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Bank Financing Arrangements
9 Months Ended
Sep. 30, 2011
Bank Financing Arrangements

NOTE 10 — Bank Financing Arrangements

 

In the comparable first nine months of 2010 and up through November 2, 2010, the Company had a credit facility with Silicon Valley Bank (the “Bank”). On November 2, 2010, in anticipation of issuing a senior convertible note which subsequently closed on November 19, 2010, the Company repaid in full its outstanding indebtedness to the Bank and terminated the lines of credit (see “NOTE 4 — Senior Convertible Note” for more information). All obligations of the Company under the credit facility and any other related loan and collateral security documents, except those which specifically survive the termination of such agreements, were terminated.

 

On October 12, 2011 the Company entered into a new credit line agreement with the Bank (see “NOTE 12 — Subsequent Event” for more information).