Document:

Bi-Coastal Consulting, Inc. Agreement

  
 Exhibit 10.118 
  
 CALYPTE BIOMEDICAL CORP. 
 1265 Harbor Bay Parkway 
 Alameda, CA 94502 
  
                                     November 7, 2002

  
 Bi-Coastal Consulting Corporation 
 25 Longview Court

 Hillsborough, CA 94010 
  
 Gentlemen: 
  
 The within is to confirm our understanding and agreement wherein our Company agreed to pay, and has paid to Bi-Costal Consulting, Inc. (“Bi-Costal”), a
finder’s fee of fifteen percent (15%) with respect to your efforts in arranging for the financing of the aggregate sum of $3,125,000 in 8% Convertible Notes. 
  
 The transaction was reported by us in a Form 8-K Report filed with the Securities and Exchange Commission on July 17, 2002. 
  
 You agree that, in the event that we require any further confirmation or documentation to be executed by Bi-Costal confirming the fee arrangement, it will provide same to us. 
  
 Additionally, in the further event that Bi-Costal is successful in arranging additional financing, that we agree to pay additional fees as long as we complete a
financing transaction on acceptable terms to us, and that you advise us in writing prior to the completion of a transaction of the material information with respect to each prospective accredited investor, and that said investor acknowledges that
Bi-Costal was instrumental in introducing said investor to our Company. 
  
 If the within meets with your understanding and agreement,
please execute the original and duplicate original of this letter, returning one original to our office. 
  
 Very truly yours, 
  
 CALYPTE BIOMEDICAL CORP.  

  
 
	 
	 By:
 	 	 /S/    ANTHONY J.
CATALDO        
 

	  	 	 ANTHONY J. CATALDO
 Executive
Chairman
 

 
 AGREED TO: 
  
 BI-COSTAL CONSULTING, INC. 
  
 
	 
	 By:
 	 	     /s/    PETER T. BENZ
 

	  	 	 Name:
 	 	 Peter T. Benz
 

	  	 	 Title:
 	 	 

 

  
 CALYPTE BIOMEDICAL CORP. 
 1265 Harbor Bay Parkway 
 Alameda, CA 94502 
  
     November 7, 2002 
  
 BiCoastal Consulting, Inc. 
  
 Re:    Bi-Costal Consulting,
Inc. (“Bi-Costal”) 
          with Townsbury Equity Ltd. Credit Line 

(“Townsbury”)                                 
                    
  
 Dear Mr. Benz:

  
 As per our agreement with respect to finder’s fees due to you as a result of your Company’s efforts in connection with the
drawdown of the Townsbury credit line, the within is to confirm that we paid to Bi-Costal five per cent (5%) of the gross amount of the drawdown, or the sum of $70,000, as a finder’s fee, additional Bi-Costal received the sum of $10,000 on the
$100,000 Bristol financing and 10% on the BNC Bach International Ltd. Financing or the sum of $15,000. 
  
 With respect to any future fees,
it is agreed that our respective companies will enter into an agreement for future fees at the time of any further transactions with Townsbury. 
  
 Please confirm the within by signing your Company’s agreement and consent to the within. 
  
                               Very truly yours, 
  
         CALYPTE BIOMEDICAL CORP. 
  
 By:             /s/    ANTHONY J.
CATALDO                                  

                         ANTHONY J. CATALDO 
           Executive Chairman 
  
 CONSENTED TO AND AGREED: 
  
 BI-COSTAL CONSULTING, INC. 
  

By:                                     
                                     
  
 /s/    PETER T. BENZ2nd Amend to Amended and Restated Credit Agmt

  EXHIBIT 10.1
 [LETTER HEAD OF WELLS FARGO BANK]
 October 25, 2002
 Staar Surgical Company
 1911 Walker Avenue
Monrovia, California 91016

	 Attention:
 	 John Bily
 
	  
 	 Chief Financial Officer
 
	  
 	 
	              Re:
 	 Second Amendment to Amended and Restated Credit Agreement
 

 Ladies and Gentlemen:
           We refer to the Amended and Restated Credit Agreement dated as of March 29, 2002, as amended by a First Amendment to Amended and Restated Credit Agreement
dated July 31, 2002 (said Agreement, as so amended, herein called the “Credit Agreement”) between Staar Surgical Company, a Delaware corporation (the “Borrower”), and Wells Fargo Bank, National Association, a
national banking association (the “Bank”).  Terms defined in the Credit Agreement and not otherwise defined herein have the same meanings when used herein.
           1.     Amendments to Credit Agreement.  As of the effective date of this letter amendment but subject to satisfaction of the
terms and conditions specified herein, the Credit Agreement is hereby amended as set forth below.
                   The table set forth in Section 1.2(c) of the Credit Agreement is amended in full to read as follows:

	 Level
 	   
 	 Funded Debt to EBITDA Ratio
 	  
 	 Applicable Interest Margin
 
	 
 	  
 	 
 	  
 	 
 
	   
 	   
 	   
 	  
 	 (Effective October 1, 2002)
 
	 1
 	  
 	 >0.00:1.00 but <2.00:1.00
 	  
 	 1.00% per annum
 
	 2
 	  
 	 >2.00:1.00 but <4.00:1.00
 	  
 	 2.00% per annum
 
	 3
 	  
 	 >4.00:1.00 but <6.00:1.00
 	  
 	 3.00% per annum
 
	 4
 	  
 	 >6.00:1.00 or <0.00:1.00
 	  
 	 5.00% per annum
 

 

  Staar Surgical Company
 October 25, 2002
 Page 2
                The table set forth in Section 1.2(f) of the Credit Agreement is amended in full to read as follows:

	 Level
 	   
 	 Funded Debt to EBITDA Ratio
 	   
 	 Applicable Fee Rate
 
	 
 	   
 	 
 	   
 	 
 
	   
 	   
 	   
 	   
 	 (Effective October 1, 2002)
 
	 1
 	  
 	 >0.00:1.00 but <2.00:1.00
 	  
 	 0.25% per annum
 
	 2
 	  
 	 >2.00:1.00 but <4.00:1.00
 	  
 	 0.50% per annum
 
	 3
 	  
 	 >4.00:1.00 but <6.00:1.00
 	  
 	 0.75% per annum
 
	 4
 	  
 	 >6.00:1.00 or <0.00:1.00
 	  
 	 1.25% per annum
 

                Section 4.3 of the Credit Agreement is further amended by deleting the word “and” immediately after the semicolon in
subsection (i), by re-lettering subsection (j) as subsection (k) and by inserting a new subsection (j) to read as follows:

	  
 	                “(j)  not later than November 29, 2002, receipt of fiscal year 2003 projections;
and.”
 

                Section 4.9 of the Credit Agreement is amended by restating subsections (b)
and (e) in full to read as follows:

	  
 	                “(b)  Tangible Net Worth, tested as of the last day of each fiscal month
commencing with August of 2002, not less than $26,500,000 for August of 2002 and not less than $24,000,000 thereafter, with ‘Tangible Net Worth’ being defined as the aggregate of total stockholders’ equity plus subordinated
debt less any intangible assets;
 
	  
 	  
 
	  
 	                 “(e)  net operating loss not more than: (i) $750,000 for October of 2002,
(ii) $400,000 for November of 2002 and (iii) net operating income not less than $1 thereafter, with ‘net operating income or loss’ being defined as income or loss before interest income or expense, equity in earnings of any
unconsolidated affiliate, currency-exchange gains or losses, any other income or expenses, taxes and minority interests in affiliates;”
 

                (e)       Schedule 3 to the Credit Agreement is amended in full to be in the form attached hereto as
Schedule 3.
           2.     Waiver of Events of Default under Credit Agreement.  As of the effective date of
this letter amendment but subject to satisfaction of the terms and conditions specified herein, the Bank
 

  Staar Surgical Company
 October 25, 2002
 Page 3
 hereby waives the Events of Default caused by the Borrower’s
violation of the covenant contained in Section 4.9(e) of the Credit Agreement with respect to August and September of 2002.
           3.     Representations and Warranties.  The Borrower hereby represents and warrants for the benefit of the Bank that (a) the
representations and warranties of the Borrower contained in the Loan Documents are correct in all material respects on and as of the effective date of this letter amendment, before and after giving effect to the same, as if made on and as of such
date, and (b) no event has occurred and is continuing, or would result from the effectiveness of this letter amendment, that constitutes an Event of Default.
           4.     Conditions Precedent.  This letter amendment shall become effective as of the date first set forth above, when and if (a)
the Borrower and the Bank execute counterparts of this letter amendment and deliver them to each other, and (b) the Bank receives from the Borrower an amendment fee in the amount of $10,750 (i.e., 0.25% of $4,300,000).
           5.     Release of Claims.  The Borrower represents and warrants to the Bank that it has diligently and thoroughly
investigated the existence of any Claim (as defined below) and that, to its knowledge and belief, no Claim exists and no facts exist that could give rise to or support a Claim.  As additional consideration for the Bank’s entering into this
letter amendment, the Borrower and each of its agents, employees, directors, officers, attorneys, affiliates, subsidiaries, successors and assigns (each a “Releasing Party”) hereby release and forever discharge the Bank and each of
its agents, direct and indirect shareholders, employees, directors, officers, attorneys, branches, affiliates, subsidiaries, successors and assigns (each a “Released Party”) from any and all damages, losses, claims, demands,
liabilities, obligations, actions and causes of action whatsoever (collectively “Claims”) that the Releasing Parties or any of them may, as of the effective date of this letter amendment, have or claim to have against any or all of
the Released Parties, in each case whether currently known or unknown or with respect to which the facts are known (or should have been known), that could give rise to or support a Claim on account of or in any way relating to, arising out of or
based upon any Loan Document, any amendment, waiver or other modification with respect thereto, the negotiation or documentation hereof or thereof, any of the transactions contemplated hereby or thereby, or any action or omission in connection with
any of the foregoing, including all such damages, losses, claims, demands, liabilities, obligations, actions and causes of action heretofore sustained or that may arise as a consequence of the dealings between the parties up to the effective date of
this letter amendment in connection with or in any way related to any Loan Document or any amendment, waiver or other modification with respect thereto.  Each Releasing Party further represents and warrants that it has not heretofore assigned,
and covenants and agrees that it will not hereafter sue any Released Party upon, any Claim released or purported to be released under this section.  Each Releasing Party will indemnify and hold harmless the Released Parties against any loss or
liability on account of any actions brought by any Releasing Party or its assigns or prosecuted on behalf of any Releasing Party and relating to any Claim released or purported to be released under this section.  It is further understood and
agreed that any and all rights under the provisions of Section 1542 of the California Civil Code are expressly waived by each of the Releasing Parties.  Section 1542 of the California Civil Code provides as follows:
 

  Staar Surgical Company
 October 25, 2002
 Page 4

	 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM
MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”
 

           7.     Reference
to and Effect on Loan Documents.  On and after the effective date of this letter amendment, (a) each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of
like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof,” “therein” or words of like import referring to the Credit
Agreement, shall mean and be a reference to the Credit Agreement as amended by this letter amendment, and (b) each reference in the other Loan Documents to “the Line of Credit Note,” “thereunder,” “thereof,”
“therein” or words of like import referring to the Line of Credit Note shall mean and be a reference to the new Line of Credit Note executed by the Borrower in connection with this letter amendment.  The Credit Agreement, as amended
by this letter amendment, is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.
           8.     Execution in Counterparts.  This letter amendment may be executed in any number of counterparts and by the parties hereto
in separate counterparts, each of which counterparts shall be an original and all of which taken together shall constitute one and the same letter amendment.
 

  Staar Surgical Company
 October 25, 2002
 Page 5
           9.     GOVERNING LAW.  THIS LETTER AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF CALIFORNIA WITHOUT REFERENCE TO THE CHOICE-OF-LAW PRINCIPLES THEREOF.

	  
 	  
 	 Very truly yours,
 
	  
 	  
 	  
 
	  
 	 WELLS FARGO BANK,
 NATIONAL ASSOCIATION
 
	  
 	  
 	  
 
	  
 	 By:
 	 
 	  
 
	  
 	  
 	 
 	  
 
	  
 	 Name:
 	 
 	  
 
	  
 	  
 	 
 	  
 
	  
 	 Title:
 	 
 	  
 
	  
 	  
 	 
 	  
 
	  
 	  
 	   
 	  
 

	 Agreed as of the date first written above:
 
	  
 
	 STAAR SURGICAL COMPANY
 
	  
 
	 By:
 	 
 	  
 
	  
 	 
 	  
 
	 Name:
 	 
 	  
 
	  
 	 
 	  
 
	 Title:
 	 
 	  
 
	  
 	 
 	  
 
						

 

  Staar Surgical Company
 October 25, 2002
 Page 6
 SCHEDULE 3
 TO AMENDED AND RESTATED CREDIT AGREEMENT

MANDATORY REDUCTION OF LINE OF CREDIT

	 Date
 	   
 	   
 	 Amount of Reduction
 	   
 	   
 	 Line of Credit
 	   
 
	 
 	   
 	 
 	 
 	   
 	 
 	 
 	   
 
	 August 7, 2002
 	  
 	 $
 	 2,500,000
 	  
 	 $
 	 4,500,000
 	  
 
	 August 30, 2002
 	  
 	 $
 	 100,000
 	  
 	 $
 	 4,400,000
 	  
 
	 September 30, 2002
 	  
 	 $
 	 100,000
 	  
 	 $
 	 4,300,000
 	  
 
	 October 31, 2002
 	  
 	 $
 	 125,000
 	  
 	 $
 	 4,175,000
 	  
 
	 November 29, 2002
 	  
 	 $
 	 150,000
 	  
 	 $
 	 4,025,000
 	  
 
	 December 31, 2002
 	  
 	 $
 	 320,000
 	  
 	 $
 	 3,705,000
 	  
 
	 January 31, 2003
 	  
 	 $
 	 345,000
 	  
 	 $
 	 3,360,000
 	  
 
	 February 28, 2003
 	  
 	 $
 	 360,000
 	  
 	 $
 	 3,000,000
 	  
 
	 March 31, 2003
 	  
 	 $
 	 3,000,000
 	  
 	 $
 	 0

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