Silicon Valley Bank

 

EXHIBIT 10.50

 

Amendment to Loan Documents

 

Borrower:    APPLIED IMAGING CORP. Address:    2380 Walsh Avenue      Santa
Clara, CA 95051 Dated:    December 31, 2003

 

THIS AMENDMENT TO LOAN DOCUMENTS is entered into between Silicon Valley Bank
(“Silicon”) and the borrower named above (“Borrower”).

 

Silicon and Borrower hereby agree to amend the Loan and Security Agreement
between them, dated September 28, 2001 (as amended, restated, supplemented, or
otherwise modified from time to time, the “Loan Agreement”), as follows,
effective as of the date hereof. (Capitalized terms used but not defined in this
Amendment shall have the meanings set forth in the Loan Agreement.)

 

1. Modification re Tangible Net Worth. The following sentence is added to
Section 5 of the Schedule to Loan Agreement immediately before the section
entitled “Definitions”:

 

“Notwithstanding the foregoing, the minimum Tangible Net Worth which Borrower
shall be required to maintain at December 31, 2003 shall be $2,200,000.”

 

2. Fee. In consideration for Silicon entering into this Amendment, Borrower
shall pay Silicon a fee of $1,000 concurrently with the execution and delivery
of this Amendment, which fee shall be non-refundable and in addition to all
interest and other fees payable to Silicon under the Loan Documents. Silicon is
authorized to charge said fee to Borrower’s loan account.

 

3. Representations True. Borrower represents and warrants to Silicon that all
representations and warranties set forth in the Loan Agreement, as amended
hereby, are true and correct.

 

4. General Provisions. This Amendment, the Loan Agreement, any prior written
amendments to the Loan Agreement signed by Silicon and Borrower, and the other
written documents and agreements between Silicon and Borrower set forth in full
all of the representations and agreements of the parties with respect to the
subject matter hereof and supersede all prior discussions, representations,
agreements and understandings between the parties with respect to the subject
hereof. Except as herein expressly amended, all of the terms and provisions of
the Loan Agreement, and all other documents and agreements between Silicon

 

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Silicon Valley Bank    Amendment to Loan Documents

 

and Borrower shall continue in full force and effect and the same are hereby
ratified and confirmed.

 

[Signatures on following page]

 

Borrower:       Silicon: APPLIED IMAGING CORP.       SILICON VALLEY BANK By  
/s/ Barry Hotchkies       By   /s/ Chitra Suriyanarayanan    

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    President or Vice President       Title   Account Manager

 

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