Letter Agreement Cancelling Warrants and Amending Prepayment Penalty under Credit Agreement between NNJCA Capital, LLC and Cancer Genetics, Inc.

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Summary

This agreement is between NNJCA Capital, LLC and Cancer Genetics, Inc. It confirms that NNJCA agrees to cancel certain warrants previously issued in connection with a loan to Cancer Genetics, Inc. under a prior credit agreement. In exchange, the promissory note is amended to increase the prepayment penalty by $98,000. NNJCA acknowledges it is not entitled to any warrants related to the loan, and all such warrants are cancelled. The agreement is signed by both parties and takes effect as of October 15, 2012.

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EX-10.56 13 d254016dex1056.htm LETTER AGREEMENT (NNJCA CAPITAL, LLC) Letter Agreement (NNJCA Capital, LLC)

Exhibit 10.56

October 15, 2012

 

NNJCA CAPITAL, LLC

100 First Street - Suite 301

Hackensack, New Jersey 07601

Attention: Dr. Andrew Pecora

 

Re: Amended and Restated Credit Agreement with Cancer Genetics, Inc.

Dear Dr. Pecora:

This letter agreement will memorialize your agreement to cancel the Warrant #119, #125, and #129 issued to NNJCA in connection with its loan to the Company pursuant to the Amended and Restated Credit Agreement (“Credit Agreement”) by and among between JOHN PAPPAJOHN (“Pappajohn”), PECORA AND COMPANY (“Pecora”) and NNJCA CAPITAL, LLC (“NNJCA”, and with Pappajohn and Pecora, collectively the “Lender”), and CANCER GENETICS, INC., a Delaware corporation (the “Company”), dated of February 13, 2012 and to amend the promissory note (the “Note”) to increase the pre-payment penalty. The Note is hereby amended to provide that the pre-penalty payment shall be increased by $98,000. You agree that, notwithstanding the terms of the Credit Agreement, NNJCA is not entitled to any warrants in connection with its loan to the Company and that any and all warrants issued to NNJCA pursuant to the Credit Agreement are hereby cancelled.

 

Very truly yours,
/s/ Panna L. Sharma

Panna L. Sharma

President and CEO

 

Agreed to and Accepted by:

 

NNJCA CAPITAL, LLC

  By:   /s/ Andrew Pecora
    Name: Andrew Pecora
    Title: Manager (President)