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Exhibit 10.63
AMENDMENT TO SECURITY AGREEMENTS
(LOAN A GUARANTORS)
THIS AMENDMENT TO SECURITY AGREEMENTS (the "AMENDMENT") is made and
entered into as of November 8, 1999, by and between the entities listed on
EXHIBIT "A" attached hereto (each a "GUARANTOR" and collectively, the
"GUARANTORS") and DVI BUSINESS CREDIT CORPORATION ("LENDER").
BACKGROUND
A. Pursuant to various Security Agreements dated February 25, 1997 June
29, 1999, or November 8, 1999, as the case may be, by and between Guarantors and
Lender (collectively, the "SECURITY AGREEMENTS"), each Guarantor has granted to
Lender a continuing first priority pledge and security interest in all existing
and after-acquired Collateral (as to each Guarantor, the "SECURITY INTEREST" and
collectively, the "SECURITY INTERESTS").
B. Each Security Interest secures the prompt payment and performance of
all obligations of the applicable Guarantor under its respective Unconditional
Continuing Guaranty dated February 25, 1997, June 29, 1999, or November 8, 1999,
as the case may be, pursuant to which that Guarantor agreed to guaranty and
become surety for all present and future obligations of US Diagnostic, Inc.
("BORROWER") to Lender, including, without limitation, all obligations arising
under that certain Loan and Security Agreement dated February 25, 1997, by and
between Borrower and Lender, as amended, and all documents, instruments and
agreements related thereto (collectively, the "LOAN DOCUMENTS").
C. Pursuant to the terms and conditions of Amendment No. 4 to Loan and
Security Agreement of even date herewith by and between Borrower and Lender (the
"AMENDMENT NO. 4"), Borrower has agreed to divide its obligations under the Loan
and Note into two (2) separate and distinct obligations, each secured by a
separate pool of collateral.
D. At Lender's request, Guarantors have agreed that the Security
Interests granted under the Security Agreements shall hereafter secure only the
obligations of Borrower under that certain Secured Promissory Note A of even
date herewith given by Borrower to Lender in the original principal amount of
Twenty-Four Million Dollars ($24,000,000.00) ("NOTE A"), and NOT the obligations
of Borrower under that certain Secured Promissory Note B of even date herewith
given by Borrower to Lender in the original principal amount of Eleven Million
Dollars ($11,000,000.00) ("NOTE B"), except upon the merger of the obligations
of Borrower under Note A and Note B in accordance with their terms.
E. All capitalized terms not otherwise defined herein shall have the
meanings set forth in the Amendment No. 4.
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NOW, THEREFORE, the parties hereto, intending to be legally bound and
for good and valuable consideration, agree as follows:
1. OBLIGATIONS. SECTION 1.1 of the Security Agreement shall be and is
hereby amended by deleting in its entirety the definition of "OBLIGATIONS"
contained therein and inserting in its place the following:
""OBLIGATIONS" mean the due and punctual payment of all amounts due
under Note A and the performance of all obligations of Guarantor under the
Guaranty, solely to the extent such obligations directly relate to Note A;
provided, however, that if the obligations of Borrower under Note A and Note B
are ever merged in accordance with their terms, the term "OBLIGATIONS" as used
herein shall thereafter be automatically deemed to include the payment of all
amounts due under Note A and under Note B."
2. COUNTERPARTS. This Amendment may be executed in counterparts, all of
which when taken together constitute one and the same instrument.
3. GOVERNING LAW. This Amendment is governed by and must be interpreted
and construed in accordance with the laws of the State of California (without
giving effect to any principles of conflicts of law).
4. NO WAIVER. Lender is entering into this Amendment without any
forbearance, and without waiver or prejudice of, any Unmatured Default, any
Event of Default or any rights or remedies Lender has or may have under the Loan
Documents and applicable law, all of which rights and remedies Lender hereby
expressly reserves.
5. INTERPRETATION. Any provision in this Amendment that may be contrary
to any provision of any of the Security Agreements shall prevail and override
that provision of that Security Agreement. Except as expressly set forth herein,
all other provisions of the Security Agreements shall remain unmodified and in
full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.
HE IMAGING PARTNERS, LTD. PINNACLE IMAGING ASSOCIATES
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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VALLEY PRESBYTERIAN MAGNETIC COLUMBUS DIAGNOSTIC CENTER,
RESONANCE CENTER, LP INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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MEDITEK - BROWARD, INC. MEDITEK - PALM BEACH
GARDENS, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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ADVANCED MEDICAL IMAGING MEDITEK - GREYSTONE, INC.
CENTER, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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MEDITEK - ICOT, INC. KALEY IMAGING, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
---------------------------- -----------------------------
MEDITEK - PALMS, INC. MEDITEK - PREMIER NORTH, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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MEDITEK - SUN COAST, INC. COMPUTERIZED MEDICAL
IMAGING CENTER, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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SAN FRANCISCO MAGNETIC MODESTO IMAGING CENTER, INC.
RESONANCE CENTER, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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SOUTH COAST RADIOLOGISTS, MEDITEK PREMIER, INC.
A CORPORATION
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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ORANGE PARK DIAGNOSTIC SALISBURY IMAGING, INC.
CENTER, INC.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxx
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Title: President Title: President
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JEFFERSON MAGNETIC
RESONANCE IMAGING, LLC
By: /s/ Xxxxxx X. Xxxx
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Name: Xxxxxx X. Xxxx
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Title: President
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GUARANTORS
HE Imaging Partners, Ltd.
Pinnacle Imaging Associates
Valley Presbyterian Magnetic Resonance Center, LP
Columbus Diagnostic Center, Inc.
MediTek - Broward, Inc.
MediTek - Palm Beach Gardens, Inc.
Advanced Medical Imaging Center, Inc.
MediTek - Greystone, Inc.
MediTek - ICOT, Inc.
Kaley Imaging, Inc.
MediTek - Palms, Inc.
MediTek - Premier North, Inc.
MediTek - Sun Coast, Inc.
Computerized Medical Imaging Center, Inc.
San Francisco Magnetic Resonance Center, Inc.
Modesto Imaging Center, Inc.
South Coast Radiologists, a Corporation
MediTek Premier, Inc.
Orange Park Diagnostic Center, Inc.
Salisbury Imaging, Inc.
Jefferson Magnetic Resonance Imaging, LLC
EXHIBIT "A"
to
AMENDMENT TO SECURITY AGREEMENTS
(LOAN A GUARANTORS)
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