Document:

EXHIBIT 10.1

 

CONSENT
AND SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS CONSENT AND SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
(hereinafter, this “Amendment”) is executed on this       
day of May, 2005, to be effective as of the respective date hereinafter
specified, by and among BANCTEC, INC., a Delaware corporation (“BancTec”),
BTI Technologies L.P., a Texas limited partnership (“BTI Tech” and
jointly and collectively with BancTec, the “Borrower”), the financial
institution(s) listed on the signature pages hereof, and their respective
successors and Eligible Assignees (each individually as “Lender” and
collectively “Lenders”), and HELLER FINANCIAL, INC., a Delaware
corporation, in its capacity as Agent for the Lenders (“Agent”).

 

RECITALS

 

WHEREAS, Borrower,
Agent and Lenders are parties to that certain Loan and Security Agreement,
dated as of May 30, 2001 (as amended, supplemented or otherwise modified,
the “Loan Agreement”);

 

WHEREAS, Borrower,
Agent and Lenders desire to amend the date by which Borrower is required
pursuant to the Loan Agreement to deliver its monthly financials for the
periods ending January 2005 and February 2005;

 

WHEREAS, Borrower
has also notified Agent that it desires to sell certain Mortgaged Property
located at (i) 4435 Spring Valley Road, Farmers Branch, Texas and (ii) 14240
Midway Road, Farmers Branch, Texas (the “Proposed Sale Transaction”);
and

 

WHEREAS, Borrower,
Agent and Lenders desire to consent to the Proposed Sale Transaction and amend
the Loan Agreement, in each case, in the manner, and subject to the terms and
conditions, provided below.

 

NOW, THEREFORE, in
consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties, intending to be legally bound, agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.01        Capitalized
terms used in this Amendment, to the extent not otherwise defined herein, shall
have the same meaning as in the Loan Agreement, as amended hereby.

 

ARTICLE II

AMENDMENTS TO LOAN AGREEMENT; OTHER AGREEMENTS

 

2.01        Amendment to Section 11.1 of the Loan Agreement;
Amendment and Restatement of the Definition of “Availability”. 
Effective as of May 14, 2005, the definition of

 

1

 

“Availability” contained in Section 11.1 of the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

 

“‘Availability’ means the amount determined as
follows: (i) the excess, if any, of the Borrowing Base over the sum of the
Revolving Loan and Letter of Credit Reserve, minus (ii) the Reduced
Availability Amount.”

 

2.02        Amendment to Section 11.1 of the Loan Agreement;
Addition of the Definition of “Reduced Availability Amount”. 
Effective as of the May 14, 2005, a new definition of “Reduced
Availability Amount” is hereby added to Section 11.1 of the Loan Agreement to
read as follows:

 

“‘Reduced Availability Amount’ means, at any
time when Borrower is not in compliance with the Fixed Charge Coverage Ratio,
the amount of increase in Operating Cash Flow which would be required in order
for Borrower to be in compliance with the Fixed Charge Coverage Ratio for such
quarter after a Fixed Charge Coverage Ratio Triggering Event has occurred.”

 

2.03        Amendment to Paragraph B of the Financial Covenants Rider to
the Loan Agreement.  Effective as of the May 14, 2005, Paragraph
B of the Financial Covenants Rider to the Loan Agreement is hereby amended
and restated to read in its entirety to read as follows:

 

“B.          Fixed
Charge Coverage Ratio.  Upon the
occurrence of a Fixed Charge Coverage Ratio Triggering Event, Borrower shall
not permit its Fixed Charge Coverage Ratio for the time period ending on the
last day of each quarter during the period after a Fixed Charge Coverage
Triggering Event has occurred to be less than 1.1 to 1.0.

 

For purposes of this Paragraph B of this
Financial Covenants Rider, a “Fixed Charge Coverage Ratio Triggering Event”
shall mean, the date on which (i) Borrower’s unrestricted cash on hand is less
than $20,000,000 or (ii) the date on which the outstanding Revolving Loans are
greater than $250,000.”

 

Notwithstanding the foregoing, if Borrower fails to
comply with the Fixed Charge Coverage Ratio during any quarter and, after Agent
implements the Reduced Availability Amount, Borrower has Availability of $0 or
greater, then such noncompliance will not be a basis for a Default or an Event
of Default hereunder.

 

2.04        Amendment to Schedule 11.1(B) of the Loan
Agreement.  Effective as of the May 14, 2005, Schedule
11.1(B) of the Loan Agreement is hereby deleted in its entirety and
replaced with Schedule 11.1(B) attached hereto.

 

2.05        Amendment to Paragraph A of the Reporting Rider to the
Loan Agreement.  Effective as of February 28, 2005, Paragraph
A of the Reporting Rider is amended so that notwithstanding the wording of
such Paragraph A, the due date for each of the monthly financials for
January, 2005 and February, 2005 shall be April 13, 2005.

 

2

 

ARTICLE III

CONDITIONS PRECEDENT

 

3.01        Conditions to Effectiveness. 
Notwithstanding anything herein to the contrary, the effectiveness of
this Amendment is subject to the satisfaction of the following conditions
precedent, unless specifically waived in writing by Agent:

 

(a)           Agent
shall have received, in form and substance satisfactory to Agent and duly
executed by Borrower, (i) this Amendment and (ii) such additional
documents, instruments and information as Agent or its legal counsel, Patton
Boggs LLP, may request;

 

(b)           All
corporate proceedings taken in connection with the transactions contemplated by
this Amendment and the agreements described in clause (a) above and
all documents, instruments and other legal matters incident thereto shall be
satisfactory to Agent and its legal counsel, Patton Boggs LLP; and

 

(c)           Agent
shall have received the non-refundable amendment fee in the amount of $20,000,
which shall be deemed fully earned as of the Effective Date.

 

ARTICLE IV

CONSENT AND LIMITED WAIVER

 

4.01        Upon
the effectiveness of this Amendment (including the satisfaction of the
conditions set forth in Section 3.01 hereof) and the receipt of the sale
documentation between Borrower and the purchaser of Mortgaged Property and all
other documents executed in connection therewith, in form and substance
acceptable to Agent, Agent and the Lenders hereby consent to the Proposed Sale
Transaction which would otherwise cause a violation of Section 7.3 and agree to
release its lien on the Mortgaged Property being sold in such Proposed Sale
Transaction.

 

4.02        Except
as set forth in Section 4.01 hereof, nothing contained herein shall be
construed as a waiver by Agent or any Lender of any covenant or provision of
the Loan Agreement, the other Loan Documents, this Amendment, or of any other
contract or instrument between Borrower, Agent and/or any Lender, and Agent’s
or any Lender’s failure at any time or times hereafter to require strict
performance by Borrower of any provision thereof shall not waive, affect or
diminish any right of Agent and/or any Lender to thereafter demand strict
compliance therewith.  Agent and Lenders
hereby reserve all rights granted under the Loan Agreement, the other Loan
Documents, this Amendment and any other contract or instrument between
Borrower, Agent and/or any Lender.

 

ARTICLE V

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

 

5.01        Ratifications.  The terms and
provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions set forth in the Loan Agreement and the other
Loan Documents, and except as expressly modified and superseded by this
Amendment, the terms and provisions of the Loan Agreement and the other Loan
Documents are ratified and confirmed and shall continue in full force and
effect.  Borrower, Agent and Lenders agree
that the Loan Agreement and the other Loan Documents, as amended hereby, shall
continue to be legal, valid, binding and enforceable in accordance with their
respective terms.

 

3

 

5.02        Representations and Warranties.  Borrower
hereby represents and warrants to Agent and Lenders that (a) the
execution, delivery and performance of this Amendment and any and all other
Loan Documents executed and/or delivered in connection herewith have been
authorized by all requisite corporate action on the part of Borrower and will
not violate the Certificate of Incorporation or Bylaws of Borrower;
(b) the representations and warranties contained in the Loan Agreement, as
amended hereby, and any other Loan Document are true and correct on and as of
the date hereof and on and as of the date of execution hereof as though made on
and as of each such date; (c) no Event of Default or Default under the
Loan Agreement has occurred and is continuing, unless such Event of Default or
Default has been specifically waived in writing by Lenders; and
(d) Borrower is in full compliance with all covenants and agreements
contained in the Loan Agreement and the other Loan Documents, as amended
hereby.

 

ARTICLE VI

MISCELLANEOUS PROVISIONS

 

6.01        Survival of Representations and Warranties. 
All representations and warranties made in the Loan Agreement or any
other Loan Document, including, without limitation, any document furnished in
connection with this Amendment, shall survive the execution and delivery of
this Amendment and the other Loan Documents, and no investigation by Agent or
any Lender or any closing shall affect the representations and warranties or
the right of Agent or any Lender to rely upon them.

 

6.02        Reference to Loan Agreement.  Each of the
Loan Documents, including the Loan Agreement and any and all other agreements,
documents or instruments now or hereafter executed and delivered pursuant to
the terms hereof or pursuant to the terms of the Loan Agreement, as amended
hereby, are hereby amended so that any reference in such Loan Documents to the
Loan Agreement shall mean a reference to the Loan Agreement, as amended hereby.

 

6.03        Expenses of Agent.  As provided
in the Loan Agreement, Borrower agrees to promptly pay all fees, costs and
expenses incurred by Agent (including attorneys’ fees and expenses, the
allocated cash of Agent’s internal legal staff and fees of environmental
consultants, accountants and other professionals retained by Agent) incurred in
connection with the review, negotiation, preparation, documentation and
execution of this Amendment.

 

6.04        Severability.  Any provision
of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment
and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable.

 

6.05        Successors and Assigns.  This
Amendment is binding upon and shall inure to the benefit of Agent and Lenders
and Borrower and their respective successors and assigns, except Borrower may
not assign or transfer any of its rights or obligations hereunder without the
prior written consent of Agent and Lenders.

 

6.06        Counterparts.  This
Amendment may be executed in one or more counterparts, each of which when so
executed shall be deemed to be an original, but all of which when taken
together shall constitute one and the same instrument.

 

4

 

6.07        Effect of Waiver.  No consent or
waiver, express or implied, by Agent or any Lender to or for any breach of or
deviation from any covenant or condition by Borrower shall be deemed a consent
to or waiver of any other breach of the same or any other covenant, condition
or duty.

 

6.08        Headings.  The headings,
captions, and arrangements used in this Amendment are for convenience only and
shall not affect the interpretation of this Amendment.

 

6.09        Applicable Law.  THIS
AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED
TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

 

6.10        Final Agreement.  THE LOAN DOCUMENTS, AS AMENDED HEREBY,
REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT
MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED.  THE LOAN DOCUMENTS, AS AMENDED HEREBY, MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NOT
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY
PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED
BY BORROWER, LENDERS AND AGENT.

 

[The Remainder of this Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the
date first written above.

 

	
   

  	
  BANCTEC,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: J. Coley
  Clark

  
	
   

  	
  Title: Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  BTI
  TECHNOLOGIES, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BANCTEC,
  INC., its
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Coley Clark

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
  HELLER
  FINANCIAL, INC.,

  
	
   

  	
  as Agent and
  Sole Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 

CONSENT
AND RATIFICATION

 

Each of the undersigned hereby consents to the terms of the within and
foregoing Amendment, confirms and ratifies the terms of its guaranty agreement
relating to the Obligations and each Loan Document it has executed in
connection with the Obligations (collectively, the “Loan Documents”) and
acknowledges that the Loan Documents to which it is a party are in full force
and effect and ratifies the same, that it has no defense, counterclaim, set-off
or any other claim to diminish its liability under such Loan Documents, that
its consent is not required to the effectiveness of the within and foregoing
Amendment, and that no consent by it is required for the effectiveness of any
future amendment, modification, forbearance or other action with respect to the
Loans, the collateral securing the Obligations, or any of the other Loan
Documents.

 

	
   

  	
  BTC
  INTERNATIONAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  J. Coley Clark

  
	
   

  	
  Title: 

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
  BANCTEC (PUERTO
  RICO), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BANCTEC
  UPPER-TIER HOLDING, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANCTEC
  INTERMEDIATE HOLDING, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

Schedule 11.1(B)

 

Mortgaged Property

 

2701 Grauwyler Road, Irving Texas

(legal description attached)Exhibit 10.01

 

NOTE REPAYMENT AGREEMENT

 

 

THIS
NOTE REPAYMENT AGREEMENT (“Agreement”) is made and entered into as of this 16th
day of May, 2005 by and between NeoPharm, Inc. (“Neopharm”), a Delaware
corporation, of 150 Field Drive, Suite 195, Lake Forest, Illinois 60045 and
Akorn, Inc. (“Akorn”), a Louisiana corporation, of 2500 Milbrook Drive, Buffalo
Drive, Illinois 60089. Neopharm and Akorn are sometimes referred to
individually as “Party” and collectively as “Parties.”

 

RECITALS

 

A.            On or about December 20, 2001,
Neopharm and Akorn entered into a certain Processing Agreement (as amended by
amendment dated October 7, 2003, the “Processing Agreement”) relating to the
processing of certain pharmaceutical products by Akorn for Neopharm.

 

B.            On or about October 7, 2003, Akorn
executed and delivered to Neopharm a certain Amended and Restated Promissory
Note (the “Note”), payable to the order of Neopharm, in the principal amount of
$3,250,000.00, having a maturity date of December 20, 2006.

 

C.            On or about October 7, 2003,
Neopharm, Akorn, Akorn (New Jersey), Inc., an Illinois corporation, and LaSalle
Bank National Association (the “Bank”) entered into a certain Subordination and
Intercreditor Agreement (the “Subordination Agreement”), pursuant to which,
among other things, Neopharm subordinated certain of its rights and remedies
under the Note to the rights and remedies of the Bank, as Senior Agent for
Senior Lenders under the Credit Agreement (as such terms are defined in the
Subordinated Agreement).

 

D.            On or about October 6, 2004,
Neopharm sent notice to Akorn, advising it that an Event of Default existed
under the Note.

 

E.             Neopharm and Akorn desire to have
the Note paid off in full and to terminate the Processing Agreement, on the
terms and conditions hereinafter set forth.

 

THEREFORE,
incorporating the Recitals above, and in consideration of the mutual covenants
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by each Party hereto,
Neopharm and Akorn agree as follows:

 

1.             Agreed Payment.  On or before May 16, 2005, Akorn shall pay to
Neopharm the sum of Two Million Five Hundred Thousand Dollars ($2,500,000.00)
(the “Agreed Payment”) as payment in full of all sums now or hereafter owing
under the Note.  The Agreed Payment shall
be in the form of a cashier’s or certified check or wired funds. Upon timely
delivery of the Agreed Payment by Akorn to Neopharm, Neopharm will return to
Akorn the Note marked as “Paid in Full.” 
Except for the Agreed Payment, this Agreement involves no other economic

 

 

exchanges between
the Parties.  Each Party will bear its
own costs, expenses and attorneys’ fees relating to all real or potential
claims released by this Agreement.

 

2.             Termination of Processing
Agreement.  Upon timely delivery of
the Agreed Payment by Akorn to Neopharm, the Processing Agreement shall be
deemed terminated and have no further force or effect.

 

3.             Mutual and General Release.  Provided that the Agreed Payment is timely
delivered by Akorn to Neopharm, and except as otherwise set forth in this
Agreement, Neopharm on the one hand and Akorn on the other hereby fully and
forever release and discharge each other and their present and former officers,
directors, shareholders, partners, affiliates, employees, agents,
representatives, insurers, and attorneys, and predecessors, assignees, heirs,
executors and successors of each of them, from all claims, actions, causes of
action, demands, cross-claims, counterclaims, obligations, contracts,
indemnity, contribution, suits, debts, sums, accounts, controversies, rights,
damages, costs, attorney’s fees, losses, expenses, and liabilities whatsoever
(contingent, accrued, mature, direct, derivative, subrogated, personal,
assigned, discovered, undiscovered, inchoate, or otherwise) (hereafter
“Claims”) which they may now have or have had as of the date of this Agreement
or which may hereafter accrue, individually, collectively, or otherwise in
connection with, relating to or arising out of the facts recited above, the
Note, the Processing Agreement, or of any other event or occurrence having
taken place on or before the date of this Agreement, whether currently known or
unknown.

 

4.             Waiver of Unknown Claims.  The Parties acknowledge that they have been
fully advised of and are aware of the contents of California Civil Code Section
1542, and having been advised as to its benefits, expressly agree that they
hereby waive any rights or benefits they have under such statute. Section 1542
provides:

 

A general release does not extend to claims which the
creditor does not know or suspect to exist in his favor at the time of
executing the release, which if known by him must have materially affected his
settlement with the debtor.

 

The
Parties represent that they understand the above-quoted provision of the
California Civil Code Section 1542 and knowingly enter into this waiver with
advice of counsel.  The Parties
acknowledge that the foregoing waiver was separately bargained for and that it
is the Parties’ intention in executing this Agreement to discharge any and all
present Claims, whether foreseen or unforeseen. 
The Parties also agree to waive any similar right which they may have
under the laws of any of the States of the United States of America, or of any
foreign state, which are equal to or substantially similar to the rights and
benefits granted by California Civil Code Section 1542.

 

5.             Consent of Bank.  Pursuant to the Subordination Agreement,
Akorn shall not make and Neopharm shall not receive the Agreed Payment without
the prior written consent of the Bank. 
As a condition precedent to the effectiveness of this Agreement,
therefore, Akorn shall furnish to Neopharm, prior to making the Agreed Payment,
the written consent of the Bank to same (the “Written Consent”).  Akorn shall use reasonable efforts to timely
obtain the Written Consent.

 

2

 

6.             Time of Essence: Termination.  If the Written Consent is not delivered and
the Agreed Payment not made by Akorn to Neopharm on or before Monday, May 16,
2005, then Neopharm shall have the right to terminate this Agreement upon
delivery of written notice of termination to Akorn. Upon termination of this
Agreement pursuant to such notice, this Agreement and each of its provisions
shall be deemed null and void.

 

7.             Press Release.  In the event that either Party intends to
issue a press release or other public statement or filing regarding any of the
facts recited above or related transactions, or the negotiation or terms of
this Agreement, such Party shall not issue such release or statement unless the
other Party has first approved it in writing.

 

8.             Non-Disparagement.  Each Party agrees that it shall not make, or
encourage, aid or abet any third party to make, any statement, whether written
or oral, that disparages, reflects unfavorably upon or reasonably casts the
other Party (and its officers, directors, agents, employees and attorneys) in a
negative light relating to matters arising on or before the date of this Agreement.

 

9.             No Violation: Consent: Authority.  Other than the Written Consent, each Party
warrants that no third party consent to this Agreement is required and this
Agreement shall not violate any agreement, order, law or regulation to which it
is or may be subject or bound. Each Party further warrants that it is duly
authorized to enter into and fully perform this Agreement.

 

10.           Conflict.  To the extent that there is a conflict
between the terms of this Agreement and the terms of the Note or the Processing
Agreement, the terms of this Agreement shall prevail.

 

11.           Entire Agreement.  This Agreement constitutes the entire written
agreement of compromise and settlement among the Parties, and there are no
other agreements modifying or affecting its terms. This Agreement supersedes
all other agreements, written, oral, or implied, relating to the same subject.
This Agreement can only be modified by a writing signed by the Parties and
expressly stating that such modification is intended.

 

12.           Illinois Law to Govern.  This Agreement is being made and delivered
and is intended to be performed in the State of Illinois and the execution,
validity, construction, and performance of this Agreement will be construed and
enforced in accordance with the laws of Illinois.  This Agreement will be deemed made and
entered into in Cook County, which will be the exclusive venue for any action
relating to this Agreement.

 

13.           Agreement As Defense.  This Agreement may be pleaded as a full and
complete defense and may be used as the basis for an injunction against any
action, suit or proceeding that may be prosecuted, instituted or attempted by
any Party in breach thereof.

 

14.           Severability.  If any provision of this Agreement, or part
thereof, is held invalid, void or voidable as against public policy or
otherwise, the invalidity will not affect other

 

3

 

provisions, or
parts thereof, which may be given effect without the invalid provision or
part.  To this extent, the provisions,
and parts thereof, of this Agreement are declared to be severable.

 

15.           No Admission of Liability.  This Agreement is being entered into for the
sole purpose of bringing to an end any relationship between the Parties.  This Agreement embodies a compromise of claims
and will not be used or construed as an admission of liability or fault for any
purpose.

 

16.           Counterparts.  This Agreement may be signed in
counterparts.  A facsimile signature will
have the same force and effect as an original signature.

 

17.           Attorneys’ Fees.  In the event of dispute arising out of the
interpretation or a breach of this Agreement, the prevailing Party shall be
entitled to recover attorneys’ fees incurred in connection with the dispute
concerning the interpretation or a breach of this Agreement.

 

18.           Cooperation.  The Parties hereto agree that, for their
respective selves, heirs, executors and assigns, they will abide by this
Agreement, the terms of which are meant to be contractual, and further agree
that they will do such acts and prepare, execute and deliver such documents as
may reasonably be required in order to carry out the objectives of this
Agreement.

 

19.           Successors and Assigns.  This Agreement shall be binding upon and
shall inure to the benefit of the Parties hereto and to their respective
representatives, successors and assigns.

 

20.           Interpretation.  Each Party declares and represents that this
Agreement is being made without reliance upon any statement or representation
not contained herein of any other Party, or of any agent or attorney of any
other Party.  Each Party represents to
each other Party that it has reviewed each term of this Agreement with its
counsel and that it shall never dispute the validity of this Agreement on the
ground that it did not have advice of its counsel.  This Agreement shall be construed and
enforced according to its fair meaning as if prepared by all Parties after
extensive negotiation; no part of this Agreement shall be construed against any
Party on the ground that the attorney for that Party drafted it.

 

21.           Knowing, Free and Voluntary Making.  The Parties have carefully read this
Agreement, and the Parties acknowledge that they know and fully understand its
contents.  The Parties acknowledge that
they have fully discussed this Agreement with their respective attorneys and
fully understand the consequences of this Agreement.  No Party is being influenced by any statement
made by or on behalf of any of the other Party to this Agreement.  The Parties have relied and are relying
solely upon their own judgment, belief and knowledge of the nature, extent,
effect and consequences relating to this Agreement and/or upon the advice of
their own legal counsel concerning the legal and income tax consequences of
this Agreement.  The Agreement is freely
and voluntarily signed by the Parties.

 

4

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first
set forth above.

 

	
  NEOPHARM, INC.

  	
   

  	
  AKORN, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ronald G.
  Eidell

  	
   

  	
  By:

  	
  /s/ Arthur S.
  Przybyl

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  President and
  CEO

  	
   

  	
  Title:

  	
  President and
  CEO

  	
   

  

 

5

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