ALLONGE TO REVOLVING NOTE
Exhibit 10.14
ALLONGE TO REVOLVING NOTE
THIS ALLONGE TO CONVERTIBLE PROMISSORY NOTE (the “Allonge”) is made and entered into as of the 20th day of December, 2001, by and between Akorn, Inc., a Louisiana corporation (the “Company”), and The Xxxx X. Xxxxxx Trust Dated September 20, 1989, or its administrators, representatives, successors or assigns (“Holder”).
WITNESSETH:
WHEREAS, the Company made in favor of Holder that certain Convertible Promissory Note dated as of July 21, 2001 (the “Tranche B Note”), in the original principal amount of TWO MILLION and 00/100 Dollars ($2,000,000); a copy of which is attached as Exhibit A hereto and incorporated herein by this reference; and
WHEREAS, in order to extend the maturity date of the Tranche B Note, the parties have agreed to execute this Allonge.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the undersigned agree as follows:
1. The parties hereby acknowledge and agree to extend the stated maturity date of the Tranche B Note from thirty-six (36) months after the original issuance date of the Tranche B Note (i.e., July 12, 2004) to December 20, 2006 [the same maturity date as the new lenders].
2. The Company hereby agrees to use its best efforts to comply with the National Association of Securities Dealers Rule 4350(i)(1)(A) as to shareholder approval of the issuance of shares of the Company’s common stock in accordance with the Loan Agreement upon conversion of the interest on the Tranche B Note accrued between the initial Repayment Date (as such term was defined in the Convertible Bridge Loan and Warrant Agreement dated as of July 12, 2001 (the “Loan Agreement”) (prior to any amendment thereto), between the Company and the Holder) and the Repayment Date (as such term is defined in the Loan Agreement, as amended).
3. Except as amended or revised by this Allonge, the terms of the Tranche B Note remain in full force and effect as of the date hereof. In the event the terms of the Tranche B Note should conflict with this Allonge, the terms of this Allonge shall control.
4. This Allonge shall be governed by and construed in accordance with the laws of the State of Illinois, without regard to any choice or conflict of law provisions.
5. This Allonge may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, this Allonge to Tranche B Note has been executed and delivered as of the date first above written.
COMPANY
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HOLDER: | |
AKORN, INC.
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THE XXXX X. XXXXXX TRUST DATED SEPTEMBER 20, 1989 | |
By: /s/ Xxx X. Xxxxxxx
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By: /s/ Xxxx X. Xxxxxx | |
Name: Xxx X. Xxxxxxx
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Name: | |
Its: CFO
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Its: |
EXHIBIT A
CONVERTIBLE PROMISSORY NOTE
See Attached.
