EX-10.70
from 10-K
2 pages
Re: Loan and Security Agreement (All Assets) Dated as of March 3, 2004 (The “Loan Agreement”) Between and Among Mfic Corporation, a Delaware Corporation (“Mfic”) and Microfluidics Corporation, a Delaware Corporation (“Microfluidics”) (Mfic and Microfluidics Are Hereafter Collectively Referred to as the “Borrower”) and Td Banknorth N.A. (Formerly Known as Banknorth N.A. the “Lender”) and Related Documents (The “Transaction Documents”) Gentlemen: Reference Is Made to the Loan Agreement Between the Borrower and the Lender and the Transaction Documents. the Agreement Is Hereby Amended, Effective Immediately as Follows: Section 1.01 the Term for “Debt Service Coverage Ratio” Is Hereby Deleted in Its Entirety and the Following New Terms Substituted Therefore, as Follows: “Debt Service Coverage Ratio” Shall Mean, During the Applicable Period, That Quotient Equal to (A) EBITDA of the Borrower Plus Share Based Compensation Minus Distributions Minus Cash Taxes of the Borrower, Divided by Fixed Charges of the Borrower, That Is, EBITDA + Share Based Compensation - Distributions - Cash Taxes Fixed Charges “EBITDA” Shall Mean, for the Applicable Period, Income From Continuing Operations Before the Payment of Interest and Taxes, Plus Depreciation and Amortization, Determined in Accordance With Generally Accepted Accounting Principles
12/34/56