Item 1.01. Entry into a Material Definitive Agreement.
On January 19, 2021, Zuora, Inc. ("Zuora") entered into the Second Amendment to
Loan and Security Agreement (the "Amendment") with Silicon Valley Bank ("SVB").
The Amendment amends certain provisions of the Loan and Security Agreement,
dated as of June 14, 2017, between Zuora, Zuora Services, LLC, Leeyo Software,
Inc. and SVB ("Debt Agreement"), as amended on October 11, 2018 (the "First
Amendment").
The Amendment, among other things, extends the maturity date of the revolving
line of credit by twelve (12) months (until October 11, 2022) and removes SVB's
first priority security interest in Zuora's intellectual property while
retaining specified restrictions on Zuora's ability to make certain transfers
and encumbrances on its intellectual property. The Amendment contains customary
representations and warranties.
The foregoing summary of key terms of the Amendment does not purport to be
complete and is subject to, and qualified in its entirety by, the complete text
of the Amendment, a copy of which Zuora expects to file with its Annual Report
on Form 10-K for the period ended January 31, 2021, and upon filing will be
incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information described above under Item 1.01 is hereby incorporated herein by
reference.
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