Document:

exv10w1

 

Exhibit 10.1

TENTH LOAN MODIFICATION AGREEMENT

          This Tenth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as
of October 4, 2006, by and between SILICON VALLEY BANK, a California corporation, 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 (“Bank”) and ART TECHNOLOGY GROUP, INC., a Delaware corporation with its
principal place of business at 25 First Street, Cambridge, Massachusetts 02141 (“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 June 13, 2002, evidenced by, among other documents, a certain Amended and
Restated Loan and Security Agreement dated as of June 13, 2002, between Borrower and Bank, as
amended by a certain First Loan Modification Agreement dated as of September 27, 2002, as further
amended by a certain Amendment dated as of October 4, 2002, as further amended by a certain Second
Loan Modification Agreement dated as of December 24, 2002, as further amended by a certain Third
Loan Modification Agreement dated as of October 20, 2003, as further amended by a certain Fourth
Loan Modification Agreement dated November 26, 2003, as further amended by a certain Letter
Agreement dated June 16, 2004, as further amended by a certain Fifth Loan Modification Agreement
dated June 30, 2004, as amended by a certain Sixth Loan Modification Agreement dated November 24,
2004, as amended by a certain Seventh Loan Modification Agreement dated December 21, 2004, as
amended by a certain Eighth Loan Modification Agreement dated December 30, 2005, and as further
amended by a certain Ninth Loan Modification Agreement dated as of February 10, 2006, and effective
as of February 7, 2006 (as amended, the “Loan Agreement”). Capitalized terms used but not
otherwise defined herein shall have the same meaning as in the Loan Agreement.

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
text, appearing in Section 6.7 thereof:

"(b)      Profitability. Borrower shall have quarterly net profit of at
least: (i) One Dollar ($1.00) for the quarter ending March 31, 2006;
and (ii) Five Hundred Thousand Dollars ($500,000.00) for the quarter
ending June 30, 2006, and for each quarter thereafter.

and inserting in lieu thereof the following:

"(b)      Profitability. Borrower shall have quarterly: (i) net profit of
at least (A) $1.00 for the quarter ending March 31, 2006, (B) Five
Hundred Thousand Dollars ($500,000.00) for the quarter ending June
30, 2006; (ii) net losses of not more than Two Million Five Hundred
Thousand Dollars ($2,500,000.00) for the quarter ending September 30,
2006; and (iii) net profit of at least Five Hundred

 

 

Thousand Dollars ($500,000.00) for the quarter ending December 31,
2006, and for each quarter thereafter.”

4.        FEES. Borrower shall pay to Bank a modification fee equal to Five Thousand Dollars
($5,000.00), which fee shall be due on the date hereof and shall be deemed fully earned as of the
date hereof. Borrower shall also reimburse Bank for all reasonable legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents.

5.        RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate dated as of June 13, 2002 between Borrower and Bank, and acknowledges, confirms and
agrees the disclosures and information Borrower provided to Bank in said Perfection Certificate has
not changed, as of the date hereof.

6.        CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

7.        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.

8.        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.

9.        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.

10.       COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank.

[The remainder of this page is intentionally left blank]

 

 

          This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above.

	 	 	 	 	 	 	 	 	 
	BORROWER:	 	 	 	BANK:
	 
	 	 	 	 	 	 	 	 
	ART TECHNOLOGY GROUP, INC.	 	 	 	SILICON VALLEY BANK
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Julie Bradley
	 	 	 	By:
	 	/s/ Irina Case
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Name:

	 	Julie Bradley
	 	 	 	Name:
	 	Irina Case
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:

	 	CFO
	 	 	 	Title:
	 	SVP
	 

	 	 
	 	 	 	 	 	 

                    The undersigned, PRIMUS KNOWLEDGE SOLUTIONS, INC. (“Guarantor”), ratifies, confirms and
reaffirms, all and singular, the terms and conditions of (a) a certain Unlimited Guaranty dated
December 21, 2004 executed by Guarantor in favor of Bank (the “Guaranty”), and (b) a certain
Security Agreement dated as of December 21, 2004 by and between Guarantor and Bank (the “Security
Agreement”), and acknowledges, confirms and agrees that the Guaranty and Security Agreement shall
remain in full force and effect and shall in no way be limited by the execution of this Loan
Modification Agreement, or any other documents, instruments and/or agreements executed and/or
delivered in connection herewith.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	PRIMUS KNOWLEDGE SOLUTIONS, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Julie Bradley
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Julie Bradley
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:
	 	CFOTable of Contents
Exhibit
4.3

										
	NUMBER			(SEE
REVERSE SIDE FOR
LEGEND)			WARRANTS			 
	 			 			 			 
	-[SYMBOL]			THIS
WARRANT WILL BE VOID IF NOT
 EXERCISED PRIOR TO 5:00 P.M.
 NEW
YORK CITY TIME,                  , 2010,
 OR UPON
EARLIER
REDEMPTION			 			 
	 			 			 			 
	 			BANK
STREET TELECOM FUNDING
CORP.			 			 
	CUSIP			 			 			 
	 			WARRANT			 			 
	

THIS
CERTIFIES THAT, for value received

is the registered holder of a
Warrant or Warrants expiring at 5:00 p.m., New York City Time,
                     , 2010, or upon earlier redemption
(the ‘‘Warrant’’), to purchase one fully paid
and non-assessable share of Common Stock, par value $.0001 per share
(‘‘Shares’’), of Bank Street Telecom Funding
Corp., a Delaware corporation (the
‘‘Company’’), for each Warrant evidenced by
this Warrant Certificate. The Warrant entitles the holder thereof to
purchase from the Company, commencing on the later of the consummation
by the Company of an acquisition through merger, capital stock
exchange, asset acquisition, stock purchase or other business
combination transaction, or a combination of any of the foregoing, of
one or more operating businesses in the communications industry that is
its initial business combination and which meets the size, timing and
other criteria outlined in the Company's registration statement
on Form S-1 initially filed with the Securities and Exchange Commission
on August 5, 2005 (File No.  333-127238), as amended.
(‘‘Business Combination’’) or
             , 2007, such number of Shares of the Company
at the price of $6.00 per share, upon surrender of this Warrant
Certificate accompanied by the annexed duly executed subscription form
and payment of the Warrant Price at the office or agency of the Warrant
Agent,
                          (such
payment to be made by check made payable to the Warrant Agent), but
only subject to the conditions set forth herein and in the Warrant
Agreement between the Company and
                              (the
‘‘Warrant Agreement’’). The Warrant Agreement
provides that upon the occurrence of certain events the Warrant Price
and the number of Warrant Shares purchasable hereunder, set forth on
the face hereof, may, subject to certain conditions, be adjusted. The
term Warrant Price as used in this Warrant Certificate refers to the
price per Share at which Shares may be purchased at the time the
Warrant is exercised.

Notwithstanding the foregoing, the Company
shall not be obligated to deliver any Shares pursuant to the exercise
of a Warrant and shall have no obligation to settle the Warrant
exercise unless a registration statement under the Securities Act of
1933, as amended (the ‘‘Securities Act’’), with
respect to the Shares is effective and a current prospectus with
respect to the Shares is available for delivery by the Warrant Agent.
In the event that a registration statement with respect to the Shares
underlying a Warrant is not effective under the Securities Act or a
current prospectus is not available for delivery by the Warrant Agent,
the registered holder of such Warrant shall not be entitled to exercise
such Warrant. Notwithstanding anything to the contrary herein or in the
Warrant Agreement, under no circumstances will the Company be required
to net cash settle a Warrant exercise. Warrants may not be exercised
by, or Shares issued to, any registered holder in any state in which
such exercise would be unlawful. Because an effective registration
statement with respect to the Shares and a current prospectus relating
to the Shares are required to exercise the Warrant, the Warrant may
never be exercisable and may expire worthless.

No fraction of a
Share will be issued upon any exercise of a Warrant. If the holder of a
Warrant would be entitled to receive a fraction of a Share upon any
exercise of a Warrant, the Company shall, upon such exercise, round up
or down to the nearest whole number the number of Shares to be issued
to such holder.

Table of Contents
Upon any exercise of the Warrant for less
than the total number of full Shares provided for herein, there shall
be issued to the registered holder hereof or his assignee a new Warrant
Certificate covering the number of Shares for which the Warrant has not
been exercised.

Warrant Certificates, when surrendered at the
office or agency of the Warrant Agent by the registered holder hereof
in person or by attorney duly authorized in writing, may be exchanged
in the manner and subject to the limitations provided in the Warrant
Agreement, but without payment of any service charge, for another
Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants.

Upon due
presentment for registration of transfer of the Warrant Certificate at
the office or agency of the Warrant Agent, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a
like number of Warrants shall be issued to the transferee in exchange
for this Warrant Certificate, subject to the limitations provided in
the Warrant Agreement, without charge except for any applicable tax or
other governmental charge.

The Company and the Warrant Agent may
deem and treat the registered holder as the absolute owner of this
Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof,
of any distribution to the registered holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

This Warrant does not
entitle the registered holder to any of the rights of a stockholder of
the Company.

The Company reserves the right to redeem all (but
not part) of the then outstanding Warrants, provided that the Warrants
and Shares underlying the Warrants are covered by a registration
statement that is effective under the Securities Act and a current
prospectus is available for delivery by the Warrant Agent, with a
notice of redemption in writing to the holders of record of the
Warrants then outstanding, giving 30 days' notice of such
redemption at any time after such Warrants become exercisable if the
last sale price of the Shares has been at least $11.50 per share on
each of 20 trading days within a 30 trading day period ending on the
third business day prior to the date on which notice of such redemption
is given; provided, the Company cannot redeem the Warrants on
the scheduled redemption date unless the Warrants and the shares of
Common Stock underlying the Warrants are covered by an effective
registration statement and a current prospectus is available on the
date of the redemption call and during the entire period thereafter
ending on the date scheduled for redemption. The redemption price of
the Warrants is to be $.01 per Warrant. Any Warrant either not
exercised or tendered back to the Company by the end of the date
specified in the notice of redemption shall be canceled on the books of
the Company and have no further value except for the $.01 redemption
price.

				
	 			 
	 			 
	 			 
	Name:			Name:
	Title:			Title:
	

COUNTERSIGNED

_____________,

as Warrant Agent

	
		
	

Authorized
Officer

Table of Contents
SUBSCRIPTION FORM

To Be Executed by
the Registered Holder in Order to Exercise Warrants

The
undersigned Registered Holder irrevocably elects to exercise
_______________
Warrants represented by this Warrant Certificate, and to purchase the
shares of Common Stock issuable upon the exercise of such Warrants, and
requests that Certificates for such shares shall be issued in the name
of

	
		
	

(PLEASE
TYPE OR PRINT NAME AND ADDRESS)

	
		
	

	
		
	

	
		
	

(SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered
to   ____________________________________________________________

(PLEASE PRINT OR
TYPE NAME AND ADDRESS)

	
		
	

and, if such number of
Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Registered
Holder at the address stated below.

Dated:   ______________________

	
			
	

		(SIGNATURE)

	
			
	

		(ADDRESS)

	
			
	

	
			
	

		(TAX
IDENTIFICATION NUMBER)

Table of Contents
ASSIGNMENT

To Be Executed by the
Registered Holder in Order to Assign Warrants

For
Value Received,
___________________hereby
sell, assign, and transfer unto

	
		
	

(PLEASE TYPE OR PRINT NAME
AND ADDRESS)

	
		
	

	
		
	

(SOCIAL
SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered
to   ______________________________________________________________

(PLEASE PRINT OR TYPE NAME AND
ADDRESS)

_____________________________
of the Warrants represented by this Warrant Certificate, and hereby
irrevocably constitute and appoint
_______________________
Attorney to transfer this Warrant Certificate on the books of the
Company, with full power of substitution in the premises.

Dated:   ____________________________________        ____________________________________

		(SIGNATURE)

THE SIGNATURE TO THE
ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN
UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF
THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK
EXCHANGE OR CHICAGO STOCK EXCHANGE.

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