Re: Loan Agreement
Exhibit 10.17(ii)
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Top SpinMedical (Israel) Ltd. Global Park, 0 Xxxxxx Xx., Xxxxx Xxxxxxxxxx Xxxx Xxx, Xxxxxx Phone: 000-0-0000000 Fax: 000-0-0000000 |
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To:
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Date: December 29, 2005 | |
TopSpin Medical Inc. (the “Company”) |
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0 Xxxxxx Xx., Xxx |
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Xxxxxx |
Re: Loan Agreement
Dear Sir,
| 1. | On June 21, 2001, the Company and TopSpin Medical (Israel) Ltd., the Company’s fully owned subsidiary (the “Subsidiary”), have entered into an Intercompany Loan Agreement, a copy of which is enclosed as Exhibit A herewith (the “Original Agreement”; all capitalized terms used and not otherwise defined herein, shall have the meaning ascribed to them in the Original Agreement). |
| 2. | Under the Original Agreement the Company has extended to the Subsidiary a Convertible Loan in accordance with the terms set forth in the Original Agreement. |
| 3. | As of December 31, 2005 the loan amount under the Original Agreement consists of a principal amount of US$ 18,247,671.69 and accrued interest of US$ 1,544,570.57 on the principal amount. |
| 4. | The Subsidiary requests that, as of the date hereof, the Company shall waive any interest payments due to the Company in connection with the amounts extended by the Company to Subsidiary until December 31, 2005 under the Convertible Loan in accordance with the terms of the Original Agreement, totaling an aggregate interest amount of US$ 1,544,570.57 as of December 31, 2005. | |
| 5. | Please confirm your agreement to the above with your signature hereunder. |
/s/
Xxxx Xxxxx
TopSpin Medical (Isracel)By: Xxxx Xxxxx
We confirm and agree to the aforesaid:
