Document:

Consent, Waiver and Amendment Agr

    Exhibit
      10.9

     

    

      CONSENT,
        WAIVER AND AMENDMENT AGREEMENT

      (Convertible
        Debentures)

      

      This
        Consent, Waiver and Amendment Agreement (this “Agreement”) is entered into as of
        July 19, 2007, by and between each of the undersigned purchasers, acting
        individually (individually a “Purchaser” and collectively the “Purchasers”), and
        Viking Systems, Inc., a Delaware corporation (the “Company”).

       

       

      Pursuant
        to a securities purchase agreement dated February 24, 2007 among the Company
        and
        the Purchasers (the “Purchase Agreement”), the Purchasers were issued secured
        convertible debentures (the “Debentures”) and warrants (the “Warrants”) to
        purchase shares of Common Stock, par value $.001 per share (the “Common Stock”)
        and in the individual amounts set forth below such Purchaser’s name on the
        signature pages to the Purchase Agreement;

       

       

      The
        Debenture offering was for a maximum of $6,000,000 of the Debentures of which
        approximately $5,376,533 has been received by the Company. The $6,000,000
        maximum was established in late November 2006. The $6,000,000 Debenture maximum
        assumed the Debenture would close in early January 2007. In February 2007,
        discussions were held with a number of Debenture Purchasers regarding the
        need
        to increase the Debenture maximum to off-set the two month delay in closing
        and
        to address other changes in the business plans of the Company that were impacted
        by, and not anticipated in, the final Debenture agreements. Since the initial
        close of the Debenture offering, the Company has been actively seeking
        additional funds from other interested investors.

       

       

      The
        Company is in need of additional capital and the Company believes that the
        balance of the $6,000,000 is now available, together with additional funds
        required by the Company to fund its operations. The Company desires to obtain
        the consent of the Purchasers to increase the maximum Debenture offering
        to
        $8,000,000 from $6,000,000 (an additional $2,623,467).

       

      The
        Company and Purchasers desire to amend certain terms of the Transaction
        Documents and waive certain provisions and other matters contained in the
        Transaction Documents.

      

      NOW,
        THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
        and for good and valuable consideration the receipt and adequacy of which
        are
        hereby acknowledged, the Purchasers and the Company agree as
        follows:

       

      

      ARTICLE
        I

      DEFINITIONS

       

      Section
        1.  Definitions.
        Capitalized terms not defined in this Agreement shall have the meanings ascribed
        to such terms in the Purchase Agreement.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      ARTICLE
        II

      AMENDMENTS
        AND OTHER AGREEMENTS

      

      Section
        2.1  Consent
        to Increased Financing.
        Each
        Purchaser, severally and not jointly with the other Purchasers, hereby consents
        to the Company consummating the issuance of up to $8,000,000 principal amount
        (including $5,376,533 already issued) of 8% Secured Convertible Debentures
        and
        Warrants on the terms and conditions substantially as set forth in the
        Transaction Documents. Each Purchaser agrees that Section 4.13 (Participation
        in
        Future Financing) and Section 4.14 (Subsequent Equity Sales) of the Purchase
        Agreement and Section 7 (Negative Covenants) of the Debenture document are
        specifically amended to enable the Company to sell up to $2,623,467 of
        additional Debentures without compliance with the terms set forth in those
        sections.

      

      Section
        2.2 Effect on Transaction Documents. The
        foregoing consents and waivers are given solely in respect of the transactions
        described herein. Except as expressly set forth herein, all of the terms
        and
        conditions of the Transaction Documents shall continue in full force and
        effect
        after the execution of this Agreement, and shall not be in any way changed,
        modified or superseded by the terms set forth herein. This Agreement shall
        not
        constitute a novation or satisfaction and accord of any Transaction
        Document.

      

      Section
        2.3. Conditions
        to Purchasers Obligations.
        The
        respective obligations of the Purchasers hereunder and the effectiveness
        of the
        consents, waivers and amendments set forth herein are subject to written
        approval of the Holders of not less than 76% of the outstanding principal
        amount
        of the Debentures.

      

      ARTICLE
        III

      MISCELLANEOUS

      

      Section
        3.1 Notices.
        Any and
        all notices or other communications or deliveries required or permitted to
        be
        provided hereunder shall be made in accordance with the provisions of the
        Purchase Agreement.

      

      Section
        3.2 Survival.
        This
        Agreement shall inure to the benefit of and be binding upon the successors
        and
        permitted assigns of each of the parties; provided however that no party
        may
        assign this Agreement or the obligations and rights of such party hereunder
        without the prior written consent of the other parties hereto.

      

      Section
        3.3 Execution.
        This
        Agreement may be executed in two or more counterparts, all of which when
        taken
        together shall be considered one and the same agreement and shall become
        effective when counterparts have been signed by each party and delivered
        to the
        other party, it being understood that both parties need not sign the same
        counterpart. In the event that any signature is delivered by facsimile
        transmission, such signature shall create a valid and binding obligation
        of the
        party executing (or on whose behalf such signature is executed) with the
        same
        force and effect as if such facsimile signature page were an original
        thereof.

      

      Section
        3.4 Severability.
        If any
        provision of this Agreement is held to be invalid or unenforceable in any
        respect, the validity and enforceability of the remaining terms and provisions
        of this Agreement shall not in any way be affected or impaired thereby and
        the
        parties will attempt to agree upon a valid and enforceable provision that
        is a
        reasonable substitute therefor, and upon so agreeing, shall incorporate such
        substitute provision in this Agreement.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
 

      Section
        3.5 Governing
        Law.
        All
        questions concerning the construction, validity, enforcement and interpretation
        of this Agreement shall be determined pursuant to the Governing Law provision
        of
        the Purchase Agreement.

      

      Section
        3.6 Entire
        Agreement.
        The
        Agreement, together with the exhibits and schedules thereto, contain the
        entire
        understanding of the parties with respect to the subject matter hereof and
        supersede all prior agreements and understandings, oral or written, with
        respect
        to such matters, which the parties acknowledge have been merged into such
        documents, exhibits and schedules.

      

      Section
        3.7 Construction.
        The
        headings herein are for convenience only, do not constitute a part of this
        Agreement and shall not be deemed to limit or affect any of the provisions
        hereof. The language used in this Agreement will be deemed to be the language
        chosen by the parties to express their mutual intent, and no rules of strict
        construction will be applied against any party.

       

      Section
        3.8 Independent
        Nature of Purchasers’ Obligations and Rights.
        The
        obligations of each Purchaser hereunder are several and not joint with the
        obligations of any other Purchasers hereunder, and no Purchaser shall be
        responsible in any way for the performance of the obligations of any other
        Purchaser hereunder. Nothing contained herein or in any other agreement or
        document delivered at any closing, and no action taken by any Purchaser pursuant
        hereto, shall be deemed to constitute the Purchasers as a partnership, an
        association, a joint venture or any other kind of entity, or create a
        presumption that the Purchasers are in any way acting in concert with respect
        to
        such obligations or the transactions contemplated by this Agreement. Each
        Purchaser shall be entitled to protect and enforce its rights, including
        without
        limitation the rights arising out of this Agreement, and it shall not be
        necessary for any other Purchaser to be joined as an additional party in
        any
        proceeding for such purpose.

      

      Section
        3.9 Termination. 
        This Agreement may be terminated by any Purchaser, as to such Purchaser’s
        obligations hereunder, by written notice to the other parties, if the
        transactions contemplated hereunder are not effective on or before July 31,
        2007.

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
        executed by their respective authorized signatories as of the date first
        indicated above.

       

      

      
        	 	
                VIKING
                  SYSTEMS, INC.

                 

              
	 	
                By:__________________________________________

                Name:

                Title:

              

      

           

      

      

       

      
        
           

           

        

        
          3

          
            

          

        

        
           

        

      

      [PURCHASER
        SIGNATURE PAGES TO VKSY 

      AMENDMENT
        AGREEMENT]

      

      IN
        WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
        by their respective authorized signatories as of the date first indicated
        above.

       

      Name
        of
        Purchaser: ________________________________________________________

      Signature
        of Authorized Signatory of Purchaser:
        __________________________________

      Name
        of
        Authorized Signatory:
        ____________________________________________________

      Title
        of
        Authorized Signatory:
        _____________________________________________________

      Email
        Address of
        Purchaser:________________________________________________

      

      

      

      

      

       

    

    4Unassociated Document

    Exhibit
      10.10

     

    (Revised
      June 22, 2007)

    CONSENT,
      WAIVER AND AMENDMENT AGREEMENT

    (Convertible
      Debentures)

     

    This
      Consent, Waiver and Amendment Agreement (this “Agreement”) is entered into as of
      June 22, 2007, by and between each of the undersigned purchasers, acting
      individually (individually a “Purchaser” and collectively the “Purchasers”), and
      Viking Systems, Inc., a Delaware corporation (the “Company”).

     

    Pursuant
      to a securities purchase agreement dated February 24, 2007 among the Company
      and
      the Purchasers (the “Purchase Agreement”), the Purchasers were issued secured
      convertible debentures (the “Debentures”) and warrants (the “Warrants”) to
      purchase shares of Common Stock, par value $.001 per share (the “Common Stock”)
      and in the individual amounts set forth below such Purchaser’s name on the
      signature pages to the Purchase Agreement;

     

    The
      Company and the Purchasers desire to provide for the issuance of shares of
      the
      Company’s common stock to the purchasers for (i) the payment of Liquidated
      Damages related to registration rights matters; and (ii) the payment of accrued
      interest.

     

    The
      Company and Purchasers desire to amend certain terms of the Transaction
      Documents and waive certain provisions and other matters contained in the
      Transaction Documents.

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for good and valuable consideration the receipt and adequacy of which are
      hereby acknowledged, the Purchasers and the Company agree as
      follows:

    

    ARTICLE
      I

    DEFINITIONS

     

    Section
      1. Definitions. Capitalized terms not defined in this Agreement shall
      have the meanings ascribed to such terms in the Purchase Agreement.

    

    ARTICLE
      II

    AMENDMENTS
      AND OTHER AGREEMENTS

     

    Section
      2.1 Consent, Waivers and other Agreements.

     

    a)
      The
      Transaction Documents provide that the Company shall file various registration
      statements to register the Registrable Securities as defined in the
      Registration Rights Agreement).  The Company has not filed a
      registration statement as to the shares underlying the Debentures and the
      Warrants (the “Unregistered Shares”) issued pursuant to the Transaction
      Documents.  The Purchasers hereby agree to waive the requirements of
      Section 2(c) of the Registration Rights Agreement, and agree that the Company
      shall not be required to file a Registration Statement with the Commission
      seeking to register any of the Unregistered Shares for resale by the Purchasers
      prior to (i) the later of July 31, 2007 or (ii) unless and until it receives
      a
      written request (a “Demand Notice”, and the registration statement to be
      filed in connection therewith, a “Demand Registration”) by the Purchasers
      holding a majority or more of the Registrable Securities. For clarity, in
      connection with any Demand Registration, the “Filing Date” for purposes of the
      Registration Rights Agreement shall be the 30th calendar day following the
      date
      of the Demand Notice and the “Effectiveness Date” shall be the 120th calendar
      day following the Demand Notice.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    b)
      Each
      Purchaser, severally, and not jointly with the other Purchasers, hereby agrees
      that in lieu of the payment of (i) accrued but unpaid cash Liquidated Damages
      under Section 2(b) of the Registration Rights Agreement as to the Unregistered
      Shares in the amounts set forth on Schedule A hereto; (ii) the payment of
      accrued interest on the Debentures in the amounts set forth on Schedule A
      hereto; and (iii) for the other consideration given to the Purchasers hereunder,
      each Purchaser agrees to accept, and the Company agrees to issue to the
      Purchasers, an aggregate of 2,389,570 shares of Common Stock (“Liquidated
      Damages and Interest Shares”), subject to adjustment for reverse and forward
      stock splits and the like).  Each Purchaser shall receive a number of
      Liquidated Damages and Interest Shares set forth on Schedule A
      hereto.

     

    Section
      2.2 Effect on Transaction Documents. The foregoing consents and waivers
      are given solely in respect of the matters described herein. Except as expressly
      set forth herein, all of the terms and conditions of the Transaction Documents
      shall continue in full force and effect after the execution of this Agreement,
      and shall not be in any way changed, modified or superseded by the terms set
      forth herein. This Agreement shall not constitute a novation or satisfaction
      and
      accord of any Transaction Document.

     

    Section
      2.3. Waiver of Certain Breaches.  The Transaction Documents
      contain numerous provisions which require the Company to take certain actions
      or
      refrain from taking certain actions (“Requirements”).  Some of the
      Requirements require that Company take certain actions within prescribed time
      periods.  The Company is aware that it has not complied in all
      respects with the Requirements.  Each Purchaser hereby waives any
      breach of the Transaction Documents with respect to the Requirements set forth
      on Exhibit A attached hereto and by this reference made a part
      hereof.

    

    ARTICLE
      III

    MISCELLANEOUS

     

    Section
      3.1 Notices. Any and all notices or other communications or deliveries
      required or permitted to be provided hereunder shall be made in accordance
      with
      the provisions of the Purchase Agreement.

     

    Section
      3.2 Survival. This Agreement shall inure to the benefit of and be binding
      upon the successors and permitted assigns of each of the parties; provided
      however that no party may assign this Agreement or the obligations and rights
      of
      such party hereunder without the prior written consent of the other parties
      hereto.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      3.3 Execution. This Agreement may be executed in two or more
      counterparts, all of which when taken together shall be considered one and
      the
      same agreement and shall become effective when counterparts have been signed
      by
      each party and delivered to the other party, it being understood that both
      parties need not sign the same counterpart.  In the event that any
      signature is delivered by facsimile transmission, such signature shall create
      a
      valid and binding obligation of the party executing (or on whose behalf such
      signature is executed) with the same force and effect as if such facsimile
      signature page were an original thereof.

     

    Section
      3.4 Severability.  If any provision of this Agreement is held
      to be invalid or unenforceable in any respect, the validity and enforceability
      of the remaining terms and provisions of this Agreement shall not in any way
      be
      affected or impaired thereby and the parties will attempt to agree upon a valid
      and enforceable provision that is a reasonable substitute therefor, and upon
      so
      agreeing, shall incorporate such substitute provision in this
      Agreement.

     

    Section
      3.5 Governing Law. All questions concerning the construction, validity,
      enforcement and interpretation of this Agreement shall be determined pursuant
      to
      the Governing Law provision of the Purchase Agreement.

     

    Section
      3.6 Entire Agreement. The Agreement, together with the exhibits and
      schedules thereto, contain the entire understanding of the parties with respect
      to the subject matter hereof and supersede all prior agreements and
      understandings, oral or written, with respect to such matters, which the parties
      acknowledge have been merged into such documents, exhibits and
      schedules.

     

    Section
      3.7 Construction. The headings herein are for convenience only, do not
      constitute a part of this Agreement and shall not be deemed to limit or affect
      any of the provisions hereof.  The language used in this Agreement
      will be deemed to be the language chosen by the parties to express their mutual
      intent, and no rules of strict construction will be applied against any
      party.

     

    Section
      3.8 Independent Nature of Purchasers’ Obligations and Rights. The
      obligations of each Purchaser hereunder are several and not joint with the
      obligations of any other Purchasers hereunder, and no Purchaser shall be
      responsible in any way for the performance of the obligations of any other
      Purchaser hereunder. Nothing contained herein or in any other agreement or
      document delivered at any closing, and no action taken by any Purchaser pursuant
      hereto, shall be deemed to constitute the Purchasers as a partnership, an
      association, a joint venture or any other kind of entity, or create a
      presumption that the Purchasers are in any way acting in concert with respect
      to
      such obligations or the transactions contemplated by this Agreement. Each
      Purchaser shall be entitled to protect and enforce its rights, including without
      limitation the rights arising out of this Agreement, and it shall not be
      necessary for any other Purchaser to be joined as an additional party in any
      proceeding for such purpose.

     

    Section
      3.9 Termination.  This Agreement may be terminated by any
      Purchaser, as to such Purchaser’s obligations hereunder, by written notice to
      the other parties, if the transactions contemplated hereunder are not effective
      on or before July 31, 2007.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
      executed by their respective authorized signatories as of the date first
      indicated above.

     

    

    VIKING
      SYSTEMS, INC.

     

    

    By:__________________________________________

         Name:
      Donald E. Tucker

         Title:
      President and CEO

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [PURCHASER
      SIGNATURE PAGES TO VKSY   AMENDMENT AGREEMENT]

     

    IN
      WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
      by their respective authorized signatories as of the date first indicated
      above.

     

    Name
      of
      Purchaser: ________________________________________________________

     

    Signature
      of Authorized Signatory of Purchaser:
      __________________________________

     

    Name
      of
      Authorized Signatory:
      ________________________________________________

     

    Title
      of
      Authorized Signatory:
      _________________________________________________

     

    Email
      Address of
      Purchaser:___________________________________________________

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