Waiver Letter to Security Agreement between SpaceDev, Inc. and Laurus Master Fund, Ltd. (June 3, 2003)

Contract Categories: Business Finance › Waiver Agreements
Summary

This letter agreement is between SpaceDev, Inc. and Laurus Master Fund, Ltd. Laurus agrees to provide a $300,000 revolving credit advance to SpaceDev, even though this exceeds the usual borrowing limit based on eligible accounts. For three months, Laurus waives certain repayment and fee requirements related to this overadvance, and the advance will not trigger a default. All other terms of the original Security Agreement remain unchanged.

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EX-10.5 7 doc6.txt Exhibit 10.5 [GRAPHIC OMITED] June 3, 2003 Via Telecopier - --------------- Richard Slansky 13855 Stowe Drive Poway, CA 92064 Re: Waiver Letter -------------- Dear Mr. Slansky: Reference is hereby made to that certain Security Agreement dated June 3, 2003 by and between SpaceDev, Inc. (the "Company") and Laurus Master Fund, Ltd. ("Laurus") (the "Security Agreement"). Capitalized terms used but not defined herein shall have the meanings ascribed them in the Security Agreement. Laurus is hereby notifying you of its decision to exercise the discretion granted to it pursuant to Section 2 (ii) of the Security Agreement to make a Revolving Credit Advance to the Company in the amount of $300,000 on the date hereof (the "Advance"), which such amount would otherwise exceed eighty five percent (85%) of the Company's Eligible Accounts on the date hereof. In connection with making the Advance, for a period of three months from the date hereof (the "Period"), Laurus hereby waives compliance with Sections 3 and 5(b)(iv) of the Security Agreement solely as they relate to the immediate repayment requirement for Overadvances and the fees accruing thereto. Laurus further agrees that, solely for such Period, the Advance shall not be deemed an Overadvance and shall not trigger an Event of Default requiring a five (5) day cure under Section 19(a) of the Security Agreement. All other terms and provisions of the Security Agreement and the Ancillary Agreements remain in full force and effect. LAURUS MASTER FUND, LTD. By: /s/ David Grin ---------------- David Grin Agreed and accepted on the date hereof SPACEDEV, INC. By: /s/ James W. Benson ---------------------- Name: James W. Benson Title: Chief Executive Officer