Document:

Fourth Amendment to Credit Agreement

 Exhibit 10.32 
 FOURTH AMENDMENT TO CREDIT AGREEMENT 
 This FOURTH Amendment to Credit Agreement (the
“Amendment”) is made and entered into as of Nov. 11, 2006, by and between BANK OF THE WEST (the “Bank”) and ALPHATEC SPINE, INC. (the “Borrower”) with respect to the following: 
 This Amendment shall be deemed to be a part of and subject to that certain Credit Agreement dated as of January 24, 2006, as it may be amended from
time to time, and any and all addenda and riders thereto (collectively the “Agreement”). Unless otherwise defined herein, all terms used in this Amendment shall have the same meanings as in the Agreement. To the extent that any of the
terms or provisions of this Amendment conflict with those contained in the Agreement, the terms and provisions contained herein shall control. 
 WHEREAS, the Borrower and the Bank mutually desire to extend and/or modify the Agreement. 
 NOW THEREFORE, for value received and
hereby acknowledged, the Borrower and the Bank agree as follows: 
  

	1.	Modification of Interest on Advances. Sections 2.1.4(i) and 2.1.4(ii) of the Agreement are modified and amended as follows: 

  

	 	(i)	The variable rate contained in Section 2.1.4(i) of the Agreement is hereby modified and amended to be Prime Rate plus 0.50%. 

  

	 	(ii)	The percentage rate contained in Section 2.1.4(ii) of the Agreement is hereby modified and amended to be 3.25%. 

  

	2.	Representations and Warranties. The Borrower hereby reaffirms the representations and warranties contained in the Agreement and represents that no event, which with notice or
lapse of time, could become an Event of Default, has occurred or is continuing. 

  

	3.	Confirmation of Other Terms and Conditions of the Agreement. Except as specifically provided in this Amendment, all other terms, conditions and covenants of the Agreement
unaffected by this Amendment shall remain unchanged and shall continue in full force and effect and the Borrower hereby covenants and agrees to perform and observe all terms, covenants and agreements provided for in the Agreement, as hereby amended.

  

	4.	Governing Law. This Amendment shall be governed and construed in accordance with the laws of the State of California to which jurisdiction the parties hereto hereby consent
and submit. 

  

	5.	Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the
same instrument. 

  

 -1- 

 IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first
hereinabove written. 
  

									
	BANK:	 		 	BORROWER:
			
	BANK OF THE WEST	 		 	ALPHATEC SPINE, INC.
					
	BY:	 	 /s/ Kris Ilkov
	 		 	BY:	 	 /s/ Steven M. Yasbek

	NAME:	 	Kris Ilkov, Vice President	 		 	NAME:	 	 Steven Yasbek, Vice President and
 Chief Financial
Officer

					
		 		 		 	ADDRESS:	 	 2051 Palomar Airport Road, Suite 100
 Carlsbad, CA
92011

  

 -2- 

 

 
 November 9, 2006 
 Mr. Steven Yasbek, Chief Financial Officer 
 Alphatec Spine, Inc 
 2051 Palomar Airport Rd 
 Carlsbad, CA 92011 
  

	 Re:
	 Credit Agreement dated January 24th, 2006 executed by Alphatec Spine, Inc. 

	    	(“Borrower”) and Bank of the West (“Bank”) (the “Agreement”) 

 Dear Mr. Yasbek: 
 Borrower has requested the following waiver in connection with the subject Agreement. 
 Bank hereby waives Borrower’s breach of Section 6.2 (ii) of the Agreement occurring for the period ending September 30, 2006. Any further breach of
that Section is not waived. 
 Except to the extent of this and any prior waiver, the Agreement shall remain unaltered and in full force and effect. This
letter shall not be a waiver of any existing default or breach of a covenant unless specified herein. 
 This waiver shall be effective only upon receipt by
the Bank of the enclosed acknowledgment copy executed by the Borrower and Alphatec Holdings, Inc, guarantor of the Agreement. If the foregoing is acceptable, please sign the enclosed copy and return to the undersigned not later than
November 13, 2006. 
 Sincerely, 
  

			
	 /s/ Kristian T. Ilkov

	 Kristian T. Ilkov

	Vice President
	
	 Accepted and Agreed to
 this 10 day of
November, 2006.

	
	Alphatec Spine, Inc., Borrower
		
	By:	 	 /s/ Steven M. Yasbek

	Its:	 	CFO
	
	  

	Alphatec Holdings, Inc., Guarantor
		
	By:	 	 /s/ Steven M. Yasbek

	Its:	 	CFO

  

					
		 	 San Diego National Banking Office
 1280 Fourth Avenue San Diego, CA 92101
 (619) 234-0938 Fax (619) 595-1918
	  	Member FDIC

  

 

 
 INVOICE 
 November 9th 2006 
 Mr. Steven Yasbek, CFO 
 ALPHATEC SPINE, INC 
 2051 Palomar Airport Road, Ste 100

 Carlsbad, CA 92011 
 Dear Steve: 
 This letter is our invoice for the following: 
 Q2 and Q3 Covenant Waiver Fee
of $25,000.00 
 Please authorize us to debit your account #672-017696 for $25,000.00 by signing below and faxing back to us at (619) 595-1918

  
  

	
	We authorize Bank of the West to debit account no. 672-017696 for the covenant waiver fee of $25,000.00
	
	 /s/ Steven M. Yasbek

	Steven Yasbek, CFO – Alphatec Spine Inc

 Thank you for your banking business and for your assistance with this matter. If you have any questions,
please give me a call. 
  
 Kristian T. Ilkov, VP 
 San Diego National Banking OfficeSixth Amendment to Credit Agreement

 Exhibit 10.33 
 SIXTH AMENDMENT TO CREDIT AGREEMENT 
 This SIXTH Amendment to Credit Agreement (the
“Amendment”) is made and entered into as of January 12, 2007 by and between BANK OF THE WEST (the “Bank”) and ALPHATEC SPINE, INC. (the “Borrower”) with respect to the following: 
 This Amendment shall be deemed to be a part of and subject to that certain Credit Agreement dated as of January 24, 2006, as it may be amended from
time to time, and any and all addenda and riders thereto (collectively the “Agreement”). Unless otherwise defined herein, all terms used in this Amendment shall have the same meanings as in the Agreement. To the extent that any of the
terms or provisions of this Amendment conflict with those contained in the Agreement, the terms and provisions contained herein shall control. 
 WHEREAS, the Borrower and the Bank mutually desire to extend and/or modify the Agreement. 
 NOW THEREFORE, for value received and
hereby acknowledged, the Borrower and the Bank agree as follows: 
  

	1.	Deletion of Letter of Credit Sub-Facility. The Letter of Credit Sub-Facility which was added to the Agreement as Section 2.7 in that certain Third Amendment dated June 27,
2006 is hereby deleted in its entirety and all availability is hereby rescinded. 

  

	2.	Representations and Warranties. The Borrower hereby reaffirms the representations and warranties contained in the Agreement and represents that no event, which with notice or lapse
of time, could become an Event of Default, has occurred or is continuing. 

  

	3.	Confirmation of Other Terms and Conditions of the Agreement. Except as specifically provided in this Amendment, all other terms, conditions and covenants of the Agreement unaffected
by this Amendment shall remain unchanged and shall continue in full force and effect and the Borrower hereby covenants and agrees to perform and observe all terms, covenants and agreements provided for in the Agreement, as hereby amended.

  

	4.	Governing Law. This Amendment shall be governed and construed in accordance with the laws of the State of California to which jurisdiction the parties hereto hereby consent and
submit. 

  

	5.	Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same
instrument. 

  

 -1- 

 IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first hereinabove written.

  

									
	BANK:	 		 	BORROWER:
			
	BANK OF THE WEST	 		 	ALPHATEC SPINE, INC.
					
	BY:	 	 /s/ Kris Ilkov
	 		 	BY:	 	 /s/ Steven M. Yasbek

	NAME:	 	Kris Ilkov, Vice President	 		 	NAME:	 	 Steven Yasbek, Vice President and
 Chief Financial
Officer

				
		 		 		 	ADDRESS:
				
		 		 		 	 2051 Palomar Airport Road, Suite 100
 Carlsbad, CA 92011

  

 -2-Seventh Amendment to Credit Agreement

 Exhibit 10.34 
 SEVENTH AMENDMENT TO CREDIT AGREEMENT 
 This SEVENTH Amendment to Credit Agreement (the
“Amendment”) is made and entered into as of March 7, 2007 by and between BANK OF THE WEST (the “Bank”) and ALPHATEC SPINE, INC. (the “Borrower”) with respect to the following: 
 This Amendment shall be deemed to be a part of and subject to that certain Credit Agreement dated as of January 24, 2006, as it may be amended from
time to time, and any and all addenda and riders thereto (collectively the “Agreement”). Unless otherwise defined herein, all terms used in this Amendment shall have the same meanings as in the Agreement. To the extent that any of the
terms or provisions of this Amendment conflict with those contained in the Agreement, the terms and provisions contained herein shall control. 
 WHEREAS, the Borrower and the Bank mutually desire to extend and/or modify the Agreement. 
 NOW THEREFORE, for value received and
hereby acknowledged, the Borrower and the Bank agree as follows: 
  

	1.	Modification of Definition of Borrowing Base. Commencing with the date of this Amendment, Section 1.1.6 of the Agreement is hereby deleted and replaced with the
following: “Borrowing Base”: shall mean, as determined by the Bank from time to time, the lesser of: (i) 80% of the aggregate amount of Eligible Accounts of the Borrower plus the lesser of 50% of the aggregate amount of book
entry Accounts outstanding not more than 15 days from the date of entry or $500,000.00 plus the lesser of 40% of the Value of Acceptable Inventory of the Borrower which consists of raw materials, work-in-process or finished goods plus 20% of the
Value of Acceptable Inventory which consists of inventory held at the customer's location or $500,000.00, (ii) the total amount of deposits which are maintained by Borrower at Bank which are neither demand deposit accounts or pledged as
collateral, or (iii) $12,000,000.00. 

  

	2.	Modification of Definition of Reporting and Certification Requirements. Commencing with the date of this Amendment, the first paragraph only of Section 6.1(v) of
the Agreement is hereby deleted and replaced with the following: “Not later than 30 days after the end of each month, (i) a borrowing base certificate in the form attached hereto as Exhibit “A” (“Borrowing Base
Certificate”), executed by Borrower and certifying the Amount of the Eligible Accounts, and the total amount of deposits which are maintained by Borrower at Bank which are neither demand deposit accounts or pledged as collateral, as of the last
day of the preceding month; and, (ii) an aging of accounts receivable indicating separately the amount of accounts due from each Account Debtor and the amount of total accounts receivable which are current, 31 to 60 days past the due date, 60
to 90 days past the due date, and the amount over 90 days past the due date and an aging of accounts payable indicating the amount of such payables which are current 31 to 60 days past the due date, 60 to 90 days past the due date, and the amount
over 90 days past the due date; and, (iii) a schedule of inventory specifying the Value thereof in the form attached hereto as Exhibit “B”, and such other matters and information relating to the Borrower’s inventory as the Bank
may request. 

  

	3.	Modification of Financial Condition/Net Loss. Commencing with the date of this Amendment, Section 6.2(i) of the Agreement is hereby deleted and replaced with the
following: A maximum net loss, during the period commencing January 1, 2007, not to exceed $6,500,000.00 measured as of each quarter end in the year 2007. 

  

	4.	Deletion of Financial Condition/Quarterly Profitability and Annually Net Profit. Sections 6.2(ii) and 6.2(iii) of the Agreement are hereby deleted in their entirety.

  

 -1- 

	5.	Representations and Warranties. The Borrower hereby reaffirms the representations and warranties contained in the Agreement and represents that no event, which with notice or
lapse of time, could become an Event of Default, has occurred or is continuing. 

  

	6.	Confirmation of Other Terms and Conditions of the Agreement. Except as specifically provided in this Amendment, all other terms, conditions and covenants of the Agreement
unaffected by this Amendment shall remain unchanged and shall continue in full force and effect and the Borrower hereby covenants and agrees to perform and observe all terms, covenants and agreements provided for in the Agreement, as hereby amended.

  

	7.	Governing Law. This Amendment shall be governed and construed in accordance with the laws of the State of California to which jurisdiction the parties hereto hereby consent
and submit. 

  

	8.	Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the
same instrument. 

 IN WITNESS WHEREOF, this Amendment has been executed by the parties hereto as of the date first hereinabove
written. 
  

									
	BANK:	 		 	BORROWER:
			
	BANK OF THE WEST	 		 	ALPHATEC SPINE, INC.
					
	BY:	 	 /s/ Kris Ilkov
	 		 	BY:	 	 /s/ Steven M. Yasbek

	NAME:	 	Kris Ilkov, Vice President	 		 	NAME:	 	 Steven Yasbek, Vice President and
 Chief Financial
Officer

				
		 		 		 	ADDRESS:
					
		 		 		 		 	 2051 Palomar Airport Road, Suite 100
 Carlsbad, CA
92011

  

 -2- 

 

 
 INVOICE 
 March 8th 2007 
 Mr. Steven Yasbek, CFO 
 ALPHATEC SPINE, INC 
 2051 Palomar Airport Road, Ste 100 
 Carlsbad, CA 92011 
 Dear Steve: 
 This letter is our invoice for the following: 
 Amendment Waiver Fee of
$50,000.00 
 Please authorize us to debit your account #672-017696 for $50,000.00 by signing below and faxing back to us at (619) 595-1918 

 

	
	We authorize Bank of the West to debit account no. 672-017696 for the waiver fee of 50,000.00
	
	 /s/ Steven M. Yasbek

	Steven Yasbek, CFO – Alphatec Spine Inc

 Thank you for your banking business and for your assistance with this matter. If you have any questions,
please give me a call. 
  

	
	 /s/ Kristian T. Ilkov
 Kristian T.
Ilkov, VP

	San Diego National Banking Office

 

 
 March 5, 2007 
 Steven
Yasbek CFO 
 Alphatec Spine, Inc 
 2051 Palomar Airport Rd, Ste
100 
 Carlsbad, CA 92011 
  

	 RE:
	 Credit Agreement dated January 24th, 2006 executed by Alphatec Spine, Inc. (“Borrower”) 

	    	and Bank of the West (“Bank”) (the “Agreement”) 

 Dear Mr. Yasbek: 
 Borrower has requested the following waiver in connection with the subject Agreement. 
 Bank hereby waives Borrower’s breach of Section 6.2(iii and iv) of the Agreement occurring for the
period ending December 31st, 2006. Any further breach of that Section is not waived. 
 Except to the extent of this and any prior waiver, the Agreement shall remain unaltered and in full force and effect. This letter shall not be a waiver of any existing
default or breach of a covenant unless specified herein. 
 This waiver shall be effective only upon receipt by the Bank of the enclosed acknowledgment copy
executed by the Borrower and Alphatec Holdings, Inc, guarantor to the Agreement. If the foregoing is acceptable, please sign the enclosed copy and return to the undersigned not later than
                    . 
 Sincerely, 
  

	
	 /s/ Kristian Ilkov

	Kristian Ilkov,
	Vice President

  

			
	Accepted and Agreed to
	
	Date: 3-13-07
	
	Alphatec Spine, Inc., Borrower
		
	By:	 	 /s/ Steven M. Yasbek

	Its:	 	CFO
	
	
	Alphatec Holdings, Inc., Guarantor
		
	By:	 	 /s/ Steven M. Yasbek

	Its:	 	CFO

  

			
	 San Diego National Banking Office
 1280 Fourth Avenue San Diego, CA 92101
 (619) 234-0938 Fax (619) 595-1918
	  	Member FDIC

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