EXHIBIT 10.27
SECOND AMENDMENT TO LOAN COMMITMENTS
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THIS SECOND AMENDMENT TO LOAN COMMITMENTS is entered into on April 20,
1998, by and between GLOBAL MED TECHNOLOGIES, INC., a Colorado corporation
("GLOBAL"), Xxxx Xxxx Finance Company Limited, a New York corporation
("XXXX XXXX") and FRONTEER CAPITAL, INC., a New York corporation
("FRONTEER").
RECITALS
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A. On April 14, 1998, Global and Xxxx Xxxx entered into that certain
Loan Commitment ("Xxxx Xxxx Loan"), which was amended on April
16, 1998, which provided that Global was to register the shares
of Global Common Stock underlying the 6,000,000 detachable
warrants to be issued to Xxxx Xxxx pursuant to the Xxxx Xxxx Loan
within 60 days of April 14, 1998;
B. On April 14, 1998, Global and Fronteer entered into that certain
Loan Commitment (the "Fronteer Line of Credit"), which was
amended on April 16, 1998, which provided that Global was to
register the shares of Global Common Stock underlying up to
6,000,000 detachable warrants issuable to Fronteer within 60 days
of April 14, 1998. (The warrants issuable to Xxxx Xxxx and to
Fronteer are, collectively, referred to herein as the
"Warrants"). The Fronteer Line of Credit further provided that
Global would pay RAF Financial Corporation ("RAF") a finder's fee
of 5% of the principal amount of the Fronteer Line of Credit,
payable as the Fronteer Line of Credit was drawn;
C. Global, Xxxx Xxxx and Fronteer now wish to extend the time period
by which the shares of Common Stock underlying the Warrants must
be registered and increase the amount of the finder's fee payable
to RAF in accordance with the agreements set forth herein.
AGREEMENT
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1. Global shall have until July 14, 1998 to register the shares of
Common Stock underlying the Warrants with the Securities and Exchange
Commission ("SEC"); PROVIDED, HOWEVER, that so long as Global has used its
reasonable best efforts to file such registration statement covering such
shares with the SEC and responded to any comments from the SEC in a
timely fashion, Global shall not be deemed to be in default under the Xxxx
Xxxx Loan or the Fronteer Line of Credit if the registration statement is
not declared effective by July 14, 1998.
2. Global agrees to pay RAF a finder's fee equal to 9% of the amount
of the Fronteer Line of Credit, payable as the Fronteer Line of Credit is
drawn down.
3. All of the terms, provisions and conditions of this Second
Amendment to Loan Commitments shall be binding upon and shall inure to the
benefit of and be enforceable by the parties hereto, and their successors
and assigns.
4. This Second Amendment to Loan Commitments may be executed in one
or more counterparts by the parties hereto. All counterparts shall be
construed together and shall constitute one agreement. Each counterpart
shall be deemed an original hereof notwithstanding that less than all of
the parties may have executed it.
5. This Agreement shall be governed by, and shall be construed and
enforced in accordance with, the internal laws of the State of Colorado,
without reference to principles of conflicts of laws.
6. This Agreement embodies the entire agreement and understanding
of the parties hereto regarding its subject matter and supersedes all
prior agreements, correspondence, arrangements and understandings relating
to the subject matter hereof.
IN WITNESS WHEREOF, the parties have caused the execution and
delivery of this Second Amendment to Loan Commitments as of the date first
above written.
GLOBAL MED TECHNOLOGIES, INC.,
a Colorado corporation
By: /s/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx,
Chief Executive Officer
XXXX XXXX FINANCE COMPANY LIMITED,
A New York corporation
By: /s/ XXX XXXX
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Xxx Xxxx,
President
FRONTEER CAPITAL, INC.,
A New York corporation
By: /s/ XXX XXXX
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Xxx Xxxx,
President
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