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Exhibit 10.18
AMENDMENT NO. 5
TO LOAN AND SECURITY AGREEMENT ("AGREEMENT")
DATED JANUARY 31, 1996 AMONG
AMERICAN SHARED-CURACARE AND CURACARE, INC. (BORROWER),
AMERICAN SHARED HOSPITAL SERVICES ("GUARANTOR"),
XXXXXX X. XXXXX, M.D. ("INDIVIDUAL GUARANTOR"),
AND DVI BUSINESS CREDIT RECEIVABLES CORP. ("LENDER")
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree to amend the Agreement as follows:
1) Subject 2.1 "The Loan" first sentence shall be amended to read as follows:
Subject to the terms and conditions and relying on the representations and
warranties set forth herein, Lender agrees to advance to Borrrower,
individually or collectively, from time to time, and Borrower agrees to
borrow from Lender, revolving loans in an amount not to exceed the lesser of
(i) Five Million Five Hundred Thousand Dollars ($5,500,000.00) (the
"Commitment Amount"), and (ii) the Borrowing Base, which shall be evidenced
by a Note.
2) Upon execution of this Amendment, Borrower shall pay Lender an Origination
Fee of one percent (1%) on the increased Commitment Amount of $500,000.00.
Increases to the Commitment Amount during the term will be charged on the
incremental increase at the same origination percentage. All other fees will
remain the same in accordance with the Agreement.
Any provision in Amendment No. 5 ("Amendment") hereof that may be contrary to
any provision of the Agreement shall prevail and override the Agreement. Except
as expressly set forth herein, all other provisions of the Agreement shall
remain in full force and effect. Both parties warrant to each other that this
Amendment has been authorized and duly executed and is binding on both parties
hereto as of the 1st day of December, 1997.
LENDER:
DVI BUSINESS CREDIT RECEIVABLES CORP.
By: /s/ Xxxxxxx X. Xxxx
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Name: Xxxxxxx X. Xxxx
Title: Executive Vice President
BORROWER: BORROWER:
AMERICAN SHARED-CURACARE CURACARE, INC.
By: /s/ Xxxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx, M.D. Name: Xxxxxx X. Xxxxx, M.D.
Title: Chief Executive Officer Title: Chief Executive Officer
The undersigned acknowledges that Lender has no obligation to provide it with
notice of, or to obtain its consent to, the terms of this Amendment to Loan and
Security Agreement. The undersigned nevertheless acknowledges and agrees to the
terms and conditions of this Amendment and acknowledges that its Guaranty
remains fully valid, binding, and enforceable against it in accordance with its
terms.
GUARANTOR: GUARANTOR:
AMERICAN SHARED HOSPITAL SERVICES XXXXXX X. XXXXX, M.D., INDIVIDUAL
By: /s/ Xxxxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxx
------------------------ --------------------------
Name: Xxxxxx X. Xxxxx, M.D. Name: Xxxxxx X. Xxxxx, M.D.
Title: Chief Executive Officer
Date: November 26, 1997 Date: November 26, 1997
