Document:

exv10w15

Exhibit 10.15

CONSENT AND AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT

          This CONSENT AND AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT (“Amendment”) is dated as of
December 23, 2008, and is entered into by and among BroadSoft, Inc., a Delaware corporation
(“Parent”), BroadSoft International, Inc., a Delaware corporation (“International”), BroadSoft M6,
LLC, a Delaware limited liability company (“M6”; and together with Parent and International, the
“Existing Borrowers”, and each an “Existing Borrower”), BroadSoft Sylantro, Inc., a Delaware
corporation (“Sylantro”; and together with Parent, International and M6, the “Borrowers”, and each
a “Borrower”), and Orix Venture Finance, LLC, a Delaware limited liability company (“Lender”). As
described below, it is anticipated that Sylantro will merge with Sylantro Systems Corporation, a
Delaware corporation, with Sylantro Systems Corporation surviving the merger and, effective upon
the consummation of such merger, changing its name to BroadSoft Sylantro, Inc. (which will continue
to be a Delaware corporation), all on the date hereof as described below.

WITNESSETH:

          WHEREAS, Existing Borrowers and Lender are parties to that certain Loan and Security Agreement
dated as of September 26, 2008 (the “Loan Agreement”; capitalized terms not otherwise defined
herein have the definitions provided therefore in the Loan Agreement);

          WHEREAS, Existing Borrowers have informed Lender that, for purposes of effectuating the
“Merger” (as defined below), Parent formed a new wholly-owned Subsidiary, BroadSoft Sylantro, Inc.,
a Delaware corporation (“Merger Subsidiary”), and that Merger Subsidiary has had no operations to
date;

          WHEREAS, Borrowers have informed Lender that Parent desires to effect a merger of Merger Sub
with and into Sylantro, pursuant to the terms of that certain Agreement and Plan of Merger and
Reorganization (the “Merger Agreement”) among Parent, Merger Sub, Sylantro and Shareholder
Representative Services LLC, a copy of which is attached hereto as Exhibit A (the
“Merger”), with Sylantro being the surviving entity of such merger and, immediately after giving
effect thereto, changing its name to BroadSoft Sylantro, Inc.;

          WHEREAS, in the absence of the prior written consent of Lender, the Merger would constitute a
Default under Section 4.5(i) of the Loan Agreement and a corresponding Event of Default under
Section 6.1(d) of the Loan Agreement; and

          WHEREAS, Borrowers have requested that Lender (a) consent to the Merger, (b) amend the Loan
Agreement to add Sylantro as a “Borrower” under the Loan Agreement and (c) amend the Loan Agreement
in certain other respects as set forth herein.

          NOW THEREFORE, in consideration of the mutual conditions and agreements set forth in the Loan
Agreement and this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

 

          1. Joinder. Subject to the satisfaction of the conditions set forth in Section 6
below, and in reliance on the representations set forth in Section 7 below, the parties hereto
agree that Sylantro is hereby joined to the Loan Agreement and the other Loan Documents as a
“Borrower” and Sylantro hereby agrees to be bound by all of the terms and conditions (including
without limitation all of the representations and warranties and covenants) of the Loan Agreement
and the other Loan Documents, as a “Borrower”, in each case as if Sylantro were a direct signatory
thereto. In furtherance of the preceding sentence, without limiting any provision of the Loan
Agreement or any other Loan Document to which Sylantro is now becoming a party as a “Borrower”, and
in accordance with the terms of the Loan Agreement and the other Loan Documents, Sylantro (i)
agrees to be jointly and severally liable with each other Borrower for the Loans and other
Obligations and (ii) grants a lien in all Collateral to secure all of the Loans and other
Obligations.

          While the Loan described in Section 1 of the Schedule to the Loan Agreement was made on or
around September 26, 2008 to the Existing Borrowers (and not to Sylantro), to limit the number of
changes to the Loan Agreement and other Loan Documents necessary to subject Sylantro to all of the
terms and conditions thereof (including those described in the first paragraph of this Section 1)
the term “Borrower” is used to include Sylantro even though such Loan was not made to Sylantro.
Sylantro unconditionally guaranties, and is jointly and severally liable for, such Loan and all of
the other Obligations.

          2. Consent. Subject to the satisfaction of the conditions set forth in Section 6
below, and in reliance on the representations set forth in Section 7 below, Lender hereby consents
to the consummation of the Merger pursuant to the terms of the Merger Agreement. The foregoing is
a limited consent and shall not constitute a consent to or waiver of any other Defaults or Events
of Default that are now in existence or that may hereafter occur.

          3. Amendments. Subject to the satisfaction of the conditions set forth in Section 6
below, and in reliance on the representations set forth in Section 7 below, the Loan Agreement is
amended as follows:

          (a) The preamble to the Loan Agreement is hereby amended and restated in its entirety as
follows:

“This Loan and Security Agreement is entered into on the above date between Orix
Venture Finance LLC, a Delaware limited liability company (“Orix”), with an address
at 245 Park Avenue, 19th Floor, New York, NY 10167 and BroadSoft, Inc.,
a Delaware corporation (“Parent”), BroadSoft International, Inc., a Delaware
corporation (“International”), BroadSoft M6, LLC, a Delaware limited liability
company (“M6”), BroadSoft Sylantro, Inc., a Delaware corporation (which on December
23, 2008 will merge with Sylantro Systems Corporation, a Delaware corporation, with
Sylantro Systems Corporation surviving the merger and, effective upon the consummation of such
merger, changing its name to BroadSoft Sylantro, Inc) (“Sylantro”; and together with
Parent, International and M6, jointly and severally, “Borrower”),

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whose chief
executive office is located at the above address (“Borrower’s Address”). The
Schedule to this Loan and Security Agreement being signed concurrently (the
“Schedule”) is an integral part of this Agreement. (Definitions of certain terms
used in this Agreement are set forth in Section 7 below.) “

          (b) Section 1.3 of the Loan Agreement is hereby amended by deleting the reference to “Prime
Rate” and replacing it with “Base Rate” in lieu thereof.

          (c) Section 6.1(l) of the Loan Agreement is hereby amended and restated in its entirety as
follows:

     “(l) there shall be either (i) a change in the record or beneficial ownership
of an aggregate of more than 35% of the outstanding shares of stock or other equity
ownership interest in Parent, in one or more transactions, compared to the ownership
of outstanding shares of stock of Parent in effect on the date hereof, without the
prior written consent of ORIX, except as a result of a public offering of Parent’s
equity securities or (ii) a “Change of Control” as defined in the Certificate of
Incorporation of Parent, as hereafter amended, restated, modified or supplemented;
or”

          (d) The defined term “Permitted Indebtedness” set fort in Section 7 to the Loan Agreement is
hereby amended and restated in its entirety as follows:

     “Permitted Indebtedness” means: (a) Borrower’s Indebtedness to ORIX under this
Agreement or any other Loan Document; (b) Indebtedness existing on the date hereof
in a principal amount not in excess of $250,000; (c) Indebtedness subordinated to
the Obligations pursuant to an agreement in form and substance acceptable to ORIX in
its good faith business judgment (including the SVB Subordinated Debt); (d)
Indebtedness incurred as a result of endorsing negotiable instruments received in
the ordinary course of business; (e) capitalized leases and purchase money
Indebtedness secured by Permitted Liens in an aggregate amount not exceeding
$750,000 at any time outstanding (including any such Indebtedness presently
outstanding under clause (b) above); (f) Permitted Oracle Indebtedness; (g)
Indebtedness relating to letters of credit in an aggregate amount at any one time
outstanding not in excess of $500,000 (including any such Indebtedness presently
outstanding under clause (b) above); (h) trade payables in the ordinary course of
business; and (i) extensions, refinancings, modifications, amendments and
restatements of any items of Permitted Indebtedness (b) through (h) above, provided
that (i) the principal amount thereof is not increased and the terms thereof are not
modified to impose more burdensome terms upon Borrower and (ii) the SVB
Subordinated Debt shall not be extended, refinanced, modified, amended or
restated in any respect without the prior written consent of ORIX.

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          (e) The defined term “Permitted Lien” set fort in Section 7 to the Loan Agreement is hereby
amended as follows: (1) the “and” appearing between existing clauses (xi) and (xii) shall be
deleted; (2) the “.” appearing at the end of existing clause (xii) shall be deleted and replaced
with “, and” in lieu thereof; and (3) the following new clause (xiii) shall be added:

     “(xiii) liens on the assets of Sylantro securing the SVB Subordinated Debt to
the extent such liens are subject to the SVB Subordination Agreement and
subordinated to all liens granted in favor of ORIX.”

          (f) The defined term “Representations” set fort in Section 7 to the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “Representations” means the (i) written Representations and Warranties
previously delivered by Parent to ORIX dated September 23, 2008 and (ii) the
written Representations and Warranties delivered by Sylantro to ORIX dated December
15, 2008.

          (g) The following new defined terms are hereby added to Section 7 to the Loan Agreement in
appropriate alphabetical order as follows:

     “Base Rate” means, on any day, the greatest of the following: (a) the
Prime Rate, on such day, or (b) the LIBOR Rate on such day plus 2.50% per annum, or
(c) 3.50% per annum.

     “LIBOR Rate” means (i) the three-month London Interbank Offered Rate
for deposits in U.S. dollars, as shown each day in The Wall Street Journal (Eastern
Edition) under the caption ‘Money Rates — London Interbank Offered Rates (LIBOR)’;
or (ii) if the Wall Street Journal does not publish such rate, the offered
three-month rate for deposits in U.S. dollars which appears on the Reuters Screen
LIBO Page as of 10:00 a.m., New York time, each day, provided that if at least two
rates appear on the Reuters Screen LIBO Page on any day, the ‘LIBOR Rate’ for such
day shall be the arithmetic mean of such rates; or (iii) if the Wall Street Journal
does not publish such rate on a particular day and no such rate appears on the
Reuters Screen LIBO Page on such day, the rate as comparable to the foregoing, as
determined in good faith by ORIX (which determination shall be conclusive absent
manifest error).

     “SVB Subordinated Credit Agreement” means that certain Loan and
Security Agreement dated as of August 17, 2005 by and between Sylantro and SVB
Subordinated Creditor, as amended, modified, supplemented, restated, or renewed in
accordance with the terms thereof and the terms of the SVB Subordination Agreement.

     “SVB Subordinated Creditor” means Silicon Valley Bank, a California
corporation, and its successors and assigns.

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     “SVB Subordinated Debt” means the Indebtedness of Sylantro to SVB
Subordinated Creditor in a maximum principal amount not to exceed $950,000, incurred
pursuant to the terms of the SVB Subordinated Credit Agreement, guarantied by Parent
pursuant to the terms of the SVB Subordinated Debt Documents, and subject to the SVB
Subordination Agreement; provided that no Borrower or any other Person (other than
Sylantro and, on an unsecured basis, Parent) shall be obligated in any respect
whatsoever with respect to such Indebtedness.

     “SVB Subordinated Debt Documents” means the SVB Subordinated Credit
Agreement, that certain Unconditional Guaranty dated as of December 23, 2008 made by
Parent in favor of SVB Subordinated Creditor, and the other documents by and between
Sylantro, Parent and SVB Subordinated Creditor in connection with the SVB
Subordinated Debt, in each case, as amended, amended and restated, supplemented, or
modified in accordance with the terms hereof and the terms of the SVB Subordination
Agreement, and all subject to the terms and conditions of the SVB Subordination
Agreement.

     “SVB Subordination Agreement” means that certain Subordination
Agreement dated as of December 23, 2008 executed by SVB Subordinated Creditor in
favor of ORIX, and acknowledged by Borrowers.

          (h) A new Section 9 is hereby added to the Loan Agreement to read in its entirety as follows:

     “9. CROSS GUARANTY / GUARANTY.

     Each Borrower hereby agrees that such Borrower is jointly and severally liable
for, and hereby absolutely and unconditionally guarantees to ORIX and its successors
and assigns, the full and prompt payment (whether at stated maturity, by
acceleration or otherwise) and performance of, all Obligations owed or hereafter
owing to ORIX by each other Borrower. In addition to the foregoing and without
limiting the foregoing, each Borrower hereby agrees that such Borrower hereby
absolutely and unconditionally guarantees to ORIX and its successors and assigns,
the full and prompt payment (whether at stated maturity, by acceleration or
otherwise) and performance of, all Obligations owed or hereafter owing to ORIX by
each Borrower. Each Borrower agrees that its guaranty obligation hereunder is a
continuing guaranty of payment and performance and not of collection, that its
obligations under this Section 9 shall not be discharged until all of the
Obligations have been paid in full and this Agreement has been terminated (the
“Termination Date”), and that each Borrowers obligations under this Section 9 shall
be absolute and unconditional, irrespective of, and unaffected
by, (i) the genuineness, validity, regularity, enforceability or any future
amendment of, or change in, this Agreement, any other Loan Document or any other
agreement, document or instrument to which any Borrower or any

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Person is or may
become a party; (ii) the absence of any action to enforce this Agreement (including
this Section 9) or any other Loan Document or the waiver or consent by ORIX with
respect to any of the provisions hereof or thereof; (iii) the existence, value or
condition of, or failure to perfect any security interests, liens and/or charges
against, any security for the Obligations or any action, or the absence of any
action, by ORIX in respect thereof (including the release of any such security);
(iv) the insolvency of any Borrower or any other Person; or (v) any other action or
circumstances which might otherwise constitute a legal or equitable discharge or
defense of a surety or guarantor. Each Borrower shall be regarded, and shall be in
the same position, as principal debtor with respect to the Obligations guaranteed
hereunder. Each Borrower expressly waives all rights it may have now or in the
future under any statute, or at common law, or at law or in equity, or otherwise, to
compel ORIX to marshal assets or to proceed in respect of the Obligations guaranteed
hereunder against any other Borrower, any other party or against any security for
the payment and performance of the Obligations before proceeding against, or as a
condition to proceeding against, such Borrower. It is agreed among each Borrower
and ORIX that the foregoing waivers are of the essence of the transaction
contemplated by this Agreement and the other Loan Documents and that, but for the
provisions of this Section 9 and such waivers, ORIX would decline to enter into this
Agreement. Each Borrower agrees that the provisions of this Section 9 are for the
benefit of ORIX and its successors and assigns, and nothing herein contained shall
impair, as between any Borrower and ORIX, the obligations of such other Borrower
under the Loan Documents. Notwithstanding anything to the contrary in this Agreement
or in any other Loan Document, and except as set forth below, each Borrower hereby
expressly and irrevocably subordinates to the payment in full of the Obligations any
and all rights at law or in equity to subrogation, reimbursement, exoneration,
contribution, indemnification or set off and any and all defenses available to a
surety, guarantor or accommodation co-obligor until the Termination Date. Each
Borrower acknowledges and agrees that this subordination is intended to benefit ORIX
and shall not limit or otherwise affect such Borrower’s liability hereunder or the
enforceability of this Section 9, and that ORIX and its successors and assigns are
intended third party beneficiaries of the waivers and agreements set forth in this
Section 9. ORIX may, at its sole option, determine which of its remedies or rights
it may pursue without affecting any of its rights and remedies under this Section 9.
If, in the exercise of any of its rights and remedies, ORIX shall forfeit any of
its rights or remedies, including its right to enter a deficiency judgment against
any Borrower or any other Person, whether because of any applicable laws pertaining
to “election of remedies” or the like, each Borrower hereby consents to such action
by ORIX and waives any claim based upon such
action, even if such action by ORIX shall result in a full or partial loss of
any rights of subrogation which each Borrower might otherwise have had but for such
action by ORIX. Any election of remedies which results in the denial or

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impairment
of the right of ORIX to seek a deficiency judgment against any Borrower shall not
impair any other Borrower’s obligation to pay the full amount of the Obligations.
In the event ORIX shall bid at any foreclosure or trustee’s sale or at any private
sale permitted by law or the Loan Documents, ORIX may bid all or less than the
amount of the Obligations and the amount of such bid need not be paid by ORIX but
shall be credited against the Obligations. The amount of the successful bid at any
such sale, whether ORIX or any other party is the successful bidder, shall be
conclusively deemed to be the fair market value of the Collateral and the difference
between such bid amount and the remaining balance of the Obligations shall be
conclusively deemed to be the amount of the Obligations guaranteed under this
Section 9, notwithstanding that any present or future law or court decision or
ruling may have the effect of reducing the amount of any deficiency claim to which
ORIX might otherwise be entitled but for such bidding at any such sale.
Notwithstanding any provision herein contained to the contrary, each Borrower’s
liability under this Section 9 (which such liability, in the case of each Borrower,
is in any event in addition to amounts for which such Borrower is primarily liable
under this Agreement) shall be limited to an amount not to exceed as of any date of
determination the greater of: (x) the net amount of all Loans advanced to any other
Borrower under this Agreement and then re-loaned or otherwise transferred to, or for
the benefit of, such Borrower, as applicable; and (y) the amount which could be
claimed by ORIX from such Borrower, as applicable, under this Section 9 without
rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the
Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act,
Uniform Fraudulent Conveyance Act or similar statute or common law after taking into
account, among other things, such Borrower’s right of contribution and
indemnification from each other Borrower under this Section 9.

     To the extent that any Borrower shall make a payment under this Section 9 of
all or any of the Obligations (other than Loans made directly or indirectly to that
Borrower and accrued interest, fees and expenses with respect thereto for which it
is primarily liable) (a “Guarantor Payment”) which, taking into account all other
Guarantor Payments then previously or concurrently made by any other Borrower,
exceeds the amount which such Borrower would otherwise have paid if each Borrower
had paid the aggregate Obligations satisfied by such Guarantor Payment in the same
proportion that such Borrower’s “Allocable Amount” (as defined below) (as determined
immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts
of each of the Borrowers as determined immediately prior to the making of such
Guarantor Payment, then, following the Termination Date,
such Borrower shall be entitled to receive contribution and indemnification
payments from, and be reimbursed by, each other Borrower for the amount of such
excess, pro rata based upon their respective Allocable Amounts in
effect

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immediately prior to such Guarantor Payment. As of any date of
determination, the “Allocable Amount” of any Borrower shall be equal to the maximum
amount of the claim which could then be recovered from such Borrower under this
Section 9 without rendering such claim voidable or avoidable under Section 548 of
Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent
Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law.
This paragraph is intended only to define the relative rights of Borrowers and
nothing set forth in this paragraph is intended to or shall impair the obligations
of Borrowers, jointly and severally, to pay any amounts as and when the same shall
become due and payable in accordance with the terms of this Agreement, including
this Section 9. Nothing contained in this paragraph shall limit the liability of
any Borrower to pay the Loans made directly or indirectly to that Borrower and
accrued interest, fees and expenses with respect thereto for which such Borrower
shall be primarily liable. The parties hereto acknowledge that the rights of
contribution and indemnification hereunder shall constitute assets of the Borrower
to which such contribution and indemnification is owing. The rights of the
indemnifying Borrowers against other Borrowers under this paragraph shall be
exercisable upon the Termination Date.

     The liability of Borrowers under this Section 9 is in addition to and shall be
cumulative with all liabilities of each Borrower to ORIX under this Agreement and
the other Loan Documents to which such Borrower is a party or in respect of any
Obligations or obligation of the other Borrower, without any limitation as to
amount, unless the instrument or agreement evidencing or creating such other
liability specifically provides to the contrary.”

          (i) Section 2 of the Schedule to the Loan Agreement is hereby amended by deleting each
reference to “Prime Rate” and replacing it with “Base Rate” in lieu thereof. For the avoidance of
doubt, the effectiveness of such amendment to Section 2 shall commence upon the date hereof.

          4. Collateral Assignment of Undertakings under Merger Agreement. To induce Lender to
enter into this Amendment, Borrowers hereby agree that:

          (a) each of Parent and Sylantro hereby collaterally assigns and grants to Lender, as
additional security for the payment and performance in full of the Obligations, a security interest
in all of its rights and remedies with respect to any and all of the representations, warranties,
covenants, indemnification agreements and other agreements made, and certain rights granted, in its
favor pursuant to the Merger Agreement (collectively, the “Undertakings”);

          (b) each of Parent and Sylantro agrees to (i) promptly notify Lender of each and every
material dispute with, and material claim against, any person or entity for which it has a claim
under the Merger Agreement; (ii) diligently enforce each such claim (unless Parent and Sylantro
determine reasonably and in good faith that it would not be

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commercially reasonable to enforce any
such claim); and (iii) promptly provide Lender with copies of all material notices, demands,
requests and other material communications sent or received by it pursuant to the Merger Agreement
as well as prior written notice of its intention to exercise any power, right or remedy pursuant to
the Merger Agreement;

          (c) in no event shall either Parent or Sylantro, without the prior written consent of Lender
(such consent not to be unreasonably withheld, delayed or conditioned), waive, release or discharge
any person or entity with respect to any Undertaking or compromise or settle any claim or dispute
with respect to any such Undertaking, and no such waiver, release, discharge, compromise or
settlement shall be effective without the prior written consent of Lender;

          (d) each of Parent and Sylantro hereby irrevocably authorizes and empowers Lender as its agent
at any time after the occurrence and during the continuance of an Event of Default to (i) either
directly or its behalf, assert any claims and demands and enforce any rights and remedies as it may
have, from time to time, with respect to the Undertakings, as Lender may deem proper, and (ii)
receive and collect any and all proceeds, awards or amounts due under the Merger Agreement and
apply all such amounts on account of the Obligations in the manner described in Loan Agreement;

          (e) each of Parent and Sylantro hereby irrevocably makes, constitutes and appoints Lender (and
all officers, employees or agents designated by Lender) as its true and lawful attorney (and
agent-in-fact) for the purpose of enabling Lender or its agent to assert, at any time after the
occurrence and during the continuance of an Event of Default, any claims and demands or enforce any
rights and remedies and receive and collect such proceeds, awards and amounts and to apply such
monies to the Obligations in the manner described in Loan Agreement; and

          (f) Lender shall not be deemed to have assumed any of the obligations or liabilities of either
Parent or Sylantro under the Merger Agreement by reason of this Section 4 or otherwise, and
further agree to indemnify, protect, defend and hold Lender harmless from and with respect to any
claims or demands thereunder other than to the extent arising from the gross negligence or willful
misconduct by Lender as determined by a court of competent jurisdiction.

          5. Post-Closing Deliveries. As a condition of Lender’s agreements hereunder, the
following terms and provisions shall apply (it being agreed that the violation by Borrowers of any
of the following provisions shall constitute an immediate Event of Default):

          (a) Borrowers shall use commercially reasonable efforts to deliver to Lender, within sixty
(60) days after the date hereof, a written landlord agreement from
Sylantro’s landlord with respect to Sylantro’s leased premises in Campbell, California, on
such form and containing such provisions as Lender shall reasonably specify.

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          (b) Within thirty (30) days after the date hereof, Borrowers shall deliver to Lender evidence,
in form and substance satisfactory to Lender, that (i) Sylantro has insured all of its tangible
Collateral, and carries such other business insurance, with an insurer reasonably acceptable to
Lender, and that such insurance policies name Lender as an additional loss payee thereunder and
contain a lenders loss payee endorsement in form and substance satisfactory to Lender, or (ii)
Existing Borrowers’ current insurance policies, including without limitation business interruption
insurance, have been revised to provide coverage of Sylantro and all of its tangible Collateral, in
form and amounts reasonably satisfactory to Lender.

          (c) Within five (5) Business Days after the date hereof, Lender shall have received, in form
and substance reasonably satisfactory to Lender, an opinion of counsel to BroadSoft Sylantro, Inc.
(fka Sylantro Systems Corporation), a Delaware corporation, with respect to this Amendment and the
other Loan Documents and such other matters as Lender may reasonably request.

          (d) Within five (5) Business Days after the date hereof, Borrowers shall have delivered to
Lender tri-party agreements (or amendments to any such existing agreements) with respect to each of
Sylantro’s Deposit Accounts maintained at SVB Subordinated Creditor pursuant to which SVB
Subordinated Creditor acknowledges the security interest and control of Lender in such Deposit
Accounts and agrees to limit its set-off rights on terms satisfactory to Lender, fully executed by
each party thereto.

          6. Conditions to Effectiveness. The effectiveness of Sections 2 and 3 of this
Amendment is subject to the following conditions precedent, each to be in form and substance
satisfactory to Lender:

          (a) Lender shall have received a fully executed copy of this Amendment;

          (b) Lender shall have received evidence that the Certificate of Merger of BroadSoft Sylantro,
Inc. into Sylantro Systems Corporation (the “Certificate of Merger”) has been submitted for filing
with the Secretary of State of Delaware;

          (c) Lender shall have received (i) a fully executed copy of SVB Subordination Agreement
executed by Silicon Valley Bank (“SVB Subordinated Creditor”) in favor of Lender and acknowledged
by the Borrowers, with respect to the Indebtedness of Sylantro owing to Subordinated Creditor, (ii)
evidence that such Indebtedness has been paid down so that the outstanding principal amount thereof
does not exceed $950,000, and (iii) certified copies of all other documents among SVB Subordinated
Creditor and any Borrower pertaining thereto, including all loan and collateral documents, all as
such documents have been amended in connection with the transactions contemplated hereby;

          (d) Lender shall have received a fully executed copy of an amendment to the SVB Subordinated
Credit Agreement between Sylantro and SVB Subordinated Creditor;

          (e) Lender shall have received each agreement, document and instrument set forth on the
Closing Checklist set forth as Exhibit B hereto (unless explicitly stated

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therein to be a
post-closing delivery) and all other agreements, documents and instruments required by Lender in
connection herewith;

          (f) Lender shall have been reimbursed for all reasonable costs, fees and expenses incurred by
Lender in connection with the preparation and execution of this Amendment;

          (g) all proceedings taken in connection with the transactions contemplated by this Amendment
and all documents, instruments and other legal matters incident thereto shall be satisfactory to
Lender and its legal counsel; and

          (h) no Default or Event of Default shall have occurred and be continuing.

          7. Representations and Warranties. To induce Lender to enter into this Amendment,
Borrowers, jointly and severally, represent and warrant to Lender that:

          (a) the execution, delivery and performance of this Amendment has been duly authorized by all
requisite corporate action on the part of each Borrower and that this Amendment has been duly
executed and delivered by each Borrower;

          (b) each of the representations and warranties set forth in the Loan Agreement and all other
Loan Documents, in each case as amended by this Amendment, are true and correct in all material
respects (but without duplication of any existing materiality qualifiers) as of the date hereof
(except to the extent they relate to an earlier date, in which case they are true and correct in
all material respects as of such earlier date);

          (c) no Default or Event of Default has occurred and is continuing; and

          (d) concurrently with the effectiveness of this Amendment, the Certificate of Merger has been
submitted for filing with the Secretary of State of Delaware (and upon acceptance thereof by the
Secretary of State of Delaware, the Merger will be consummated in accordance with the Merger
Agreement and in compliance with all requirements of applicable Law), and, to Borrowers’ knowledge,
the condition precedent of Parent and Sylantro to effect the Merger set forth in Section 6.1 to the
Merger Agreement has been satisfied.

          8. Release. In consideration of the agreements of Lender contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
each Borrower, on behalf of itself and its successors, assigns, and other legal representatives,
hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Lender
and their successors and assigns, and their present and former shareholders, Affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other
representatives (Lender and all such other Persons being hereinafter referred to collectively as
the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of
action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all
other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever

-11-

 

(individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown,
suspected or unsuspected, both at law and in equity, which such Borrower or any of its successors,
assigns, or other legal representatives may now or hereafter own, hold, have or claim to have
against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or
thing whatsoever which arises at any time on or prior to the day and date of this Amendment,
including, without limitation, for or on account of, or in relation to, or in any way in connection
with any of the Loan Agreement, or any of the other Loan Documents or transactions thereunder or
related thereto. Each Borrower understands, acknowledges and agrees that the release set forth
above may be pleaded as a full and complete defense and may be used as a basis for an injunction
against any action, suit or other proceeding which may be instituted, prosecuted or attempted in
breach of the provisions of such release. Each Borrower agrees that no fact, event, circumstance,
evidence or transaction which could now be asserted or which may hereafter be discovered shall
affect in any manner the final, absolute and unconditional nature of the release set forth above

          9. Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.

          10. References. Any reference to the Loan Agreement contained in any document,
instrument or Loan Agreement executed in connection with the Loan Agreement shall be deemed to be a
reference to the Loan Agreement as modified by this Amendment.

          11. Counterparts. This Amendment may be executed in one or more counterparts, each of
which shall constitute an original, but all of which taken together shall be one and the same
instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile
or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Amendment.

          12. Ratification. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions of the Loan Agreement and the other Loan
Documents and shall not be deemed to be a consent to the modification or waiver of any other term
or condition of the Loan Agreement or any other Loan Document. Except as expressly modified and
superseded by this Amendment, the terms and provisions of the Loan Agreement and each other Loan
Document are ratified and confirmed and shall continue in full force and effect.

          13. Governing Law. This Amendment shall be a contract made under and governed by the
laws of the State of New York, without regard to conflict of laws principles that would require the
application of laws other than those of the state of New York. Whenever possible each provision of
this Amendment shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Amendment shall be prohibited by or invalid under such law, such
provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Amendment.

-12-

 

[Signature Page Follows]

-13-

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under
seal and delivered by their respective duly authorized officers on the date first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Borrowers:	 	 	 	Lender:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BROADSOFT, INC.	 	 	 	ORIX VENTURE FINANCE, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By	 	/s/ James Tholen	 	 	 	By	 	/s/ Christopher L. Smith	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Its
	 	CFO
	 	 	 	 	 	Its
	 	Authorized Representative	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BROADSOFT INTERNATIONAL, INC.	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By	 	/s/ James Tholen	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Its
	 	Vice President & Treasurer	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BROADSOFT M6, LLC.	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By	 	/s/ James Tholen	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Its
	 	CFO	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BROADSOFT SYLANTRO, INC.	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By	 	/s/ James Tholen	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Its
	 	CFO	 	 	 	 	 	 	 	 	 	 

Signature Pages to Consent and Amendment #1

 

EXHIBIT A

Merger Agreement

Please see Exhibit 2.3 included in Item 16 of the Registration Statement.

 

EXHIBIT B

Closing Checklist

 

ORIX VENTURE FINANCE LLC

CLOSING CHECKLIST

MERGER WITH SYLANTRO SYSTEMS CORPORATION

CLOSING DATE: December 23, 2008

PARTIES TO THE TRANSACTION

	 	 	 	 	 
	LENDER:	 	ORIX VENTURE FINANCE LLC 

1717 Main Street, Suite 1100

Dallas, Texas 75201
	 
	 	 	 	 
	 

	 	Att (Business):

Att (Legal):
	 	Henry O’Connor and Jeff Bede 

Robert Lenhardt and Mark Campbell
	 
	 	 	 	 
	LENDER’S COUNSEL:	 	GOLDBERG KOHN BELL BLACK 

ROSENBLOOM & MORITZ, LTD. 

55 East Monroe Street, Suite 3300

Chicago, Illinois 60603

Attention:                  Jonathan M. Cooper and Seth H. Good
	 
	 	 	 	 
	BORROWERS:	 	BROADSOFT, INC. (“Parent”)

BROADSOFT INTERNATIONAL, INC. (“International”) 

BROADSOFT M6, LLC (“M6”) 

SYLANTRO SYSTEMS CORPORATION (“Sylantro”) 

220 Perry Parkway 

Gaithersbury, Maryland 20877
	 
	 	 	 	 
	COUNSEL TO BORROWERS:	 	COOLEY GODWARD KRONISH LLP 

11951 Freedom Drive 

Reston, VA 20190

Attention:                  Mark Spoto and Amy Steacy
	 
	 	 	 	 
	EXISTING LENDER TO 

SYLANTRO:	 	SILICON VALLEY BANK (“SVB”)

8020 Towers Crescent Drive

Suite 475

Vienna, Virginia 22182
	 
	 	 	 	 
	COUNSEL TO EXISTING 

LENDER TO SYLANTRO:	 	RIEMER & BRAUNSTEIN LLP

Three Center Plaza 

Boston, MA 02108

Attention:                  John Malloy

	A.	 	Loan Documents

     1. Consent and Amendment No. 1 to Loan and Security Agreement, together with Exhibits

     2. Assumption Agreement

 

     3. Representations and Warranties Certificate of Sylantro

     4. Solvency Certificate

	B.	 	Security Documents

     1. Pre-close authorization to file UCCs

     2. UCC Financing Statements (listed on Exhibit A)

     3. Certificates evidencing 100% of the outstanding stock of Sylantro, with duly executed stock
powers with respect thereto

     4. Intellectual Property Security Agreement between Sylantro and Lender

	C.	 	Merger Documents

     1. Certificate of Incorporation of BroadSoft Sylantro, Inc,

     2. Agreement and Plan of Merger and Reorganization, together with Schedules. Including
evidence of a name change filed by Sylantro

     3. Certificate of Merger filed with the Secretary of State of Delaware

     4. 3rd party consents and notices

	D.	 	Equity Documents

     1. Seventh Restated Certificate of Incorporation of Parent

     2. Amendment No. 2 to Fifth Amended and Restated Stockholders Agreement

     3. Second Amendment to Fourth Amended and Restated Registration Rights Agreement

	E.	 	Documents pertaining to Existing Lender

     1. Amendment to SVB Subordinated Credit Agreement

     2. Evidence of paydown of indebtedness owing from Sylantro to Existing Lender

     3. Guaranty executed by Parent in favor of Existing Lender

     4. Subordination Agreement

	F.	 	Collateral Due Diligence

     1. Pre-Closing lien search results

     2. Intellectual property search reports and summary thereof

 

	G.	 	Organizational Due Diligence

     1. Parent

          (a) Certified copy of organizational documents

          (b) Certified resolutions

          (c) Secretary’s Certificate as to articles of incorporation, by-laws, resolutions of directors
and incumbency

          (d) Good Standing Certificates (DE and MD)

     2. Sylantro

          (a) Certified copy of organizational documents

          (b) Certified resolutions

          (c) Secretary’s Certificate as to articles of incorporation. by-laws, resolutions of directors
and incumbency

          (d) Good Standing Certificates (DE)

	H.	 	Legal Opinion

     1. Opinion of Borrowers’ counsel re BroadSoft Sylantro, Inc. (pre-merger)

	I.	 	Post-closing items

     1. Post-Closing lien search results

     2. Opinion of Borrowers’ counsel re BroadSoft Sylantro, Inc. (post-merger)

     3. Deposit Account Control Agreement with Silicon Valley Bank

     4. Landlord’s Agreements

     5. Items with Respect to Insurance of Sylantro

          (a) Certificates of insurance with respect to liability insurance policies, showing Lender as
certificate holder and additional insured

          (b) Certificates of insurance with respect to property insurance policies, showing Lender as
certificate holder and loss payee, with lender’s loss payable clause or each policyexv10w16

Exhibit 10.16

Amendment No. 2 to

Loan and Security Agreement

	 	 	 
	Borrowers:

	 	BroadSoft, Inc., a Delaware corporation (“Parent”)
	 

	 	BroadSoft International, Inc., a Delaware corporation
	 

	 	BroadSoft M6, LLC, a Delaware limited liability company
	 

	 	BroadSoft Sylantro, Inc,, a Delaware corporation
	 
	 	 
	Address:

	 	220 Perry Parkway
	 

	 	Gaithersburg, Maryland 20877
	 
	 	 
	Date:

	 	June 30, 2009

     THIS AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT is entered into between ORIX Venture
Finance LLC, a Delaware limited liability company (“ORIX”) and the borrowers named above (jointly
and severally, “Borrower”).

     The Parties agree to amend the Loan and Security Agreement between them, dated September 26,
2008 (as amended, the “Loan Agreement”), as follows, effective as of the date hereof. (Capitalized
terms used but not defined in this Amendment, shall have the meanings set forth in the Loan
Agreement.)

     1. Limited Waiver; Extension of Delivery of 2008 Audited Financials. In accordance with
Section 5(b) of the Schedule to the Loan Agreement, Parent is required to deliver to ORIX, within
180 days of its 2008 fiscal year, its annual audited consolidated financial statements in
accordance with the provisions set forth therein, and Parent has failed to deliver such financial
statements to ORIX as of such required date (the “Reporting Breach”). Parent has requested that
ORIX grant a waiver of the Event of Default arising form the Reporting Breach and ORIX is amenable
thereto. Therefore, and in accordance herewith, and ORIX hereby waives the Event of Default
arising from the Reporting Breach. Parent has requested until August 31, 2009 in order to provide
such financial statements to ORIX, and ORIX is agreeable to such request of Parent. Accordingly,
and subject to the terms and conditions hereof, ORIX does hereby agree that Parent shall have until
August 31, 2009 in order to deliver its annual audited consolidated financial statements otherwise
required to be delivered to ORIX pursuant to Section 5(b) of the Schedule to the Loan Agreement
with respect to its 2008 fiscal year ending December 31, 2008. The agreement of ORIX to provide
the foregoing accommodations to Parent does not constitute a modification of the requirements set
forth in such section for any purpose other than as specifically set forth herein, nor does it
waive any other term or provision of the Loan

-1-

 

			
	 	 	 
	ORIX
	 	Amendment to Loan Agreement

Agreement or any related document, nor does it constitute an agreement to waive in the future
this provision as to any other time period or any other term or provision of the Loan Agreement or
any related document.

     2. Fee. In consideration for ORIX entering into this Amendment, Borrower shall concurrently
pay ORIX a fee in the amount of $5,000, which shall be non-refundable and in addition to all
interest and other fees payable to ORIX under the Loan Documents.

     3. Representations True. Borrower represents and warrants to ORIX that all representations
and warranties set forth in the Loan Agreement, as amended hereby, are true and correct.

     4. General Provisions. This Amendment, the Loan Agreement, any prior written amendments to
the Loan Agreement signed by ORIX and Borrower, and the other written documents and agreements
between ORIX and Borrower set forth in full all of the representations and agreements of the
parties with respect to the subject matter hereof and supersede all prior discussions,
representations, agreements and understandings between the parties with respect to the subject
hereof. Except as herein expressly amended, all of the terms and provisions of the Loan Agreement,
and all other documents and agreements between ORIX and Borrower shall continue in full force and
effect and the same are hereby ratified and confirmed.

[Signatures on Next Page]

-1

-2-

 

			
	 	 	 
	ORIX
	 	Amendment to Loan Agreement

	 	 	 	 	 	 	 	 	 	 	 
	Borrower:	 	 	 	ORIX:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BROADSOFT, INC.	 	 	 	ORIX VENTURE FINANCE LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By

	 	/s/ James Tholen
 

President or Vice President
	 	 	 	By
	 	/s/ Kevin P. Sheehan
 

Kevin P. Sheehan,

President
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Borrower:	 	 	 	Borrower:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BROADSOFT INTERNATIONAL, INC.	 	 	 	BROADSOFT M6, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By

	 	/s/ James Tholen
	 	 	 	By
	 	/s/ James Tholen	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	President or Vice President
	 	 	 	 	 	President or Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Borrower:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BROADSOFT SYLANTRO, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By

	 	/s/ James Tholen	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	President or Vice President	 	 	 	 	 	 	 	 

[Signature Page—Amendment No. 2 to Loan and Security Agreement]

-3-

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