Adamis pharmaceuticals corporation enters into an amendment to its loan amendment and assumption agreement with arvest bank

On october 4, 2019, adamis pharmaceuticals corporation entered into an amendment to its loan amendment and assumption agreement with arvest bank, as successor in interest to bear state bank, n.a. ('lender' or the 'bank'), and a related amended and restated promissory note (the 'note'). the amendment amends the business loan agreement (as modified, amended or supplemented, the 'loan agreement'), promissory note and related loan documents ('loan documents') that the company assumed or entered into in connection with its acquisition of u.s. compounding inc. in 2016. the amendment memorializes and reflects the extension of the maturity date of the indebtedness evidenced by the loan agreement, the note and the loan documents to august 8, 2020. the note bears interest at a rate equal to the lesser of the maximum rate of interest which bank may lawfully charge under applicable law, or a rate equal to the sum of the prime commercial rate of interest charged by banks in new york, new york on august 1, 2019, as adjusted daily, plus 2.5%, provided, however, that the interest rate at any time during the term of the note will not be less than 6.0% per annum. the company will make monthly payments of principal and interest based on a 180-month amortization period, with the remaining outstanding principal balance and any accrued unpaid interest and any other sums payable under the note or loan documents due on the maturity date described above. the note provides for a late charge fee with respect to any installment payment not received by the bank within 10 days after the due date of the installment. the note is subject to customary event of default and acceleration provisions permitting lender to declare all outstanding indebtedness due and payable, including without limitation following failure to pay amounts due, bankruptcy filings or similar insolvency or reorganization proceedings, and defaults by the company under the terms of the security agreement, mortgage, guaranties or similar agreements or documents relating to the note. the other terms of the loan agreement were not amended in any material respect.
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