Attached files

file filename
8-K - FORM 8-K - Cardiac Science CORPv57540e8vk.htm
EX-3.1 - EXHIBIT 3.1 - Cardiac Science CORPv57540exv3w1.htm
EX-10.1 - EXHIBIT 10.1 - Cardiac Science CORPv57540exv10w1.htm
EX-3.2 - EXHIBIT 3.2 - Cardiac Science CORPv57540exv3w2.htm
Exhibit 10.2
FIRST AMENDMENT
TO
LOAN AND SECURITY AGREEMENT (EX-IM LOAN FACILITY)
     THIS FIRST AMENDMENT to Loan and Security Agreement (EX-IM Loan Facility) (this “Amendment”) is entered into this 3rd day of December, 2010, by and between Silicon Valley Bank (“Bank”) and CARDIAC SCIENCE CORPORATION, a Delaware corporation (“Borrower”) whose address is 3303 Monte Villa Parkway, Bothell, WA 98021.
Recitals
     A. Bank and Borrower have entered into that certain Loan and Security Agreement (EX-IM Loan Facility) dated as of July 16, 2010 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”).
     B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
     C. Borrower has requested that Bank amend the Loan Agreement to make certain changes as more fully set forth herein.
     D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
Agreement
     Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
     1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
     2. Amendments to Loan Agreement.
          2.1 Section 2.1.1 (EX-IM Advances). Section 2.1.1(a) is hereby amended in its entirety and replaced with the following:
          “(a) Bank will make EX-IM Advances to Borrower not exceeding (i) the lesser of (x) the EX-IM Committed Line or (y) the Foreign Borrowing Base, minus (ii) the outstanding principal balance of any EX-IM Advances; provided, however, and notwithstanding any other term or provision of this EX-IM Agreement, the aggregate amount of outstanding EX-IM Advances hereunder together with the aggregate amount of Advances outstanding under the Domestic Loan Agreement shall not in any event exceed Ten Million Dollars ($10,000,000) jointly. Amounts borrowed under this Section may be repaid and reborrowed during the term of this EX-IM Agreement.”
          2.2 Section 13 (Definitions). The following term and its definition in Section 13.1 is amended in its entirety and replaced with the following:
          “EX-IM Maturity Date” is December 14, 2010.
     3. Limitation of Amendments.
          3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any

 


 

amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
          3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
     4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
          4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
          4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
          4.3 The organizational documents of Borrower delivered to Bank on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
          4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
          4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
          4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and
          4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
     5. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
     6. Effectiveness. This Amendment shall be deemed effective upon the due execution and delivery to Bank of this Amendment by each party hereto.
[Signature page follows.]

 


 

     In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
                     
BANK       BORROWER    
 
                   
Silicon Valley Bank       Cardiac Science Corporation    
 
                   
 
                   
By:
  /s/ NICK CHRISTIAN       By:   /s/ MICHAEL K. MATYSIK    
Name:
  Nick Christian       Name:   Michael K. Matysik    
 
                   
Title:
  Relationship Manager       Title:   Senior Vice President and Chief Financial Officer