SEC Contract Filing

Filing Date: 2018-11-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex_128314.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.3</b></font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;font-variant:small-caps;margin:0pt;text-align:center;"><b>Ninth Amendment</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;font-variant:small-caps;margin:0pt;text-align:center;"><b>To</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;font-variant:small-caps;margin:0pt;text-align:center;"><b>Loan And Security Agreement and</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;font-variant:small-caps;margin:0pt;text-align:center;"><b>Limited Waiver</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;">This<b> </b><b>NINTH</b><b> AMENDMENT to</b> <b>LOAN AND SECURITY AGREEMENT</b><b> AND LIMITED WAIVER </b>(this<b> </b>&ldquo;<u>Amendment</u>&rdquo;) is entered into as of August 31, 2018, by and between <b>ACCELERIZE INC.</b>,<b> </b>a Delaware corporation (&ldquo;<u>Borrower</u>&rdquo;), and <b>SAAS CAPITAL FUNDING</b><b> II</b><b>, LLC</b>, a Delaware limited liability company (&ldquo;<u>Lender</u>&rdquo;).</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;font-variant:small-caps;margin:0pt;text-align:center;"><b>Recitals</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;"><b>A.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender and Borrower have entered into that certain Loan and Security Agreement dated as of May 5, 2016, as amended by that certain First Amendment to Loan and Security Agreement, dated as of November 29, 2016, as further amended by that certain Second Amendment to Loan and Security Agreement, dated as of May 5, 2017, as further amended by that certain Third Amendment to Loan and Security Agreement, dated as of June 16, 2017, as further amended by that certain Fourth Amendment to Loan and Security Agreement, dated as of August 14, 2017, as further amended by that certain Fifth Amendment to Loan and Security Agreement, Limited Waiver and Consent, dated as of November 8, 2017, as further amended by that certain Sixth Amendment to Loan and Security Agreement and Consent, dated as of January 25, 2018, as further amended by that certain Seventh Amendment to Loan and Security Agreement, dated as of May 31, 2018, and as further amended by that certain Eighth Amendment to Loan and Security Agreement, dated as of June 13, 2018 (and as it may be further amended, modified, supplemented or restated from time to time prior to the date hereof, the &ldquo;<u>Loan Agreement</u>&rdquo;).</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;"><b>B.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lender has extended credit to Borrower for the purposes permitted in the Loan Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;"><b>C.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower has requested that Lender agree to (i) amend certain provisions of the Loan Agreement, (ii) waive certain defaults and Events of Default under the Loan Agreement and (iii) consent to the issuance by Borrower of additional Subordinated Debt.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;"><b>D.&nbsp;</b>&nbsp;&nbsp;&nbsp;&nbsp;Lender has agreed to (i) amend certain provisions of the Loan Agreement, (ii) waive certain defaults and Events of Default under the Loan Agreement and (iii) consent to the issuance by Borrower of additional Subordinated Debt, but, in each case, only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 12pt; font-variant: small-caps; margin: 0pt;"><b>&nbsp;</b></p>

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