Zuora, Inc. Enters into Second Amendment to Loan and Security Agreement with Silicon Valley Bank
January 21, 2021 at 02:40 am IST
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On January 19, 2021, Zuora, Inc. entered into the Second Amendment to Loan and Security Agreement with Silicon Valley Bank. 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.
Zuora, Inc. is a monetization platform provider for recurring revenue businesses. The Companyâs technology solutions enable companies across multiple industries and geographies to build, run, and grow a modern business, automating the quote-to-revenue process, including offers, billing, collections, and revenue recognition. Its solution includes Zuora Billing, Zuora Revenue, Zuora Payments, Zephr, and Zuora Platform. Zuora Billing helps users to set payment terms, manage billing relationships, consolidate invoicing across multiple subscriptions, and tax transactions. Zuora Revenue is a revenue recognition and automation solution that accounting teams use to manage their complex revenue streams. Zuora Payments is designed to provide payment orchestration services for companies looking to operate globally, helping them in conversions while reducing costs. The Company also provides an event-based, real-time metering and rating infrastructure for usage-based businesses.