LOAN AND SECURITY AGREEMENT

第1页共34页LOANANDSECURITYAGREEMENTbyandbetweenTiVoInc.,asBorrowerandSiliconValleyBank,asLenderJuly17,2003TABLEOFCONTENTSPAGE1.DEFINITIONS;ACCOUNTINGANDOTHERTERMS12.LOANANDTERMSOFPAYMENT12.1PromisetoPay12.2Overadvances22.3InterestRate,Payments22.4OptionalPrepaymentandTermination22.5Fees23.CONDITIONSOFLOANS33.1ConditionsPrecedenttoInitialAdvance33.2ConditionsPrecedenttoallAdvances43.3CovenanttoDeliver44.CREATIONANDTERMINATIONOFSECURITYINTEREST44.1GrantofSecurityInterest44.2Interest;PaymentofInterestonPledgedCD5第2页共34页4.3AuthorizationtoFile;DeliveryofAdditionalDocumentation54.4TerminationofSecurityInterest54.5ReturnofPledgedCD55.REPRESENTATIONSANDWARRANTIES65.1DueOrganization;OrganizationalStructure;Authorization65.2Collateral65.3Litigation65.4NoMaterialAdverseChangeinFinancialStatements65.5Solvency75.6RegulatoryCompliance75.8FullDisclosure76.AFFIRMATIVECOVENANTS76.1GovernmentCompliance86.2FinancialStatements,Reports,Certificates86.3Inventory;Returns96.4Taxes96.5Insurance9iTABLEOFCONTENTS(CONTINUED)PAGE6.6FinancialCovenant9第3页共34页6.7PledgedCD(s)96.8BankAccounts96.9NoticesofDefault96.10UseofProceeds196.11FurtherAssurances107.NEGATIVECOVENANTS107.1Dispositions107.2ChangesinControl,Business,Incorporation,Locations107.3MergersorAcquisitions107.4Indebtedness107.5Encumbrance117.6Distributions;Investments117.7TransactionswithAffiliates117.8SubordinatedDebt117.9Compliance118.EVENTSOFDEFAULT118.1PaymentDefault128.2CovenantDefault128.3MaterialAdverseChange128.4Attachment128.5Insolvency128.6OtherAgreements13第4页共34页8.7Judgments138.8Misrepresentations138.9Guaranty139.BANK’SRIGHTSANDREMEDIES139.1RightsandRemedies139.2PowerofAttorney149.3AccountsCollection14iiTABLEOFCONTENTS(CONTINUED)PAGE9.4BankExpenses159.5Bank’sLiabilityforCollateral159.6RemediesCumulative159.7DemandWaiver1510.NOTICES1511.CHOICEOFLAW,VENUEANDJURYTRIALWAIVER1612.GENERALPROVISIONS1612.1SuccessorsandAssigns1612.2Indemnification1612.3TimeofEssence1612.4SeverabilityofProvision1612.5AmendmentsinWriting;Integration16第5页共34页12.6Counterparts1712.7Survival1712.8Confidentiality1712.9Attorneys’Fees,CostsandExpenses1713.DEFINITIONS18iiiLOANANDSECURITYAGREEMENTTHISLOANANDSECURITYAGREEMENT(this“Agreement”),datedasofJuly17,2003,isbyandbetweenSILICONVALLEYBANK(“Bank”),whoseaddressis3003TasmanDrive,SantaClara,California,95054,andTIVOINC.,aDelawarecorporation(“Borrower”),whoseaddressis2160GoldStreet,P.O.Box2160,Alviso,California,95002,andprovidesthetermsonwhichBankwilllendtoBorrowerandBorrowerwillrepayBank.Thepartiesheretoagreeasfollows:1.DEFINITIONS;ACCOUNTINGANDOTHERTERMSCapitalizedtermsusedhereinshallhavethemeaningsgiventosuchtermsinSection13ofthisAgreement.AccountingtermsnotdefinedinthisAgreementwillbeconstruedfollowingGAAP.CalculationsanddeterminationsmustbemadefollowingGAAP.Theterm“financialstatements”includesthenotesandschedulesthereto.Theterms“including”and“includes”alwaysmean“including(orincludes)withoutlimitation,”inthisoranyLoanDocument.2.LOANANDTERMSOFPAYMENT2.1PromisetoPay.BorrowerpromisestopayBanktheunpaidprincipalamountofallAdvancesandinterestontheunpaidprincipalamountoftheAdvances.2.1.1Advances.(a)BankwillmakeAdvancesnotexceedingthelesseroftheCommittedRevolvingLineandtheBorrowingBase.AmountsborrowedunderthisSectionmayberepaid(withoutpenalty)andreborrowedduringthetermofthisAgreement第6页共34页(b)ToobtainanAdvance,BorrowermustnotifyBankbyfacsimileortelephone.BankshallcreditAdvancestoBorrower’sdepositaccount,accountnumber(the“DesignatedDepositAccount”)on(i)theBusinessDaythatnoticeisreceivedatorbefore12:00noonPacificTimeor(ii)theBusinessDayimmediatelyfollowingtheBusinessDaythatnoticeisreceivedafter12:00noonPacifictime.BorrowermustpromptlyconfirmthenotificationbydeliveringtoBanktheLoanPayment/AdvanceRequestFormattachedasExhibitB(the“Payment/AdvanceForm”).BankmaymakeAdvancesunderthisAgreementbasedoninstructionsfromaResponsibleOfficerorhisorherdesigneeorwithoutinstructionsiftheAdvancesarenecessarytomeetObligationswhichhavebecomedue.BankmayrelyonanytelephonenoticegivenbyapersonwhomBankbelievesisaResponsibleOfficerordesignee.BorrowerwillindemnifyBankforanylossBanksuffersduetosuchreliance.(c)TheCommittedRevolvingLineshallterminateontheMaturityDate,andallAdvancesareimmediatelydueandpayableontheMaturityDate.1(d)Bank’sobligationtolendtheundisbursedportionoftheCommittedRevolvingLinewillterminateif,inBank’ssolediscretion,therehasbeenaMaterialAdverseChange.2.2Overadvances.IfBorrower’sObligationsunderSection2.1.1exceedthelesserofeither(a)theCommittedRevolvingLineor(b)theBorrowingBase,BorrowermustpayBanktheexcesswithinone(1)BusinessDayofBank’snoticetoBorrowerofsuchexcess.2.3InterestRate,Payments.(a)InterestRate.Advancesaccrueinterestontheoutstandingprincipalbalancethereofataperannumrateequaltothegreaterof(i)three-quartersofonepercentagepoint(.75%)abovethePrimeRateand(ii)5.00%.AfteranEventofDefaulthasoccurredandiscontinuing,Obligationsshallaccrueinterestatarateperannumequaltothreepercent(3%)abovetherateeffectiveimmediatelybeforetheEventofDefault.Theinterestrateincreasesordecreaseswhe