Exhibit - 10.43
Covenant Waiver
00 Xxxxxxx Xxxxxxxxx
Xxx Xxxx, XX 00000-0000
(000)000-0000 January 31, 2000
Via Facsimile and First Class Mail
Xxxx X. Xxxx, CFO
Versant Corporation
0000 Xxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Re: Revolving Loan and Security Agreement dated as of May 15, 1997, as
modified from time to time in writing (the "Agreement"), between
Versant Corporation ("Borrower") and Comerica Bank - California ("Bank")
Dear Xxxx:
We have learned of the following breach of the Agreement based upon
Borrower prepared financial statements and press release communication with
Borrower as of the fiscal quarter ending December 31, 1999. Borrower is in
violation of the following:
Section 6.17 (g) Net income after taxes of at least One Dollar ($1.00),
for each fiscal quarter of Borrower commencing with the fiscal quarter ending
September 30, 1999.
Bank has agreed to waive the breach described above for the period ending
December 31, 1999 until March 31, 2000. Except as specifically set forth in this
letter, all other terms and conditions of the Agreement shall remain in full
force and effect. This waiver is not a waiver of any other, or future breach, of
any other term or condition of the Agreement.
Very truly yours,
Comerica Bank - California
Xxxxxx Xxxxxx
Vice President
