Exhibit 10.7
AMENDMENT TO PROMISSORY NOTE
THIS AMENDMENT, made and entered into as of July 15, 2003, by and
between Horizon Medical Products, Inc., a Georgia corporation ("Horizon"), and
Xxx X. Xxxxxxx, Xx. ("Xxxxxxx");
WHEREAS, Xxxxxxx has delivered his Promissory Note dated October 12,
1995 payable to Horizon in the principal amount of Thirty Five Thousand and
No/100 Dollars ($35,000.00) (the "Note"), as amended by Amendment to Promissory
Note dated October 12, 1996;
WHEREAS, Horizon has agreed with Xxxxxxx to change the payment terms
for the Note as provided herein;
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) paid and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree to amend the Note, as follows:
1. The entire unpaid principal of Thirty Five Thousand and No/100
Dollars ($35,000.00) and all accrued and unpaid interest prior to the date
hereof in the amount of Eighteen Thousand Forty Eight and No/100 Dollars
($18,048.00) shall be payable in twelve (12) monthly installments, commencing on
July 15, 2003 and on the 15th day of each month thereafter until paid in full,
according to the amortization schedule attached hereto and incorporated herein
by this reference. Interest shall accrue from the date hereof on the unpaid
principal only at the simple rate of eight percent (8%) per annum and shall be
payable in twelve (12) monthly payments on the same dates as each monthly
payment of principal is payable, as provided in the attached amortization
schedule. The total monthly payments for the two preceding sentences are
reflected in "Combined Note 1" in the attached schedule.
2. Other than the amendment described above, all other provisions of
the Note shall continue in full force and effect. This amendment shall be
binding upon and inure to the benefit of the parties hereto and their personal
representatives, successors, and assigns.
WITNESS, the execution of the undersigned effective as of the date
first set forth above.
HORIZON MEDICAL PRODUCTS, INC.
By: /s/ Xxxxxx Xxxxxx
------------------------------------
Title: President
--------------------------------
/s/ Xxx X. Xxxxxxx, Xx.
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Xxx X. Xxxxxxx, Xx.
Schedule to Amendment to Promissory Note
REPAYMENT OF PRINCIPAL OF $35,000 NOTE DATED 10/12/95.
NOTE 1
Principal Interest Mo pymt
--------- -------- --------
35,000.00 Principal balance
7/15/2003 1 2,811.67 233.33 3,045.00 32,188.33
8/15/2003 2 2,830.41 214.59 3,045.00 29,357.92
9/15/2003 3 2,849.28 195.72 3,045.00 26,508.64
10/15/2003 4 2,868.28 176.72 3,045.00 23,640.37
11/15/2003 5 2,887.40 157.60 3,045.00 20,752.97
12/15/2003 6 2,906.65 138.35 3,045.00 17,846.32
1/15/2004 7 2,926.02 118.98 3,045.00 14,920.30
2/15/2004 8 2,945.53 99.47 3,045.00 11,974.77
3/15/2004 9 2,965.17 79.83 3,045.00 9,009.60
4/15/2004 10 2,984.94 60.06 3,045.00 6,024.66
5/15/2004 11 3,004.84 40.16 3,045.00 3,019.83
6/15/2004 12 3,019.83 20.13 3,039.96 (0.00)
35,000.00 1,534.96
REPAYMENT OF ACCRUED INTEREST ON NOTE 1.
Principal Interest Mo pymt
--------- -------- --------
18,048.00 Principal balance
7/15/2003 1 1,504.00 0.00 1,504.00 16,544.00
8/15/2003 2 1,504.00 0.00 1,504.00 15,040.00
9/15/2003 3 1,504.00 0.00 1,504.00 13,536.00
10/15/2003 4 1,504.00 0.00 1,504.00 12,032.00
11/15/2003 5 1,504.00 0.00 1,504.00 10,528.00
12/15/2003 6 1,504.00 0.00 1,504.00 9,024.00
1/15/2004 7 1,504.00 0.00 1,504.00 7,520.00
2/15/2004 8 1,504.00 0.00 1,504.00 6,016.00
3/15/2004 9 1,504.00 0.00 1,504.00 4,512.00
4/15/2004 10 1,504.00 0.00 1,504.00 3,008.00
5/15/2004 11 1,504.00 0.00 1,504.00 1,504.00
6/15/2004 12 1,504.00 0.00 1,504.00 0.00
18,048.00 0.00
COMBINED
NOTE 1
Principal Interest Mo pymt
---------- -------- --------
53,048.00 Principal balance
7/15/2003 1 4,315.67 233.33 4,549.00 48,732.33
8/15/2003 2 4,334.31 214.59 4,549.00 44,397.92
9/15/2003 3 4,353.28 195.72 4,549.00 40,044.64
10/15/2003 4 4,372.28 176.72 4,549.00 35,672.37
11/15/2003 5 4,391.40 157.60 4,549.00 31,280.97
12/15/2003 6 4,410.65 138.35 4,549.00 26,870.32
1/15/2004 7 4,430.02 118.98 4,549.00 22,440.30
2/15/2004 8 4,449.53 99.47 4,549.00 17,990.77
3/15/2004 9 4,469.17 79.83 4,549.00 13,521.60
4/15/2004 10 4,488.94 60.06 4,549.00 9,032.66
5/15/2004 11 4,508.84 40.16 4,549.00 4,523.83
6/15/2004 12 4,523.83 20.13 4,549.00 (0.00)
53,048.00 1,534.96
