FOURTH LOAN MODIFICATION AGREEMENT

 

                                                                   Exhibit 10.25

                       FOURTH LOAN MODIFICATION AGREEMENT

         This Fourth Loan Modification is entered into as of May 12, 1999, by
and between ART TECHNOLOGY GROUP, INC., a Delaware corporation with its
principal place of business at 101 Huntington Avenue, Boston, Massachusetts
02199 ("Borrower") and SILICON VALLEY BANK, a California-chartered bank
("Bank"), with its principal place of business at 3003 Tasman Drive, Santa
Clara, CA 95054 and with a loan production office located at Wellesley Office
Park, 40 William Street, Suite 350, Wellesley, MA 02481, doing business under
the name "Silicon Valley East."

1.       DESCRIPTION OF EXISTING INDEBTEDNESS. Among other indebtedness which
may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a
loan arrangement dated as of November 26, 1997, evidenced by, among other
documents, a certain Loan and Security Agreement dated as of November 26, 1997
between Borrower and Bank, as amended by certain Loan Modification Agreements
dated as of March 31, 1998, July 2, 1998 and September 8, 1998 (as amended, the
"Loan Agreement"). Capitalized terms used but not otherwise defined herein shall
have the same meaning as in the Loan Agreement.

Hereinafter, all indebtedness owing by Borrower to Banks shall be referred to as
the "Indebtedness".

2.       DESCRIPTION OF COLLATERAL. Repayment of the Indebtedness is secured by
the Collateral as described in the Loan Agreement and a certain Intellectual
Property Security Agreement dated as of November 26, 1997 between Borrower and
Bank (together with any other collateral security granted to Bank, the "Security
Documents").

Hereinafter, the Security Documents, together with all other documents
evidencing or security the Indebtedness shall be referred to as the "Existing
Loan Documents".

3.       DESCRIPTION OF CHANGE IN TERMS.

         A.       MODIFICATION(S) TO LOAN AGREEMENT.

                  1.       The Loan Agreement shall be amended by deleting the
                           definition of "Cash Management Services" appearing in
                           Section 1.1 thereof.

                  2.       The Loan Agreement shall be amended by deleting the
                           definition of "Committed Revolving Line" appearing in
                           Section 1.1 and inserting in lieu thereof the
                           following:

                                    "Committed Revolving Line" means a credit
                                    extension of up to Five Million Dollars
                                    ($5,000,000.00).

                  3.       All references to "Committed Equipment Line" in the
                           Loan Agreement shall mean and refer to the "1998
                           Committed Equipment Line".

                  4.       The Loan Agreement shall be amended by deleting
                           paragraph (c) in the definition of "Eligible
                           Accounts" appearing in Section 1.1 and inserting in
                           lieu thereof the following:

                                    "(c) Accounts with respect to an account
                                    debtor, including Affiliates, whose total
                                    obligations to Borrower exceed twenty-five
                                    percent (25%) of all Accounts, to the extent
                                    such obligations exceed the aforementioned
                                    percentage, except as approved in writing by
                                    Bank."

                  5.       The Loan Agreement shall be amended by deleting the
                           following definition appearing in Section 1.1
                           thereof:

                                    ""Equipment Advance" has the meaning set
                                    forth in Section 2.1.3."

                           and inserting in lieu thereof the following:

                                    ""Equipment Advance" or "Equipment Advances"
                                    shall mean any advance made hereunder
                                    pursuant to Sections 2.1.3.A or 2.1.3.B."

                  6.       The Loan Agreement shall be amended by deleting the
                           definition of "Letter of Credit" appearing in Section
                           1.1 and inserting in lieu thereof the following:

                                    ""Letter of Credit" means a letter of credit
                                    or similar undertaking issued by Bank
                                    pursuant to Section 2.1.4."

                  7.       The Loan Agreement shall be amended by deleting the
                           definition of "Maturity Date" appearing in Section
                           1.1 and inserting in lieu thereof the following:

                                    ""Maturity Date" means, as applicable, (i)
                                    the Revolving Maturity Date for Advances
                                    made pursuant to Section 2.1.1; (ii) the
                                    Term Loan Maturity Date for Term Loan
                                    advances made pursuant to Section 2.1.2;
                                    (iii) the Equipment Line Maturity Date for
                                    Equipment Advances made pursuant to Section
                                    2.1.3.A; and (iv) the 1999 Equipment
                                    Maturity Date for Equipment Advances made
                                    pursuant to Section 2.1.3.B."

                  8.       The Loan Agreement shall be amended by deleting the
                           definition of "New Equity" appearing in Section 1.1
                           and inserting in lieu thereof the following new
                           definition:

                                    ""Capitalization Event" means the issuance
                                    by the Borrower of equity resulting in the
                                    receipt by Borrower of at least Two Million
                                    Five Hundred Thousand Dollars
                                    ($2,500,000.00)."

                  9.       The Loan Agreement shall be amended by inserting
                           immediately after the definition of "Negotiable
                           Collateral" appearing in Section 1.1 thereof the
                           following definitions:

                                    ""1999 Committed Equipment Line" means a
                                    credit extension of up to Two Hundred
                                    Thousand Dollars ($200,000.00).

                                    "1999 Equipment Availability End Date" has
                                    the meaning set forth in Section 2.1.3.B.

                                    ""1999 Equipment Maturity Date" means thirty
                                    (30) months after the 1999 Equipment
                                    Availability End Date."

                  10.      The Loan Agreement shall be amended by deleting the
                           following definition appearing in Section 1.1
                           thereof:

                                    ""Revolving Maturity Date" means July 1,
                                    1999."

                           and inserting in lieu thereof the following:

                                    ""Revolving Maturity Date" means May 12,
                                    2000."

                  11.      The Loan Agreement shall be amended by inserting
                           immediately after the definition of "Term Loan"
                           appearing in Section 1.1 thereof the following
                           definition:

                                    ""Term Loan Maturity Date" means December
                                    29, 2000."

                  12.      The Loan Agreement shall be amended by deleting
                           Section 2.1.1 entitled "Revolving Advances" and
                           inserting in lieu thereof the following:

                                    "2.1.1 REVOLVING ADVANCES.

                                    (a) Subject to and upon the terms and
                                    conditions of this Agreement, Bank agrees to
                                    make Advances to Borrower in an aggregate
                                    outstanding amount not in exceed (i) the
                                    Committed Revolving Line or the Borrowing
                                    Base, whichever is less, minus (ii) the face
                                    amount of all outstanding Letters of Credit
                                    (including drawn but unreimbursed Letters of
                                    Credit) and minus (iii) any other amounts
                                    outstanding to the Bank (excluding advances
                                    made pursuant to Sections 2.1.2, 2.1.3.A and
                                    2.1.3.B). Subject to the terms and
                                    conditions of this Agreement, amounts
                                    borrowed pursuant to this Section 2.1 may be
                                    repaid and reborrowed at any time during the
                                    term of this Agreement.

                                    (b) Whenever Borrower desires an Advance,
                                    Borrower will notify Bank by facsimile
                                    transmission or telephone no later than 3:00
                                    p.m. Eastern time, on the Business Day that
                                    the Advances is to be made. Each such
                                    notification shall be promptly confirmed by
                                    a Payment/Advance Form in substantially the
                                    form of EXHIBIT B hereto. Bank is authorized
                                    to make Advances under this Agreement, based
                                    upon instructions received from a
                                    Responsible Officer or a designee of a
                                    Responsible Officer, or without instructions
                                    if in Bank's discretion such Advances are
                                    necessary to meet Obligations which have
                                    become due and remain unpaid. Bank shall be
                                    entitled to rely on any telephonic notice
                                    given by a person who Bank reasonably
                                    believes to be a Responsible Officer or a
                                    designee thereof, and

                                    Borrower shall indemnify and hold Bank
                                    harmless for any damages or loss suffered by
                                    Bank as a result of such reliance. Bank will
                                    credit the amount of Advances made under
                                    this Section 2.1 to Borrower's deposit
                                    account.

                                    (c) The Committed Revolving Line shall
                                    terminate on the Revolving Maturity Date, at
                                    which time all Advances under this Section
                                    2.1 and other amounts due under this
                                    Agreement (except as otherwise expressly
                                    specified herein) shall be immediately due
                                    and payable."

                  13.      All references to "Maturity Date" in Section 2.1.2 of
                           the Loan Agreement shall mean and refer to the "Term
                           Loan Maturity Date."

                  14.      All Term Loan advances currently amortizing under
                           Section 2.1.1 shall continue to be repaid as provided
                           in Section 2.1.2. The outstanding principal balance
                           of all Term Loan advances made pursuant to Section
                           2.1.2 as of April 21, 1999, is Two Hundred
                           Seventy-Seven Thousand Seven Hundred Seventy-Seven
                           and 92/100 Dollars ($277,777.92).

                  15.      Section 2.1.3 of the Loan Agreement entitled
                           "Equipment Advances" shall be renumbered as Section
                           2.1.3.A and retitled as "1998 Equipment Advances."

                  16.      All Equipment Advances currently amortizing under
                           Section 2.1.3.A shall continue to be repaid as
                           provided in Section 2.1.3.A. The outstanding
                           principal balance of all Equipment Advances made
                           pursuant to Section 2.1.3.A as of April 21, 1999 is
                           One Hundred Seventy-Nine Thousand Nine Hundred
                           Twenty-Three and 86/100 Dollars ($179,923.86).

                  17.      The Loan Agreement shall be amended by inserting
                           after Section 2.1.3.A thereof the following new
                           section entitled "1998 Equipment Advances":

                                    "2.1.3.B         1999 EQUIPMENT ADVANCES.

                                    (a) Subject to and upon the terms and
                                    conditions of this Agreement, at any time
                                    through November 12, 1999 (the "1999
                                    Equipment Availability End

                                    Date"). Bank agrees to make Equipment
                                    Advances (each an "Equipment Advance" and
                                    collectively, the "Equipment Advances") to
                                    Borrower under this Section 2.1.3.B in an
                                    aggregate outstanding amount not to exceed
                                    the 1999 Committed Equipment Line. To
                                    evidence the Equipment Advances, Borrower
                                    shall deliver to Bank, at the time of each
                                    Equipment Advance request, an invoice for
                                    the equipment to be purchased. The Equipment
                                    Advances shall be used only to purchase or
                                    refinance Equipment purchased after December
                                    1, 1998 and shall not exceed One Hundred
                                    Percent (100%) of the invoice amount of such
                                    equipment approved from time to time by
                                    Bank, excluding taxes, shipping, warranty
                                    charges, freight discounts and installation
                                    expense. Software may only constitute up to
                                    twenty-five percent (25%) of aggregate
                                    Equipment Advances under this Section
                                    2.1.3.B.

                                    (b) Interest shall accrue from the date of
                                    each Equipment Advance made pursuant to this
                                    Section 2.1.3.B at a per annum rate equal to
                                    the aggregate of the Prime Rate, PLUS three
                                    quarters of one percent (0.75%), and shall
                                    be payable monthly on the Payment Date of
                                    each month through the month in which the
                                    1999 Equipment Availability End Date falls.
                                    Any Equipment Advances made pursuant to this
                                    Section 2.1.3.B that are outstanding on the
                                    1999 Equipment Availability End Date will be
                                    payable in thirty (30) equal monthly
                                    installments of principal, plus all accrued
                                    interest, beginning on the Payment Date of
                                    each month following the 1999 Equipment
                                    Availability End Date and ending on the 1999
                                    Equipment Maturity Date. Equipment Advances,
                                    once repaid, may not be reborrowed.

                                    (c) When Borrower desires to obtain an
                                    Equipment Advance, Borrower shall notify
                                    Bank (which notice shall be irrevocable) by
                                    facsimile transmission to be received no
                                    later than 3:00 p.m. Eastern time one (1)
                                    Business Date before the day on which the
                                    Equipment Advance is to be made. Such notice
                                    shall be substantially in the form of
                                    Exhibit B. The notice shall be signed by a
                                    Responsible Officer

                                    or its designee and include a copy of the
                                    invoice for the Equipment to be financed."

                  18.      Section 2.1.3 of the Loan Agreement entitled "Letters
                           of Credit" shall be renumbered as Section 2.1.4.

                  19.      The Loan Agreement shall be amended by deleting the
                           following text appearing as the first sentence of the
                           redesignated Section 2.1.4 entitled "Letters of
                           Credit":

                                    "Subject to the terms and conditions of this
                                    Agreement, Bank agrees to issue or cause to
                                    be issued Letters of Credit for the account
                                    of Borrower in an aggregate outstanding face
                                    amount not to exceed (i) the lesser of the
                                    Committed Revolving Line or the Borrowing
                                    Base, whichever is less, minus (ii) the then
                                    outstanding principal balance of the
                                    Advances; PROVIDED that the face amount of
                                    outstanding Letters of Credit (including
                                    drawn but unreimbursed Letters of Credit
                                    shall not in any case exceed One Hundred
                                    Thousand Dollars ($100,000.00)."

                           and inserting in lieu thereof the following:

                                    "Subject to the terms and conditions of this
                                    Agreement, Bank agrees to issue or cause to
                                    be issued Letters of Credit for the account
                                    of Borrower in an aggregate outstanding face
                                    amount not to exceed (i) the Lesser of the
                                    Committed Revolving Line or the Borrowing
                                    Base, minus (ii) the then outstanding
                                    principal balance of the Advances, and minus
                                    (iii) any other amounts outstanding to the
                                    bank (excluding advances made pursuant to
                                    Sections 2.1.2, 2.1.3.A and 2.1.3.B);
                                    PROVIDED that the face amount of outstanding
                                    Letters of Credit (including drawn but
                                    unreimbursed Letters of Credit and any
                                    Letter of Credit reserve as described in
                                    this Section 2.1.4) shall not in any case
                                    exceed Four Million Seven Hundred Sixty-Two
                                    Thousand Five Hundred Dollars
                                    ($4,762,500.00)."

                  20.      The Loan Agreement shall be amended by deleting in
                           its entirety Section 2.1.4 of the Loan Agreement
                           entitled "Cash Management Sublimit."

                  21.      The Loan Agreement shall be amended by deleting
                           Section 2.2. entitled "Overadvances" and inserting in
                           lieu thereof the following:

                                    "2.2 OVERADVANCES. If, at any time or for
                                    any reason, the amount of Obligations owed
                                    by Borrower to Bank pursuant to Sections
                                    2.1.1 and 2.1.4 of this Agreement is greater
                                    than: (a) the lesser of (i) the Committed
                                    Revolving Line or (ii) the Borrowing Base,
                                    minus (b) the face amount of all outstanding
                                    Letters of Credit (including drawn but
                                    unreimbursed letters of credit), and minus
                                    (c) any other amounts outstanding to the
                                    Bank (excluding advances made pursuant to
                                    Sections 2.1.2, 2.1.3.A and 2.1.3.B),
                                    Borrower shall immediately pay to Bank, in
                                    cash, the amount of such excess."

                  22.      The Loan Agreement shall be amended by deleting
                           Section 2.3(a) entitled "Interest Rate" and inserting
                           in lieu thereof the following:

                                    "(a) INTEREST RATE. Except as set forth in
                                    Section 2.3(b), any Advances made pursuant
                                    to Section 2.1.1 shall bear interest,
                                    effective July 2, 1998, on the average daily
                                    balance thereof, at a per annum rate equal
                                    to the aggregate of the Prime Rate, PLUS One
                                    Quarter of One Percent (0.25)."

                  23.      Notwithstanding anything in the Loan Agreement to the
                           contrary, the audited consolidated financial
                           statements of the Borrower for Fiscal Year 1998 must
                           be received by the Bank on or before May 31, 1999.

                  24.      The Loan Agreement shall be amended by deleting
                           Section 6.3(ii) and inserting in lieu thereof the
                           following:

                                    "(ii) Bank shall have a right from time to
                                    time hereafter to audit Borrower's Accounts
                                    at Borrower's expense, provided that such
                                    audits will be conducted no more often than
                                    every twelve (12) months unless an Event of
                                    Default has occurred and is continuing. The
                                    Borrower shall provide the Bank with access
                                    to all of its records and financial
                                    information during regular business hours in
                                    order to permit the Bank to complete an
                                    audit of

                                    Borrower's Accounts on or before December
                                    31, 1999."

                  25.      The Loan Agreement shall be amended by deleting
                           Section 6.B entitled "Quick Ratio" and inserting in
                           lieu thereof the following:

                                    "6.8 QUICK RATIO. Borrower shall maintain,
                                    as of the last day of each calendar month, a
                                    ratio of Quick Assets to Current Liabilities
                                    (excluding deferred revenues) of at least:
                                    (i) 1.50 to 1.0 for each month through the
                                    month ending June 30, 1999, and (ii) 1.25 to
                                    1.0 for the month ending July 31, 1999 and
                                    each month thereafter. For purposes hereof,
                                    the definition of "Current Liabilities shall
                                    include all outstanding Credit Extensions
                                    under this Agreement, including, without
                                    limitation, any Letters of Credit issued by
                                    the Bank, and any other amounts outstanding
                                    to the Bank."

                  26.      The Loan Agreement shall be amended by deleting
                           Section 6.9 entitled "Tangible Net Worth" and
                           inserting in lieu thereof the following:

                                    "6.9 ADJUSTED QUICK RATIO. Borrower shall
                                    maintain, as of the last day of each
                                    calendar month, a ratio of Quick Assets to
                                    Current Liabilities (excluding deferred
                                    revenues) of at least 1.75 to 1.0. For
                                    purposes hereof, the definition of "Current
                                    Liabilities" shall include all current and
                                    long term portions of direct borrowings by
                                    Borrower owed to Bank, but shall exclude any
                                    issued but undrawn Letters of Credit and any
                                    amounts owing under Bank's cash management
                                    services, including business credit card
                                    services."

                  27.      The Loan Agreement shall be amended by deleting
                           Section 6.11 entitled "New Equity" and inserting in
                           lieu thereof the following:

                                    "6.11 CAPITALIZATION EVENT. A Capitalization
                                    Event shall occur on or before October 31,
                                    1999."

                  28.      No security instrument or other promissory note is
                           necessary in order to evidence the indebtedness of
                           Borrower to Bank described in the Loan Agreement, as
                           amended hereby.

                  29.      The Borrowing Base Certificate appearing as EXHIBIT C
                           to the Loan Agreement is hereby replaced with the
                           Borrowing Base Certificate attached as EXHIBIT A
                           hereto.

                  30.      The Compliance Certificate appearing as EXHIBIT D to
                           the Loan Agreement is hereby replaced with the
                           Compliance Certificate attached as EXHIBIT B hereto.

4.       FEE. Borrower shall pay to Bank a modification fee equal to the Four
Thousand Five Hundred Dollars ($4,500.00), which fee shall be due on the date
hereof and shall be deemed fully earned as of the date hereof. The Borrower
shall also reimburse Bank for all legal fees and expenses incurred in connection
with this amendment to the Existing Loan Documents.

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

6.       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 Indebtedness.

7.       NO DEFENSES OF BORROWER. Borrower agrees that, as of this date, it has
no defense against the obligations to pay any amounts under the Indebtedness.

8.       CONTINUING VALIDITY. 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 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 indebtedness pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Indebtedness. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Indebtedness. 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.

9.       JURISDICTION/VENUE. Borrower accepts for itself and in connection with
its properties, unconditionally, the non-exclusive jurisdiction of any state or
federal court of competent jurisdiction in the Commonwealth of Massachusetts in
any action, suit, or proceeding of any kind against it which arises out of or by
reason of this Loan Modification Agreement; provided, however, that if for any
reason Bank cannot

avail itself of the courts of the Commonwealth of Massachusetts, then venue
shall lie in Santa Clara County, California.

10.      COUNTERSIGNATURE. This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank (provided,
however, in no event shall this Loan Modification Agreement become effective
until signed by an officer of Bank in California).

         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, doing business as
                                         SILICON VALLEY EAST

By: /s/ Jeet Singh                       By: /s/ Pamela Aldsworth
   ----------------------------------       ------------------------------------

Name: Jeet Singh                         Name: Pamela Aldsworth
     --------------------------------         ----------------------------------

Title: President                         Title: Senior Vice President
      -------------------------------          ---------------------------------

                                         SILICON VALLEY BANK

                                         By: /s/ Michael Jordan
                                            ------------------------------------

                                         Name: Michael Jordan
                                              ----------------------------------

                                         Title: Assistant Vice President
                                               ---------------------------------
                                               (signed in Santa Clara County,
                                                California)

                                    EXHIBIT A
                           BORROWING BASE CERTIFICATE

Borrower:   ART TECHNOLOGY GROUP, INC.       Bank:  Silicon Valley Bank

Commitment Amount:  $5,000,000.00

ACCOUNTS RECEIVABLE 1) Accounts Receivable Book Value as of ______ $____________ 2) Additions (please explain on reverse) $____________ 3) TOTAL ACCOUNTS RECEIVABLE $____________ ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication) 4) Amounts over 90 days due $____________ 5) Balance of 50% over 90 day accounts $____________ 6) Concentration Limits $____________ 7) Ineligible Foreign Accounts $____________ 8) Governmental Accounts $____________ 9) Contra Accounts $____________ 10) Promotion or Demo Accounts $____________ 11) Intercompany/Employee Accounts $____________ 12) Other (please explain or reverse) $____________ 13) TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS $____________ 14) Eligible Accounts (#3 minus #13) $____________ 15) LOAN VALUE OF ACCOUNTS (80.0% of #14) $____________ BALANCES 16) Maximum Loan Amount $____________ 17) Total Funds Available [Lesser of #16 or #15] $____________ 18) Present balance owing on Line of Credit $____________ 19) Outstanding under Sublimits (Letters of Credit and cash management services) $____________ 20) RESERVE POSITION (#17 minus #18 and #19) $____________
THE UNDERSIGNED REPRESENTS AND WARRANTS THAT THE FOREGOING IS TRUE, COMPLETE AND CORRECT, AND THAT THE INFORMATION REFLECTED IN THIS BORROWING BASE CERTIFICATE COMPLIES WITH THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THE LOAN AND SECURITY AGREEMENT BETWEEN THE UNDERSIGNED AND SILICON VALLEY BANK. COMMENTS: ART TECHNOLOGY GROUP, INC. By:_______________________________ Authorized Signer EXHIBIT B COMPLIANCE CERTIFICATE TO: SILICON VALLEY BANK FROM: ART TECHNOLOGY GROUP, INC. The undersigned authorized officer of ART TECHNOLOGY GROUP, INC. hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the "Agreement"), (i) Borrower is in complete compliance for the period ending ________________ with all required covenants except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The Officer expressly acknowledges that no borrowings may be requested by the Borrower at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that such compliance is determined not just at the date this certificate is delivered. Please indicate compliance status by circling Yes/No under "Complies" column.
REPORTING COVENANT REQUIRED COMPLIES - ------------------ -------- -------- Monthly financial statements & CC Monthly within 25 days Yes No Annual (CPA Audited) FYE within 120 days Yes No Monthly BBC & A/R Agings Monthly within 25 days Yes No
FINANCIAL COVENANT REQUIRED ACTUAL COMPLIES - ------------------ -------- ------ -------- Maintain on a Monthly Basis: Minimum Quick Ratio 1.50:1.0 thru 6/30/99 _____:1.0 Yes No 1.25:1.0 thereafter _____:1.0 Yes No Minimum Adjusted Quick Ratio 1.75:1.0 _____:1.0 Yes No Capitalization Event by 10/31/99 $2,500,000 $_______ Yes No
Comments Regarding Exceptions: Sincerely, - ------------------- Date: Signature ------------------ - ------------------- Title SILICON VALLEY BANK INVOICE FOR LOAN CHARGES BORROWER: ART TECHNOLOGY GROUP, INC. LOAN OFFICER: Pamela J. Aldsworth, Senior Vice President DATE: ________________, 1999 Working Capital Line Commitment Fee $4,500.00 TOTAL FEES DUE $4,500.00 Please indicate the method of payment: ( ) A check for the total amount is attached. ( ) Debit DDA _______ for the total amount. ( ) Loan proceeds ART TECHNOLOGY GROUP, INC. - ---------------------------------- Authorized Signer - ---------------------------------- Silicon Valley Bank (Date) Account Officer's Signature

Basic Info X:

Name: FOURTH LOAN MODIFICATION AGREEMENT
Type: Fourth Loan Modification Agreement
Date: June 21, 1999
Company: ART TECHNOLOGY GROUP INC
State: Delaware

Other info:

Date:

  • May 12 , 1999
  • March 31 , 1998
  • September 8 , 1998
  • November 26 , 1997
  • July 1 , 1999
  • May 12 , 2000
  • December 29 , 2000
  • April 21 , 1999
  • November 12 , 1999
  • December 1 , 1998
  • thirty 30
  • July 2 , 1998
  • May 31 , 1999
  • December 31 , 1999
  • June 30 , 1999
  • July 31 , 1999
  • October 31 , 1999

Organization:

  • Fourth Loan Modification
  • Intellectual Property Security Agreement
  • Term Loan Maturity Date
  • Equipment Line Maturity Date for Equipment Advances
  • Equipment Maturity Date for Equipment Advances
  • Two Million Five Hundred Thousand Dollars
  • Two Hundred Thousand Dollars
  • Revolving Maturity Date
  • Committed Equipment Line
  • Letters of Credit
  • Letter of Credit
  • Four Million Seven Hundred Sixty-Two Thousand Five Hundred Dollars
  • Borrower to Bank
  • Event of Default
  • Borrowing Base Certificate
  • Four Thousand Five Hundred Dollars
  • Existing Loan Documents
  • Commonwealth of Massachusetts
  • INC. Bank : Silicon Valley Bank Commitment Amount
  • BBC & AR Agings Monthly
  • Silicon Valley Bank Date Account Officer

Location:

  • Delaware
  • Huntington Avenue
  • Boston
  • Wellesley Office Park
  • Silicon Valley East
  • Massachusetts
  • Santa Clara County
  • California

Money:

  • Five Million Dollars
  • $ 2,500,000.00
  • $ 200,000.00
  • $ 277,777.92
  • $ 179,923.86
  • $ 100,000.00
  • $ 4,762,500.00
  • $ 5,000,000.00
  • $ 4,500.00

Person:

  • William Street
  • Jeet Singh
  • Pamela Aldsworth
  • Michael Jordan
  • Pamela J. Aldsworth

Time:

  • 3:00 p.m.

Percent:

  • 100 %
  • twenty-five percent
  • 25 %
  • one percent
  • 0.75 %
  • 50 %
  • 80.0 %