Document:

Second Amendment to Loan and Security Agreement - Comerica Bank

 Exhibit 10.32 
 SECOND AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 This Second Amendment to Loan and Security Agreement (the “Amendment”) is entered into as of July 20, 2009, by and between COMERICA BANK (“Bank”) and BAZAARVOICE INC.
(“Borrower”). 
 RECITALS 

Borrower and Bank are parties to that certain Loan and Security Agreement dated as of July 18, 2007 (as amended from
time to time, including, without limitation, by that certain First Amendment to Loan and Security Agreement dated as of November 3, 2008, collectively with any related document, the “Agreement”). All indebtedness owing by Borrower to
Bank shall hereinafter be referred to as the “Indebtedness.” The parties desire to amend the Agreement in accordance with the terms of this Amendment. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows: 
 AGREEMENT 
  

	I.	 Incorporation by Reference. The Recitals and the documents referred to therein are incorporated herein by this reference.
Except as otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement. 

  

	II.	 Amendment to the Agreement. Subject to the satisfaction of the conditions precedent as set forth in Article IV hereof, the
Agreement is hereby amended as set forth below. 

  

	 	A.	 The following defined terms are hereby alphabetically added to Exhibit A to the Agreement or are amended and restated in their entirety
to read as follows: 

 “Letter of Credit” means a commercial or standby letter of
credit or similar undertaking issued by Bank at Borrower’s request in accordance with Section 2.1(b)(iv). 
 “Letter of Credit Sublimit” means a sublimit for Letters of Credit under the Revolving Line not to exceed Nine Hundred Thousand Dollars ($900,000). 

“Revolving Line” means a Credit Extension (inclusive of the aggregate limits of the corporate credit cards
issued to Borrower and merchant credit card processing reserves under the Credit Card Services Sublimit and the aggregate face amount of Letters of Credit issued under the Letter of Credit Sublimit) of up to Seven Million Dollars ($7,000,000).

  

	 	B.	 The first sentence of Section 2.1(b)(i) of the Agreement is hereby amended and restated in its entirety to read as follows:

 “Subject to and upon the terms and conditions of this Agreement (1) Borrower may
request Advances in an aggregate outstanding amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base, less the aggregate limits of the corporate credit cards issued to Borrower and merchant credit card
processing reserves under the Credit Card Services Sublimit and the aggregate face amount of Letters of Credit issued under the Letter of Credit Sublimit, and (2) amounts borrowed pursuant to this Section 2.1(b) may be repaid and
re-borrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(b) shall be immediately due and payable.” 

  
  

AMENDMENT 
 PAGE 1 OF 6

	 	C.	 Section 2.1(b)(iv) of the Agreement is hereby amended and restated in its entirety to read as follows: 

“(iv) Letter of Credit Sublimit. 

 

	 	(A)	 Subject to the availability under the Revolving Line and the Borrowing Base, and in reliance on the representations and warranties of Borrower set
forth herein, at any time and from time to time from the date hereof through the Business Day immediately prior to the Revolving Maturity Date, Bank shall issue for the account of Borrower such Letters of Credit as Borrower may request by delivering
to Bank a duly executed letter of credit application on Bank’s standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed the Letter of Credit Sublimit,
(ii) shall be deemed to constitute Advances for the purpose of calculating availability under the Revolving Line, and (iii) shall not at any time exceed the Borrowing Base. Any drawn but unreimbursed amounts under any Letters of Credit
shall be charged as Advances against the Revolving Line. 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 application and letter of
credit agreement. Borrower will pay any standard issuance and other fees that Bank notifies Borrower it will charge for issuing and processing Letters of Credit. 

 

	 	(B)	 If the outstanding and undrawn amounts under all such Letters of Credit ever exceed the Borrowing Base, then, effective as of such date, the balance
in any deposit accounts held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation
of such certificates or accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding and undrawn Letters of Credit, provided however, if there are insufficient balances in such accounts to secure
such obligations, Borrower shall immediately deposit such additional funds as necessary to secure such obligations to the satisfaction of Bank. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or
any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Letters of Credit are outstanding or continue.” 

 

	 	D.	 A new Section 2.1(b)(v) is hereby added to the Agreement to read as follows: 

“(iii) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to Bank’s
satisfaction its obligations with respect to any Credit Card Services or Letters of Credit by the Revolving Maturity Date, then, effective as of such date, the balance in any deposit accounts held by Bank and the certificates of deposit or time
deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations
to the extent of the then continuing or outstanding Credit Card Services and undrawn Letters of Credit, provided however, if there are insufficient balances in such accounts to secure such obligations, Borrower shall immediately deposit such
additional funds as necessary to secure such obligations to the satisfaction of Bank. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or
otherwise transfer any part of such balances for so long as the Credit Card Services or Letters of Credit are outstanding or continue.” 

  
  

AMENDMENT 
 PAGE 2 OF 6

	 	E.	 Section 2.2 of the Agreement is hereby amended and restated in its entirety to read as follows: 

“2.2 Overadvances. If the aggregate amount of the outstanding Advances plus the aggregate amounts outstanding
under the Credit Card Services Sublimit plus the aggregate face amount of Letters of Credit issued under the Letter of Credit Sublimit exceeds the lesser of the Revolving Line or the Borrowing Base, at any time, Borrower shall immediately pay to
Bank, in cash, the amount of such excess.” 
  

	 	F.	 Bank’s primary address for notices set forth in Section 10 of the Agreement is hereby amended in its entirety to read as follows:

  

			
	 “If to Bank:
	  	 Comerica Bank

		  	 m/c 7512

		  	 39200 Six Mile Rd.

		  	 Livonia, MI 48152

		  	 Attn: National Documentation Services”

  

	III.	 Legal Effect. 

  

	 	A.	 The Agreement is hereby amended wherever necessary to reflect the changes described above. Borrower agrees that it has no defenses against the
obligations to pay any amounts under the Indebtedness. 

  

	 	B.	 Borrower understands and agrees that in modifying the existing Indebtedness, Bank is relying upon Borrower’s representations, warranties, and
agreements, as set forth in the Agreement and the other Loan Documents. Except as expressly modified pursuant to this Amendment, the terms of the Agreement and the other Loan Documents remain unchanged, and in full force and effect. Bank’s
agreement to modifications to the existing Indebtedness pursuant to this Amendment in no way shall obligate Bank to make any future modifications to the Indebtedness. Nothing in this Amendment shall constitute a satisfaction of the Indebtedness. It
is the intention of Bank and Borrower to retain as liable parties, all makers and endorsers of the Agreement and the other Loan Documents, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released
by virtue of this Amendment. The terms of this paragraph apply not only to this Amendment, but also to all subsequent loan modification requests. 

  

	 	C.	 This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one instrument. This is an integrated Amendment and supersedes all prior negotiations and agreements regarding the subject matter hereof. All modifications hereto must be in writing and signed by the parties. 

 

	IV.	 Conditions Precedent. Except as specifically set forth in this Amendment, all of the terms and conditions of the Agreement and
the other Loan Documents remain in full force and effect. The effectiveness of this Amendment is conditioned upon receipt by Bank of: 

  

	 	A.	 This Amendment, duly executed by Borrower; 

  

	 	B.	 Corporation Resolutions and Incumbency Certification, duly executed by Borrower; and 

 

	 	C.	 Such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

  
  

AMENDMENT 
 PAGE 3 OF 6

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

			
	 BAZAARVOICE, INC.

		
	 By:
	 	 /s/ Ken
Saunders

			
	 Name:
	 	 Ken
Saunders

			
	 Title:
	 	 CFO

	
	 COMERICA BANK

			
		
	 By:
	 	 /s/ Stephen P.
Bitter

			
	 Name:
	 	 Stephen
Bitter

			
	 Title:
	 	 Vice President

  
  

AMENDMENT 
 PAGE 4 OF 6

 Corporation Resolutions and Incumbency Certification 

Authority to Procure Loans 
 I certify that I am the duly elected and qualified Secretary of BAZAARVOICE, INC., a Delaware corporation (the “Corporation”) and the keeper of the records of the Corporation; that the following
is a true and correct copy of resolutions duly adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes. 
 Copy of Resolutions: 
 Be it Resolved, That: 

 

	1.	 Any one (1) of the following (insert titles only) CEO, CFO + Corporate Controller of the Corporation are/is authorized, for, on behalf
of, and in the name of the Corporation to: 

  

	 	(a)	 Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank (the “Bank”), including
without limitation, that certain Loan and Security Agreement dated as of July 18, 2007, as amended from time to time, including, but not limited to that certain First Amendment to Loan and Security Agreement dated as of November 3, 2008,
and that certain Second Amendment to Loan and Security Agreement dated as of July 20, 2009 (collectively, the “Agreement”); 

  

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

  

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

  

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

  

	 	(e)	 Issue and/or execute one or more warrants for the purchase of the Corporation’s capital stock to Bank; and 

 

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

 

	2.	 Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign,
in accordance with the Agreement; 

  

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

  

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

  
  

AMENDMENT 
 PAGE 5 OF 6

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

 

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

 I further certify that the above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions
have been properly noted in the corporate books and records, and have not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any
provision of the articles of incorporation or bylaws of the Corporation or of any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound; and that neither the articles of incorporation nor bylaws of the
Corporation nor any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing
Resolutions. 
 I further certify that the following named persons have been duly elected to the offices set opposite their
respective names, that they continue to hold these offices at the present time, and that the signatures which appear below are the genuine, original signatures of each respectively: 

(PLEASE SUPPLY GENUINE SIGNATURES OF AUTHORIZED SIGNERS BELOW) 

 

					
	NAME (Type or Print)	 	TITLE	 	SIGNATURE
			
	 Brett Hurt
	 	 CEO
	 	 /s/ Brett A. Hurt

			
	 Ken Saunders
	 	 CFO
	 	 /s/ Ken Saunders

			
	 Chris Lynch
	 	 Corporate Controller
	 	 /s/ Chris Lynch

 In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal of said
Corporation to be affixed on July 20, 2009. 
  

	
	 /s/    Brett A. Hurt

	 Secretary

  

					
	 The Above Statements are Correct.
	  	 /s/ Not Required
	  	
		  	 SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE, A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED TO SIGN ALONE.

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

  
  

AMENDMENT 
 PAGE 6 OF 6Third Amendment to Loan and Security Agreement - Comerica Bank

 Exhibit 10.33 
 THIRD AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 This Third Amendment to Loan and Security Agreement (the “Amendment”) is entered into as of January 22, 2010, by and between COMERICA BANK (“Bank”) and BAZAARVOICE INC.
(“Borrower”). 
 RECITALS 

Borrower and Bank are parties to that certain Loan and Security Agreement dated as of July 18, 2007 (as amended from
time to time, including, without limitation, by that certain First Amendment to Loan and Security Agreement dated as of November 3, 2008, and that certain Second Amendment to Loan and Security Agreement dated as of July 20, 2009,
collectively with any related document, the “Agreement”). All indebtedness owing by Borrower to Bank shall hereinafter be referred to as the “Indebtedness.” The parties desire to amend the Agreement in accordance with the terms
of this Amendment. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows: 
 AGREEMENT 

 

	I.	 Incorporation by Reference. The Recitals and the documents referred to therein are incorporated herein by this reference. Except as
otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement. 

  

	II.	 Amendment to the Agreement. Subject to the satisfaction of the conditions precedent as set forth in Article IV hereof, the Agreement
is hereby amended as set forth below. 

  

	 	A.	 The following defined term in Exhibit A to the Agreement is hereby amended and restated in its entirety to read as follows:

 “Letter of Credit Sublimit” means a sublimit for Letters of Credit under the
Revolving Line not to exceed One Million Dollars ($1,000,000). 
  

	III.	 Legal Effect. 

  

	 	A.	 The Agreement is hereby amended wherever necessary to reflect the changes described above. Borrower agrees that it has no defenses against the
obligations to pay any amounts under the Indebtedness. 

  

	 	B.	 Borrower understands and agrees that in modifying the existing Indebtedness, Bank is relying upon Borrower’s representations, warranties, and
agreements, as set forth in the Agreement and the other Loan Documents. Except as expressly modified pursuant to this Amendment, the terms of the Agreement and the other Loan Documents remain unchanged, and in full force and effect. Bank’s
agreement to modifications to the existing Indebtedness pursuant to this Amendment in no way shall obligate Bank to make any future modifications to the Indebtedness. Nothing in this Amendment shall constitute a satisfaction of the Indebtedness. It
is the intention of Bank and Borrower to retain as liable parties, all makers and endorsers of the Agreement and the other Loan Documents, unless the party is expressly released by Bank in writing. No maker, endorser, or guarantor will be released
by virtue of this Amendment. The terms of this paragraph apply not only to this Amendment, but also to all subsequent loan modification requests. 

  
  

PAGE 1 OF 2 

	 	C.	 This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one instrument. This is an integrated Amendment and supersedes all prior negotiations and agreements regarding the subject matter hereof. All modifications hereto must be in writing and signed by the parties. 

 

	IV.	 Conditions Precedent. Except as specifically set forth in this Amendment, all of the terms and conditions of the Agreement and
the other Loan Documents remain in full force and effect. The effectiveness of this Amendment is conditioned upon receipt by Bank of: 

  

	 	A.	 This Amendment, duly executed by Borrower; 

  

	 	B.	 A legal fee from Borrower in the amount of $250; and 

 

	 	C.	 Such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

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

 

			
	 BAZAARVOICE, INC.

		
	 By:
	 	 /s/ Chris
Lynch

			
	 Name:
	 	 Chris
Lynch

			
	 Title:
	 	 Corporate Controller

	
	 COMERICA BANK

			
		
	 By:
	 	 /s/ Stephen
Bitter

			
	 Name:
	 	 Stephen
Bitter

			
	 Title:
	 	 Vice President

  
  

PAGE 2 OF 2

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