LOAN AND SECURITY AGREEMENT
This LOAN AND SECURITY AGREEMENT (“Agreement”) dated as of the Effective Date, between
SILICON VALLEY BANK (“Bank”), whose address is 3003 Tasman Drive, Santa Clara, California 95054
with a loan production office located at 301 Carlson Parkway, Suite 255, Minnetonka, Minnesota 55305 and
XATA CORPORATION (“Borrower”), whose address is 151 E. Cliff Road, Suite #10, Burnsville, Minnesota
55337 provides the terms on which Bank will lend to Borrower and Borrower will repay Bank. The parties agree
1 ACCOUNTING AND OTHER TERMS
Accounting terms not defined in this Agreement will be construed following GAAP. Calculations and
determinations must be made following GAAP. The term “financial statements” includes the notes and schedules.
The terms “including” and “includes” always mean “including (or includes) without limitation,” in this or any Loan
2 LOAN AND TERMS OF PAYMENT
2.1 Promise to Pay.
Borrower promises to pay Bank the unpaid principal amount of all Credit Extensions and interest on the
unpaid principal amount of the Credit Extensions.
2.1.1 Revolving Advances.
(a) Bank will make Advances not exceeding the lesser of (A) the Committed Revolving Line or (B) the
Borrowing Base. Amounts borrowed under this Section may be repaid and reborrowed during the term of this
(b) To obtain an Advance, Borrower must notify Bank by facsimile or telephone by 12:00 p.m. Pacific Time on
the Business Day the Advance is to be made. Borrower must promptly confirm the notification by delivering to
Bank the Payment/Advance Form attached as Exhibit B. Bank will credit Advances to Borrower’s deposit
account. Bank may make Advances under this Agreement based on instructions from a Responsible Officer or
his or her designee or without instructions if the Advances are necessary to meet Obligations which have become
due. Bank may rely on any telephone notice given by a person whom Bank beli