ChipX, Incorporated designs and manufactures application-specific integrated circuit (ASIC) solutions. It fabricates, assembles, packages, tests, and delivers standard cell, structured ASIC, and hybrid ASIC products. The company also provides digital to analog converters, PCI Express PHY, USB HS on-the-go PHY, analog to digital converters, PLL's, and DDRII memory interfaces. In addition, it offers services, such as FPGA to ASIC structured ASIC conversion, structured ASIC conversion to standard cell, analog design, and conversion of obsolete third-party ASIC/FPGA to structured ASIC, as well as back-end design services. The company’s products are used in consumer, industrial, networking, medic...
2323 Owen Street
Santa Clara, CA 95054
Founded in 1985
GigOptix, Inc., ChipX, Incorporated and Endwave Corporation Enter into Second Amendment to the Second Restated Loan Agreement with Silicon Valley Bank
May 18 15
On March 29, 2013, GigOptix, Inc. and its ChipX, Incorporated and Endwave Corporation previously on March 25, 2013 entered into a Second Amended and Restated Loan and Security Agreement with Silicon Valley Bank (SVB). The terms of the Second Restated Loan Agreement were set to expire on March 9, 2015. On March 9, 2015, SVB and the Borrowers entered into a First Amendment to the Second Restated Loan Agreement in order to extend the expiration date of the Second Restated Loan Agreement by 60 days to May 8, 2015. The Borrowers intended to use this period of time to negotiate the terms of a new loan and security agreement with SVB. On May 15, 2015, SVB and the Borrowers entered into a Second Amendment to the Second Restated Loan Agreement, effective as of May 8, 2015. Pursuant to the Second Amendment, the total aggregate amount that the Borrowers will be entitled to borrow from SVB increased to $10.5 million, which was split into two different credit facilities, comprised of (i) the previously existing Revolving Loan facility which was amended to increase the amount the Borrowers were entitled to borrow from SVB from $3.5 million to $7 million, based on net eligible accounts receivable after an 80% advance rate and subject to limits based on the Borrowers eligible accounts as determined by SVB, and (ii) a separate facility which has not changed from the original Second Restated Loan Agreement and under which the Borrowers are entitled to borrow from SVB up to $3.5 million without reference to accounts receivable under which the principal balance and accrued interest must be repaid within 3 business days after the date of any advance under the facility. In addition, the Applicable Rate was decreased from Prime Rate plus 0.6% to Prime Rate plus 0.4%, and the default interest rate increase was decreased from 5% to 3%. Finally, the Borrowers are paying a loan fee of $25,000 to SVB. The terms of the Second Amendment are set to expire on May 6, 2016.