Exhibit 10.8
FIRST AMENDMENT TO NOTE AND
SECURITY AGREEMENT
THIS FIRST AMENDMENT ( THE “FIRST AMENDMENT”) DATED
MARCH 25, 2009 TO THE NOTE AND SECURITY AGREEMENT (THE
“AGREEMENT”) DATED AS OF SEPTEMBER 4, 2007
AMONG SAFESTICH MEDICAL, INC., SAFESTITCH, LLC (COLLECTIVELY THE
“BORROWER”) AND THE UNDERSIGNED LENDERS
(“LENDERS”).
RECITALS
WHEREAS , Borrower and Lenders (collectively, the
“Parties”) are parties to the Agreement which became
effective on September 4, 2007; and
WHEREAS, the Borrowers and Lenders desire to amend the
Agreement to extend the Maturity Date (as defined in the Agreement)
from December 31, 2009 until June 30, 2010.
NOW THEREFORE , in consideration of the mutual covenants and
promises contained in the Agreement and this First Amendment and
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Borrower and Lenders agree as
follows:
AMENDMENT
1.
Extension of Maturity Date. Section 3 of the
Agreement is hereby amended and restated in its entirety as
follows:
Payments of Obligations, including Principal and
Interest . The
principal amount of the Loan evidenced hereby, together with any
accrued and unpaid interest, and any and
