Document:

Exhibit 10.7

 

AFFIRMATION
AND AMENDMENT OF SUBORDINATION AGREEMENT

 

This AFFIRMATION OF SUBORDINATION AGREEMENT (this “Affirmation”)
is made as of February 27, 2009, by the undersigned creditor (“Creditor”)
for the benefit of Comerica Bank (“Bank”).

 

RECITALS

 

CLARIENT,
INC. (“Borrower”) and Bank are parties to that certain Amended and Restated
Loan Agreement dated as of February 28, 2008, as amended from time to
time, including without limitation by that First Amendment and Waiver to
Amended and Restated Loan Agreement dated March 14, 2008, by that Second
Amendment to Loan Agreement dated March 21, 2008, by that certain Third
Amendment and Consent to Amended and Restated Loan Agreement dated as of July 31,
2008, and by that certain Fourth Amendment to Amended and Restated Loan
Agreement dated as of January 27, 2009 (collectively, the “Agreement”).  Borrower and Creditor are parties to that
certain Amended and Restated Senior Subordinated Revolving Credit Agreement
dated as of March 14, 2008 (the “Original Safeguard Agreement”).  Borrower and Creditor propose to enter into a
Second Amended and Restated Senior Subordinated Revolving Credit Agreement
dated of even date herewith, which amends the Original Safeguard Agreement by
increasing the amounts available to be borrowed (“Restated Safeguard Senior
Credit Agreement”).  Creditor executed
for the benefit of Bank a Subordination Agreement dated as of March 7,
2007, as affirmed February 28, 2008, as affirmed and amended as of March 14,
2008, and as affirmed and amended as of July 31, 2008 (the “Subordination
Agreement”).  Borrower and Bank propose
to enter into a Fifth Amendment to Amended and Restated Loan Agreement of even
date herewith (the “Fifth Amendment”), which amends the Agreement by, among
other things, extending the maturity date and changing covenants.  Bank has agreed to enter into this Fifth
Amendment and consent to the Restated Safeguard Agreement provided, among other
things, that Creditor consents to the Fifth Amendment and agrees that the
Subordination Agreement will remain effective as amended hereby.

 

AGREEMENT

 

NOW,
THEREFORE, the parties agree as follows:

 

1.             All references to the “Amended and
Restated Senior Subordinated Revolving Credit Agreement dated as of March 14,
2008” in the Subordination Agreement are hereby replaced with “Second Amended
and Restated Senior Subordinated Revolving Credit Agreement dated as of February 27,
2009 (as amended from time to time).”

 

2.             Creditor consents to the execution,
delivery and performance by the Borrower of the Fifth Amendment.  Bank consents to the execution, delivery and
performance by the Borrower of the Restated Safeguard Agreement.

 

3.             The Subordination Agreement shall
remain in full force and effect, as amended hereby, with respect to all of
Borrower’s Obligations to Bank under (and as defined in) the Agreement.

 

4.             Bank and Creditor each affirm their
respective obligations under the Subordination Agreement.

 

5.             Unless otherwise defined,
capitalized terms in this Affirmation shall have the meaning assigned in the
Subordination Agreement, as amended. 
This Affirmation may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one
instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

1

 

IN
WITNESS WHEREOF, the undersigned have executed this Affirmation as of the first
date above written.

 

 

	
  “Bank”

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COMERICA
  BANK

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:
  

  	
  /s/
  Todd A. McDonald

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:
  

  	
  Todd
  A. McDonald

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:
  

  	
  Senior
  Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Creditor”

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SAFEGUARD DELAWARE, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:
  

  	
  /s/
  Brian J. Sisko

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:
  

  	
  Brian
  J. Sisko

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:
  

  	
  Vice
  President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The
  undersigned approve of the terms of this Affirmation.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Borrower”

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CLARIENT, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:
  

  	
  /s/
  Brian J. Sisko

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:
  

  	
  Brian
  J. Sisko

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:
  

  	
  Vice
  President

  	
   

  	
   

  
						

 

2Exhibit 10.8

 

AFFIRMATION OF GUARANTY

 

This AFFIRMATION OF GUARANTY
is made as of February 27, 2009 (“Affirmation”), by and among SAFEGUARD
DELAWARE, INC. (“SDI”), SAFEGUARD SCIENTIFICS (DELAWARE), INC. (“SSI”;
collectively with SDI, “Guarantors”, each, a “Guarantor”) and COMERICA BANK (“Bank”).

 

RECITALS

 

Bank and CLARIENT, INC. (“Borrower”) are parties to
that certain Amended and Restated Loan Agreement dated as of February 28,
2008, as amended from time to time (the “Agreement”).  Guarantors executed for the benefit of Bank a
Third Amended and Restated Unconditional Guaranty dated as of January 17,
2007, guarantying amounts owing by Borrower to Bank, as affirmed by that
certain Amendment and Affirmation of Guaranty dated as of February 28,
2007, as affirmed by that certain Affirmation of Guaranty dated as of March 15,
2007, as affirmed by that certain Affirmation of Guaranty dated as of November 1,
2007, as affirmed by that certain Affirmation of Guaranty dated as of July 31,
2008, and as further affirmed from time to time (collectively, the “Guaranty”).  Bank and Borrower propose to enter into a
Fifth Amendment to Amended and Restated Loan Agreement (the “Amendment”).  Bank has agreed to enter into the Amendment
provided, among other things, that each Guarantor consents to the Amendment and
agrees that the Guaranty will remain effective. 
Capitalized terms used and not otherwise defined herein shall have the
meanings given in the Agreement.

 

AGREEMENT

 

NOW, THEREFORE, each  Guarantor agrees as follows:

 

1.             Each Guarantor
consents to the execution, delivery and performance by Borrower and Bank of the
Amendment.  The Guaranty is and shall
remain in full force and effect with respect to Borrower’s Obligations (as
defined in the Agreement).  Each
Guarantor confirms that, as of the date hereof, such Guarantor has no defenses
against its obligations under the Guaranty.

 

2.             The Guaranty, as
amended hereby, shall be and shall remain in full force and effect in
accordance with its terms and hereby is ratified and confirmed in all
respects.  All references to “Agreement”
in the Guaranty shall refer to the Agreement, as amended.  Except as expressly set forth herein, the
execution, delivery, and performance of this Affirmation shall not operate as a
waiver of, or as an amendment of, any right, power, or remedy of Bank under the
Guaranty, as in effect prior to the date hereof.  Each Guarantor ratifies and reaffirms the
continuing effectiveness of all instruments, documents and agreements entered
into in connection with the Guaranty.

 

3.             Each Guarantor
represents and warrants that the representations and warranties contained in
the Guaranty are true and correct in all material respects as of the date of
this Affirmation other than (i) to the extent such representations and warranties
expressly relate to an earlier date, which representations and warranties are
true and correct as of such date; and (ii) for those changes to the
representations and warranties resulting from events, occurrences or
circumstances permitted under the applicable Loan Documents, as amended.  This Affirmation may be signed in two or more
counterparts, each of which shall be deemed an original and all of which shall
constitute one instrument.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

1

 

IN WITNESS WHEREOF,
the undersigned have executed this Affirmation as of the first date above
written.

 

	
   

  	
   

  	
  SAFEGUARD DELAWARE,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  :  /s/ Brian
  J. Sisko

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SAFEGUARD SCIENTIFICS
  (DELAWARE), INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  :  /s/ Brian
  J. Sisko

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COMERICA BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By :

  	
  /s/ Todd A. McDonald

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Senior Vice President

  
						

 

2Exhibit 10.9

 

THIRD AMENDMENT TO AMENDED AND RESTATED REIMBURSEMENT

AND INDEMNITY AGREEMENT

 

This
Third Amendment to Amended and Restated Reimbursement and Indemnity Agreement
(this “Amendment”) is entered into as of February 27, 2009, by and
among CLARIENT, INC., a Delaware corporation (“Clarient”), SAFEGUARD
DELAWARE, INC., a Delaware corporation (“SDI”) and SAFEGUARD SCIENTIFICS
(DELAWARE), INC., a Delaware corporation (“SSI” , and together with SDI,
“Safeguard”).

 

RECITALS

 

Clarient
and Safeguard are parties to that certain Amended and Restated Reimbursement
and Indemnity Agreement, dated as of January 17, 2007 as amended by that
certain First Amendment to Amended and Restated Reimbursement and Indemnity
Agreement, dated as of March 6, 2007 and as further amended by that Second
Amendment to Amended and Restated Reimbursement and Indemnity Agreement, dated
as of March 14, 2008 (the “Agreement”).  The parties desire to amend the Agreement in
accordance with the terms of this Amendment.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound hereby, the
parties hereto agree as follows:

 

1.                                       Section 1(d)(ii) of
the Agreement is amended and restated to read in its entirety as follows:

 

“(ii) incurring any other indebtedness (other than indebtedness
outstanding from time to time under (x) Clarient’s loan and security
agreements with Comerica Bank and Gemino Healthcare Finance, LLC (as amended,
supplemented, replaced or otherwise modified from time to time) and (y) that
certain Second Amended and Restated Senior Subordinated Revolving Credit
Agreement dated as of February 27, 2009, by Clarient and SDI (as the same
may be amended, restated or otherwise modified from time to time, the “SDI
Credit Agreement”) and all indebtedness permitted under the SDI Credit
Agreement.”

 

2.                                       This
Amendment shall be effective upon receipt by Safeguard of this Amendment duly
executed by Clarient.

 

3.                                       Unless
otherwise defined, all initially capitalized terms in this Amendment shall be
as defined in the Agreement.

 

4.                                       Clarient
represents and warrants that the representations and warranties contained in
the Agreement are true and correct in all material respects of the date of the
Amendment (unless such representations and warranties relate to a specific
date, in which case they shall be true and correct in all material respects on
and as of such date).

 

5.                                       Except as
expressly amended hereby, all terms and provisions of the .Agreement shall
remain in full force and effect and Clarient hereby affirms, confirms and
ratifies same.

 

6.                                       This
Amendment shall be governed by construed and enforced in accordance with the
laws of the Commonwealth of Pennsylvania, without regard to the conflicts of
laws provisions thereof.

 

7.                                       This
Amendment may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one instrument.

 

 

IN
WITNESS WHEREOF, the undersigned have executed this Third Amendment to Amended
and Restated Reimbursement and Indemnity Agreement on the date first set forth
above.

 

 

	
   

  	
   

  	
  CLARIENT,
  INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Raymond J. Land

  
	
   

  	
   

  	
   

  	
  Ray
  Land

  
	
   

  	
   

  	
   

  	
  Senior
  Vice President and

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SAFEGUARD
  DELAWARE, 1NC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Brian J. Sisko

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SAFEGUARD
  SCIENTIFICS (DELAWARE), 1NC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Brian J. Sisko

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Vice
  President

  

 

2

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