Document:

Waiver and Consent--Manufacturers and Traders Trust Company

 Exhibit 10.4 
 WAIVER AND CONSENT 
 This Waiver and Consent (this “Agreement”), dated
November 12, 2008, is entered into by and among ClearPoint Business Resources, Inc. (the “Company”) and Manufacturers and Traders Trust Company (the “Warrant Holder”). 
 RECITALS 
 WHEREAS, in
connection with entering into the Loan Modification and Restructure Agreement, dated as of June 20, 2008 (the “Restructure Agreement”), by and among the Company, certain of its subsidiaries and the Warrant Holder, the Company
and the Warrant Holder entered into a Registration Rights Agreement dated as of June 20, 2008 (the “Registration Rights Agreement”) for the benefit of the Warrant Holder and ComVest Capital, LLC (“ComVest”);

 WHEREAS, capitalized terms used but not defined in this Agreement have the meanings ascribed to them in the Restructure Agreement
or the Registration Rights Agreement, as applicable. 
 WHEREAS, pursuant to the Registration Rights Agreement, the Company agreed to
prepare and file with the SEC the Registration Statement by no later than ninety (90) days after the date of the Registration Rights Agreement (the “Filing Deadline”); 
 WHEREAS, the Company previously requested an extension of the Filing Deadline to October 15, 2008 (the “First Extension
Date”), which was agreed to and accepted by ComVest; 
 WHEREAS, the Company was unable to prepare and file the Registration
Statement on or prior to the First Extension Date; and 
 WHEREAS, the Company is currently preparing and reasonably expects to file
the Registration Statement on or prior to December 1, 2008 and the parties have agreed to extend the Filing Deadline to December 1, 2008 (the “Second Extension Date”). 
 AGREEMENT 
 NOW THEREFORE, in
consideration of the premises and the respective agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, the parties hereby agree
as follows: 
 1. Waiver and Consent. In accordance with Section 11 of the Registration Rights Agreement, the Warrant Holder
hereby: (i) waives the requirement that the Registration Statement be prepared and filed on or prior to the Filing Deadline or by the First Extension Date; (ii) waives any and all rights or remedies available to the Warrant Holder as a
result of the Company’s failure to file the Registration Statement on or prior to the Filing Deadline or the First Extension Date; and (iii) agrees that the Company shall prepare and file the Registration Statement with the SEC on or prior
to the Second Extension Date. 
 2. Binding Effect. This Agreement shall be binding upon and shall inure to benefit of the Company and
the Warrant Holder and their respective successors in interest from time to time. 
 3. Entire Agreement. This Agreement constitutes
the sole and entire agreement and understanding between the parties hereto as to the subject matter hereof, and supersedes all prior discussions, 

  

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agreements and understandings of every kind and nature between them as to such subject matter. 
 4. Amendment. This Agreement may be amended only by a written instrument signed by the parties or their respective successors. 
 5. Governing Law. This Agreement shall (irrespective of the place where it is executed and delivered) be governed, construed and controlled by and
under the substantive laws of the State of New York, without regard to conflicts of law principles (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 
 6. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which taken
together shall constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed, as of the day and year first
above written. 
  

			
	MANUFACTURERS AND TRADERS TRUST COMPANY:
		
	By:	 	 /s/ Anne D. Brehony

	Name:	 	Anne D. Brehony
	Title:	 	Vice President
	
	CLEARPOINT BUSINESS RESOURCES, INC.:
		
	By:	 	 /s/ John Phillips

	Name:	 	John Phillips
	Title:	 	CFO

 [SIGNATURE PAGE TO WAIVER AND CONSENT]Third Amendment to Credit Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO CREDIT AGREEMENT 
 THIS THIRD AMENDMENT TO CREDIT AGREEMENT dated as of
November 14, 2008 (the “Amendment”), is entered into by and between ELANDIA INTERNATIONAL INC., a Delaware corporation (the “Borrower”); and STANFORD INTERNATIONAL BANK LTD., an
Antiguan banking corporation (the “Lender”). Capitalized terms used in this Amendment and not otherwise defined in this Amendment have the meanings assigned to them in the Credit Agreement (defined below). 

RECITALS 
 WHEREAS, the
Borrower and the Lender entered into that certain (i) Credit Agreement, dated as of July 21, 2008, (ii) First Amendment to Credit Agreement dated as of September 5, 2008, and (iii) Fourth Amendment to Preferred Stock
Purchase Agreement and Second Amendment to Credit Agreement dated as of September 17, 2008 (the foregoing amendments together with the original Credit Agreement, collectively, the “Credit Agreement”), whereby the
Lender committed to loan the Borrower up to $40,000,000 on the terms and conditions set forth in the Credit Agreement; and 
 WHEREAS,
the Borrower and the Lender wish to amend the Credit Agreement as provided in this Amendment. 
 NOW, THEREFORE, in consideration of
the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 AGREEMENT 
 1. Amendments to Article I – Definitions.

 (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following terms thereto: 
 “Market Value” shall mean the average closing bid and asked prices for the Common Stock for the 20 Trading Days immediately preceding any
interest payment date hereunder as quoted on the OTC Bulletin Board or other principal market to which the Common Stock of the Borrower is admitted for trading. 
 “South Pacific Assets” shall mean the businesses, operations and/or other assets in the South Pacific owned by the Borrower and its Subsidiaries. 
 “Trading Day“ means any day other than a Saturday or a Sunday on which the OTC Bulletin Board or other principal market to which the
Common Stock of the Borrower is admitted for trading is open for trading in equity securities. 

 (b) Section 1.1.25 is hereby deleted in its entirety and replaced with the following: 
 “Maturity Date” shall mean June 30, 2011, unless such date is not a Business Day, in which case “Maturity Date” shall mean
the first Business Day following June 30, 2011. 
 2. Amendments to Article II – Loans. 
 (a) Section 2.1 is hereby amended by deleting the last sentence thereof. 
 (b) Section 2.2 is hereby deleted in its entirety and replaced with the following: 
 Section 2.2 Interest. Interest on the principal amount of any Loans made hereunder shall accrue at six percent (6%) per
annum (the “Interest Rate”). Interest shall be payable on December 31, 2009, December 31, 2010 and the Maturity Date in arrears based upon the weighted average daily balance (calculated by adding the outstanding balance on
each day during the applicable period, and dividing the total by the number of days in such period) and otherwise in accordance with the terms of the Note. On any interest payment date, interest may, at the Company’s option, be paid in shares
of Common Stock based upon the Market Value of the Common Stock as of the relevant interest payment date. 
 (c) Section 2.3 is hereby
deleted in its entirety and replaced with the following: 
 Section 2.3 Maturity Date. The outstanding principal
amount of all Loans, together with all accrued and unpaid interest thereon (which interest may be paid, at the Company’s option, in shares of Common Stock as provided in Section 2.2 hereof), shall be due and payable on the Maturity Date in
accordance with the terms of this Section 2.3. The Loans may be prepaid at any time without penalty. 
 (d) Section 2.3.2 is hereby
deleted in its entirety. 
 (e) Section 2.4 is hereby deleted in its entirety and replaced with the following: 
 Section 2.4 Sale of South Pacific Assets; Mandatory Prepayments. The Borrower shall give Lender at least 25 days’ prior written notice of
any transaction to sell all or a material portion of the South Pacific Assets. Notwithstanding anything in this Agreement to the contrary, prior to the Maturity Date, the Borrower shall cause 100% of the Net Cash Proceeds from any such sale of the
South Pacific Assets consummated prior to the Maturity Date to be paid by the purchaser of such South Pacific Assets directly to Lender by wire transfer of immediately available funds to such account as Lender may from time to time designate, which
amounts shall be applied to the Obligations. 
  

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 3. Amendment to Article V – Negative Covenants. Section 5.6.2 is hereby amended
as follows: 
 5.6.2 redeem any of its equity securities except pursuant to the stock buyback program publicly announced by the Borrower on or
about October 9, 2008; or 
 4. Amended and Restated Funding Schedule for Loans. Exhibit B to the Credit Agreement is
hereby deleted in its entirety and replaced with Exhibit B attached hereto. 
 5. Amended and Restated Promissory Note.
Exhibit C to the Credit Agreement is hereby deleted in its entirety and replaced with Exhibit C attached hereto. Concurrently with the execution of this Amendment and the execution and delivery of the Amended and Restated Promissory
Note, the Lender shall mark the original Note as “cancelled” and return the original Note to the Borrower. 
 6.
Representations of the Lender. With respect to the shares of Common Stock payable to the Lender as provided by Section 2.2, the Lender represents and warrants to, and covenants and agrees with, the Borrower as follows: 

(a) Qualified Investor. The Lender is (i) experienced in making investments of the kind described in this Agreement and the related
documents, (ii) able to afford the entire loss of its investment in the Common Stock, and (iv) an “Accredited Investor” as defined in Rule 501(a) of Regulation D and knows of no reason to anticipate any material change in its
financial condition for the foreseeable future. 
 (b) Restricted Securities. The shares of Common Stock issuable by Borrower to
Lender in payment of interest hereunder are “restricted securities” as defined in Rule 144 promulgated under the Securities Act. All subsequent offers and sales by the Lender of the Common Stock shall be made pursuant to an effective
registration statement under the Securities Act of 1933, as amended, or pursuant to an applicable exemption from such registration. 
 (c)
Reliance on Representations. The Lender understands that the Common Stock is being offered to it in reliance upon exemptions from the registration requirements of the United States federal securities laws, and that the Borrower is relying
upon the truthfulness and accuracy of the Lender’s representations and warranties, and the Lender’s compliance with its covenants and agreements, each as set forth herein, in order to determine the availability of such exemptions and the
eligibility of the Lender to acquire the Common Stock. 
 (d) Investment. The Lender is acquiring the Common Stock for investment for
the Lender’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof, nor with any present intention of distributing or selling such Common Stock. The Lender is aware of the
limits on resale imposed by virtue of the transaction contemplated by this Agreement and is aware that the Common Stock shall bear a restrictive legend in substantially the following form: 
 THESE SECURITIES (INCLUDING ANY UNDERLYING SECURITIES) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, 

  

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HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL OR
OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION SHALL NO LONGER BE REQUIRED. 
 7. Miscellaneous.

 (a) The Credit Agreement is reaffirmed and ratified in all respects, except as expressly provided herein. 
 (b) The Borrower’s representations and warranties contained in the Credit Agreement are true and correct in all respects on and as of the date
hereof, as though made on and as of such date, except to the extent that any such representation or warranty relates solely to an earlier date, in which case such representation or warranty is true and correct in all respects on and as of such
earlier date. The Borrower has performed all covenants and agreements required to be performed pursuant to the Credit Agreement in all respects on and as of the date hereof and as of the date hereof there exists no violation or default (or any event
which with the giving of notice, or lapse of time or both, would result in a violation or become a default) under the Credit Agreement. 
 (c) In the event of any conflict between the terms or provisions of this Amendment and the Credit Agreement, then this Amendment shall prevail in all respects. Otherwise, the provisions of the Credit Agreement shall remain in full force and
effect. 
 (d) The parties shall execute and deliver any other instruments or documents and take any further actions after the execution of
this Amendment, which may be reasonably required for the implementation of this Amendment and the transactions contemplated hereby. 
 (e)
The Borrower shall bear its own costs, including attorney’s fees, incurred in the negotiation of this Amendment and consummation of the transactions contemplated herein and the corporate proceedings of the Borrower in contemplation hereof. At
the first funding set forth in the Funding Schedule, the Borrower shall reimburse the Lender for all of the Lender’s reasonable out-of-pocket expenses incurred in connection with the negotiation of performance of this Amendment, including
without limitation reasonable fees and disbursements of counsel to the Lender. 
 [Remainder of Page Intentionally Left Blank] 

  

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

  

			
	BORROWER:
	
	ELANDIA INTERNATIONAL INC.
		
	By:	 	 /s/ Pete R. Pizarro

		 	Pete R. Pizarro
		 	Chief Executive Officer
	
	LENDER:
	
	STANFORD INTERNATIONAL BANK LTD.
		
	By:	 	 /s/ James M. Davis

		 	James M. Davis
		 	Chief Financial Officer

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