Exhibit 10.26
October 9, 2013
Jacqueline M. Lemke Vice
President- Finance Chief
Financial Officer
Bioanalytical Systems Inc.
Purdue Research Park
2701 Kent Avenue
West Lafayette,IN 47906
Re: Waiver- Net Worth Covenant
Dem Ms. Lemke:
We refer you to that ce1iain Loan and Security Agreement between Bioanalytical Systems, Inc. ("Borrower") and Entrepreneur Growth Capital,LLC ("Lender")dated on or about January 11,2010(the "Agreement"). All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Agreement.
This letter shall serve to confirm that Lender herebywaives Borrower's compliance with the tangible net worth covenant set forth in Section 4.15 of the Loan Agreement for the periods ending March31, 2013and June30, 2013.Borrower understands that the waiver set forth herein shall apply only for the stated periods.
Borrower agrees to pay Lender a fee in the amount of $2,000.00 as consideration tor the aforesaid waiver and documentation this letter agreement, which fee will be automatically chargedtoBorrower's revolving loan account.
Except as hereby or heretofore amended or supplemented, the Agreement shall remain in full force and effect in accordance with its original terms and conditions.
If the foregoing correctly sets forth your and our understanding, please execute the enclosed copy of this letter in the spaces provided below and return such fully executed copy to the undersigned as soon as possible.
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This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. An executed facsimile of this Amendment shall be deemed to be a valid and binding agreement between the parties hereto
Very truly yours, | ||||
ENTREPRENEUR GROWTH | ||||
CAPITALLLC | ||||
as Lender | ||||
By: | /s/Charles L. Bert | |||
Name: | Charles L. Bert | |||
Title: | Vice President | |||
BIOANALYTICAL SYSTEMS, INC. | ||||
as Borrower | ||||
By: | /s/Jacqueline M. Lemke | |||
Name: | Jacqueline M. Lemke | |||
Title: | Vice President - Finance | |||
Chief Financial Officer |
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