THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT
EXHIBIT
10.3
THIRD
AMENDMENT TO LOAN AND SECURITY AGREEMENT
THIS
THIRD AMENDMENT TO LOAN
AND SECURITY AGREEMENT ("Third
Amendment") is
entered
into as of July
,
2006 by
and among GREENFIELD
COMMERCIAL CREDIT, L.L.C., a
Michigan limited liability company ("Lender"),
AHPC
HOLDINGS, INC.,
a
Maryland corporation, and AMERICAN
HEALTH PRODUCTS CORPORATION, a
Texas
corporation (collectively "Borrower").
RECITALS
A.
Lender
and Borrower entered into a Loan And Security Agreement dated as of September
9,
2004 and amended the same effective January, 2005 and on September 9, 2005
(together, the "Loan Agreement"). All capitalized terms not defined herein
shall
have the same meanings ascribed to such terms in the Loan
Agreement.
B.
Borrower
has elected to further extend the Maturity Date, as provided in the Loan
Agreement.
NOW, THEREFORE,
in
consideration of the mutual covenants, conditions, and provisions as
hereinafter
set
forth, the parties hereto agree to amend the Loan Agreement as
follows:
Maturity Date.
The
Maturity Date is hereby extended to the earlier of demand or September 9,
2007.
2.
Termination/Prepayment. The
Termination/Prepayment provision of Paragraph 2 (C) is deleted.
3.
Amendment/Legal
Fees. Borrower
shall pay herewith a renewal fee of $50,000.00, which Lender acknowledges has
been paid, and Lender's attorney fees in the amount of $450.00.
4.
Counterparts. This
Third Amendment may be executed in counterparts.
IN WITNESS
WHEREOF, the
parties hereto have caused this Third Amendment to be executed and delivered
as
of the date first hereinabove set forth.
|
GREENFIELD
COMMERCIAL CREDIT, LLC
a
Michigan limited liability company
By:
GCC Management, Inc.
Its:
Manager
By
/s/ Xxxxxx X.
Xxxxx
Xxxxxx X. Xxxxx
Its:
Vice President
|
a
Maryland corporation
By /s/
Xxxx
Xxxxxx
Xxxx
Xxxxxx
Its:
President
and
|
|
AMERICAN
HEALTH PRODUCTS
CORPORATION
a
Texas corporation
By
/s/ Xxxx
Xxxxxx
Xxxx Xxxxxx
Its:
President
|
Acknowledgement
of Validity Guarantor on next page
ACKNOWLEDGEMENT
OF VALIDITY GUARANTOR
Xxxx
X.
Xxxxxx, Validity Guarantor under Validity Guaranty agreement dated as of
September 9, 2004, acknowledges the above Third Amendment and agrees that his
Validity Guaranty shall continue in full force and effect.
WITNESS:VALIDITY
GUARANTOR:
/s/
Xxxxxxx X. Xxxxx
/s/
Xxxx X.
Xxxxxx
Xxxx X. Xxxxxx
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