Document:

Exhibit 10.2

 

LOAN AGREEMENT

 

LOAN AGREEMENT dated as
of June 22, 2005 entered into by and between Hologic,
Inc., a Delaware corporation (“Lender”) and Fischer Imaging Corporation, a
Delaware corporation (“Borrower”) (as amended, the “Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, Borrower has
requested that Lender make available to Borrower a loan in the amount of
$5,000,000 to finance Borrower’s working capital needs;

 

WHEREAS, Lender is
willing to do so, but only on the terms and subject to the conditions set forth
herein;

 

NOW, THEREFORE, in
consideration of the mutual conditions and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrower and Lender agree as follows.

 

1.             CERTAIN
DEFINITIONS.  Capitalized terms used
but not defined herein shall have the meanings ascribed to them in Schedule I
attached hereto.

 

2.             THE
LOAN.

 

(a)           Subject
to the terms and conditions contained herein, on June 22, 2005, the Lender shall
make a term loan to Borrower in the original principal amount of $5,000,000.00
(“Loan”).  Once repaid in whole or in
part, the Loan may not be reborrowed.  The Loan shall bear interest and be due and
payable in accordance with that certain Promissory Note dated as of even date
hereof issued by Borrower to Lender in the original principal amount of
$5,000,000.00, a form of which is attached hereto as Exhibit A (the “Note”).

 

(b)           The
Loan shall be evidenced by the Note and shall be secured by: (i) a perfected second priority security interest in all of
the assets of Borrower pursuant to that certain Security Agreement dated as of
even date hereof by Borrower, a form of which is attached hereto as Exhibit
B (the “Security Agreement”); (ii) that certain Patent Security Agreement
dated as of even date hereof by Borrower, a form of which is attached hereto as
Exhibit C; (iii) that certain Trademark Security Agreement dated as of
even date hereof by Borrower, a form of which is attached hereto as Exhibit
D (the security interest evidenced by the Security Agreement, the Patent
Security Agreement and the Trademark Security Agreement shall in each case be
junior only to the security interest of ComVest
Investment Partners II LLC (“ComVest”)).  The term “Loan Documents” as used herein
shall mean this Agreement, the Note and the other agreements, documents and
instruments referred to in this subsection and/or executed and/or delivered in
connection herewith or therewith.

 

 

(c)           Except
as otherwise provided in the Note, proceeds of the Loan shall be used by the
Borrower solely to finance the working capital needs of Borrower and its
subsidiaries.

 

3.             REPRESENTATIONS
AND WARRANTIES.  As a condition to
and consideration for making the Loan, the representations and warranties made
by Borrower to Lender with respect to Borrower’s business, properties,
financial statements and related matters under Article II of that certain Asset
Purchase Agreement dated as of the date hereof between Borrower and Lender (as
amended, the “Asset Purchase Agreement”) are hereby incorporated by
reference.  By executing this Agreement,
Borrower shall be deemed to have made such representations and warranties as of
the date hereof.  In addition, the
Borrower represents as follows:

 

(a)           Its
exact legal name is as set forth in the preamble to this Agreement and Borrower
is not generally known by or using any fictitious or other name or trade name
or style.

 

(b)           Its
jurisdiction of organization, chief executive office and the office where it
keeps its books and records concerning its assets is that shown in the preamble
to this Agreement.

 

(c)           The
Borrower has not performed any acts which might prevent the Lender from
enforcing any of the terms of this Agreement or the other Loan Documents or
which would limit the Lender in any such enforcement.  Other than financing statements or other
similar or equivalent documents or instruments in favor of the Lender and ComVest or as set forth on the attached Schedule 3(c), no
financing statement, mortgage or security agreement or similar or equivalent
document or instrument covering all or any part of the Collateral is on file or
of record in any jurisdiction in which such filing or recording is necessary to
perfect a lien on such Collateral.  No
Collateral is in the possession of any person (other than the Borrower)
asserting any claim thereto or security interest therein other than Collateral
being repaired by third parties in the ordinary course of business and
inventory in transit.

 

(d)           The
security interests granted to Lender pursuant to the Loan Documents constitute
valid perfected second priority security interests in the Collateral (junior
only the security interests of ComVest and liens for
taxes, assessments or other governmental charges or levies not yet delinquent
and liens securing purchase money indebtedness or capitalized leases for the
acquisition of capital assets (collectively, “Permitted Liens”)) securing the
Obligations (as defined in the Security Agreement).

 

4.             BORROWER’S
AGREEMENTS. As a condition to and consideration for
making the Loan, the agreements and covenants made by Borrower to Lender under
Article IV and Article V of the Asset Purchase Agreement are hereby
incorporated by reference.  By
executing this Agreement, Borrower shall be deemed to have made such agreements
and covenants as of the date hereof.  In
addition, the Borrower agrees as follows:

 

(a)           Borrower
will notify Lender in writing, at least thirty (30) days prior to: any change
in Borrower’s legal name (stating
accurately the Borrower’s new legal name and accompanied by a copy of the
proposed amendment to the Certificate of Incorporation of

 

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Borrower providing for the name change), any
change in Borrower’s jurisdiction of organization, any change in the
Borrower’s place of business or location as set forth in the preamble to this
Agreement, or the establishment of any new place of business or location, or
any change in Borrower’s organizational structure.

 

(b)           Except
as consented to by the Lender in writing and except as expressly contemplated
by ComVest Loan Documents (as defined below), the
Borrower shall not pay or set apart for payment to holders of its capital
stock, any dividends, and the Borrower shall not redeem or purchase any shares
of capital stock or agree to do any of the foregoing.

 

(c)           The
Borrower shall not amend its Charter or By-law in such a manner as may
adversely affect the rights of the Lender hereunder, or under any of the Loan
Documents.

 

(d)           The
Borrower shall permit representatives designated by the Lender, at Lender’s
expense, to visit and inspect any of the properties of Borrower (or any
subsidiary), and to inspect and make extracts of the books and records of the
Borrower, and to discuss the affairs, finances, and accounts of the Borrower
with its officers, all to such reasonable extent and at such reasonable times
and intervals as the representatives may reasonably request.

 

(e)           The
Borrower shall maintain and cause each of its subsidiaries now in existence or
hereinafter acquired or created to maintain their corporate existence in good
standing and comply with all applicable laws and regulations of the United
States or of any state or states thereof or of any political subdivisions
thereof or of any government authority, where failure to so comply would have a
material adverse effect on Borrower or its subsidiaries; provided, however,
that nothing herein shall prohibit the Borrower from liquidating or dissolving
any of its subsidiaries into the Borrower or merging any of its subsidiaries
with or into the Borrower or any other subsidiary.

 

(f)            Borrower
will not create, assume, incur or permit or suffer to exist or to be created,
assumed or incurred, any lien upon any of its properties or assets of any character
whether now owned or hereafter acquired (except for the liens of ComVest and any Permitted Liens).

 

(g)           Borrower
will not create, assume, or otherwise become or remain obligated in respect of,
or permit or suffer to exist or to be created, assumed or incurred or to be
outstanding any indebtedness (other than (i)
outstanding indebtedness owed by Borrower to ComVest,
which for this purpose shall include the aggregate amount of any forbearance
fees payable by Borrower to ComVest) (“Outstanding ComVest Indebtedness”) pursuant to that certain Note and
Warrant Purchase Agreement dated as of February 22, 2005 by and between
Borrower and ComVest and the agreements, documents
and instruments executed and/or delivered in connection therewith, each, as in
effect on the date hereof (“ComVest Loan Documents”),
(ii) interest (if any) accruing on the Outstanding ComVest
Indebtedness after the date hereof, (iii) the costs and expenses incurred by ComVest after the date hereof in connection with the ComVest Loan Documents (for which Borrower is required to
reimburse ComVest under the ComVest
Loan Documents), (iv) current trade payables and accrued expenses incurred in
the ordinary course of business and

 

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payable in accordance with customary practice), (v) any indebtedness
incurred to repay the Note in full, and (vi) purchase money indebtedness or
capitalized leases for the acquisition of capital assets.

 

(h)           Borrower
shall not sell, transfer, lease or otherwise dispose of any of the Collateral
except in the ordinary course of business.

 

(i)            The
Borrower acknowledges that the Lender has no existing commitments, obligations
or agreements to pay any monies, advance credits or loans or make other
financial accommodations to the Borrower or any of its subsidiaries (other than
to make the Loan subject to the terms and conditions set forth herein).

 

(j)            Borrower shall not, and shall not
permit any subsidiary to, directly or indirectly, make, or suffer or permit to
exist, any loans or advance money or property to any person, or any investment
in (by capital contribution, dividend or otherwise) or purchase or repurchase
the capital stock or indebtedness or all or a substantial part of the assets or
property of any person or agree to do any of the foregoing.

 

5.             EVENTS
OF DEFAULT; REMEDIES.

 

Upon the occurrence and
during the continuance of an Event of Default (as defined on Schedule I
hereto), (a) the Loan shall bear interest at the Default Rate of Interest (as
defined in the Note) without notice, (b) the Lender may by notice to Borrower
accelerate the payment of the Loan and all other obligations of Borrower
hereunder and under the other Loan Documents and demand payment thereof; provided
however, that, no such notice shall be required and all amounts
outstanding under the Note and the other Loan Documents shall become
immediately due and payable if the Event of Default is one under clause (b)
(solely with respect to Borrower’s failure to perform or discharge, observe or
comply with the provisions of Section 5.1 of the Asset Purchase Agreement),
(g), (j) or (k) of the definition of Event of Default; and (c) Lender may
proceed to enforce payment of any of the foregoing and shall have and may
exercise any and all rights available to it under the Uniform Commercial Code
or which are afforded to Lender herein, in the Security Agreement and the other
Loan Documents.

 

6.             EXPENSES.  Borrower agrees to pay Lender on demand any
and all reasonable out-of-pocket costs and expenses of any nature (including
without limitation reasonable attorneys’ fees and disbursements) which may be
incurred by Lender in connection with exercise of Lender’s rights against the
Borrower after an Event of Default, including, without limitation, all costs
and expenses arising as a result of (i) any exercise
of Lender’s right of acceleration, (ii) any enforcement, collection or other
proceedings with respect to the Loan and the Obligations under the Loan
Documents and (iii)  any bankruptcy,
insolvency or other similar proceedings effecting the Borrower.

 

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7.             CONDITIONS
PRECEDENT.

 

Borrower acknowledges and
agrees that Lender shall not be obligated to make the Loan hereunder, nor will
Lender entertain any request from Borrower for the Loan hereunder, unless and
until all of the following conditions have been satisfied in a manner
acceptable to Lender and remain satisfied as of the date of funding the Loan:

 

(a)           Representations
and Warranties.  Borrower’s representations and warranties
contained herein, in the other Loan Documents and in the Asset Purchase
Agreement shall be correct and complete in all material respects;

 

(b)           Covenants.  Borrower
shall be in compliance in all material respects with all covenants and
agreements contained herein, in the other Loan Documents and in the Asset
Purchase Agreement;

 

(c)           No
Events of Default.  There shall exist no
default or Event of Default or any event which, with the passage of time or the
giving of notice or both, would constitute an Event of Default;

 

(d)           Delivery
of Documents.  Borrower shall have delivered, or caused to be
delivered, to Lender the documents listed on Schedule II, duly executed
by the Borrower, and in form and substance reasonably satisfactory to Lender;

 

(e)           Liens.
 Lender shall have received evidence,
satisfactory to Lender, that Lender has a perfected second priority lien on the
Collateral (junior only to the liens of ComVest and
the Permitted Liens);

 

(f)            Insurance.  Lender
shall have received evidence of the insurance and loss payee endorsements
required under the Security Agreement, in form and substance satisfactory to
Lender, and certificates of insurance policies and/or endorsements naming
Lender as loss payee; and

 

(h)           Corporate Authorization.  Lender shall have received evidence,
satisfactory to Lender, that the execution, delivery and performance of this
Agreement and the other Loan Documents have been duly authorized by all
necessary corporate action.

 

8.             TERM.  This Agreement and the other Loan Documents shall
continue in full force and effect for the term ending on the earlier to occur
of (unless sooner terminated pursuant
to the terms hereof or thereof): (i) the Closing Date
(as defined in the Asset Purchase Agreement), (ii) the date on which
payment is due under the Note as a result of Borrower’s or Lender’s termination
of the Asset Purchase Agreement (if any) in accordance with the Asset Purchase
Agreement, and (iii) the date on which all Obligations (as defined under the
Security Agreement) are paid in full in immediately available funds.  Upon
the effective date of termination of this Agreement, Borrower shall pay to
Lender, in full, all outstanding and unpaid Obligations.  No termination of this Agreement or the other
Loan Documents shall relieve or discharge Borrower of its respective duties,
obligations and covenants under this Agreement and

 

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the other Loan Documents until all
Obligations have been fully and finally discharged and paid, in immediately
available funds, and Lender’s continuing security interest in the Collateral
and the rights and remedies of Lender hereunder, under the other Loan Documents
and applicable law, shall remain in effect until all such Obligations have been
fully and finally discharged and paid.

 

9.             MISCELLANEOUS
PROVISIONS.

 

(a)           Indemnification.  Subject to the provisions of the Asset
Purchase Agreement, the Borrower shall indemnify and hold harmless Lender from
and against any and all claims, actions, suits, judgments, penalties, losses,
damages, costs, disbursements, expenses, obligations or liabilities of any kind
or nature (except those resulting from Lender’s gross negligence or willful
misconduct) arising in any way out of or in connection with the Loan Documents
and shall pay to Lender on demand any and all amounts in connection
therewith.  Borrower shall make no claim
against Lender for or in connection with the exercise or enforcement by Lender
of any right or remedy granted to it hereunder or under any of the other Loan
Documents, or any action taken or omitted to be taken by Lender hereunder or
under any other Loan Document (except as a result of the gross negligence or
willful misconduct of Lender).

 

(b)           Notices.  Unless
otherwise specified herein, all other notices hereunder shall be in writing
directed to the addresses shown at the end of this Agreement.  Written notices and communications shall be
effective and shall be deemed received on the day when delivered by hand or by facsimile
transmission; on the next business day, if by commercial overnight courier; and
on the third business day, if by registered or certified mail, postage prepaid.

 

(c)           No
Waiver.  No failure to exercise and no delay in exercising, on
the part of Lender, any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right or remedy.  Waiver by Lender of any right or remedy on any
one occasion shall not be construed as a bar to or waiver thereof or of any
other right or remedy on any future occasion. Lender’s rights and remedies
hereunder, under any agreement or instrument supplemental hereto or under any
other agreement or instrument shall be cumulative, may be exercised singly or
concurrently and are not exclusive of any rights or remedies provided by law.

 

(d)           Assignment.  This
Agreement shall be assignable by Lender without Borrower’s consent and shall be
binding upon and shall inure to the benefit of Borrower and Lender and their
respective successors and assigns; PROVIDED THAT Borrower shall not assign or
transfer any rights or obligations hereunder without Lender’s prior written
consent.

 

(e)           Governing
Law; Jurisdiction.  This Agreement
shall be governed by the laws of the Commonwealth of Massachusetts (other than
its laws relating to conflicts of laws).

 

(f)            Waiver
of Jury Trial.  The Borrower
irrevocably waives any and all right to trial by jury in any legal proceeding
arising out of or relating to the Loan Documents or the transactions
contemplated thereby.

 

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(g)           Amendments.  The parties may mutually amend any provision
of the Loan Documents, but only in a writing signed by all of the parties
thereto.

 

REMAINDER OF PAGE
INTENTIONALLY BLANK

 

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[SIGNATURE PAGE TO LOAN
AGREEMENT]

 

Executed as an instrument
under seal on the date set forth above.

 

	
   

  	
  HOLOGIC, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Glenn P. Muir

  	
   

  
	
   

  	
  Name: Glenn P.
  Muir

  	
   

  
	
   

  	
  Title: Executive
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FISCHER IMAGING CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Harris Ravine

  	
   

  
	
   

  	
  Name: Harris
  Ravine

  	
   

  
	
   

  	
  Title: President
  and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

8Exhibit 10.3

 

THE TRANSFER OF THIS PROMISSORY NOTE IS SUBJECT TO
RESALE RESTRICTIONS UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
APPLICABLE TO STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED WITHOUT
REGISTRATION OR AN EXEMPTION THEREFROM

 

THE TERMS AND CONDITIONS SET
FORTH IN THIS PROMISSORY NOTE ARE SUBJECT TO THE TERMS AND CONDITIONS SET FORTH
IN THAT CERTAIN SUBORDINATION AND INTERCREDITOR AGREEMENT DATED AS OF THE DATE
HEREOF BY AND AMONG COMVEST INVESTMENT PARTNERS II LLC, HADDOCK, INC. AND FLOUNDER
CORPORATION.

 

PROMISSORY NOTE

 

	
  $5,000,000.00

  	
   

  	
  Boston, Massachusetts

  
	
   

  	
   

  	
  June 22, 2005

  

 

FOR VALUE RECEIVED, the undersigned FISCHER IMAGING CORPORATION, a
Delaware corporation, with its chief executive office located at 12300 North Grant Street, Denver, Colorado
(referred to herein as the “Maker”), hereby unconditionally promises to pay to
the order of HOLOGIC, INC., a Delaware corporation, at its place of business at
35 Crosby Drive Bedford, Massachusetts (“Lender”), the principal sum of FIVE
MILLION DOLLARS ($5,000,000.00) in lawful money of the United States of
America, in immediately available funds, payable as set forth herein, together
with interest on the unpaid principal amount from time to time outstanding at a
rate per annum equal to two percent (2%) in excess of the Prime Rate (as
defined below), in effect from time to time, payable as set forth herein.

 

This Note is being issued pursuant to the terms of the
Loan Agreement between Maker and Lender dated as of even date hereof (the “Loan
Agreement”) to evidence the Loan by Lender to Maker and is secured by all of
the Collateral (as defined in the Security Agreement) and is entitled to all of
the benefits of the provisions of the Loan Agreement and the other Loan
Documents.

 

All outstanding principal and interest (whether at the stated rate or
at the Default Rate of Interest) hereunder shall be due and payable in full
upon the earliest to occur of (i) immediately prior to Maker, or any officer,
director, employee, financial advisor, representative or agent of Maker
furnishing non-public information to any person or entity in connection with an
Acquisition Proposal (as such term is defined in the Asset Purchase Agreement),
or entering into discussions or negotiations with any person or entity in connection
with an Acquisition Proposal unless such discussions constitute Seller
Permitted Response Actions (as such term is defined in the Asset Purchase
Agreement); (ii) the date upon which Lender terminates the Asset Purchase
Agreement in accordance with Section 7.1(e), Section 7.1(f) or Section 7.1(g)
thereof; (iii) the date upon which Maker terminates the Asset Purchase
Agreement in accordance with Section

 

 

7.1(h)
thereof; (iv) the date upon which Lender terminates the Asset Purchase
Agreement in accordance with Section 7.1(b) thereof if Maker’s failure to
fulfill any obligation under the Asset Purchase Agreement has been a principal
cause of or resulted in the failure of the Closing (as such term is defined in
the Asset Purchase Agreement) to occur on or before the Outside Date(as such
term is defined in the Asset Purchase Agreement), (iv) the date upon which
Lender or Maker terminates the Asset Purchase Agreement pursuant to Section
7.1(d) of the Asset Purchase Agreement, (v) 30 days after the date upon which
this Agreement is terminated by Lender or Maker pursuant to Section 7.1(a), or
7.1(b) of the Asset Purchase Agreement provided that neither party’s failure to
fulfill any obligation under the Asset Purchase Agreement has been a principal
cause of or resulted in the failure of the Closing to occur on or before the
Outside Date, (vi) 180 days after the date upon which the Asset Purchase
Agreement is terminated by Lender pursuant to Section 7.1(c); or (vii) 180 days
after the date upon which this Agreement is terminated by the Maker pursuant to
Section 7.1(f) or 7.1(b) if,in the case of a termination pursuant to
Section 7.1(b), Lender’s failure to fulfill any obligation under the Asset
Purchase Agreement has been a principal cause of or resulted in the failure of
the Closing to occur on or before the Outside Date.

 

Notwithstanding the
foregoing, if the purchase and sale contemplated under the Asset Purchase
Agreement occurs on or before the Closing Date in accordance with the Asset
Purchase Agreement (prior to the termination of the Asset Purchase Agreement in
accordance with the terms thereof), all amounts outstanding hereunder shall be
applied to reduce the Purchase Price (as defined in the Asset Purchase
Agreement) in accordance with Section 1.3 of the Asset Purchase Agreement.

 

Upon the occurrence and during the continuance of an
Event of Default (as defined in the Loan Agreement (hereinafter defined): (a)
all principal outstanding hereunder shall bear interest at a per annum rate
equal to 11.75% (the “Default Rate of Interest”); (b) the Lender shall be
entitled to accelerate all outstanding principal and interest hereunder and
demand immediate payment in full of the same; and (c) the Lender shall be
entitled to exercise all of its other rights and remedies as set forth in the
Loan Agreement and the other Loan Documents.

 

Interest and fees shall be calculated on the basis of
a 360-day year times the actual number of days elapsed, adjusted daily.  “Prime Rate,” as used herein, shall mean for
any day the highest “prime rate” published in The Wall
Street Journal under the heading “Money Rates” on such day (or on
the next day on which The Wall Street Journal
is published).  In no event shall
interest payable hereunder exceed the highest rate permitted by applicable
law.  To the extent any interest received
by Lender exceeds the maximum amount permitted by law, such payment shall be
credited to principal, and any excess remaining after full payment of principal
shall be refunded to Maker.  The
principal of this Note is subject to prepayment in full or in part at any time
without premium or penalty.

 

Maker and all guarantors and endorsers hereby waive
presentment, demand, notice, protest, and all other demands and notices in
connection with the delivery, acceptance, performance and enforcement of this
Note, and assent to extensions of the time of payment or

 

2

 

forbearance or other indulgence without notice.  No delay or omission of Lender in exercising
any right or remedy hereunder shall constitute a waiver of any such right or
remedy.  Acceptance by Lender of any
payment after demand shall not be deemed a waiver of such demand.  A waiver on one occasion shall not operate as
a bar to or waiver of any such right or remedy on any future occasion.  Lender shall not be required to resort to any
Collateral for payment, but may proceed against Maker and any guarantors or
endorsers hereof in such order and manner as Lender may choose.

 

This Note shall be assignable by Lender without Maker’s
consent and shall be binding upon and shall inure to the benefit of Maker and
Lender and their respective successors and assigns; PROVIDED THAT Maker shall
not assign or transfer any rights or obligations hereunder without Lender’s
prior written consent.

 

This Note shall be governed by the laws of the
Commonwealth of Massachusetts (other than its laws relating to conflict of
laws).  The Maker irrevocably waives any
and all right to trial by jury in any legal proceeding arising out of or relating
to this Note or the transactions contemplated hereby.  All capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Loan Agreement.

 

[SIGNATURE PAGE TO FOLLOW]

 

3

 

Executed as an instrument under seal as of the date first above
written.

 

	
  WITNESS:

  	
  FISCHER IMAGING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Harris Ravine

  	
   

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
					

 

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