained in the certificates or statements not misleading. It being recognized by
Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from
the projected and forecasted results. 
  

	6.	AFFIRMATIVE COVENANTS 

  
 Borrower will do all of the following for so long as Bank has an obligation to make any Credit Extension, or there are outstanding Obligations:

  

	6.1	Government Compliance. 

  
 Borrower will maintain its legal existence and good standing as a Registered Organization in only the State of Delaware and maintain qualification in each
jurisdiction in which the failure to so qualify would reasonably be expected to cause a material adverse effect on Borrower’s business or operations. Borrower will comply with all laws, ordinances and regulations to which it is subject,
noncompliance with which could have a material adverse effect on Borrower’s business or operations or would reasonably be expected to cause a Material Adverse Change. 
  

	6.2	Financial Statements, Reports, Certificates. 

  
 (a) Borrower will deliver to Bank: (i) as soon as available, but not later than thirty (30) days after the last day of each month, a company prepared
consolidated balance sheet and income statement covering Borrower’s consolidated operations during the period certified by a Responsible Officer and in a form acceptable to Bank; (ii) as soon as available, but no later than one hundred twenty
(120) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public
accounting firm reasonably acceptable to Bank; (iii) a prompt report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of $100,000 or more; and (iv)
budgets, sales projections, operating plans or other financial information Bank reasonably requests. 
  
 (b) Within twenty (20) days after the last day of each month, Borrower will deliver to Bank a Borrowing Base Certificate signed by a Responsible Officer
in the form of Exhibit C with aged listings of accounts receivable and accounts payable. 
  
 (c) Within thirty (30) days after the last day of each month, Borrower will deliver to Bank with the monthly financial statements a Compliance Certificate signed by a Responsible Officer in the form of Exhibit
D. 
  
 (d) Allow Bank to audit Borrower’s Collateral at
Borrower’s expense. Such audits will be conducted no more often than every six (6) months unless an Event of Default has occurred and is continuing. 
  

	6.3	Inventory; Returns. 

  
 Borrower will keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its account
debtors will follow Borrower’s customary practices as they exist at execution of this Agreement. Borrower must 
  

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 promptly notify Bank of all returns, recoveries, disputes and claims, that involve more than $50,000. 
  

	6.4	Taxes. 

  
 Borrower will make, and cause each Subsidiary to make, timely payment of all material federal, state, and local taxes or assessments (other than taxes and
assessments which Borrower is contesting in good faith, with adequate reserves maintained in accordance with GAAP) and will deliver to Bank, on demand, appropriate certificates attesting to the payment. 
  

	6.5	Insurance. 

  
 Borrower will keep its business and the Collateral insured for risks and in amounts standard for Borrower’s industry, and as Bank may reasonably
request. Insurance policies will be in a form, with companies, and in amounts that are satisfactory to Bank in Bank’s reasonable discretion. All property policies will have a lender’s loss payable endorsement showing Bank as an additional
loss payee and all liability policies will show the Bank as an additional insured and provide that the insurer must give Bank at least twenty (20) days notice before canceling its policy. At Bank’s request, Borrower will deliver certified
copies of policies and evidence of all premium payments. Proceeds payable under any policy will, at Bank’s option, be payable to Bank on account of the Obligations. 
  

	6.6	Primary Accounts. 

  
 Borrower will maintain its primary depository and operating accounts with Bank. 
  

	6.7	Financial Covenants. 

  
 Borrower will maintain as of the last day of each month (unless otherwise stated below): 
  
 (a) Quick Ratio. A ratio of Quick Assets to Current Liabilities of at least 2.00 to 1.00. 
  
 (b) Profitability. Borrower may suffer losses not to exceed Seven
Hundred Fifty Thousand Dollars ($750,000) for the quarter ending March 31, 2003, and Two Hundred Fifty Thousand Dollars ($250,000) for the quarter ending June 30, 2003. For each quarter thereafter, Borrower will have a minimum net profit of One
Dollar ($1). 
  

	6.8	Further Assurances. 

  
 Borrower will execute any further instruments and take further action as Bank reasonably requests to perfect or continue Bank’s security interest in
the Collateral or to effect the purposes of this Agreement. 
  

	7.	NEGATIVE COVENANTS 

  
 Borrower will not do any of the following without Bank’s prior written consent, for so long as Bank has an obligation to make Credit Extensions or
there are any outstanding Obligations: 
  

	7.1	Dispositions. 

  
 Convey, sell, lease, transfer or otherwise dispose of (collectively “Transfer”) all or any part of its business or property, except for
Transfers (i) of Inventory in the ordinary course of business; (ii) of non-exclusive licenses and similar arrangements for the use of the property of Borrower in the ordinary course of business, or (iii) of worn-out or obsolete Equipment.

  
  

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	7.2	Changes in Business, Ownership, Management or Business Locations. 

  
 Engage in any business other than the businesses currently engaged in by Borrower or reasonably related thereto or have a material change in its
management or a change in its ownership of greater than twenty-five percent (25%) (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors so long as Borrower identifies and advises Bank of
the venture capital investors prior to the closing of the investment). Borrower will not, without at least thirty (30) days prior written notice, change its state of formation, relocate it chief executive office or add any new offices or businesses
locations. 
  

	7.3	Mergers or Acquisitions. 

  
 Merge or consolidate with any other Person, or acquire all or substantially all of the capital stock or property of another Person. 
  

	7.4	Indebtedness. 

  
 Create, incur, assume, or be liable for any Indebtedness, other than Permitted Indebtedness. 
  

	7.5	Encumbrance. 

  
 Create, incur, or allow any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, except for
Permitted Liens, or permit any Collateral not to be subject to the first priority security interest granted here, subject to Permitted Liens. 
  

	7.6	Distributions; Investments. 

  
 Directly or indirectly acquire or own any Person, or make any Investment in any Person, other than Permitted Investments. Pay any dividends or make any
distribution or payment or redeem, retire or purchase any capital stock. 
  

	7.7	Transactions with Affiliates. 

  
 Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for transactions that are in the
ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a nonaffiliated Person. 
  

	7.8	Subordinated Debt. 

  
 Make or permit any payment on any Subordinated Debt, except under the terms of the Subordinated Debt, or amend any provision in any document relating to
the Subordinated Debt without Bank’s prior written consent. 
  

	7.9	Compliance. 

  
 Become an “investment company” or a company controlled by an “investment company,” under the Investment Company Act of 1940 or
undertake as one of its important activities extending credit to purchase or carry margin stock, or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or
Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on
Borrower’s business or operations or 
  

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 would reasonably be expected to cause a Material Adverse Change, or permit any of its Subsidiaries to do so. 

 

	7.10	Registration of Copyrights. 

  
 Borrower will not register any Copyrights without giving Bank prior written notice. 
  

	8.	EVENTS OF DEFAULT 

  
 Any one of the following is an Event of Default: 
  

	8.1	Payment Default 

  
 If Borrower fails to pay any of the Obligations within three (3) Business Days after their due date. During the additional period the failure to cure the
default is not an Event of Default (but no Credit Extension will be made during the cure period); 
  

	8.2	Covenant Default. 

  
 (a) If Borrower fails to perform any obligation under Sections 6.2 or 6.7 or violates any of the covenants contained in Article 7 of this Agreement, or

  
 (b) If Borrower fails or neglects to perform, keep, or observe
any other material term, provision, condition, covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term,
provision, condition, covenant or agreement that can be cured, has failed to cure such default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or
cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default (provided that no Credit Extensions will be made during such cure period); 

 

	8.3	Material Adverse Change. 

  
 If there (i) occurs a material adverse change in the business, operations, or condition (financial or otherwise) of the Borrower, or (ii) is a material
impairment of the prospect of repayment of nay portion of the Obligations or (iii) is a material impairment of the value or priority of Bank’s security interests in the Collateral. 
  

	8.4	Attachment. 

  
 If any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver and the attachment,
seizure or levy is not removed in ten (10) days, or if Borrower is enjoined, restrained, or prevented by court order from conducting a material part of its business or if a judgment or other claim becomes a Lien on a material portion of
Borrower’s assets, or if a notice of lien, levy, or assessment is filed against any of Borrower’s assets by any government agency and not paid within ten (10) days after Borrower receives notice. These are not Events of Default if stayed
or if a bond is posted pending contest by Borrower (but no Credit Extensions will be made during the cure period); 
  

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	8.5	Insolvency. 

  
 If Borrower becomes insolvent or if Borrower begins an Insolvency Proceeding or an Insolvency Proceeding is begun against Borrower and not dismissed or
stayed within thirty (30) days (but no Credit Extensions will be made before any Insolvency Proceeding is dismissed); 
  

	8.6	Other Agreements. 

  
 If there is a default in any agreement between Borrower and a third party that gives the third party the right to accelerate any Indebtedness exceeding
$100,000 or that could cause a Material Adverse Change; 
  

	8.7	Judgments. 

  
 If a money judgment(s) in the aggregate of at least $100,000 is rendered against Borrower and is unsatisfied and unstayed for ten (10) days (but no Credit
Extensions will be made before the judgment is stayed or satisfied); 
  

	8.8	Misrepresentations. 

  
 If Borrower or any Person acting for Borrower makes any material misrepresentation or material misstatement now or later in any warranty or representation
in this Agreement or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document. 
  

	9.	BANK’S RIGHTS AND REMEDIES 

  

	9.1	Rights and Remedies. 

  
 When an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the following: 
  
 (a) Declare all Obligations immediately due and payable (but if an Event of
Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
  
 (b) Stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank;

  
 (c) Settle or adjust disputes and claims directly with account
debtors for amounts, on terms and in any order that Bank considers advisable; 
  
 (d) Make any payments and do any acts it considers necessary or reasonable to protect its security interest in the Collateral. Borrower will assemble the Collateral if Bank requires and make it available as Bank
designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior to superior to its security interest and
pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 
  
 (e) Apply to the Obligations any (i) balances and deposits of Borrower with Bank or its Affiliate it holds, or (ii) amount
held by Bank owing to or for the credit or the account of Borrower; 
  
 (f) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels,
Patents, Copyrights, rights to use of any name, 
  

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 trade secrets, trade names. Trademarks, service marks, and advertising matter, or any similar property as it pertains to
the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section. Borrower’s rights under all licenses and all franchise agreements inure
to Bank’s benefit; and 
  
 (g) Dispose of the Collateral
according to the Code. 
  

	9.2	Power of Attorney. 

  
 Effective only when an event of Default occurs and continues, Borrower irrevocably appoints Bank as its lawful attorney to: (i) endorse Borrower’s
name on any checks or other forms of payment or security; (ii) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against account debtors, (iii) make, settle, and adjust all claims under Borrower’s insurance
policies; (iv) settle and adjust disputes and claims about the Accounts directly with account debtors, for amounts and on terms Bank determines reasonable; and (v) transfer the Collateral into the name of Bank or a third party as the Code permits.
Bank may exercise the power of attorney to sign Borrower’s name on any documents necessary to perfect or continue the perfection of any security interest regardless of whether an Event of Default has occurred. Bank’s appointment as
Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates.

  

	9.3	Accounts Collection. 

  
 When an Event of Default occurs and continues, Bank may notify any Person owing Borrower money of Bank’s security interest in the funds and verify
the amount of the Account. Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit. 
  

	9.4	Bank Expenses. 

  
 If Borrower fails to pay any amount or furnish any required proof of payment to third persons, Bank may make all or part of the payment or obtain
insurance policies required in Section 6.5, and take any action under the policies Bank deems prudent. Any amounts paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then applicable rate and secured by the
Collateral. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 
  

	9.5	Bank’s Liability for Collateral. 

  
 If Bank complies with reasonable banking practices and the Code, it is not liable for: (a) the safekeeping of the Collateral; (b) any loss or damage to
the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other person. Borrower bars all risk of loss, damage or destruction of the Collateral. 
  

	9.6	Remedies Cumulative. 

  
 Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements are cumulative. Bank has all rights and remedies
provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay is not a waiver, election, or 
  

 11 









 acquiescence. No waiver is effective unless signed by Bank and then is only effective for the specific instance and
purpose for which it was given. 
  

	9.7	Demand Waiver. 

  
 Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release,
compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 
  

	10.	NOTICES 

  
 All notices or demands by any party about this Agreement or any other related agreement must be in writing and be personally delivered or sent by an
overnight delivery service, by certified mail, postage prepaid, return receipt requested, or by telefacsimile to the addresses set forth at the beginning of this Agreement. A party may change its notice address by giving the other party written
notice. 
  

	11.	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

  
 The laws of the State of California govern the Loan Documents, without regard to principles of conflicts of law. Borrower and Bank each submit to the
exclusive jurisdiction of the State and Federal courts in Santa Clara County, California. 
  
 BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL
OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
  

	12.	GENERAL PROVISIONS 

  

	12.1	Successors and Assigns. 

  
 This agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights
under it without Bank’s prior written consent which may be granted or withheld in Bank’s discretion. Bank has the right, without the consent of or notice to Borrower, to sell, transfer, negotiate, or grant participation in all or any part
of, or any interest in, Bank’s obligations, rights and benefits under this Agreement. 
  

	12.2	Indemnification. 

  
 Borrower will indemnify, defend and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands, claims, and
liabilities asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or Bank Expenses incurred, or paid by Bank from, following, or consequential to transactions between Bank and Borrower
(including reasonable attorneys fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 
  

	12.3	Time of Essence. 

  
 Time is of the essence for the performance of all obligations in this Agreement. 
  
  

 12 










	12.4	Severability of Provision. 

  
 Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision. 
  

	12.5	Amendments in Writing, Integration. 

  
 All amendments to this Agreement must be in writing and signed by Borrower and Bank. This Agreement represents the entire agreement about this subject
matter, and supersedes prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Agreement merge into this Agreement and the Loan
Documents. 
  

	12.6	Counterparts. 

  
 This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and
delivered, are an original, and all taken together, constitute one Agreement. 
  

	12.7	Survival. 

  
 All covenants, representations and warranties made in this Agreement continue on full force while any Obligations remain outstanding. The obligations of
Borrower in Section 12.2 to indemnify Bank will survive until all statutes of limitations for actions that may be brought against Bank have run. 
  

	12.8	Confidentiality. 

  
 In handling any confidential information, Bank will exercise the same degree of care that it exercises for its own proprietary information, but disclosure
of information may be made (i) to Bank’s subsidiaries or affiliates in connection with their business with Borrower, (ii) to prospective transferees or purchasers of any interest in the loans (provided, however, Bank shall use commercially
reasonable efforts in obtaining such prospective transferee or purchasers agreement of the terms of this provision), (iii) as required by law, regulation, subpoena, or other order, (iv) as required in connection with Bank’s examination or audit
and (v) as Bank considers appropriate in exercising remedies under this Agreement. Confidential information does not include information that either: (a) I sin the public domain or in Bank’s possession when disclosed to Bank, or becomes part of
the public domain after disclosure to Bank; or (b) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 
  

	12.9	Effective Date. 

  
 Notwithstanding anything set forth in this Agreement or any Loan Document to the contrary, this Agreement and all of the Loan Documents shall not be
effective until the date on which the Bank executes this Agreement as indicated on the signature page to this Agreement. 
  

	12.10	Attorneys’ Fees, Costs and Expenses. 

  
 In any action or proceeding between Borrower and Bank arising out of the Loan Documents, the prevailing party will be entitled to recover its reasonable
attorneys’ fees and other reasonable costs and expenses incurred, in addition to any other relief to which it may be entitled. 
  
  

 13 










	13.	DEFINITIONS 

  

	13.1	Definitions. 

  
 In this Agreement: 
  
 “Accounts” has the meaning set forth in the Code and includes all existing and later arising accounts, contract rights, and other
obligations owed Borrower in connection with its sale or lease of goods (including licensing software and other technology) or provision of services, all credit insurance, guaranties, other security and all merchandise returned or reclaimed by
Borrower and Borrower’s Books relating to any of the foregoing. 
  
 “Advance” or “Advances” is a loan advance (or advances) under the Committed Revolving Line. 
  
 “Affiliate” of a Person is a Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by
or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and members. 
  
 “Bank Expenses” are all audit fees and expenses and
reasonable costs and expenses (including reasonable attorneys’ fees and expenses) for preparing, negotiating, and administering, defending and enforcing the Loan Documents (including appeals or Insolvency Proceedings). 
  
 “Borrower’s Books” are all Borrower’s books and
records including ledgers, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition and all computer programs or discs or any equipment containing the information. 
  
 “Borrowing Base” is (i) eighty percent (80%) of Eligible
Accounts plus (ii) seventy percent (70%) of Eligible Foreign Accounts, provided that such Eligible Foreign Accounts do not exceed thirty-five percent (35%) of the Borrowing Base, plus (iii) ninety percent (90%) of Eligible Accounts
supported by Letters of Credit, as determined by Bank from Borrower’s most recent Borrowing Base Certificate; provided, however, that Bank may lower the percentage of the Borrowing Base after performing an audit of Borrower’s
Collateral. 
  
 “Business Day” is any day that is
not a Saturday, Sunday or a day on which the Bank is closed. 
  
 “Cash Management Services” are defined in Section 2.1.4. 
  
 “Closing Date” is the date of this Agreement. 
  
 “Code” is the California Uniform Commercial Code. 
  
 “Collateral” is the property described on Exhibit A. 
  
 “Committed Revolving Line” is an Advance of up to Four Million and No/100 Dollars ($4,000,000.00).

  
 “Contingent Obligation” is, for any Person,
any direct or indirect liability, contingent or not, of that Person for (i) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted or
sold with recourse by that Person, or for which that Person is directly or indirectly liable; (ii) any obligations for undrawn letters of credit for the account of that Person; and (iii) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar 
  

 14 









 agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation
for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under the guarantee or
other support arrangement. 
  
 “Copyrights” are
all copyright rights, applications or registrations and like protections in each work or authorship or derivative work, whether published or not (whether or not it is a trade secret) now or later existing, created, acquired or held. 
  
 “Credit Extension” is each Advance, Letter of Credit,
Exchange Contract, or any other extension of credit by Bank for Borrower’s benefit. 
  
 “Current Liabilities” are the aggregate amount of Borrower’s Total Liabilities which mature within one (1) year. 
  
 “Eligible Accounts” are Accounts in the ordinary course of Borrower’s business that meet all
Borrower’s representations and warranties in Section 5; but Bank may change eligibility standards by giving Borrower notice. Unless Bank agrees otherwise in writing, Eligible Accounts will not include: 
  
 (a) Accounts that the account debtor has not paid within 90 days of invoice
date; 
  
 (b) Accounts for an account debtor, 50% or more of whose
Accounts have not been paid within 90 days of invoice date; 
  
 (c) Credit balances over 90 days from invoice date; 
  
 (d) Accounts for an account debtor, including Affiliates, whose total obligations to Borrower exceed 25% of all Accounts, for the amounts that exceed that percentage, unless the Bank approves in writing; 
  
 (e) Accounts for which the account debtor does not have its principal place
of business in the United States, except for Eligible Foreign Accounts; 
  
 (f) Accounts for which the account debtor is a federal, state or local government entity or any department, agency, or instrumentality; 
  
 (g) Accounts for which Borrower owes the account debtor, but only up to the amount owed (sometimes called “contra” accounts, accounts payable,
customer deposits or credit accounts); 
  
 (h) Accounts for
demonstration or promotional equipment, or in which goods are consigned, sales guaranteed, sale or return, sale on approval, bill and hold, or other terms if account debtor’s payment may be conditional; 
  
 (i) Accounts for which the account debtor is Borrower’s Affiliate,
officer, employee, or agent; 
  
 (j) Accounts in which the account
debtor disputes liability or makes any claim and Bank believes there may be a basis for dispute (but only up to the disputed or claimed amount), 
  

 15 









 or if the Account Debtor is subject to an Insolvency Proceeding, or becomes insolvent, or goes out of business;

  
 (k) Accounts for which Bank reasonably determines collection
to be doubtful. 
  
 “Eligible Accounts Supported by
Letters of Credit” are all existing and arising Accounts that are supported by letter(s) of credit advised, negotiated and approved by Bank. 
  
 “Eligible Foreign Accounts” are Accounts for which the account debtor does not have its principal place of business in the United States
but are: (i) covered by credit insurance satisfactory to Bank, less any deductible; or (ii) approved by the Bank in writing; or (iii) owing from Ericsson, Nokia, Siemens, Samsung or Flextronics Manufacturing H.K. Ltd. 
  
 “Equipment” has the meaning set forth in the Code and
includes all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest. 
  
 “ERISA” is the Employment Retirement Income Security Act of 1974, and its regulations. 
  
 “FX Forward Contract” is defined in Section 2.1.3.

  
 “FX Reserve” is defined in Section 2.1.3.

  
 “GAAP” is generally accepted accounting
principles. 
  
 “Indebtedness” is (i)
indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (ii) obligations evidenced by notes, bonds, debentures or similar instruments, (iii)
capital lease obligations, and (iv) Contingent Obligations. 
  
 “Insolvency Proceeding” are proceedings by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions,
extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 
  
 “Intellectual Property” is: 
  
 (a) Copyrights, Trademarks, and Patents, including amendments, renewals, extensions, and all licenses or other rights to use and all license fees and
royalties from the use; 
  
 (b) Any trade secrets and any
intellectual property rights in computer software and computer software products now or later existing, created, acquired or held; 
  
 (c) All design rights which may be available to Borrower now or later created, acquired or held; 
  
 (d) Any claims for damages (past, present or future) for infringement of any
of the rights above, with the right, but not the obligation, to sue and collect damages for use or infringement of the intellectual property rights above; 
  
 All Proceeds and products of the foregoing, including all insurance, indemnity or warranty payments. 
  
 “Inventory” has the meaning set forth in the Code and
includes present and future inventory in which Borrower has any interest, including merchandise, raw materials, parts, 
  

 16 









 supplies, packing and shipping materials, work in process and finished products intended for sale or lease or to be
furnished under a contract of service, of every kind and description now or later owned by or in the custody or possession, actual or constructive, of Borrower, including inventory temporarily out of its custody or possession or in transit and
including returns on any accounts or other Proceeds from the sale or disposition of any of the foregoing and any documents of title. 
  
 “Investment” is any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance
or capital contribution to any Person. 
  
 “Letter of
Credit” is defined in Section 2.1.2. 
  
 “Letter-of-credit right” means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. 
  
 “Lien” is a mortgage, lien, deed of trust, charge, pledge,
security interest or other encumbrance. 
  
 “Loan
Documents” are, collectively, this Agreement, the Negative Pledge Agreement, any notes or guaranties executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank in connection with this
Agreement, all as amended, extended or restated. 
  
 “Material Adverse Change” has the meaning set forth in Section 8.33. 
  
 “Negative Pledge Agreement” means that certain Negative Pledge Agreement by and between Borrower and Bank of even date herewith. 
  
 “Obligations” are debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or
later, including cash management services, letters of credit and foreign exchange contracts, if any and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank. 

 
 “Patents” are patents, patent applications and like
protections, including improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 
  
 “Permitted Indebtedness” is: 
  
 (a) Borrower’s indebtedness to Bank under this Agreement or any other Loan Document; 
  
 (b) Indebtedness existing on the Closing Date and shown on the Schedule; 
  
 (c) Subordinated Debt; 
  
 (d) Indebtedness to trade creditors incurred in the ordinary course of
business; and 
  
 (e) Indebtedness secured by Permitted Liens.

  
 “Permitted Investments” are: 
  
 (a) Investments shown on the Schedule and existing on the Closing Date; and

  
 (b) (i) marketable direct obligations issued or
unconditionally guaranteed by the United States or its agency or any State maturing within 1 year from its acquisition, (ii) commercial paper maturing no more than 1 year after its creation and having the highest 
  

 17 









 rating from either Standard & Poor’s Corporation or Moody’s Investors Service, Inc. and (iii) Bank’s
certificates of deposit issued maturing no more than 1 year after issue. 
  
 “Permitted Liens” are: 
  
 (a) Liens existing on the Closing Date and shown on the Schedule or arising under this Agreement or other Loan Documents; 
  
 (b) Liens for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and for which
Borrower maintains adequate reserves on its Books, if they have no priority over any of Bank’s security interests; 
  
 (c) Purchase money Liens (i) on Equipment acquired or held by Borrower or its Subsidiaries incurred for financing the acquisition of the Equipment, or
(ii) existing on equipment when acquired, if the Lien is confined to the property and improvements and the Proceeds of the equipment; 
  
 (d) Licenses or sublicenses granted in the ordinary course of Borrower’s business and any interest or title of a licensor or under any license or
sublicense, if the licenses and sublicenses permit granting Bank a security interest; 
  
 (e) Leases or subleases granted in the ordinary course of Borrower’s business, including in connection with Borrower’s leased premises or leased property; 
  
 (f) Liens incurred in the extension, renewal or refinancing of the
indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase.

  
 “Person” is any individual, sole
proprietorship, partnership, limited liability company, joint venture, company association, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or
government agency. 
  
 “Proceeds” has the meaning
described in the Code as in effect from time to time. 
  
 “Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest rate. 
  
 “Quick Assets” is, on any date, the Borrower’s consolidated, unrestricted cash, cash equivalents, net billed accounts receivable and
investments with maturities of fewer than twelve (12) months determined according to GAAP. 
  
 “Registered Organization” means an organization organized solely under the law of a single state or the United States and as to which the state or the United States must maintain a public record
showing the organization to have been organized. 
  
 “Responsible Officer” is each of the Chief Executive Officer, the President, the Chief Financial Officer and the Controller of Borrower. 
  
 “Revolving Maturity Date” is March 22, 2004. 
  
 “Schedule” is any attached schedule of exceptions. 
  

 18 









 “Subordinated Debt” is debt incurred by Borrower subordinated to Borrower’s
indebtedness owed to Bank and which is reflected in a written agreement in a manner and form acceptable to Bank and approved by Bank in writing. 
  
 “Supporting Obligation” means a Letter-of-credit right, secondary obligation or obligation of a secondary obligor or that supports the
payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. 
  
 “Total Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated
balance sheet, including all Indebtedness, and current portion Subordinated Debt allowed to be paid, but excluding all other Subordinated Debt. 
  
 “Trademarks” are trademark and servicemark rights, registered or not, applications to register and registrations and like protections,
and the entire goodwill of the business of Borrower connection with the trademarks. 
  
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 
  

 19 










	 BORROWER:
  
 SIRF TECHNOLOGY, INC.

		
	By:	 	/s/    Walter D. Amaral        
	 	

	 	 	 Name: Walter D. Amaral
 Title: SRVP &
CFO


  

	 BANK:
  
 SILICON VALLEY BANK

		
	By:	 	/s/    Jason Hinde        
	 	

	 	 	 Name: Jason Hinde
 Title: Vice
President


  

 20 









 EXHIBIT A 
  
 The Collateral consists of all of Borrower’s right, title and interest in and to the following: 
  
 (a) All goods and equipment now owned or hereafter acquired, including,
without limitation, all machinery, fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions, and improvements to any of
the foregoing, wherever located; All inventory, now owned or hereafter acquired, including, without limitation, all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products including such
inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returns upon any accounts or other Proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title
representing any of the above; 
  
 (b) All contract rights and
general intangibles now owned or hereafter acquired, including, without limitation, goodwill, trademarks, servicemarks, trade styles, trade names, patents, patent applications, leases, license agreements, franchise agreements, blueprints, drawings,
purchase orders, customer lists, route lists, infringements, claims, computer programs, computer discs, computer tapes, literature, reports, catalogs, design rights, income tax refunds, payments of insurance and rights to payment of any kind;

  
 (c) All now existing and hereafter arising accounts, contract
rights, royalties, license rights and all other forms of obligations owing to Borrower arising out of the sale or lease of goods, the licensing of technology or the rendering of services by Borrower, whether or not earned by performance, and any and
all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower; 
  
 (d) All Letter-Of-Credit Rights (whether or not the letter of credit is evidenced by a writing); 
  
 (e) All documents, cash, deposit accounts, securities, securities
entitlements, securities accounts, investment property, financial assets, letters of credit, certificates of deposit, instruments and chattel paper now owned or hereafter acquired and Borrower’s Books relating to the foregoing; 
  
 (f) All copyright rights, copyright applications, copyright registrations and
like protections in each work of authorship and derivative work thereof, whether published or unpublished, now owned or hereafter acquired; all trade secret rights, including all rights to unpatented inventions, know-how, operating manuals, license
rights and agreements and confidential information, now owned or hereafter acquired; all mask work or similar rights available for the protection of semiconductor chips, now owned or hereafter acquired; all claims for damages by way of any past,
present and future infringement of any of the foregoing; and 
  
 (g) All Supporting Obligations and all Borrower’s Books relating to the foregoing and any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and Proceeds thereof. 

 
 Borrower and Bank are parties to that certain Negative Pledge Agreement,
whereby Borrower, in connection with Bank’s loan or loans to Borrower, has agreed, among other things, 








 not to sell, transfer, assign, mortgage, pledge, lease grant a security interest in, or encumber any of its Intellectual
Property or enter into any agreement, document, instrument or other arrangement (except with or in favor of the Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower from selling, transferring,
assigning, mortgaging, pledging, leasing, granting a security interest in, or encumbering any of its Intellectual Property, without Bank’s prior written consent. 








 EXHIBIT B 
  
 Loan Payment/Advance Request Form 
 Deadline for Same Day Processing is 3:00 P.S.T 

	 Fax To:
408-            -            
	 	Date:
                            

  


	  ̈
	  	Loan Payment:         SIRF TECHNOLOGY, INC.	  	 
			
	 	  	 From Account #
                                       
 
                                 (Deposit Account #)
	  	 To Account #
                                        
        
                             (Loan Account #)

		
	 	  	Principal
$                             and/or interest
$                                        
    
		
	 	  	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the
telephone transfer request for an advance, but those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of the date:
		
	 	  	Authorized Signature:
                                        
     Phone Number:
                                       
 


  


	  ̈
	  	Loan Advance:         SIRF TECHNOLOGY, INC.	  	 
		
	 	  	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing
wire.
			
	 	  	 From Account #
                                       
 
                                 (Loan Account #)
	  	 To Account #
                                        
        
                             (Deposit Account #)

		
	 	  	Amount of Advance
$                        
		
	 	  	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the
telephone transfer request for an advance, but those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of the date:
		
	 	  	Authorized Signature:
                                        
     Phone Number:
                                       
 


  


	Outgoing Wire Request	  	 
	 Complete only if all or a portion of funds from the loan advance above are to be
wired.
 Deadline for same day processing is 12:00 p.m., P.S.T.

		
	Beneficiary Name:
                                    	  	Amount of Wire:
$                                       
 
		
	Beneficiary Bank:
                                    	  	Account Number:
                                       
 
		
	City and State:
                                        
                        	  	 
	Beneficiary Bank Transit (ABA) #:
                                	  	 Beneficiary Bank Code (Swift, Sort, Chip, etc.):             

 (For International Wire Only)

		
	Intermediary Bank:
                                	  	Transit (ABA) #:
                                    
	
	For Further Credit to:
                                        
                                        
                                        
                        
	
	Special Instruction:
                                        
                                        
                                        
                        
	
	By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions
set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).
		
	Authorized Signature:
                                        
    	  	2nd Signature (If Required):
                                        
    
		
	Print Name/Title:
                                        
    	  	Print Name/Title:
                                        
    
		
	Telephone #
                                        
    	  	Telephone #
                                        
    











 EXHIBIT C 
  
 BORROWING BASE CERTIFICATE 
  


	 Borrower: Sirf Technology, Inc.
148 E. Brokaw Road
San Jose, California 95112
	  	Bank:	  	 Silicon Valley Bank
 3003 Tasman
Drive
 Santa Clara, CA 95054

	 Commitment Amount: $4,000,000.00
	  	 	  	 
	

			
	 ACCOUNTS RECEIVABLE
	  	 	  	 
	 1.
	 	Accounts Receivable Book Value as of _____	  	 	  	$__________
	 2.
	 	Additions (please explain on reverse)	  	 	  	$__________
	 3.
	 	TOTAL ACCOUNTS RECEIVABLE	  	 	  	$__________
			
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  	 	  	 
	 4.
	 	 Amounts over 90 days due
	  	$__________	  	 
	 5.
	 	 Balance of 50% over 90 day accounts
	  	$__________	  	 
	 6.
	 	 Credit balances over 90 days
	  	$__________	  	 
	 7.
	 	 Concentration Limits*
	  	$__________	  	 
	 8.
	 	 Foreign Accounts, other than Eligible Foreign Accounts
	  	$__________	  	 
	 9.
	 	 Governmental Accounts
	  	$__________	  	 
	 10.
	 	Contra Accounts	  	$__________	  	 
	 11.
	 	Promotion or Demo Accounts	  	$__________	  	 
	 12.
	 	Intercompany/Employee Accounts	  	$__________	  	 
	 13.
	 	Other (please explain on reverse)	  	$__________	  	 
	 14.
	 	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS	  	 	  	$__________
	 15.
	 	Eligible Accounts (#3 minus #14)	  	$__________	  	 
	 16.
	 	Eligible Foreign Accounts* (up to 35% of Borrowing Base)	  	$__________	  	 
	 17.
	 	Eligible Accounts supported by Letter of Credit	  	$__________	  	 
	 18.
	 	LOAN VALUE OF ACCOUNTS (80% of #15 plus        %70 of #16 plus 90% of #17)	  	 	  	$__________
	
	* Ericsson, Nokia, Siemens, Samsung or Flextronics Manufacturing H.K. Ltd
			
	 BALANCES
	  	 	  	 
	 19.
	 	Maximum Loan Amount	  	$__________	  	 
	 20.
	 	Total Funds Available [Lesser of #19 or #18]	  	 	  	$__________
	 21.
	 	Present balance owing on Line of Credit	  	$__________	  	 
	 22.
	 	Outstanding under Sublimates (LC or FX)	  	$__________	  	 
	 23.
	 	RESERVE POSITION (#20 minus #21 and #22)	  	 	  	$__________

  
 The undersigned represents and
warrants that this is true, complete and correct, and that the information in this Borrowing Base Certificate complies with the representations and warranties in the Loan and Security Agreement between the undersigned and Silicon Valley Bank.

  

	 COMMENTS: 
	 	 	 	 BANK USE ONLY

	 	 	 	 	 Rec’d By:
	 	  


	By:	 	  

	 	 	 	 Date:
	 	 Auth. Signer
  


	 	 	 Name:
 Title:
	 	 	 	  
 Verified:
	 	  


	 	 	 	 	 	 	 	 	Auth. Signer
					
	 	 	 	 	 	 	 Date:
	 	  


	 	 	 	 	 	 	  
  











 EXHIBIT D 
  
 COMPLIANCE CERTIFICATE 
  

	TO:	 	SILICON VALLEY BANK
	 	 	 3003 Tasman Drive
 Santa Clara, CA
95054

		
	 FROM:
	 	 SIRF TECHNOLOGY, INC.
 148 E. Brokaw
Road
 San Jose, CA 95112


  
 The undersigned
authorized officer of SIRF TECHNOLOGY, INC. (“Borrower”) certifies that under 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 in the Agreement are
true and correct on this date. Attached are the required documents supporting the certification. The Officer certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) consistently applied from one period to
the next except as explained in an accompanying letter or footnotes. The Officer acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and
that compliance is determined not just at the date this certificate is delivered. 
  
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

	 Reporting Covenant

	  	Required

	  	 	  	Complies


	 Monthly financial statements + CC
	  	Monthly within 30 days	  	 	  	Yes	 	No
	 Annual (Audited)
	  	FYE within 120 days	  	 	  	Yes	 	No
	 A/R & A/P Agings
	  	Monthly within 20 days	  	 	  	Yes	 	No
	 A/R Audit
	  	Initial and Annual	  	 	  	Yes	 	No
	 Borrowing Base Certificate
	  	Monthly within 20 days	  	 	  	Yes	 	No

  

	 Financial Covenant

	  	Required

	 	 	Actual

	  	Complies


	 Minimum Quick Ratio (monthly)
	  	 	2.00:1.00	 	 	 	_____:1.00	  	Yes	  	No
					
	 Profitability(Quarterly)
	  	 	 	 	 	 	 	  	 	  	 
	 March 31, 2003
	  	$	(750,000	)	 	$	__________	  	Yes	  	No
	 June 30, 2003
	  	$	(250,000	)	 	$	__________	  	Yes	  	No
	 September 30, 2003
	  	$	1	 	 	$	__________	  	Yes	  	No
	 December 31, 2003, and thereafter
	  	$	1	 	 	$	__________	  	Yes	  	No
			
	Have there been updates to Borrower’s intellectual property, if appropriate?	  	Yes	  	No










	 	 	 	

	 Comments Regarding Exceptions: See Attached.
	 	 	 	 BANK USE ONLY

				
	 Sincerely,
	 	 	 	 Received By:
	 	  

 AUTHORIZED SIGNER

				
	 SIRF TECHNOLOGY, INC.
	 	 	 	 Date:
	 	  


					
	 	 	 	 	 	 	 Verified:
	 	  

 AUTHORIZED SIGNER

					
	By:	 	  

	 	 	 	 Date:
	 	  


	 	 	 Name:
 Title:
  
	 	 	 	 Compliance Status
	 	 Yes
	 	 No

	 	 	 	 	 	










 Schedule to Loan and Security Agreement 
  
 The exact correct corporate name of Borrower is (attach a copy of the formation documents,
e.g., articles, partnership agreement): SiRF Technology, Inc.  
  
 Borrower’s State of formation: Delaware  
  
 Borrower has
operated under only the following other names (if none, so state): SiRF Technology Holdings, Inc.  
  
 All other address at which the Borrower does business are as follows (attach additional sheets if necessary and include all warehouse addresses): 
  
 Borrower has deposit accounts and/or investment accounts located only at the following institutions: 
  
 List Account Numbers: 
  
 Liens existing on the Closing Date and disclosed to and accepted by Bank in writing: 
  
 Investments existing on the Closing Date and disclosed to and accepted by Bank in writing:

  
 Subordinated Debt: 
  
 Indebtedness on the Closing Date and disclosed to and consented to by Bank in writing:

  
 The following is a list of the Borrower’s copyrights (including
copyrights of software) which are registered with the United States Copyright Office. (Please include name of the copyright and registration number and attach a copy of the registration): 
  
 The following is a list of all software which the Borrower sells, distributes or licenses to others, which are not registered with
the United States Copyright Office. (Please include versions which are not registered: 
  
 The following is a list of all of the Borrower’s patents which are registered with the United States Patent Office. (Please include name of the patent and registration number and attach a copy of the registration.): 








 The following is a list of all of the Borrower’s patents which are pending with the United States Patent Office.
(Please include name of the patent and a copy of the application.): 
  
 The
following is a list of all of the Borrower’s registered trademarks. (Please include name of the trademark and a copy of the registration.): 
  
 Borrower is not subject to litigation which would have a material adverse effect on the Borrower’s financial condition, except the following (attach additional
comments, if needed): 
  
 Tax ID Number 94-3219025  
  
 Organizational Number, if any: N/A  








 LOAN PAYMENT/ADVANCE REQUEST FORM

  
 DEADLINE
FOR SAME DAY PROCESSING IS 3:00 P.S.T 

	 Fax To:
408-            -            
	 	Date:
                            

  


	 ̈ LOAN PAYMENT:
        SIRF TECHNOLOGY, INC.	  	 
		
	 From Account #
                                       
 
                                 (Deposit Account #)
	  	 To Account #
                                        
        
                             (Loan Account #)

	
	Principal
$                             and/or interest
$                                        
    
	
	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete on the date of the telephone transfer request for
an advance, but those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects s of the date:
	
	Authorized Signature:
                                        
     Phone Number:
                                       
 


  


	 ̈ LOAN ADVANCE:
        SIRF TECHNOLOGY, INC.	  	 
	
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing
wire.
		
	 From Account #
                                        
                
                                 (Loan Account #)
	  	 To Account #
                                        
        
                             (Deposit Account #)

	
	Amount of Advance
$                        
	
	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the
telephone transfer request for an advance, but those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of the date:
	
	Authorized Signature:
                                        
     Phone Number:
                                       
 


  


		
	OUTGOING WIRE REQUEST	  	 
	
	 Complete only if all or a portion of funds from the loan advance above are to be
wired.
  
 Deadline for same day processing is 12:00 p.m.,
P.S.T.

		
	Beneficiary Name: Troutman Sanders LLP            	  	 Amountof Wire:
$                                       
 

		
	Beneficiary Bank: Wachovia Bank, National Association    	  	 AccountNumber: 2052700305792              


		
	City and State: Atlanta, GA                 	  	 
		
	Beneficiary Bank Transit (ABA) #:
0  6  1  0  0  0  2  2  7	  	 Beneficiary Bank Code (Swift, Sort, Chip, etc.):             

 (For International Wire Only)

		
	Intermediary Bank:
                                	  	Transit (ABA) #:
                                    
	
	For Further Credit to:
                                        
                                        
                                        
                        
	
	Special Instruction:
                                        
                                        
                                        
                        
	
	By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions
set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).
		
	Authorized Signature:
                                        
    	  	2nd Signature (If Required):
                                        
    
		
	Print Name/Title:
                                        
    	  	Print Name/Title:
                                        
    
		
	Telephone #
                                        
    	  	Telephone #
                                        
    











 CORPORATE BORROWING RESOLUTION 
  

				
	Borrower:	  	 Sirf Technology, Inc.
 148 E. Brokaw
Road
 San Jose, California 95112
	  	 Bank:
	  	 Silicon Valley Bank
 3003 Tasman
Drive
 Santa Clara, California 95054


  
 I, the Secretary or Assistant
Secretary of SIRF TECHNOLOGY, INC. (“Borrower”), CERTIFY that Borrower is a corporation existing under the laws of the State of Delaware. 
  
 I certify that at a meeting of Borrower’s Directors (or by other authorized corporate action) duly held the following resolutions were adopted. 
  
 It is resolved that any one of the following officers of Borrower, whose name, title
and signature is below: 
  

	 NAMES

	  	 	  	 POSITIONS

	  	 	  	 ACTUAL SIGNATURES


	 Walter Amaral

	  	 	  	 CFO VP Finance

	  	 	  	 /s/ Walter D. Amaral


	 Dennis Bencala

	  	 	  	 Controller

	  	 	  	 /s/ Dennis Bencala


	 Kanwar Chada

	  	 	  	 VP Sales

	  	 	  	 /s/ Kanwar Chadha


					
	
	  	 	  	
	  	 	  	


  
 may act for Borrower and: 

 
 Borrow Money. Borrow money from Silicon Valley Bank
(“Bank”). 
  
 Execute Loan Documents. Execute
any loan documents Bank requires. 
  
 Grant Security.
Grant Bank a security interest in any of Borrower’s assets. 
  
 Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an interest and receive cash or otherwise use the proceeds. 
  
 Letters of Credit. Apply for letters of credit from Bank. 

 
 Foreign Exchange Contracts. Execute spot or forward foreign
exchange contracts. 
  
 Issue Warrants. Issue warrants for
Borrower’s stock. 
  
 Further Acts. Designate other
individuals to request advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive Borrowers right to a jury trial) they think necessary to effectuate these Resolutions. 
  
 Further resolved that all acts authorized by these Resolutions and performed before
they were adopted are ratified. These Resolutions remain in effect and Bank may rely on them until Bank receives written notice of their revocation. 
  
 I certify that the persons listed above are Borrower’s officers with the titles and signatures shown following their names and that these resolutions have not
been modified are currently effective. 
  
 [SIGNATURES APPEAR
ON THE FOLLOWING PAGE] 








 CERTIFIED TO AND ATTESTED BY: 
  

		
	x	 	 /s/    Kanwar Chadha        

	 	

	 	 	*Secretary or Assistant Secretary

  

		
	x	 	 /s/    Walter D. Amaral        

	 	

	 	 	 

  
 *NOTE: In case the Secretary or
other certifying officer is designated by the foregoing resolutions as one of the signing officers, this resolution should also be signed by a second Officer or Director of Borrower. 








 NEGATIVE PLEDGE AGREEMENT 
  
 THIS NEGATIVE PLEDGE AGREEMENT is made as of March     , 2003, by and between SIRF TECHNOLOGY,
INC. (“Borrower”) and SILICON VALLEY BANK (“Bank”). 
  
 In connection with, among other documents, the Loan and Security Agreement (the “Loan Documents”) being concurrently executed herewith between Borrower and Bank, Borrower agrees as follows: 
  
 1. Borrower shall not sell, transfer, assign, mortgage, pledge, lease, grant
a security interest in, or encumber, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower from
selling, transferring, assigning, mortgaging, pledging, leasing, granting a security interest in or upon, or encumbering any of Borrower’s intellectual property, including, without limitation, the following: 
  

	 	(a)	Any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or
unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing, created, acquired or held; 

  

	 	(b)	All mask works or similar rights available for the protection of semiconductor chips, now owned or hereafter acquired; 

  

	 	(c)	Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or hereafter existing, created, acquired or held;


  

	 	(d)	Any and all design rights which may be available to Borrower now or hereafter existing, created, acquired or held; 

  

	 	(e)	All patents, patent applications and like protections including, without limitation, improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part
of the same, including without limitation the patents and patent applications; 

  

	 	(f)	Any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business
of Borrower connection with and symbolized by such trademarks; 

  

	 	(g)	Any and all claims for damages by way of past, present and future infringements of any of the rights included above, with the right, but not the obligation, to sue










 for and collect such damages for said use or infringement of the intellectual property
rights identified above; 
  

	 	(h)	All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from such use to the extent permitted by such license or
rights; 

  

	 	(i)	All amendments, extensions, renewals and extensions of any of the Copyrights, Trademarks or Patents; and 

  

	 	(j)	All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty payable in respect of any of the foregoing:


  
 2. It shall be an event of default under the
Loan Documents between Borrower and Bank if there is a breach of any term of this Negative Pledge Agreement. 
  
 3. Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Documents. 
  
 [SIGNATURES APPEAR ON THE FOLLOWING PAGE] 








 BORROWER: 
  

	 SIRF TECHNOLOGY, INC.

		
	By:	 	 /s/    Walter D. Amaral

	 	

	 	 	Name: Walter D. Amaral
	 	 	Title: SRVP & CFO

  
 BANK: 
  

	 SILICON VALLEY BANK

		
	By:	 	 /s/    Jason Hinde

	 	

	 	 	Name: Jason Hinde
	 	 	Title: Vice President

  
  
  








 INVOICE FOR FEES AND/OR EXPENSES 
  

	BORROWER:	  	SIRFTECHNOLOGY, INC.	  	 
			
	FED. TAX ID#	  	____________________	  	 
			
	LOAN OFFICER:	  	Jason Hinde	  	 
			
	DATE:	  	March 24, 2003	  	 
			
	Loan Fees:	  	Loan Fee	  	$24,000
			
	Please indicate the method of payment:	  	 	  	 
			
	 	 	  ̈        A check for the total is attached
	  	 
			
	 	 	 x       Debit DDA# 351780270
for the total amount
	  	 
			
	 	 	  ̈        Loan proceeds
	  	 
			
	 Legal Fees
	  	Legal Fees and Expenses	  	$2,750

  
 Please attach a check in the amount
of $2,750 payable to “Troutman Sanders LLP” or sign and complete the attached form. 
  
 Borrower: 
  

	SIRF TECHNOLOGY, INC.	 	 	 	 
					
	By:	 	/s/    Walter D. Amaral	 	 	 	 	 	 Date: 3/26/03


	 	
	 	 	 	 	 	 
	 	 	Authorized Signer	 	 	 	 	 	 

  
 Lender: 
 Silicon Valley Bank 
  

	 	 	 	 	 
					
	By:	 	/s/    Jason Hinde	 	 	 	 	 	 Date: 3/26/03


	 	
	 	 	 	 	 	 
	 	 	Authorized Signer	 	 	 	 	 	 









 LOAN MODIFICATION AGREEMENT 
  
 This Loan Modification Agreement is entered into as of February 2, 2004, by and between Sirf Technology, Inc. (the “Borrower”) and
Silicon Valley Bank (“Bank”). 
  
 1.    DESCRIPTION OF EXISTING OBLIGATIONS:  Among other Obligations which may be owing by Borrower to Bank, Borrower is Indebted to Bank pursuant to, among other documents, an Amended and Restated Loan
and Security Agreement, dated March 27, 2003, as modified or amended from time to time, (the “Loan Agreement”). The Loan Agreement provides for, among other things, a Committed Revolving Line in the original principal amount of Four
Million Dollars ($4,000,000). Defined terms used but not otherwise defined herein shall have the same meanings as set forth in the Loan Agreement. 
  
 Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as the “Obligations.” 
  
 2.    DESCRIPTION OF COLLATERAL.  Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement. 
  
 Hereinafter, the above-described security
documents and guaranties, together with all other documents securing repayment of the Obligations shall be referred to as 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. 
  
 A.    Modification(s) to Loan Agreement. 
  

	 	1.	The following defined terms under Section 13.1 entitled “Definitions” are hereby amended to read as follows: 

  

	 	 	“Borrowing Base” is (i) eighty percent (80%) of Eligible Accounts plus (ii) seventy percent (70%) of Eligible Foreign Account and plus (iii) ninety percent (90%) of
Eligible Accounts supported by Letters of Credit as determined by Bank from Borrower’s most recent Borrowing Base Certificate; provided, however, that Bank may lower the percentage of the Borrowing Base after performing an audit
of Borrower’s Collateral. 

  

	 	 	“Eligible Foreign Accounts” is hereby amended in part to include Motorola as an Eligible Foreign Account. 

  
 B.    Waiver of Covenant
Default(s). 
  

	 	1.	Bank hereby waives Borrower’s existing default under the Loan Agreement by virtue of Borrower’s failure to deliver to Bank its audited financial statements for the fiscal
year ended December 31, 2002 within 120 days following Borrower’s fiscal year end. Bank’s waiver of Borrower’s compliance of this covenant shall apply only to the foregoing period. Accordingly, Borrower will deliver to Bank such
financial statements no later than March 31, 2004 and be required to be in compliance with this covenant for each subsequent year beginning with the fiscal year ended December 31, 2003. 

  

	 	 	 Bank’s agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s compliance with the
above-described covenant as of all other dates and (2) shall not limit or impair the Bank’s 












	 	 
right to demand strict performance of this covenant as of all other dates and (3) shall not limit or impair the Bank’s right to demand strict
performance of all other covenants as of any date. 


  
 4.    CONSISTENT CHANGES.  The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 
  
 5.    NO DEFENSES OF BORROWER.  Borrower (and each guarantor and pledgor signing below) agrees that, as
of the date hereof, it has no defenses against paying any of the Obligations. 
  
 6.    CONTINUING VALIDITY.  Borrower (and each guarantor and pledgor signing below) understands and agrees that in modifying the existing Indebtedness, Bank is relying upon Borrower’s
representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and
effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers and endorsers of Existing Loan Documents, unless the party is expressly released by Bank in writing. Unless expressly
released herein, no maker, endorser, or guarantor will be released by virtue of this Loan Modification Agreement. The terms of this paragraph apply not only to this Loan Modification Agreement, but also to all subsequent loan modification
agreements. 
  
 This Loan Modification Agreement is executed as of
the date first written above. 
  

									
	 BORROWER:
  
 SIRF TECHNOLOGY, INC.
	 	 	 	 BANK:
  
 SILICON VALLEY BANK

					
	By:	 	/s/    DENNIS BENCALA	 	 	 	By:	 	/s/    ALLY XU
	 	 	
	 	 	 	 	 	

					
	Name:	 	Dennis Bencala	 	 	 	Name:	 	Ally Xu
	 	 	
	 	 	 	 	 	

					
	Title:	 	Corporate Controller	 	 	 	Title:	 	RM