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EXHIBIT 10.59
ALLONGE TO PROMISSORY NOTE
Amount: $100,000 Detroit, Michigan
Dated: March 27, 1997
UNDER date of November 15, 1997, the undersigned ("Borrower") made and
delivered to Xxxx X. Xxxxxx ("Lender") a Secured Promissory Note in the
principal amount of $100,000 (the "Note").
At this time, Xxxxxxxx has requested that Xxxxxx adjust the rate at which
interest accrues on the unpaid principal balance under the Note.
Accordingly, Xxxxxx and Xxxxxxxx hereby agree to amend the Note in the
following particular:
1. Rate at which interest accrues on the unpaid principal balance under
the Note is hereby modified from 14% to 10% per annum.
2. This Allonge is but an amendment to the Note by way of modification and
does not constitute payment, satisfaction or discharge of the Note or any
obligation thereunder. The Note, the Loan Commitment Letter and the Security
Agreement and all documents delivered by Borrower to secure its obligations
under the Note and any and all other documents executed by Borrower in
connection with the delivery of the Note are hereby ratified and confirmed as
being in full force and effect, as modified hereby. In addition, Borrower
represents and warrants that it has no defense to payment or claims of offset
under the Note.
THIS ALLONGE HAS BEEN EXECUTED AND DELIVERED ON MARCH 27, 1997.
BORROWER:
Caraco Pharmaceutical Laboratories, Ltd.,
a Michigan corporation
By: /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx
Its: President and Chief Operating Officer
ACCEPTANCE:
THE UNDERSIGNED hereby accepts the foregoing Allonge Promissory Note in
accordance with its terms.
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
