Spacedev, Inc.

Credit Agreements Filter

EX-10.1
from 10QSB ~20 pages Material contract
12/34/56
EX-10.42
from 10KSB 1 page March 31, 2004 via Telecopier - Spacedev, Inc. 13855 Stowe Drive Poway, Ca 92064 Attention: Richard Slansky 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 and That Certain Waiver Letter Dated June 3, 2003 Between the Company and Laurus (The "June Waiver"). 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 $779,850 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 Made Under the June Waiver and This Advance, for a Period of Six (6) 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, Neither the Advance Made Under the June Waiver Nor This Advance Shall 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. as of the Date Hereof, No Event of Default Has Occurred and Is Continuing Under the Security Agreement or the Note and 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/ Richard B. Slansky Name: Richard B. Slansky Title: Chief Financial Officer
12/34/56