Document:

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                                                                   Exhibit 10.28

                           WAIVER AND AMENDMENT NO. 3

                                       TO

                           LOAN AND SECURITY AGREEMENT

      THIS WAIVER AND AMENDMENT NO. 3 ("Amendment") is entered into as of
November 12, 2002, by and among TransAct Technologies Incorporated, a Delaware
corporation having its principal place of business at 7 Laser Lane, Wallingford,
Connecticut 06492 ("Borrower"), LaSalle Business Credit, Inc. having its
principal place of business at 135 South LaSalle Street, Chicago, Illinois 60603
with an office located at 565 Fifth Avenue, New York, New York 10017
("LaSalle"), the undersigned financial institutions (each individually a
"Lender" and, collectively, "Lenders") and LaSalle as agent for the Lenders
(LaSalle, in such capacity, "Agent").

                                   BACKGROUND

      Pursuant to a Loan and Security Agreement dated as of May 25, 2001, (as
the same has been and may further be amended, restated, supplemented or
otherwise modified from time to time, the "Loan Agreement") by and among
Borrower, Agent and Lenders, Agent and Lenders provide Borrower with certain
financial accommodations.

      Borrower has requested that, among other things, Agent and Lenders (i)
waive existing Events of Default with respect to the minimum consolidated
EBITDA, tangible net worth and fixed charge coverage financial covenants
contained in the Loan Agreement and (ii) exclude from the calculation of the
financial covenants the restructuring charges incurred by Borrower in connection
with the closing of Borrower's plant in Wallingford, Connecticut and Agent and
Lenders are willing to do so on the terms and conditions hereafter set forth.

      NOW, THEREFORE, in consideration of any loan or advance or grant of credit
heretofore or hereafter made to or for the account of Borrower by Agent and
Lenders, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

      1. Definitions. All capitalized terms not otherwise defined herein shall
have the meanings given to them in the Loan Agreement.

      2. Amendment to Loan Agreement. Subject to satisfaction of the conditions
precedent set forth in Section 5 below, the Loan Agreement is hereby amended as
follows: (a) Article 1 is hereby amended by adding the following defined terms
in their appropriate alphabetical order:

      "Amendment No. 3" shall mean the Waiver and Amendment No. 3 to this
Agreement dated as of November 12, 2002.
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      "Amendment No. 3 Effective Date" shall mean the date on which all of the
conditions precedent contained in Section 5 of Amendment No. 3 shall have been
satisfied.

      (b) the $900,000 restructuring charge accrued by Borrower during the
Fiscal Year ending December 31, 2002 in connection with the closing of
Borrower's plant in Wallingford, Connecticut shall be excluded when calculating
the financial covenants set forth in paragraphs 15(p)(i), 15(p)(ii) and
15(p)(iv) of the Loan Agreement.

      3. Waiver. Subject to satisfaction of the conditions precedent set forth
in Section 5 below, Agent and Lenders hereby waive, solely with respect to the
fiscal quarter ending September 30, 2002, compliance by Borrower with (a) the
Tangible Net Worth covenant set forth in paragraph 15(p)(i) of the Loan
Agreement pursuant to which Borrower was required to maintain a Tangible Net
Worth of not less than $8,678,000 as of September 30, 2002, (b) the Fixed Charge
Coverage Ratio covenant set forth in paragraph 15(p)(ii) of the Loan Agreement
pursuant to which Borrower was required to maintain a Fixed Charge Coverage
Ratio of not less than 1.50 to 1.00 for the nine (9) months ended September 30,
2002 and (c) the Minimum Consolidated EBITDA financial covenant set forth in
paragraph 15(p)(iv) of the Loan Agreement pursuant to which Borrower was
required to maintain Minimum Consolidated EBITDA of not less than $1,765,000 for
the nine (9) months ended September 30, 2002.

      4. Amendment and Waiver Fee. On the Amendment No. 3 Effective Date,
Borrower shall pay Agent for the benefit of Lenders an amendment and waiver fee
of $20,000 (the "Amendment and Waiver Fee"). The Amendment and Waiver Fee shall
be deemed fully earned on the Amendment No. 3 Effective Date and shall not be
subject to reduction, rebate or proration whatsoever. Borrower hereby authorizes
Agent to automatically charge Borrower's loan account with Agent for the
Amendment and Waiver Fee on the Amendment No. 3 Effective Date.

      5. Conditions of Effectiveness. This Amendment shall become effective
November 12, 2002, when and only when Agent shall have received in form and
substance satisfactory to Agent and its counsel (i) four (4) copies of this
Amendment executed by Borrower and consented and agreed to by TransAct.com,
TransAct UK and TransAct Barbados as Guarantors and (ii) such other
certificates, instruments, documents, agreements and opinions of counsel as may
be required by Agent or its counsel, each of which shall be in form and
substance satisfactory to Agent and its counsel.

      6. Representations and Warranties. Borrower hereby represents and warrants
as follows:

            (a) This Amendment and the Loan Agreement, as amended hereby,
constitute legal, valid and binding obligations of Borrower and are enforceable
against Borrower in accordance with their respective terms.

            (b) Upon the effectiveness of this Amendment, Borrower hereby
reaffirms all covenants, representations and warranties made in the Loan
Agreement to the extent the same are not amended hereby and agree that all such
covenants, representations and warranties shall be deemed to have been remade as
of the effective date of this Amendment.

                                       2
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            (c) After giving effect to this Amendment, no Event of Default or
Default has occurred and is continuing or would exist.

            (d) Borrower has no defense, counterclaim or offset with respect to
the Loan Agreement.

            7. Effect on the Loan Agreement.

            (a) Upon the effectiveness of Section 2 hereof, each reference in
the Loan Agreement to "this Agreement," "hereunder," "hereof," "herein" or words
of like import shall mean and be a reference to the Loan Agreement as amended
hereby.

            (b) Except as specifically amended herein, the Loan Agreement, and
all other documents, instruments and agreements executed and/or delivered in
connection therewith, shall remain in full force and effect, and are hereby
ratified and confirmed.

            (c) The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided in Section 3, operate as a waiver of any
right, power or remedy of Agent or Lenders, nor constitute a waiver of any
provision of the Loan Agreement, or any other documents, instruments or
agreements executed and/or delivered under or in connection therewith.

            8. Governing Law. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns
and shall be governed by and construed in accordance with the laws of the State
of New York.

            9. 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 purpose.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       3
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            10. Counterparts; Facsimile. This Amendment may be executed by the
parties hereto in one or more counterparts, each of which shall be deemed an
original and all of which taken together shall be deemed to constitute one and
the same agreement. Any signature delivered by a party hereto by facsimile shall
be deemed to be an original signature hereto.

            IN WITNESS WHEREOF, this Amendment has been duly executed as of the
day and year first written above.

                                 TRANSACT TECHNOLOGIES INCORPORATED, as Borrower

                                 By: /s/ Richard L. Cote
                                     -------------------------------------------
                                     Name:  Richard L. Cote
                                     Title: Executive Vice President and CFO

                                 LASALLE BUSINESS CREDIT, INC., as Agent and
                                 Lender

                                 By: /s/ Michael A. Kurshuk
                                    --------------------------------------------
                                    Name: Michael A. Kurshuk
                                    Title: Vice President

CONSENTED AND AGREED TO:

TRANSACT. COM, INC., as a Guarantor

By:  /s/ Bart C. Shuldman
     -------------------------
     Name:   Bart C. Shuldman
     Title:  President

TRANSACT TECHNOLOGIES LIMITED, as a Guarantor

By:  /s/ Bart C. Shuldman
     -------------------------
     Name:    Bart C. Shuldman
     Title:   Director

TRANSACT TECHNOLOGIES INTERNATIONAL LTD., as a Guarantor

By:  /s/ Richard L. Cote
     -------------------------
     Name:    Richard L. Cote
     Title:   President

                                       4EXHIBIT 10.1

                           SECOND AMENDMENT AGREEMENT

     SECOND AMENDMENT AGREEMENT, dated as of September 30, 2002 (this "Amendment
Agreement"),  to the Amended and Restated Credit Agreement,  dated as of May 14,
2001, as amended to date (and as the same may be further  amended,  supplemented
or  modified  from  time to time in  accordance  with  its  terms,  the  "Credit
Agreement"),  among Microtek Medical Holdings,  Inc., formerly known as Isolyser
Company,  Inc.,  a Georgia  corporation  ("MMH") and Microtek  Medical,  Inc., a
Delaware  corporation  ("Microtek",  together with MMH,  each a "Borrower"  and,
jointly  and  severally,  the  "Borrowers"),  the  lenders  named  therein  (the
"Lenders"),  the guarantors named therein (the  "Guarantors") and JPMorgan Chase
Bank, formerly known as The Chase Manhattan Bank, as agent (the "Agent") for the
Lenders.  Terms used  herein and not  otherwise  defined  herein  shall have the
meanings attributed thereto in the Credit Agreement.

     WHEREAS,  the Borrowers have requested and the Lenders have agreed to amend
the Credit Agreement as described herein.

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. AMENDMENT TO CREDIT AGREEMENT

     1.1 Section 7.09 of the Credit  Agreement is hereby amended in its entirety
to read as follows:

          "SECTION  7.09  EBITDA.  Permit  EBITDA  of the  Borrowers  and  their
     subsidiaries on a Consolidated basis to be less than (i) $7,500,000 for the
     four quarter period ending on September 30, 2002,  (ii)  $8,000,000 for the
     four quarter period ending on December 31, 2002, (iii)  $10,000,000 for the
     four quarter periods ending on March 31, 2003, June 30, 2003, and September
     30, 2003,  (vi)  $11,000,000 for the four quarter period ending on December
     31, 2003 and each four quarter  period  thereafter.  For  purposes  hereof,
     EBITDA  shall  mean  for  the  applicable  period  the  sum of Net  Income,
     depreciation and  amortization,  federal,  state and local income taxes and
     interest  expense for such period,  computed and  calculated  in accordance
     with GAAP."

          SECTION 2. CONFIRMATION OF SECURITY DOCUMENTS

     Each Loan Party, by its execution and delivery of this Amendment Agreement,
irrevocably and unconditionally ratifies and confirms in favor of the Agent that
it consents to the terms and  conditions of the Credit  Agreement as it has been
amended by this  Amendment  Agreement and that  notwithstanding  this  Amendment
Agreement,  each  Security  Document  to which such Loan Party is a party  shall
continue in full force and effect in accordance  with its terms and is and shall
continue to be applicable to all of the Obligations.

                                       1
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     SECTION 3. CONDITIONS PRECEDENT

     This  Amendment  Agreement  shall become  effective  upon the execution and
delivery of counterparts  hereof by the parties listed below and the fulfillment
of the following conditions:

     (1)  All  representations  and  warranties   contained  in  this  Amendment
Agreement or otherwise made in writing to the Agent in connection herewith shall
be true and correct.

     (2) No unwaived  event has occurred and is continuing  which  constitutes a
Default or an Event of Default under the Credit Agreement.

     SECTION 4. MISCELLANEOUS

     4.1  Each   Borrower  and  each   Guarantor   reaffirms  and  restates  the
representations  and warranties set forth in Article IV of the Credit  Agreement
and all such  representations  and  warranties  shall be true and correct on the
date  hereof  with the same force and effect as if made on such date,  except as
they may specifically refer to an earlier date. Each Borrower and each Guarantor
represents and warrants (which  representations and warranties shall survive the
execution and delivery hereof) to the Agent that:

     (1) it has the corporate power and authority to execute,  deliver and carry
out the terms and  provisions of this Amendment  Agreement and the  transactions
contemplated  hereby and has taken or caused to be taken all necessary corporate
action to authorize the  execution,  delivery and  performance of this Amendment
Agreement and the transactions contemplated hereby;

     (2)  no  consent  of  any  other  person  (including,  without  limitation,
shareholders or creditors of any Borrower or any  Guarantor),  and no action of,
or filing  with any  governmental  or public  body or  authority  is required to
authorize,  or is otherwise required in connection with the execution,  delivery
and performance of this Amendment Agreement;

     (3) this Amendment Agreement has been duly executed and delivered on behalf
of  each  Borrower  and  each  Guarantor  by  a  duly  authorized  officer,  and
constitutes  a legal,  valid and binding  obligation  of each  Borrower and each
Guarantor  enforceable  in  accordance  with its terms,  subject to  bankruptcy,
reorganization,  insolvency,  moratorium  and other  similar laws  affecting the
enforcement  of  creditors'  rights  generally  and  the  exercise  of  judicial
discretion in accordance with general principles of equity; and

     (4) the execution,  delivery and  performance  of this Amendment  Agreement
will not violate any law,  statute or regulation,  or any order or decree of any
court or governmental instrumentality, or conflict with, or result in the breach
of, or constitute a default under any contractual  obligation of any Borrower or
any Guarantor.

     4.2 All references to the Credit  Agreement in the Credit Agreement and the
other Loan Documents and the other documents and instruments  delivered pursuant
to or in connection therewith shall mean such Credit Agreement as amended hereby

                                       2
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and as may in the future be amended,  restated,  supplemented  or modified  from
time to time.

     4.3 Upon presentation of its invoice,  the Borrowers  covenant and agree to
pay in full all legal fees charged, and all costs and expenses incurred, by Kaye
Scholer  LLP,  counsel  to  the  Agent,  in  connection  with  the  transactions
contemplated  under this Agreement and the other Loan Documents and  instruments
in connection herewith and therewith.

     4.4  This  Amendment  Agreement  may  be  executed  by the  parties  hereto
individually or in combination, in one or more counterparts, each of which shall
be an original  and all of which shall  constitute  one and the same  agreement.
Delivery of an executed  counterpart of a signature page by telecopier  shall be
effective as delivery of a manually executed counterpart.

     4.5 THIS  AMENDMENT  AGREEMENT  SHALL BE  GOVERNED  BY, AND  CONSTRUED  AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     4.6 The parties  hereto shall,  at any time and from time to time following
the execution of this Amendment Agreement,  execute and deliver all such further
instruments  and take all such further action as may be reasonably  necessary or
appropriate in order to carry out the provisions of this Amendment Agreement.

                [Remainder of this page intentionally left blank]

                                       3
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                                             MICROTEK MEDICAL HOLDINGS, INC.,
                                             formerly known as ISOLYSER COMPANY,
                                             INC.

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             MICROTEK MEDICAL, INC.

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             ISOLYSER  -  MSI,  INC.,   formerly
                                             known as MEDSURG INDUSTRIES, INC.,
                                             as Guarantor

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                             JPMORGAN CHASE BANK, formerly known
                                             as THE CHASE  MANHATTAN BANK, as
                                             Agent and as Lender

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

                                       4
1561531

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