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Growth Capital Loan and Security Agreement
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Growth Capital Loan and Security Agreement - attorney-drafted template. Party names and deal-specific details have been replaced with neutral placeholders. Review before use.
Plain English Growth Capital Loan And Security Agreement
This is a PLAIN ENGLISH GROWTH CAPITAL LOAN AND SECURITY AGREEMENT dated as of October __, 2009 by and between [COMPANY], a Delaware corporation, as borrower, and [COUNTERPARTY], a Delaware limited liability company, as lender.
The words “We”, “Us”, and “Our” refer to [COUNTERPARTY]. The words “You” and “Your” refer to [COMPANY], not to any individual. The words “The Parties” refers to both [COUNTERPARTY] and [COMPANY]This Plain English Growth Capital Loan and Security Agreement may be referred to as the “Agreement”. The Parties agree to the following mutual agreements and conditions listed below:
Capitalized terms defined in the table on Page 1 of this Agreement shall have the meanings given to those terms in such table, and other capitalized terms not otherwise defined in the body of this Agreement are defined in Section 21. Any accounting term not specifically defined herein shall be construed in accordance with GAAP, and all calculations shall be made in accordance with GAAP. The term “financial statements” shall include the accompanying notes and schedules, if any.
1. WHAT THE PARTIES AGREE TO FINANCE
Provided that the conditions in Sections 4, 5 and 18 and elsewhere in this Agreement and the other Loan Documents are met, We will make advances (each an “Advance”) in minimum amounts as set forth on Page 1 of this Agreement up to a maximum of the Commitment Amount as provided on Page 1. You agree to use such proceeds to finance Your general corporate needs and agree that You may not use any of the proceeds to finance personal, family, household or agricultural purposes. Our obligation to fund Advances under Part 1 will end at 5:00 p.m. PT on [DATE], provided that if the Next Round is consummated on or prior to [DATE], then the availability period for Advances under Part 1 will be extended to at 5:00 p.m. PT on the date that is two hundred and seventy (270) days after the closing of the Next Round (the “Part 1 Availability End Date”). Our obligation to fund Advances under Part 2 is expressly subject to Your consummation of the Next Round on or prior to [DATE], and any such obligation will end at 5:00 p.m. PT on the date that is two hundred and seventy (270) days after the closing of the Next Round (the “Part 2 Availability End Date”). At any time after [DATE], You may request, by delivery of a written notice to Us, a single ninety (90) day extension of the Part 1 Availability End Date and the Part 2 Availability End Date, so long as the Part 1 Availability End Date or the Part 2 Availability End Date has not already occurred prior to the date of such request.
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Growth Capital Loan and Security Agreement
Credit & Loan Agreements -- US - General