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EXHIBIT 10.15
 
 
LIMITED WAIVER AND AMENDMENT NO. 1 TO CREDIT AGREEMENT
 
This LIMITED WAIVER AND AMENDMENT NO. 1 TO CREDIT AGREEMENT (this "Amendment"),
dated as of April 5, 2007, by and among RADNET MANAGEMENT, INC., a California
corporation (the "Borrower"), the other persons designated as Credit Parties on
the signature pages hereto, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation, as agent ("Agent") and the Persons signatory thereto from time to
time as Lenders.  Unless otherwise specified herein, capitalized terms used in
this Amendment shall have the meanings ascribed to them in the Credit Agreement
(each as hereinafter defined).
 
RECITALS
 
WHEREAS, the borrower, the Credit Parties, Agent and Lenders have entered into
that certain Credit Agreement dated as of November 15, 2006 (as further amended,
supplemented, restated or otherwise modified from time to time, the "Credit
Agreement"); and
 
WHEREAS, the Borrowers, Agent and Requisite Lenders have agreed to the limited
waiver and amendments as set forth herein;
 
NOW THEREFORE, in consideration of the mutual execution hereof and other good
and valuable consideration, the parties hereto agree as follows:
 
1.           Limited Waiver.  The Agent and Requisite Lenders hereby waive any
breach of Section 6.2(a) of the Credit Agreement, and any Default or Event of
Default as a result thereof, solely to the extent that Borrower failed to
deliver the Financial Statements for the Fiscal Month ending January 31, 2006 on
or prior to March 17, 2007, so long as such Financial Statement are delivered on
or prior to ______ __, 2007.
 
2.           Amendment to Section 6.2(a)(i).  Section 6.2(a)(i) of the Credit
Agreement is hereby amended by replacing the phrase "forty-five (45) days" with
the phrase "forty-five (45) days (or sixty days (60) with respect to each Fiscal
Month ending on or after February 28, 207 but on or prior to August 31, 2007)".
 
3.           Amendment to Section 6.1(a)(iii).  Section 6.2(a)(iii) is hereby
amended by replacing the phrase "forty-five (45) days" with the phrase
"forty-five (45) days (or if Holding files and extension with the
Securities & Exchange Commission, [fifty (50) days]; provided, that Borrower has
given Agent a written explanation forty-five (45) days after the end of the
applicable Fiscal Quarter of Holdings, in form and substance reasonably
acceptable to Agent, regarding the need for such extension)".
 
4.           Representations and Warranties of Credit Parties.  The Credit
Parties represent and warrant that:
 
(a)           the execution, delivery and performance by the Credit Parties of
this Amendment have been duly authorized by all necessary corporate action
required on its part and this Amendment is a legal, valid and binding obligation
of the Credit Parties enforceable against the Credit Parties in accordance with
its terms except as the enforcement thereof may be subject to (i) the effect of
any applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors' rights generally and (ii) general principles of equity
(regardless of whether enforcement is sought in a proceeding inequity or at
law); and
 

 
 

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(b)           after giving effect to this Amendment, each of the representations
and warranties contained in the Credit Agreement is true and correct in all
material respects on and as of the date hereof as if made on the date hereof,
except to the extent that such representations and warranties expressly relate
to an earlier date.
 
5.           Conditions To Effectiveness.  This Amendment shall he effective
upon the execution and delivery of this Amendment by the Agent, Requisite
Lenders and the Credit Parties.
 
6.           Reference To And Effect Upon The Credit Agreement.
 
(a)           The Credit Agreement and the other Loan Documents shall remain in
full force and effect, as amended hereby, and are hereby ratified and confirmed.
 
(b)           The execution, delivery and effectiveness of this Amendment shall
not operate as a waiver of any right, power or remedy of Agent or any Lender
under the Credit Agreement or any Loan Document, nor constitute a waiver or
amendment of any provision of the Credit Agreement or any Loan Document, except
as specifically set forth herein.  Upon the effectiveness of this Amendment,
each reference in the Credit Agreement to "this Credit Agreement," "hereunder,"
"hereof," "herein" or words of similar import shall mean and be a reference to
the Credit Agreement as amended hereby.
 
7.           Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY  AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS
PROVISIONS) OF THE STATE Of NEW YORK.
 
8.           Headings.  Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.
 
9.           Counterparts.  This Amendment may be executed in any number of
counterparts, each of which when so executed shall he deemed an original, but
all such counterparts shall constitute one and the same instrument.
 
10.           Reaffirmation of Guaranties.  The Credit Parties signatory hereto
hereby reaffirm their Guaranties of the Obligations, taking into account the
provisions of this Amendment.
 

 
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the date first written above.
 
 

  RADNET MANAGEMENT, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  PRIMEDEX HEALTH SYSTEMS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  BEVERLY RADIOLOGY MEDICAL GROUP III       By: ProNet Imaging Medical Group,
Inc., its general partner        By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President
      By: Beverly Radiology Medical Group, Inc., its general partner        By: 
/s Howard G. Berger, M.D.                            Name: Howard G. Berger,
M.D.    Title: President

 
 
 
 
 
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  PRONET IMAGING MEDICAL GROUP, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
                                              

  BEVERLY RADIOLOGY MEDICAL GROUP, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  RADNET SUB, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  SOCAL MR SITE MANAGEMENT, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  RADNET MANAGEMENT I, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  RADNET MANAGEMENT II, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 
 
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  RADNET MANAGED IMAGING SERVICES, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  DIAGNOSTIC IMAGING SERVICES, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: Chief Financial Officer

 
 

  RADIOLOGIX, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 

  ADVANCED IMAGING PARTNERS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 

  IDE IMAGING PARTNERS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 
 
 
 
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  MID ROCKLAND IMAGING PARTNERS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 

  PACIFIC IMAGING PARTNERS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

  QUESTAR IMAGING, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

  TREASURE COAST IMAGING PARTNERS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 

  COMMUNITY IMAGING PARTNERS, INC.           By:  /s Howard G. Berger,
M.D.                            Name: Howard G. Berger, M.D.   
Title: President

 
 
 
 
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RADIOLOGY AND NUCLEAR MEDICINE IMAGING PARTNERS, INC.
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 

 
VALLEY IMAGING PARTNERS, INC.
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 

 
QUESTAR DULUTH, INC.
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 

 
QUESTAR LOS ALAMITOS, INC.
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 

 
QUESTAR VICTORVILLE, INC.
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 
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ROCY MOUNTAIN OPENSCAN MRI, LLC
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 

 
FRI, INC.
          By:  /s Howard G. Berger, M.D.                            Name: Howard
G. Berger, M.D.   
Title: President

 
 
 
 
 
 
 
 
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GENERAL ELECTRIC CAPITAL
  CORPORATION   as Agent and a Lender            By:  /s/ Andrew
Moore                                           Duly Authorized Signatory  
 

 
 
 
 
 
 
 
 
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[INSERT NAME OF LENDER] as Lender
         
By:                                                                                                        
  Name:  
Title:

 
 
 
 
 
 
 
 
 
 
 
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