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EXHIBIT 10.58
AMENDMENT
TO
LOAN AGREEMENT
This AMENDMENT TO LOAN AGREEMENT, dated as of March 31, 2000 (the
"Amendment"), is made and entered into by and between Xxxxxx Drug Co., Inc., a
New York corporation ("Borrower"), and Xxxxxx Pharmaceuticals, Inc., a Nevada
corporation ("Lender"). Capitalized terms used herein shall have the meanings
given them in the Loan Agreement (as defined below).
Recitals
WHEREAS, Borrower and Lender are parties to that certain Loan
Agreement, dated as of March 29, 2000 (the "Loan Agreement"); and
WHEREAS, Borrower and Lender desire to amend certain terms of the Loan
Agreement;
NOW, THEREFORE, the parties hereto agree as follows.
Agreement
1. Article One of the Loan Agreement is hereby amended in its
entirety to read as follows:
"1. AMOUNT AND TERMS OF LOAN.
1.1 Term Loans. Subject to the terms herein, Lender
agrees to loan to Borrower from time to time the aggregate principal
amount of Seventeen Million Five Hundred Thousand Dollars ($17,500,000)
(such take-downs, individually and collectively, the "Loan"). Borrower
may request take-downs of the Loan hereunder upon five Business Days'
written notice, such notice to be accompanied by a statement of uses of
proceeds of past take-downs, if any, and proposed uses of proceeds of
the take-down being requested. Such statement is for informational
purposes only. Notwithstanding any prepayment of the Loan by Borrower,
sums repaid hereunder may not be re-borrowed.
1.2 Promissory Note. Borrower's obligation to pay the
principal of, and interest on, the Loan shall be evidenced by a secured
promissory note (the "Note"), duly executed and delivered by Borrower,
such Note to be in the form attached as Exhibit A to the Amendment to
this Loan Agreement, dated March 31, 2000, by and between Borrower and
Lender."
2. Limitation of Amendment. Except as amended above, the terms
of the Loan Agreement shall remain in full force and effect.
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3. Governing Law. This Amendment and the rights of the parties
hereunder shall be governed in all respects by the laws of the State of
California wherein the terms of this Amendment were negotiated.
4. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.
IN WITNESS WHEREOF, Borrower and Lender have caused this Amendment to
be duly executed by their duly authorized officers all as of the day and year
first above written.
"BORROWER" "LENDER"
XXXXXX DRUG CO., INC. XXXXXX PHARMACEUTICALS, INC.
/s/ Xxxxxxx Xxxxxxx /s/ Xxxxxx X. Xxxxxxx
By: By:
Its: Chief Executive Officer Its: Senior Vice President
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