Document:

ex10-111.htm

CareView Communications, Inc., 10-K

 

Exhibit 10-111

 

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This Second Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of January __, 2013, 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, including by that certain First Amendment to Loan and Security Agreement dated as of January 31, 2012, collectively, 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.   Clause (y) of the defined term “Eligible Accounts” set forth in Section 1.1 of the Agreement hereby is amended and restated in its entirety and replaced with the following:

 

“(y) arise from the future, rolling nine (9) months due to sales of subscriptions to individual hospitals or hospital groups which are associated with (i) existing subscription services that are under contract and have at least twelve (12) months of life left on the contract at the time of inclusion of such Account in the Borrowing Base; and (ii) newly executed contracts that have a minimum length of at least two (2) years;”

 

2.   New Section 9.8 hereby is added to the Agreement as follows:

 

“9.8           Verification of Accounts.  Collateral Agent or any Lender may at any time, from time to time, contact Account Debtors and other persons obligated or knowledgeable in respect of any Borrower’s Accounts to confirm the validity and amounts of such Accounts, to determine whether such Accounts constitute Eligible Accounts, and for any other purpose in connection with this Agreement.”

 

3.   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.

 

4.   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.

 

5.   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.

 

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6.   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 Affirmation of Subordination dated as of even date herewith, duly executed by each party thereto;

 

(c) that certain Amendment to Warrant in favor of Comerica Ventures Incorporated, dated as of even date herewith, duly executed by Parent;

 

(d) that certain Amendment to Warrant in favor of Bridge Capital Holdings, dated as of even date herewith, duly executed by Parent;

 

(e) an officer’s certificate of each Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment;

 

(f) a success fee equal to Thirty Thousand Dollars ($30,000), to be shared between the Lenders pursuant to their respective Commitment Percentages;

 

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

 

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

 

7.   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]

 

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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/Chief Operating Officer                                     

	  	
 

CAREVIEW COMMUNICATIONS, INC.

a Texas Corporation

 

By:    /s/ Steve Johnson                                                                

Title: President/Chief Operating Officer                                      

 

	  	
CAREVIEW OPERATIONS, L.L.C.

a Texas Limited Liability Company

 

By:    Steve Johnson                                                                      

Title: President                                                                                 

	  	
COLLATERAL AGENT AND LENDER:

COMERICA BANK

 

By:    /s/ Brian Dummett                                                                

Title: Senior Vice President                                                          

 

	  	
LENDER:

BRIDGE BANK, NATIONAL ASSOCIATION

 

By:                                                                                                    

Title: Sr. Vice President                                                                 

[Signature Page to Second Amendment to Loan & Security Agreement]ex10-112.htm

CareView Communications, Inc., 10-K

Exhibit 10.112

 

AFFIRMATION OF SUBORDINATION AGREEMENT

 

THIS AFFIRMATION OF SUBORDINATION AGREEMENT is made as of December __, 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, including by that certain First Amendment to Loan and Security Agreement dated as of January 31, 2012, collectively, the “Loan Agreement”).

 

The Credit Parties and the Lenders propose to enter into a Second Amendment to Loan and Security Agreement dated as of the date hereof (collectively, the “Amendment”), which amends the Loan Agreement by, among other things, modifying the definition of Eligible Accounts (as defined in the Loan Agreement).

 

Each Creditor executed for the benefit of Collateral Agent a Subordination Agreement dated as of August 31, 2011 (as amended by that certain Amendment to and Affirmation of Subordination Agreement dated as of January 31, 2012, collectively, the “Subordination Agreement”).  Lenders have agreed to enter into the Amendment provided, among other things, that each Creditor consents to the entry by Borrower into the Amendment and agrees that the Subordination Agreement will remain effective.

 

AGREEMENT

 

NOW, THEREFORE, Collateral Agent and each Creditor agrees as follows:

 

1.   Creditor consents to the execution, delivery and performance by the Credit Parties of the Amendment and the modifications to the Loan Agreement effected by the Amendment. The Subordination Agreement shall remain in full force and effect with respect to all of the Credit Parties’ obligations to Lenders under the Loan Agreement.

 

2.   Collateral Agent and each Creditor affirm their respective obligations under the Subordination Agreement.

 

3.   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]

 

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

 

	  	
“Collateral Agent”

 

COMERICA BANK

 

By: Brian Dummett                                                                

 

Title: Sr. Vice President                                                         

 

 

	  	
“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 Lightcap                                                        

Name: Jeffrey Lightcap                                                          

Title: Senior Managing Director                                           

 

	  	
HealthCor Hybrid Offshore Master Fund, L.P.

 

By: HealthCor Hybrid Offshore G.P., LLC

Its: General Partner

 

By: /s/ Steven Musumeci                                                      

Name: Steven Musumeci                                                       

Title: Chief Operating Officer                                                

 

The undersigned approve of the terms of Affirmation of Subordination Agreement.

	
“Credit Parties”

 

CAREVIEW COMMUNICATIONS, INC., a Nevada corporation

 

By: /s/ Steve Johnson                                                    

 

Title: President/Chief Operating Officer                      

 

	
 

 

CAREVIEW COMMUNICATIONS, INC., a Texas corporation

 

By: /s/ Steve Johnson                                                           

 

Title: President/Chief Operating Officer                              

 

	
“Borrower”

 

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

 

By: /s/ Steve Johnson                                                    

 

Title: President                                                                 

 

	  

[Signature Page to Affirmation of Subordination Agreement]

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