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Exhibit 10.2
FIRST AMENDMENT
AND WAIVER
TO AMENDED AND RESTATED LOAN AGREEMENT
This First
Amendment and Waiver to Amended and Restated Loan Agreement is
entered into as of March 14, 2008 (the
“Amendment”) by and between COMERICA BANK
(“Bank”) and CLARIENT, INC.
(“Borrower”).
RECITALS
Borrower and Bank
are parties to that certain Amended and Restated Loan Agreement
dated as of February 28, 2008 (the
“Agreement”). Borrower proposes to incur
additional indebtedness (the “Additional Debt”)
pursuant to an Amended and Restated Senior Subordinated Revolving
Credit Agreement dated as of March 14, 2008 between Safeguard
Delaware, Inc. (“Safeguard Delaware”) and Borrower
(the “Safeguard Senior Credit Agreement”).
Borrower has requested that Bank consent to the incurrence and
repayment of the Additional Debt, and Bank has agreed to do so in
accordance with this Consent. Additionally, the parties
desire to amend the Agreement in accordance with the terms of this
Amendment.
NOW, THEREFORE,
the parties agree as follows:
1.
Effective upon Bank’s receipt of an Affirmation and Amendment
of Subordination Agreement from Safeguard Delaware in substantially
the form attached (the “Subordination Agreement
Amendment”) and compliance by Borrower with the terms of this
Amendment, Bank consents to Borrower’s entering into the
Safeguard Senior Credit Agreement and the incurrence of
indebtedness pursuant thereto and waives any default or event of
default under the Agreement resulting from Borrower’s entry
into the Safeguard Senior Credit Agreement. Bank consents to
the repayment of the Additional Debt to the extent permitted under
the Subordination Agreement Amendment.
2.
Bank hereby waives Borrower’s failure to comply with
Section 6.8 (Net Worth covenant) of the Agreement as amended
herein for the period ended December 31, 2007. Bank does
not waive Borrower’s obligations under such Sections for any
period after December 31, 2007, and Bank does not waive any
other failure by Borrower to perform its Obligations under the Loan
Documents. This waiver is not a continuing w
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