California
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000-22893
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94-2424084
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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400 KATO TERRACE
FREMONT, CA 94539
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(Address of principal executive offices, including zip code)
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510-623-9400
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(Registrant’s telephone number, including area code)
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N/A
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(Former name or former address, if changed since last report)
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
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Description
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10.1
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Second Amendment to Loan and Security Agreement dated September 11, 2012 by and between Aehr Test Systems and Silicon Valley Bank.
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10.2
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Second Amendment to Export-Import Bank Loan and Security Agreement dated September 11, 2012 by and between Aehr Test Systems and Silicon Valley Bank.
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AEHR TEST SYSTEMS
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By:
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/s/ GARY L. LARSON
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Gary L. Larson
Vice President of Finance and
Chief Financial Officer
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BANK | BORROWER | ||||
Silicon Valley Bank | Aehr Test Systems | ||||
By: |
/s/ Mei Chui
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By: |
/s/ Gary L. Larson
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Name: |
Mei Chui
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Name: |
Gary L. Larson
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Title: |
Relationship Mgr
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Title: |
VP,CFO
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Please indicate compliance status by circling Yes/No under “Complies” column.
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Reporting Covenant
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Required
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Complies
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Quarterly financial statements with Compliance Certificate
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Quarterly within 30 days (40 days for Borrower’s second fiscal quarter)
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Yes No
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Monthly financial statements with Compliance Certificate
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Monthly within 30 days
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Yes No
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Fiscal year end financials + CC
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Within 5 days of being publicly available but no later than 55 days FYE
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Yes No
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Annual financial statement (CPA Audited) + CC
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FYE within 180 days
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Yes No
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10-Q, 10-K and 8-K
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Within 5 days after filing with SEC
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Yes No
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A/R & A/P Agings, Deferred Revenue report
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Monthly within 30 days
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Yes No
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Quarterly Invoices/Purchase Orders
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As soon as available
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Yes No
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Annual Financial Projections
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Within 30 days after Board Approval
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Yes No
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Pricing Reduction
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Applies
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Net Cash > $1,000,000
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Prime – 0.50%
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Yes No
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Net Cash ≤ $1,000,000
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Prime + 0.75%
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Yes No
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Net Cash > $0.00
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No CHF
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Yes No
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Net Cash ≤ $0.00
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CHF = 0.20%
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Yes No
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Trigger | Required | Actual | Eligible for Reduction | ||||
Net Cash | $0.00/$1,000,000 | $__________ | Yes No |
ACCOUNTS RECEIVABLE
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1. Accounts Receivable (invoiced) Book Value as of ____________________
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$_______________
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2. Additions (Please explain on next page)
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$_______________
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3. Less: Intercompany / Employee / Non-Trade Accounts
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$_______________
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4. NET TRADE ACCOUNTS RECEIVABLE
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$_______________
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ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
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5. 90 Days Past Invoice Date
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$_______________
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6. Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)
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$_______________
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7. Foreign Account Debtor Accounts
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$_______________
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8. Foreign Invoiced and/or Collected Accounts
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$_______________
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9. Contra / Customer Deposit Accounts
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$_______________
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10. U.S. Government Accounts
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$_______________
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11. Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts
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$_______________
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12. Accounts with Memo or Pre-Billings
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$_______________
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13. Contract Accounts; Accounts with Progress / Milestone Billings
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$_______________
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14. Accounts for Retainage Billings
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$_______________
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15. Trust / Bonded Accounts
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$_______________
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16. Bill and Hold Accounts
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$_______________
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17. Unbilled Accounts
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$_______________
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18. Non-Trade Accounts (If not already deducted above)
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$_______________
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19. Accounts with Extended Term Invoices (Net 90+)
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$_______________
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20. Chargebacks Accounts / Debit Memos
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$_______________
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21. Product Returns/Exchanges
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$_______________
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22. Disputed Accounts; Insolvent Account Debtor Accounts
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$_______________
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23. Deferred Revenue / Other (Please explain on next page)
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$_______________
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24. [Reserved]
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25. TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
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$_______________
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26. Eligible Accounts (#4 minus #25)
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$_______________
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27. ELIGIBLE AMOUNT OF ACCOUNTS (80% of #26)
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$_______________
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BALANCES
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28. Maximum Loan Amount
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$2,500,000
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29. Outstanding Exim Advances and Exim Inventory Advances
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$_______________
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30. Unused Loan Amount (#28 minus #29)
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$_______________
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31. Total Funds Available (Lesser of #27 or #30)
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$_______________
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32. Present balance owing on Line of Credit
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$_______________
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33. RESERVE POSITION (#31 minus #32)
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$_______________
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COMMENTS:
By: ___________________________
Authorized Signer
Date:
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BANK USE ONLY
Received by: _____________________
authorized signer
Date: __________________________
Verified: ________________________
authorized signer
Date: ___________________________
Compliance Status: Yes No
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BANK | BORROWER | ||||
Silicon Valley Bank | Aehr Test Systems | ||||
By: |
/s/ Mei Chui
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By: |
/s/ Gary L. Larson
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||
Name: |
Mei Chui
|
Name: |
Gary L. Larson
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||
Title: |
Relationship Mgr
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Title: |
VP,CFO
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Borrower: Aehr Test Systems | Bank: Silicon Valley Bank | ||
FOREIGN ACCOUNTS RECEIVABLE FROM EXPORT ACTIVITIES
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1. Foreign Accounts Book Value as of ____________
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$____________
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2. Additions (please explain on reverse)
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$____________
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3. Less: Intercompany / Employee / Non-Trade Accounts
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$____________
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4. NET FOREIGN ACCOUNTS
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$____________
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ACCOUNTS RECEIVABLE DEDUCTIONS
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5. Accounts over 90 days past invoice (or 60 days if not ExIm insured)
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$____________
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6. Credit Balances
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$____________
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7. Accounts with terms greater than 180 days
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$____________
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8. Governmental and Military Accounts
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$____________
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9. Contra Accounts
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$____________
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10. Progress billings, Promotion, Demo, Bill and Hold, Guaranteed Sale or Consignment Accounts
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$____________
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11. Related Account Debtor Accounts
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$____________
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12. Disputed Accounts; Insolvent Account Debtor Accounts
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$____________
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13. Accounts arising from the sale of defense articles or items
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$____________
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14. Accounts excluded under the Borrower Agt
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$____________
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15. Accounts from sales not in the ordinary course of business |
$____________
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16. Accounts not owned by Borrower
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$____________
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17. Accounts without invoices
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$____________
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18. Accounts outside U.S.
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$____________
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19. Accounts in countries prohibited by EX-IM
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$____________
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20. Accounts supported by LCs not accepted by EX-IM
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$____________
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21. Accounts billed and payable outside the U.S.
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$____________
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22. Accounts denominated in non-U.S. currency (unless approved)
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$____________
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23. Accounts that do not comply with the terms of sale set forth by EX-IM
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$____________
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24. Accounts arising from sales of Items that do not meet 50% U.S. Content requirements
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$____________
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25. Pre-billings; Product Returns, Rejections, Repossessions
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$____________
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26. Accounts determined doubtful
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$____________
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27. Other
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$____________
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28. TOTAL ACCOUNTS DEDUCTIONS
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$____________
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29. Eligible Accounts (No. 4 - No. 28)
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$____________
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30. Accounts billed in non-US currency not hedged
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$____________
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31. Eligible Accounts (No. 29 – No. 30)
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$____________
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32. Loan Value of Accounts (90% of No. 31)
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$____________
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33. Loan Value of Accounts not hedged (75% of No. 30)
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$____________
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34. Loan Value of all Accounts (No. 32 plus No. 33)
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$____________
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INVENTORY
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35. Eligible Inventory Value as of _______________
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$____________
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INVENTORY DEDUCTIONS
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36. Inventory located at a non-disclosed locations
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$____________
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37. Inventory located outside of the U.S.
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$____________
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38. Inventory placed or held on consignment
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$____________
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39. Inventory produced in violation of Fair Labor Standards Act; Hot goods
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$____________ | |
40. Inventory that does not meet 50% U.S. Content requirements
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$____________
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41. Demo Inventory
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$____________
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42. Proprietary software
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$____________
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43. Damaged, obsolete, returned, defective, recalled or unfit Inventory
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$____________
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44. Previously exported Inventory
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$____________
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45. Inventory that constitutes defense articles
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$____________
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46. Inventory related to nuclear power
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$____________
|
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47. Inventory destined for countries prohibited by EX-IM
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$____________
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48. Inventory that is eligible inventory under any other facility
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$____________
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49. Capital Goods unless in accordance with Economic Impact Approval
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$____________
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50. TOTAL INVENTORY DEDUCTIONS
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$____________
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51. Eligible Inventory (No. 35 – No. 50)
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$____________
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52. ELIGIBLE AMOUNT OF INVENTORY (50% of No. 51)
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$____________
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BALANCES
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|||
53. Maximum Loan Amount
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$2,500,000
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54. Advances Outstanding under Domestic Loan Agreement
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$____________
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55. Maximum EXIM Eligible [Lesser of (No. 34 plus No. 52) or (No. 53 minus No. 54)]
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$____________
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56. Present balance owing on EXIM Line of Credit
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$____________
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57. RESERVE POSITION [No. 55 minus No. 54 minus No. 56]
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$____________ |
AEHR TEST SYSTEMS
By:_________________________________
Name:_______________________________
Title: _______________________________
Date:________________________________
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BANK USE ONLY
Received By:___________________________
Date:_________________
Verified By:___________________________
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