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EXHIBIT 10.25
WAIVER TO LOAN AND SECURITY AGREEMENT COVENANTS AUG. 10, 1998
Comerica Bank-California
High Technology Banking Group
00 Xxxxxxx Xxxxxxxxx, 0xx Xxxxx
Xxx Xxxx, XX 00000
August 10, 1998
Xxxx Xxxx
Vice President Finance & CFO
Versant Object Technology Corporation
0000 Xxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Dear Xxxx,
This letter is to acknowledge that Versant Object Technology Corporation
("Borrower") for the time period ending June 10, 1998 has breached paragraphs
6.17b (Minimum Tangible Effect Net Worth), 6.17d (Minimum Quick Ratio), 6.17c
(Maximum Debt Ratio), 6.17i (Minimum Debt Service Ratio), and Minimum
profitability of the Credit Facility ("Agreement") dated May 15, 1997 between
Borrower and Comerica Bank-California ("Bank").
Bank agrees to waive compliance with the defaulted covenants through June 30,
1998. The waiver applies only to the defaulted covenants. This waiver does not
apply to any other default that may now exist or may occur after the date of
this waiver with respect to the defaulted covenants or any other term,
condition or covenant of the Agreement. All other terms and conditions of the
Agreement remain unchanged.
Sincerely,
By:
Comerica Bank-California
Xxxx Xxxxxx
Vice President and Assistant Manager
