Document:

ex10_94.htm

Careview Communications, Inc. 8-K

 

Exhibit 10.94

 

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of January 24th, 2012, by and between COMERICA BANK (“Comerica” and, solely in its capacity as collateral agent for the Lenders (as defined below), “Collateral Agent”), BRIDGE BANK, NATIONAL ASSOCIATION (“Bridge” and, collectively, with Comerica, the “Lenders” and each, individually, a “Lender”) and CAREVIEW COMMUNICATIONS, INC., a Nevada corporation (“Parent”), CAREVIEW COMMUNICATIONS, INC., a Texas corporation (“CareView Texas”) and CAREVIEW OPERATIONS, L.L.C., a Texas limited liability company (“CV Operations” and, collectively with CareView Texas and Parent, “Borrowers” and each, individually, a “Borrower”).

 

RECITALS

 

Collateral Agent, Lenders and Borrowers are parties to that certain Loan and Security Agreement dated as of August 31, 2011, as amended from time to time (the “Agreement”).  The parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE, the parties agree as follows:

 

1. The following term and its definition set forth in Section 1.1 of the Agreement hereby is amended and restated in its entirety and replaced with the following:

 

“HealthCor Debt” means the Indebtedness owing by Parent to HealthCor, not to exceed the principal amount of Twenty Five Million Dollars ($25,000,000), pursuant to the terms and conditions of the HealthCor Debt Documents; provided that the same shall at all times be subject to the HealthCor Subordination Agreement.

 

2. No course of dealing on the part of Collateral Agent, any Lender or their officers, nor any failure or delay in the exercise of any right by Collateral Agent or any Lender, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  Collateral Agent’s or any Lender’s failure at any time to require strict performance by a Borrower of any provision shall not affect any right of Collateral Agent or any Lender thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by an officer of Collateral Agent and each Lender or as otherwise provided for in the Agreement.

 

3. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.  The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Collateral Agent or any Lender under the Agreement, as in effect prior to the date hereof.

 

4. Each Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and correct in all material respects as of the date of this Amendment (provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date), and that no Event of Default has occurred and is continuing.

 

5. As a condition to the effectiveness of this Amendment, Collateral Agent shall have received, in form and substance satisfactory to Collateral Agent, the following:

 

(a) this Amendment, duly executed by each Borrower;

 

(b) that certain Amendment to Affirmation of Subordination dated as of even date herewith, duly executed by each party thereto;

 

  

  

  

 

(c) all reasonable Lender Expenses incurred through the date of this Amendment, which may be debited from any of Borrowers’ accounts; and

 

(d) such other documents, and completion of such other matters, as Collateral Agent may reasonably deem necessary or appropriate.

 

6. 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.

 

 

[Balance of Page Intentionally Left Blank]

 

  

  

  

 

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

 

	  	
CAREVIEW COMMUNICATIONS, INC.,

a Nevada Corporation

By:    /s/ Steve Johnson                                                                

Title: President/COO                                                                 

	 	 
	  	
CAREVIEW COMMUNICATIONS, INC.

a Texas Corporation

By:    /s/ Steve Johnson                                                           

Title: President/COO                                                                 

	 	 
	  	
CAREVIEW OPERATIONS, L.L.C.

a Texas Limited Liability Company

By:   /s/ Steven Johnson                                                         

Title: President/COO                                                                 

	 	 
	  	
COLLATERAL AGENT AND LENDER:

COMERICA BANK

By:    Brian Dummert                                                              

Title: SVP                                                                            

	 	 
	  	
LENDER:

BRIDGE BANK, NATIONAL ASSOCIATION

By:                                                                         

Title:ex10_95.htm

   

Careview Communications, Inc. 8-K

 

Exhibit 10.95

 

AMENDMENT TO AND AFFIRMATION OF SUBORDINATION AGREEMENT

 

THIS AMENDMENT TO AND AFFIRMATION OF SUBORDINATION AGREEMENT is made as of January 31, 2012, by the undersigned creditors (each, a “Creditor” and collectively, the “Creditors”) and Comerica Bank (“Comerica” and, solely in its capacity as collateral agent for the Lenders (as defined below), “Collateral Agent”).

 

RECITALS

 

CAREVIEW COMMUNICATIONS, INC., a Nevada corporation (“Borrower”), CAREVIEW COMMUNICATIONS, INC., a Texas corporation (“CareView Texas”) and CAREVIEW OPERATIONS, L.L.C., a Texas limited liability company (“CV Operations;” and collectively with Borrower and CareView Texas, the “Credit Parties”), Comerica and Bridge Bank (collectively with Comerica, the “Lenders”) are parties to that certain Loan and Security Agreement dated as of August 31, 2011 (as amended from time to time, the “Loan Agreement”).

 

Each Creditor has extended loans to Borrower pursuant to Senior Secured Convertible Notes as modified, amended, restated or Refinanced from time to time (individually, a “Note” and collectively, the “Notes”), issued pursuant to a certain Note and Warrant Purchase Agreement (as modified, amended  restated, or Refinanced from time to time, the “Note Purchase Agreement”) by and among Borrower and the Creditors, secured under the terms of a Pledge and Security Agreement and Intellectual Property Security Agreement (collectively, as modified, amended, restated or Refinanced from time to time, the “Security Agreements”) each among the Credit Parties and the Creditors, all dated as of April 21, 2011.  The Notes, the Note Purchase Agreement and the Security Agreements are sometimes referred to individually as a “Creditor Document” and collectively as the “Creditor Documents.”

 

Borrower and each Creditor propose to amend the Creditor Documents pursuant to the terms of that certain Second Amendment to Note and Warrant Purchase Agreement and that certain Senior Secured Convertible Note, each dated as of January 31, 2012 (collectively, the “Creditor Amendment Documents”).

 

Each Creditor executed for the benefit of Bank a Subordination Agreement dated as of August 31, 2011 (the “Subordination Agreement”).  Pursuant to the Creditor Amendment Documents, the Creditors will provide to Borrower an additional Five Million Dollars ($5,000,000) (the “Additional Subordinated Debt”).  Bank has agreed to consent to Creditors providing the Additional Subordinated Debt, provided that each Creditor agrees that the Subordination Agreement will remain effective and agrees to execute and deliver this Affirmation.

 

AGREEMENT

 

NOW, THEREFORE, Bank and each Creditor agrees as follows:

 

1. The first paragraph of paragraph 16 of the Subordination Agreement hereby is amended and restated in its entirety to read as follows:

 

“At any time and from time to time, without notice to Collateral Agent or any Lender, Creditors may: (i) exercise or refrain from exercising any rights against any Credit Party, subject to the terms of this Agreement; (ii) apply any sums by whomsoever paid or however realized to the Subordinate Debt, subject to the terms of this Agreement; (iii) release anyone liable in any manner for the payment or collection of any Subordinate Debt; (iv) settle or compromise all or any part of the Subordinate Debt, and further subordinate the payment of any part of the Subordinate Debt to the payment of any other indebtedness (including any other part of the Subordinate Debt); and (vi) change the manner, place or terms of payment or change or extend the time of payment of, or renew or alter, the Subordinate Debt, or otherwise amend or restate in any manner the Creditor Documents; provided that no such amendment or restatement shall: (a) contravene the provisions of this Agreement; (b) increase the then outstanding principal amount of the Subordinate Debt to an amount that is greater than Twenty Five Million Dollars ($25,000,000) other than by the capitalization of accrued interest; (c) increase any applicable interest rate with respect to the cash pay portion of interest on any Subordinate Debt, excluding (i) increases in connection with the accrual of 

 

  

  

  

 

interest at the default rate of interest in accordance with the Creditor Documents as in effect on the date hereof, and (ii) any further increases of the accrual rate interest to the extent such interest is capitalized to the principal balance of the Subordinate Debt; (d) change (to earlier dates) any dates upon which payments of principal or interest are due thereon; (e) change the redemption, prepayment or defeasance provisions thereof; (f) add additional events of default or covenants unless such additional events of default or covenants are also added to the Loan Documents; (g) make existing events of default or covenants more restrictive unless any comparable events of default or covenants in the Loan Documents are also made more restrictive; or (h) materially increase the material obligations of the Credit Parties, or any of them, or confer any material additional rights on Creditors, or any of them, that would be materially adverse to the Lenders.”

 

2. Bank consents to the execution, delivery and performance by the Borrower of the Creditor Amendment Documents. The Subordination Agreement shall remain in full force and effect with respect to all of Borrower’s obligations to Bank under the Loan Agreement.

 

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

 

4. Bank and each Creditor agree that (a) the defined term “Creditor Documents” set forth in the Subordination Agreement includes the “Creditor Amendment Documents” (as defined above), and (b) the defined term “Subordinated Debt” set forth in the Subordination Agreement includes the “Additional Subordinated Debt” (as defined above) and all other indebtedness evidenced by the Creditor Amendment Documents.

 

5. Unless otherwise defined, capitalized terms in this Affirmation shall have the meaning assigned in the Subordination Agreement.  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.

 

 

 

[Balance of Page Intentionally Left Blank]

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment to and Affirmation of Subordination Agreement as of the first date above written.

 

	  	
Collateral Agent”

 

COMERICA BANK

 

By:/s/ Brian Dummert          

 

Title:                                                                                    

 

	  	
“Creditors”

 

HealthCor Partners Fund, L.P.

 

By: HealthCor Partners Management L.P., its Manager

 

       By: HealthCor Partners Management, G.P., LLC

       Its: General Partner

 

By: /s/ Jeffrey C. Lightcap            

Name: Jeffrey C. Lightcap            

Title: Senior Managing Director          

 

	  	
HealthCor Hybrid Offshore Master Fund, L.P.

 

By: HealthCor Hybrid Offshore G.P., LLC

Its: General Partner

 

By: /s/ Steve Musumeci             

Name: Steve Musumeci             

Title:                                                                 

The undersigned approve of the terms of this Amendment to and Affirmation of Subordination Agreement.

	
“Credit Parties”

 

CAREVIEW COMMUNICATIONS, INC., a Nevada corporation

 

By: /s/ Steve Johnson                 

 

Title: President/COO                

	
 

 

CAREVIEW COMMUNICATIONS, INC., a Texas corporation

 

By: /s/ Steve Johnson              

 

Title: President/COO              

 

	
“Borrower”

 

CAREVIEW OPERATIONS, L.L.C., a Texas limited liability company

 

By: /s/ Steve Johnson                

 

Title: President/COO                

	  

[Signature Page to Amendment to and Affirmation of Subordination Agreement]

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