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CHANGE IN TERMS AGREEMENT
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Principal Loan Date Maturity Loan No.
$150,000.00 03-03-2009 06-09-2009 930610000
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Call / Coll Account Officer Initials
RK /s/ RK
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References in the boxes above are for Lender's use only and
do not limit the applicability of this document
to any particular loan or item. Any item above
containing "***" has been omitted due to text
length limitations.
Borrower: Lender:
Amexdrug Corporation; Dermagen, Inc.; National Bank of California
Biorx Pharmaceuticals, Inc.; Royal Corporate Banking Department
Health Care, Inc.; and Allied Med Inc. 000 Xxxxx Xxxxxxx Xxxxxx
0000 Xxxx Xxxxxxx Xxxxxxxxx, Xxxxx 000 Xxx Xxxxxxx, XX 00000
Xxxxxxx Xxxxx, XX 00000
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Principal Amount: $150,000.00 Date of Agreement: March 3, 2009
DESCRIPTION OF EXISTING INDEBTEDNESS: The Promissory Note dated June 23, 2008 in
the amount of $150,000.00.
The interest rate floor on the Note is hereby decreased from 7.500% to 6.000%.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of
the original obligation or obligations, including all agreements evidenced or
securing the obligation(s), remain unchanged and in full force and effect.
Consent by Lender to this Agreement does not waive Lender's right to strict
performance of the obligation(s) as changed, nor obligate Lender to make any
future change in terms. Nothing in this Agreement will constitute a satisfaction
of the obligation(s). It is the intention of Lender to retain as liable parties
all makers or endorsers of the original obligation(s), including accommodation
parties, unless a party is expressly released by Lender in writing. Any maker or
endorser, including accommodation makers, will not be released by virtue of this
Agreement. If any person who signed the original obligation does not sign this
Agreement below, then all persons signing below acknowledge that this Agreement
is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement or
otherwise will not be released by it. This waiver applies not only to any
initial extension, modification or release, but also to all such subsequent
actions.
PRIOR TO SIGNING THIS AGREEMENT, BORROWERS READ AND UNDERSTOOD ALL PROVISIONS OF
THIS AGREEMENT. BORROWERS AGREES TO THE TERMS OF THE AGREEMENT.
BORROWER:
AMEXDRUG CORPORATION
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, President/Secretary of Amexdrug Corporation
DERMAGEN, INC.
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, President/Secretary of Dermagen, Inc.
BIORIX PHARMACEUTICALS, INC.
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, President/Secretary of Biorx Pharmaceuticals, Inc.
ROYAL HEALTH CARE, INC.
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, President/Secretary of Royal Health Care, Inc.
ALLIED MED INC.
By: /s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, President/Secretary of Allied Med Inc.
PRIOR TO SIGNING THIS AGREEMENT, GUARANTORS READ AND UNDERSTOOD ALL PROVISIONS
OF THIS AGREEMENT. GUARANTORS AGREES TO THE TERMS OF THE AGREEMENT.
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, Individually
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx, Individually
5
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