Waiver Letter for Breach of Revolving Loan and Security Agreement between Versant Corporation and Comerica Bank - California
Comerica Bank - California has agreed to waive a specific breach by Versant Corporation under their Revolving Loan and Security Agreement for the quarter ending September 30, 2000. The breach involved not meeting the required net cash provided by operating activities. This waiver applies only to this instance and does not affect any other terms of the agreement or future breaches. All other terms of the original agreement remain unchanged.
EXHIBIT 10.48
| (408) 556-5876 | October 18, 2000 |
Lee McGrath
Chief Financial Officer
Versant Corporation
6539 Dumbarton Circle
Fremont, CA 94555
| 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 Lee,
We have learned of the following breach of the Agreement for the quarter ending September 30, 2000 based upon telephone communications with Borrower and subsequent company prepared financial statements.
Section 6.17 (f) Net Cash provided by Operating Activities, as defined in FASB 95 and 102, equal to or greater than $1,000,000 per quarter for the quarter ending September 30, 2000.
Bank has agreed to waive the breach described above for the period ending September 30, 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, or any other term or conditions of the Agreement.
Sincerely,
Comerica Bank - California
Peter Palsson, VP
High Technology Banking Group
