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EXHIBIT 10.15

SILICON VALLEY BANK

PRO FORMA INVOICE FOR LOAN CHARGES

BORROWER:   Fischer Imaging Corporation
LOAN OFFICER:
 
Bill Nay
 
 
 
DATE:
 
November 18, 2003
 
 
 
 
 
Line Fee
 
$
20,000.00     Documentation Fee     250.00
 
 
TOTAL FEE DUE
 
$
20,250.00    

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Please indicate the method of payment:

ý A check for the total amount is attached.
o
Debit DDA #

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for the total amount.
o
Loan proceeds
 
 

/s/  STEPHEN BURKE      
 
11-18-03
 

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  Borrower   (Date)  
/s/  KEVIN L. GROSSMAN      
 
11-19-03
 

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  Silicon Valley Bank   (Date)   Account Officer's Signature      

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ACCOUNTS RECEIVABLE FINANCING MODIFICATION AGREEMENT

        This Accounts Receivable Financing Modification Agreement is entered
into as of November 18, 2003, by and between Fischer Imaging Corporation (the
"Borrower") and Silicon Valley Bank ("Bank").

        1.    DESCRIPTION OF EXISTING INDEBTEDNESS:    Among other indebtedness
which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant
to, among other documents, an Accounts Receivable Financing Agreement, dated
June 11, 2003 by and between Borrower and Bank, as may be amended from time to
time (the "Accounts Receivable Financing Agreement"). Capitalized terms used
without definition herein shall have the meanings assigned to them in the
Accounts Receivable Financing Agreement.

        Repayment of the Indebtedness is secured by the Collateral as described
in the Loan Agreement and in that certain Intellectual Property Security
Agreement (the "IP Agreement").

        Hereinafter, all indebtedness owing by Borrower to Bank shall be
referred to as the "Indebtedness" and the Accounts Receivable Financing
Agreement and any and all other documents executed by Borrower in favor of Bank
shall be referred to as the "Existing Documents."

        2.    DESCRIPTION OF CHANGE IN TERMS.    

        A.    Modification(s) to Accounts Receivable Financing Agreement:    

        (1)   The following terms as defined in Section 1 entitled "Definitions"
are hereby amended to read as follows:

        "Maturity Date" is December 9, 2004.

        "Ineligible Receivable" is any accounts receivable:

        (A)  that is unpaid (90) calendar days after the invoice date; or

        (B)  that is owed by an Account Debtor that has filed, or has had filed
against it, any bankruptcy case, assignment for the benefit of creditors,
receivership, or Insolvency Proceeding or who has become insolvent (as defined
in the United States Bankruptcy Code) or who is generally not paying its debts
as they become due; or

        (C)  for which there has been any breach of warranty or representation
in Section 6 or any breach of any covenant in this Agreement; or

        (D)  for which the Account Debtor asserts any discount, allowance,
return, dispute, counterclaim, offset, defense, right of recoupment, right of
return, warranty claim, or short payment; or

        (E)  for which Borrower's inventory has not been shipped and installed.

        (2)   Section 3.4 entitled "Collateral Handling Fee" is hereby amended
in part to require such fee due only when outstanding Advances exist at any time
during the related Reconciliation Period.

        (3)   Effective as of October 1, 2003, item "(L)" under Section 6.2
entitled "Affirmative Covenants" is hereby amended to read as follows:

Borrower will maintain at all times a Tangible Net Worth of no less than
$18,000,000, which such amount may be adjusted from time-to-time by Bank in
Bank's sole discretion.

        (4)   Notwithstanding the terms and conditions stated in Section 6.3
entitled "Negative Covenants" Borrower may enter into capital lease agreements
with other Persons provided that such leases do not exceed $1,000,000 in the
aggregate and any liens

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related to such leases are purchase money liens on specific equipment and
confined to the property and improvements and the proceeds of the sale of such
equipment.

        (5)   On or prior to February 18, 2004, repayment of the Obligations
shall be guaranteed by any and all Subsidiaries of Borrower and such
Subsidiaries shall execute Bank's standard unconditional guaranty agreement.

        B.    Modification(s) to IP Agreement.    

        (1)   Item "(g)" under Section 3 entitled "Covenants and Warranties" is
hereby amended to read as follows:

Grantor shall not register any Copyrights or Mask Works with the United States
Copyright Office unless it: (i) has given at least fifteen (15) days' prior
notice to Bank of its intent to register such Copyrights or Mask Works and has
provided Bank with a copy of the application it intends to file with the United
States Copyright Office (excluding exhibits thereto); (ii) executes a security
agreement or such other documents as Bank may reasonably request in order to
maintain the perfection and priority of Bank's security interest in the
Copyrights proposed to be registered with the United States Copyright Office;
and (iii) records such security documents with the United States Copyright
Office contemporaneously with filing the Copyright application(s) with the
United States Copyright Office. Grantor shall promptly provide to Bank a copy of
the Copyright application(s) filed with the United States Copyright Office,
together with evidence of the recording of the security documents necessary for
Bank to maintain the perfection and priority of its security interest in such
Copyrights or Mask Works. Grantor shall provide written notice to Bank of any
application filed by Grantor in the United States Patent Trademark Office for a
patent or to register a trademark or service mark within 30 days of any such
filing;

        C.    Waiver of Financial Covenant Default.    

        (1)   Bank hereby waives Borrower's existing default under the Accounts
Receivable Financing Agreement by virtue of Borrower's failure to comply with
the Tangible Net Worth financial covenant through September 30, 2003. Bank's
waiver of Borrower's compliance of this covenant shall apply only to the
foregoing period. Accordingly, beginning with October 1, 2003, Borrower shall be
in compliance with this covenant, as amended herein.

        Bank's agreement to waive the above-described default (1) in no way
shall be deemed an agreement by the Bank to waive Borrower's compliance with the
above-described covenant as of all other dates and (2) shall not limit or impair
the Bank's right to demand strict performance of this covenant as of all other
dates and (3) shall not limit or impair the Bank's right to demand strict
performance of all other covenants as of any date.

        3.    CONSISTENT CHANGES.    The Existing Documents are each hereby
amended wherever necessary to reflect the changes described above.

        4.    PAYMENT OF LINE FEE.    Borrower shall pay Bank a fee in the
amount of Twenty Thousand Dollars ($20,000) ("Line Fee") plus all out-of-pocket
expenses.

        5.    NO DEFENSES OF BORROWER.    Borrower agrees that, as of this date,
it has no defenses against the obligations to pay any amounts under the
Indebtedness.

        6.    CONTINUING VALIDITY.    Borrower understands and agrees that in
modifying the existing Indebtedness, Bank is relying upon Borrower's
representations, warranties, and agreements, as set forth in the Existing
Documents. Except as expressly modified pursuant to this Accounts Receivable

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Financing Modification Agreement, the terms of the Existing Documents remain
unchanged and in full force and effect. Bank's agreement to modifications to the
existing Indebtedness pursuant to this Accounts Receivable Financing
Modification Agreement in no way shall obligate Bank to make any future
modifications to the Indebtedness. Nothing in this Accounts Receivable Financing
Modification Agreement shall constitute a satisfaction of the Indebtedness. It
is the intention of Bank and Borrower to retain as liable parties all makers and
endorsers of Existing Documents, unless the party is expressly released by Bank
in writing. No maker, endorser, or guarantor will be released by virtue of this
Accounts Receivable Financing Modification Agreement. The terms of this
paragraph apply not only to this Accounts Receivable Financing Modification
Agreement, but also to any subsequent Accounts Receivable Financing modification
agreements.

        7.    CONDITIONS.    The effectiveness of this Accounts Receivable
Financing Modification Agreement is conditioned upon payment of the Line Fee.

        8.    COUNTERSIGNATURE.    This Accounts Receivable Financing
Modification Agreement shall become effective only when executed by Borrower and
Bank.

        This Accounts Receivable Financing Modification Agreement is executed as
of the date first written above.

BORROWER:   BANK:
Fischer Imaging Corporation
 
Silicon Valley Bank
By:
/s/  STEPHEN BURKE      

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By:
/s/  KEVIN L. GROSSMAN      

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Name: Stephen Burke

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  Name: Kevin L. Grossman

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Title: EVP Finance & CFO

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  Title: SVP

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