Exhibit 4.25
AMENDMENT TO LINE OF CREDIT AGREEMENT
AMENDMENT, dated July 30, 2001, (the "Amendment") by and between Milestone
Scientific Inc., a Delaware corporation, having its principal offices at 000
Xxxxx Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx 00000 (the "Company"), and X. Xxxxxx
Xxxxxxxx (the "Lender"), having an address c/o Cumberland Associates LLC, 0000
Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, XX 00000.
For good and valuable consideration, the sufficiency of which is hereby
acknowledged, the undersigned hereby agree to the following amendments to the
Line of Credit Agreement, dated March 9, 2001, by and between the Company and
the Lender (the "Agreement"):
A. The Agreement is hereby amended by striking Paragraph 1.4 thereof and
replacing said paragraph with the following new Paragraph 1.4:
1.4 Upon the deposit of the Xxxxxxxx Check in accordance with
Paragraph 1.3, the Company shall have the right to withdraw from the
Xxxxxxxx Account such funds as from time to time may be needed by the
Company in its discretion.
B. The Agreement is hereby amended further by striking Paragraph 4.9
thereof and replacing said paragraph with the following new Paragraph 4.9:
4.9 Use of Proceeds. Borrowings under Paragraph 1.4 of this
Agreement will be used for general corporate purposes.
C. Except as otherwise provided herein, the Agreement, the 10% Promissory
Note and Warrant issued thereunder, and the Registration Rights Agreement by and
between the Company and the Lender, dated March 9, 2001, shall continue
unchanged and in full force and effect.
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be
executed as of the date first above written.
MILESTONE SCIENTIFIC INC.
By: s/ Xxxxxxx Xxxxx
-----------------------------
Xxxxxxx Xxxxx, Chairman and
Chief Executive Officer
s/ X. XXXXXX XXXXXXXX
--------------------------------
X. XXXXXX XXXXXXXX
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