Document:

SECOND LOAN MODIFICATION AGREEMENT

  
 Exhibit 10.1

  
 SECOND LOAN MODIFICATION AGREEMENT 
  
 This Second Loan Modification Agreement (this “Loan Modification
Agreement’) is entered into as of January 19, 2004, by and between SILICON VALLEY BANK, a California-chartered bank, with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production
office located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton, Massachusetts 02462, doing business under the name “Silicon Valley East” (“Bank”) and BOTTOMLINE TECHNOLOGIES (de), Inc., a
Delaware corporation with its chief executive office located at 325 Corporate Drive, Portsmouth, New Hampshire 03801(“Borrower”). 
  
 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of December 28, 2001, evidenced by, among other documents, a certain Loan and Security Agreement dated as of December 28, 2001, between Borrower and Bank, as amended by a certain First Loan Modification
Agreement dated as of December 31, 2002, between Borrower and Bank (as amended, the “Loan Agreement”). The Loan Agreement established a working capital line of credit in favor of Borrower in the maximum principal amount of Five Million
Dollars ($5,000,000.00) (the “Committed Revolving Line”). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
  
 Hereinafter, all indebtedness and obligations 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 (together with any other collateral security granted to Bank, 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.	Modifications to Loan Agreement. 

  

	 	1.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.1 in its entirety: 

  
 “2.1.1 Revolving Advances. 
  
 (a) Bank shall make Advances not exceeding (i) the
Committed Revolving Line or the Borrowing Base, whichever is less, minus (ii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (iii) the aggregate outstanding Advances hereunder. 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. Eastern time on the Business Day the Advance
is to be made. If such notification is by telephone, Borrower must promptly confirm the notification by delivering to Bank a completed Payment/Advance Form in the form attached as Exhibit B. Bank shall 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. Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a
Responsible Officer or designee. Borrower shall indemnify Bank for any loss Bank suffers due to such reliance. 
  

 (c) The Committed Revolving Line terminates on the Revolving Maturity Date, when the
principal amount of all Advances and the unpaid interest thereon, shall be immediately payable.” 
  
 and inserting in lieu thereof the following: 
  
 “2.1.1 Revolving Advances. 
  
 (a) Availability. Bank shall make Advances not exceeding (i) the lesser of (A) the Committed Revolving Line or (B) the Borrowing
Base minus (ii) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (iii) the FX Reserve, and minus (iv) the aggregate outstanding Advances hereunder (including any Cash Management Services).
Amounts borrowed under this Section may be repaid and reborrowed during the term of this Agreement. 
  
 (b) Borrowing Procedure. To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 3:00 p.m. Eastern time on
the Business Day the Advance is to be made. If such notification is by telephone, Borrower must promptly confirm the notification by delivering to Bank a completed Payment/Advance Form in the form attached as Exhibit B. Bank shall
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 shall indemnify Bank for any loss Bank suffers due to such reliance. 
  
 (c) Termination; Repayment. The Committed Revolving
Line terminates on the Revolving Maturity Date, when the principal amount of all Advances and the unpaid interest thereon, shall be immediately due and payable.” 
  

	 	2.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.2 (a) in its entirety: 

  
 “(a) Bank shall 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 any Advances, minus (iii) the amount of all Letters of Credit (including drawn but
unreimbursed Letters of Credit), plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed
$2,000,000.00. Each Letter of Credit shall have an expiry date no later than 180 days after the Revolving Maturity Date provided Borrower’s Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and
after (i) the Revolving Maturity Date if the term of this Agreement is not extended by Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be, in form and substance, acceptable to Bank in its sole discretion
and shall be subject to the terms and conditions of Bank’s form of standard Application and Letter of Credit Agreement. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably
request.” 
  
 and inserting in lieu thereof the following:

  
 “(a) Bank shall 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 any Advances (including any Cash Management Services), minus (iii) the
amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), minus (iv) the FX Reserve, plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but
unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Two 

  

 
Million Dollars ($2,000,000.00). Each Letter of Credit shall have an expiry date no later than 180 days after the Revolving Maturity Date provided
Borrower’s Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Maturity Date of the Committed Revolving Line if the Maturity Date of the Committed Revolving Line is not extended by
Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be, in form and substance, acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s form of standard
Application and Letter of Credit Agreement. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.” 
  

	 	3.	The Loan Agreement shall be amended by inserting the following provisions to appear as Section 2.1.3 entitled “Foreign Exchange Sublimit” and Section 2.1.4 entitled
“Cash Management Services Sublimit” thereof: 

  
 “2.1.3 Foreign Exchange Sublimit. If there is availability under the 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 business day after the contract date (the “FX Forward Contract”). Bank shall subtract 10% of each outstanding FX Forward Contract from the foreign exchange
sublimit, which sublimit is a maximum of Five Hundred Thousand Dollars (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. 
  
 2.1.4 Cash Management
Services Sublimit. Borrower may use up to Two Hundred Fifty Thousand Dollars ($250,000.00) for the Bank’s Cash Management Services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing
services identified in the various cash management services agreements related to such Cash Management Services (the “Cash Management Services”). Such aggregate amounts utilized under the Cash Management Services Sublimit shall at all
times reduce the amount otherwise available for Credit Extensions under the 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 Revolving Line and will accrue interest at the interest rate applicable to Advances.” 
  

	 	4.	The Loan Agreement shall be amended by deleting the following appearing as Section 2.2 thereof: 

  
 “2.2 Overadvances. If Borrower’s Obligations under Section 2.1.1 and 2.1.2 exceed the lesser of
either (i) the Committed Revolving Line or (ii) the Borrowing Base, Borrower must immediately pay in cash to Bank the excess.” 
  
 and inserting in lieu thereof the following: 
  
 “2.2 Overadvances. If Borrower’s Obligations under Section 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 must immediately pay in cash to Bank the excess.” 
  

	 	5.	The Loan Agreement shall be amended by deleting the following provision appearing in Section 6.2(b) thereof: 

  
 (b) Borrower shall deliver to Bank a Borrowing Base Certificate signed by a
Responsible Office in the form of Exhibit C, with aged listing of accounts receivable (by invoice date): (i) within thirty (30) days of the last day of each month in which Advances were outstanding, and (ii) within thirty (30) days of
the last day of each quarter. 
  
 and inserting in lieu thereof
the following: 
  
 (b) Borrower shall deliver to Bank a
Borrowing Base Certificate signed by a Responsible Office in the form of Exhibit C, with aged listing of accounts receivable (by invoice date) within thirty (30) days of the last day of each month in which Advances were outstanding.

  

	 	6.	The Loan Agreement shall be amended by deleting the following definition appearing in Section 13.1 thereof: 

  
 “Revolving Maturity Date” means December 27, 2003.”

  
 and inserting in lieu thereof the following: 
  
 “Revolving Maturity Date” means December 26, 2004.”

  

	 	7.	The Loan Agreement shall be amended by inserting the following definitions to appear alphabetically in Section 13.1 thereof: 

  
 “Cash Management Services” are defined in Section
2.1.4.” 
  
 “FX Forward Contract” is
defined in Section 2.1.3.” 
  
 “FX
Reserve” is defined in Section 2.1.3.” 
  

	 	8.	The Borrowing Base Certificate appearing as Exhibit C to the Loan Agreement is hereby replaced with the Borrowing Base Certificate attached as Exhibit A
hereto. 

  
 4. FEES. Borrower shall pay to Bank a
modification fee equal to Twenty-Five Thousand Dollars and 00/100 ($25,000.00), which fee shall be due on the date hereof and shall be deemed fully earned as of the date hereof The Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents. 
  
 5.
RATIFICATION OF NEGATIVE PLEDGE AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Negative Pledge/Intellectual Property Security Agreement dated as of December 28, 2001,
between Borrower and Bank, and acknowledges, confirms and agrees that said Negative Pledge Agreement shall remain in full force and effect. 
  
 6. ADDITIONAL COVENANTS: Borrower shall not, without providing the Bank with thirty (30) days prior written notice: (i) relocate its principal executive office or
add any new offices or business locations or keep any Collateral in any additional locations (unless such new offices or locations contain less than Fifty Thousand Dollars ($50,000.00) of Borrower’s assets or property), or (ii) change its
jurisdiction of organization, or (iii) change its 

  

 
organizational structure or type, (iv) change its legal name, or (v) change any organizational number (if any) assigned by its jurisdiction of organization.
In addition, the Borrower hereby certifies that no Collateral is in the possession of any third party bailee (such as at a warehouse) except as set forth on the Perfection Certificate dated on or about the date hereof delivered by Borrower to Bank
in connection with this Loan Modification Agreement (the “Perfection Certificate”). In the event that Borrower, after the date hereof, intends to store or otherwise deliver the Collateral to such a bailee (other than (i) as listed in the
Perfection Certificate or (ii) Inventory stored at Borrower’s vendor’s locations in the ordinary course of business in amounts consistent with past practices), then Borrower shall first receive, the prior written consent of Bank and such
bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. Borrower acknowledges, confirms and agrees that the disclosures and information about Borrower provided to Bank in the Perfection Certificate
dated January     , 2004, is accurate in all material respects, as of the date thereof. 
  
 7. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file financing statements without notice to Borrower, with all appropriate jurisdictions, as Bank
deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral. 
  
 8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 
  
 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
  
 10. NO DEFENSES OF BORROWER. Borrower agrees that, as of this date, it has no defenses against the obligations to pay any amounts under the Obligations.

  
 11. CONTINUING VALIDITY. Borrower understands and agrees that in
modifying the existing Obligations, 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 of Existing Loan Documents, unless the
party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
  
 12. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank (provided, however, in no
event shall this Loan Modification Agreement become effective until signed by an officer of Bank in California). 
  
 [The remainder of this page is intentionally left blank] 
  

 This Loan Modification Agreement is executed as a sealed instrument under the law at the Commonwealth of
_____________ as of the date first written above. 
  

									
	BORROWER:	 	 	 	BANK:
			
	BOTTOMLINE TECHNOLOGIES (de), Inc.	 	 	 	 SILICON VALLEY BANK. _____ ________ ___
 SILICON VALLEY EAST

					
	By:	 	/s/    ROBERT EBERLE        	 	 	 	By:	 	/s/    TIMOTHY M. RYAN        
	 	 	
	 	 	 	 	 	

	 Name:
	 	Robert Eberle	 	 	 	 Name:
	 	Timothy M. Ryan
	 Title:
	 	COO & CFO	 	 	 	 Title:
	 	Vice President
			
	 	 	 	 	SILICON VALLEY BANK
					
	 	 	 	 	 	 	By:	 	/s/    MAGGIE GARCIA        
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	Maggie Garcia
	 	 	 	 	 	 	 Title:
	 	AVP
	 	 	 	 	 	 	 	 	(signed in Santa Clara County, California)

  

 EXHIBIT A 
 BORROWING BASE CERTIFICATE 
  

			
	 Borrower:
	  	Bottomline Technologies (de), Inc.
		
	 Lender:
	  	Silicon Valley Bank
		
	 Commitment Amount:
	  	$5,00,000.00

  

						
	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	  	$	                    
	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.	  	LOAN VALUE OF ACCOUNTS (80% of #15)	  	$	                    
		
	BALANCES	  	 	 
	17.	  	Maximum Loan Amount	  	$	                    
	18.	  	Total Funds Available (Lesser of #17 or #16)	  	$	                    
	19.	  	Present balance owing on Line of Credit	  	$	                    
	20.	  	Outstanding under Sublimits (letters of credit, FX Contract, Cash Mgt.)	  	$	                    
	21.	  	RESERVE POSITION (#18 minus #19 and #20)	  	$	                    

  
 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
					
	By:	 	 	 	 	 	Received by:	 	 
	 	 	
	 	 	 	 	 	

	 	 	Authorized Signer	 	 	 	 	 	AUTHORIZED SIGNER
					
	 	 	 	 	 	 	 Date:
	 	 
	 	 	 	 	 	 	 	 	

					
	 	 	 	 	 	 	Verified:	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	AUTHORIZED SIGNER
					
	 	 	 	 	 	 	 Date:CONFIRMATION OF COMMITTED BUSINESS OVERDRAFT FACILITY

  
 Exhibit 10.2

  
 THIS IS AN IMPORTANT DOCUMENT WHICH SETS OUT THE TERMS AND CONDITIONS
OF YOUR COMMITTED OVERDRAFT FACILITY. WE RECOMMEND THAT YOU TAKE INDEPENDENT LEGAL ADVICE IF YOU HAVE ANY DOUBTS REGARDING THE TERMS AND CONDITIONS OF THE FACILITY. 
  
 Confirmation of Committed Business Overdraft Facility 
  
 [GRAPHIC] 
  

			
	 	  	Thames Valley Corporate Business Centre
	 	  	Abbey Gardens
	 	  	4 Abbey Street
	 	  	Reading RG1 3BA
		
	Private & Confidential	  	 
	 Bottomline Technologies Europe Limited
	  	Telephone: 0118 952 2116
	 Company Number 1911956
	  	 
	 115 Chatam Street
	  	 
	 Reading
	  	 
	 Berkshire RG1 7JX
	  	 

  

			
	 Facility Account:
	  	67486932 at Reading, Market Place Office (sorting code 60-17-21)
	 Overdraft Limit:
	  	£2,000,000
	 Agreed Interest Rate:
	  	2% per annum over the Bank’s Base Rate
	 Bank’s Base Rate:
	  	currently 3.75% per annum (but may vary from time to time)
	 Unarranged Overdraft Rate:
	  	4% per annum over the Bank’s Base Rate
	 Arrangement Fee:
	  	£10,000
	 Facility Start Date:
	  	1 January 2004
	 Expiry Date:
	  	30 December 2004

  
 Principal Terms

  

	1.	We offer you a committed overdraft facility (the Facility) subject to the terms of this Confirmation and the Committed Overdraft General Terms (COGT) attached.

  

	2.	Provided that none of the Events of Default detailed in Clause 3 occur, the Facility will, subject to the terms of this Confirmation and the COGT attached, be available from the
Facility Start Date until the Expiry Date. 

  

	3.	If any of the following events (Events of Default) occurs, we may, by giving written notice, demand immediate repayment of the outstanding borrowing on the Facility Account, require
that the amounts from time to time owing under the Facility become repayable upon demand or cancel the Facility and exercise our rights under any security:- 

  

	 	(a)	the Overdraft Limit is exceeded; 

  

	 	(b)	any step is taken by any person with a view to the appointment of a liquidator, administrator, trustee in bankruptcy, receiver or other similar officer in relation to you or you
make arrangements with your creditors; 

  

	 	(c)	if you are a sole trader, you die; 

  

	 	(d)	your business ceases to trade or, if you are a partnership, the partnership is dissolved; 

  

	 	(e)	any procedure is used against you to attach or take possession of any property for payment of a debt; 

  

	 	(f)	you are in breach of any obligation (financial or otherwise) to us or any of the terms of this Confirmation, or the COGT or any other agreement with us are breached;

  

	 	(g)	you are in breach of the financial covenant detailed in Clause 6; 

  

	 	(g)	you fail to provide any information regarding your financial condition or business operations detailed in Clause 5; or 

  

	 	(h)	any information given to us is inaccurate or there is a material non-disclosure by you to us. 

  

	4.	Interest will be charged:- 

  

	 	(a)	up to the Overdraft Limit, at the Agreed Interest Rate; and 

  

	 	(b)	in excess of the Overdraft Limit (or after we have demanded immediate repayment of the outstanding borrowing on the Facility Account in terms of Clause 3 of this Confirmation or
Clause C of the COGT), at the Unarranged Overdraft Rate. 

  

	5.	To enable us to monitor the Facility you will provide:- 

  

	 	(a)	as soon as they become available but in any event within days after the end of your financial year and in a format acceptable to us, copies of your audited financial statements for
that year (the Financial Statements); 

  

	 	(b)	as soon as they become available but in any event no later than days after the end of the accounting period to which they relate and in a format acceptable to us, quarterly
management accounts incorporating balance sheet, profit and loss 

  
 The Royal Bank of Scotland plc is registered in Scotland No 90312 
 Registered Office: 36 St Andrew
Square, Edinburgh EH2 2YB 
 Agency agreements exist between members of The Royal Bank of Scotland Group 
  

 account, cash flow statement, and aged list of debtors and creditors, although in the event of the
Facility being utilised at any time we reserve the right to request that the management accounts be provided on a monthly basis (the Management Accounts); and 
  

	 	(c)	promptly, such further information regarding your financial condition and business operations as we may reasonably request (including audited business/management accounts where not
already supplied). 

  

	6.	You undertake in relation to the following financial covenant or obligation that your financial position/performance, as demonstrated in the Financial Statements and Management
Accounts, shall have been such that on the last day of the period covered by the relevant Financial Statements and Management Accounts, Facility Utilisation was not more than Security Value. 

  
 For the purpose of this Clause: 
  
 Debtors means the value of your trade debtors aged less than 90 days
excluding, as determined by the Bank (a) inter company debtors and (b) debtors in dispute or known to be doubtful. 
  
 Facility Utilisation means the cleared debtor balance on the Facility Account as at the close of business on the final business day of the period
covered by the Financial Statements or Management Accounts. 
  
 Security Value means the aggregate of:- 
  

	 	(a)	70% of the value of the property 115 Ch_tam Street Reading Berkshire, such value to be evidenced by the most recent Bank addressed professional valuation(s) on an open market basis
held by the Bank at any relevant time; and 

  

	 	(b)	30% of Debtors. 

  

	7.	The Arrangement Fee will be debited by us to the Facility Account on the date of this Confirmation or shortly thereafter. 

  

	8.	If applicable, the Facility will be secured by the security held and/or required by us as set out in an attached Schedule. It is a term of the Facility that it is at all times
effectively secured by such security and that the terms of such security are not breached. No additional security may be created over the assets charged under such security without our prior written consent. The continued availability of the
Facility will be subject to such security continuing in full force and effect. Notwithstanding the Facility Start Date, the Facility will not be available until we are satisfied with any such security. 

  

	9.	Notwithstanding the Facility Start Date, we shall not be obliged to provide the Facility until we have received and are satisfied with such written evidence/documents as we may
require confirming your capacity to:- 

  

	 	(a)	enter into this Confirmation and COGT; 

  

	 	(b)	utilise the Facility 

  

	 	(c)	give any security specified 

  
 and confirming that the person or persons who will accept the terms of this Confirmation and COGT and execute/seal any security on your behalf is/are duly
authorised by you. 
  

	10.	Notwithstanding the Facility Start Date, we are not obliged to provide the Facility until you have accepted the Facility on the terms set out in this Confirmation and COGT by
returning the duplicate of this Confirmation to us duly signed. 

  
 For The Royal Bank of Scotland plc acting as agent for National Westminster Bank Plc 
  

	
	
	/s/    COLIN ROBERTSON        
	

	Colin Robertson
	Senior Corporate Manager
	Date 9 January 2004

  
 Having decided that the Facility is
appropriate and in our interests, it is hereby accepted on the terms set out in this Confirmation and the COGT overleaf. 
  

							
				
	 Signature
	 	 /s/ PETER FORTUNE
	 	 	 	 Date 06/02/04

	 	 	
	 	 	 	 
				
	 Signature
	 	 /s/ PAUL FANNON
	 	 	 	 Date 10/2/04

	 	 	
	 	 	 	 

  

 Committed Overdraft General Terms (COGT) 
  
 These COGT explain your and our rights and responsibilities in respect of the Facility and should be read in conjunction with the
Confirmation attached specific to the Facility. Definitions and meanings used in the Confirmation attached also apply in these COGT (and vice versa) unless the context requires otherwise. 
  
 A. Overdraft Limit 
  
 The Facility enables you to overdraw the Facility Account up to the Overdraft Limit. The Overdraft Limit should not be exceeded without our prior consent and we may
refuse to allow any payment or withdrawal which could have that effect. If we allow a payment or withdrawal or a series of payments or withdrawals which results in the Overdraft Limit being exceeded, it will not mean that the Overdraft Limit has
changed or that we are bound to allow any other payment or withdrawal which could result in the Overdraft Limit being exceeded at other times. 
  
 We may debit the Facility Account under Clauses D and E of these COGT even if it results in the Overdraft Limit being exceeded. 
  
 B. Uncleared credits 
  
 We may disregard any uncleared credits when calculating the amount outstanding under the
Facility (and any interest payable). If however we pay a cheque or cheques (or allow any other payment or withdrawal or a series of payments or withdrawals) against uncleared credits at any time we are not bound to do so at other times. 

 
 C. Renewal of Facility 
  
 At any time during the 30 days prior to the Expiry Date you may request (or we may offer) to
renew the Facility for a further period of up to 365 days, subject to us undertaking a full credit assessment and further documentation. If the Facility is not renewed before the Expiry Date any borrowing outstanding under the Facility will become
repayable on demand and the Facility may be unconditionally cancelled by us at any time. 
  
 D. Interest 
  
 Interest will be
calculated both before and after demand, court decree or judgment on a daily basis on the cleared debit balance and will be debited by us to the Facility Account quarterly on the business day of March, June, September and December (or on such other
dates as the Bank may advise from time to time). 
  
 E. Costs/Charges

  
 You must pay any costs incurred by us in connection with the Facility
whether as a result of you breaking the terms of the Facility or not. These costs will include (but not be limited to) costs of taking and discharging any security; taking steps, including court action, to obtain payment; enforcing and/or preserving
the Bank’s rights under any security held for the Facility; tracing you if you change address without notice and communicating with you if you break the terms of the Facility or an Event of Default occurs. We may debit such costs to the
Facility Account. 
  
 F. Change in law, regulation or directive

  
 If as a result of a change of any applicable law, regulation or
directive, the cost to us of providing the Facility (including the cost of any undrawn portion of the Facility) increases we may, upon one month’s written notice, convert the Facility into an overdraft repayable on demand and/or otherwise vary
the terms and conditions of the Facility, including effecting an increase in the interest charged to reflect the increased cost of providing the Facility. 
  
 G. Set off 
  
 We shall be entitled to set-off against any of your liabilities under this agreement (whether present, future, actual or contingent) any of your credit balances (whether subject to notice or not) on any of your
accounts with us in your name. We do not have to give you any prior notice to do this. 
  
 H. Joint and several liability 
  
 If you are more than
one person then the word “you” shall refer to such persons both together and separately and the obligations of those persons under the Facility shall be joint and several, that is to say, each of you can be held liable both jointly and
individually for all of the obligations under the facility. 
  
 I.
Miscellaneous 
  
 These terms will not be affected by the Facility
Account being allocated another account number by us or being transferred to another of our branches, offices or departments. In the event of a conflict between (i) the terms of the Confirmation attached and these COGT and (ii) any other terms which
apply to the Facility Account then the terms of the Confirmation attached and these COGT will prevail. 
  

 [GRAPHIC] 
  
 This is the Schedule referred to in the Bank’s Confirmation of Committed Business Overdraft Facility to the Customer dated: 12 January 2004 
  
 Customer: Bottomline Technologies Europe Limited 
  
 The Facility made available by the Bank to the Customer in terms of the Confirmation of
Committed Business Overdraft Facility shall at all times be secured by the following :- 
  
 (1) the existing available security held by the Bank as follows :- 
  

	 	(a)	Unlimited Guarantees granted by Bottomline Technologies Limited and Bottomline Transactional Services Limited supported, in each case, by a Debenture; 

  

	 	(b)	a Debenture by you: 

  

	 	(c)	First Legal Charges or Mortgages over the following properties and their associated assets: 

  

	 	•	115 Chatham Street, Reading, Berkshire; and 

  

	 	•	97 to 113 (odd numbers) and 117 Chatham Street, Reading, Berkshire; 

  

	 	•	land formerly the site of 93 and 95 Chatham Street, Reading, Berkshire; 

  

	 	(d)	a Charge by you over your book and other debts; and 

  

	 	(e)	a Letter of Comfort from Bottomline Technologies Inc; 

  
 (2) any further security which the Bank may now or in future hold.

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