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Document Preview Loan & Security Agreement |
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Title: |
Loan & Security Agreement |
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Entities: |
DrugMax, Inc.; LaSalle Business Credit, Inc.; Standard Federal Bank, NA |
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Date: |
2002 |
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Size: |
Preview shows 7KB of 23KB total |
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Price: |
$33 |
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ID: |
#369073 |
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FOURTH AMENDMENT AND MODIFICATION
TO LOAN AND SECURITY AGREEMENT
THIS FOURTH AMENDMENT AND MODIFICATION TO LOAN AND SECURITY AGREEMENT (the Amendment) is made effective as of October 25, 2002 by and among DRUGMAX, INC., a Nevada corporation, formerly known as DrugMax.com, Inc. (DrugMax), VALLEY DRUG COMPANY, an Ohio corporation (Valley), DISCOUNT RX, INC., a Louisiana corporation (Discount RX), VALLEY DRUG COMPANY SOUTH, a Louisiana corporation (Valley South) (DrugMax, Valley, Discount RX and Valley South being hereinafter referred to individually as a Borrower and collectively as the Borrowers), DESKTOP MEDIA GROUP, INC., a Florida corporation (Desktop), VETMALL, INC., a Florida corporation (VetMall) (Desktop and VetMall being hereinafter referred to individually as a Guarantor and collectively as the Guarantors) and STANDARD FEDERAL BANK NATIONAL ASSOCIATION, formerly known as Michigan National Bank, as successor in interest to Mellon Bank, N.A. (Bank).
BACKGROUND
A. Borrowers, Guarantors and Bank have entered into a Loan and Security Agreement dated October 24, 2000, as amended by (i) that certain letter agreement dated February 13, 2001, (ii) that certain Amendment and Modification to Loan and Security Agreement dated June 13, 2001, (iii) that certain Second Amendment and Modification to Loan and Security Agreement dated October 24, 2001, (iii) that certain Third Amendment and Modification to Loan and Security Agreement dated June 6, 2002, and (v) those certain letter agreements between Borrowers and Bank dated June 27, 2002, August 2, 2002 and August 14, 2002, respectively (as amended, the Loan Agreement).
B. Borrowers and Guarantors have requested and Bank has agreed to further amend the Loan Agreement as provided in this Amendment.
C. Capitalized terms not defined in this Amendment will have the meanings set forth in the Loan Agreement.
NOW, THEREFORE, intending to be legally bound hereby, Borrowers, Guarantors and Bank agree as follows:
| 1. Contract Period. The defined term Contract Period as set forth in Section 1.1 of the Loan Agreement shall be and is hereby amended to read in its entirety as follows: |
| Contract Period means the period of time commencing on the date of this Agreement and expiring on October 24, 2004. |
| 2. Termination of Revolving Credit Facility and Termination Fee. In conjunction with the resetting of the Contract Period, Sections 8.10 (a),(b) and (c) of the Loan Agreement shall be and are hereby amended to read in their entirety as follows: |
| (a) | If the termination occurs after October 24, 2001, but on or before October 24, 2002, the termination fee will be equal to 2% of the Maximum Revolving Credit Amount; | ||
| (b) | If the termination occurs after October 24, 2002, but on or before October 24, 2003, the termination fee will be equal to 1.5% of the Maximum Revolving Credit Amount; and | ||
| (c) |
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