Document:

EXHIBIT 4.5

 

AMENDMENT
AGREEMENT

 

This Amendment Agreement (the “Agreement”) made
effective as of June 17, 2003, by and between American Medical
Technologies, Inc. a Delaware corporation (the “Borrower”), and Aimee Maroney
(“Lender”), each of which is referred to hereinafter as a “Party” and together
as the “Parties”

 

W I T N E S S E T H:

 

WHEREAS, Borrower issued a note (the “Note”)
to ValueBank N.A. (“ValueBank”) pursuant to that certain Loan Agreement between
ValueBank and Borrower dated as of October 3, 2001 (the “Loan Agreement”),
secured by a first priority lien on certain real estate and assets of Borrower
and the Unconditional Guarantee of Ben Gallant (the Note, the Loan Agreement,
the security instruments and the guarantee are hereinafter referred to
collectively as the “Loan Documents”);

 

WHEREAS, ValueBank assigned the Loan Documents
to Lender, and Lender accepted the assignment and purchased such documents from
ValueBank, all pursuant to the terms and conditions of that certain Agreement
to Assign Lien and Release Claims among the Parties and ValueBank, and that
certain Assignment of Note and Liens (the “Assignment”) executed by ValueBank,
as of June 17, 2003; and

 

WHEREAS, the Parties now desire to amend the
terms of the Note and the Loan Agreement, and Borrower has agreed to grant to
Lender 100,000 shares of its Series B Preferred Stock in consideration of her
agreement to purchase the Note and to enter into the terms of this Agreement;

 

NOW, THEREFORE, in consideration of the mutual
covenants and promises herein contained, the Parties hereby agree as follows:

 

1.  Acknowledgment of Loan Documents.  Borrower hereby acknowledges the existence
and validity of each of the Loan Documents and confirms its representations,
warranties, covenants and agreements thereunder.  Borrower further acknowledges and confirms the effectiveness of
the assignment of the Loan Documents to Lender pursuant to the Assignment and
its obligations to Lender as a result thereof. 
Borrower agrees that each of the Loan Documents is in full force and
effect and binding on it, except as specifically amended hereby.

 

2.   Amendment of Note. 
The terms of the Note are amended as follows:

 

(a)          SBA.  All references to the SBA in the Note shall
be deleted.  The Parties acknowledge and
agree that the SBA guarantee originally provided in the Note is of no further
validity or effect.

 

(b)         Loan Amount.  Section 1 of the Note is amended to
change the amount Borrower promises to pay to the order of Lender to Six
Hundred Eighty-Two Thousand Fifty-Five and 63/100 Dollars ($682,055.63).  No additional advances will be made by
Lender under the Note.

 

(c)          Payment Terms and
Interest Rate.  Section 3 of the Note is
amended to provide that the payment terms for the Note are:  All payments of principal and accrued but
unpaid interest shall be due and payable in a single payment on
December 31, 2004.  The interest
rate applicable under the Note shall be at the fixed rate of five percent (5%)
per annum, computed on the basis of a year of 360 days.  If a payment on the Note is more than ten
days late, Lender may charge Borrower a late fee of up to 5% of the unpaid
amount.

 

 

(d)         Prepayment.  Section 4 of the Note is amended to
allow prepayment by Borrower to Lender in any amount at any time without
requirement for notice of prepayment.

 

(e)          Successors.  Section 9 of the Note is amended to
provide that under the Note, Lender includes her heirs, executors, legal
representatives and assigns.

 

3.   Amendment of Loan
Agreement.  The terms of the
Loan Agreement are amended as follows:

 

(a)          SBA.  All references to the SBA and the
Authorization from the SBA in the Loan Agreement are deleted.

 

(b)         Loan Amount.  Section 1 of the Loan Agreement is
amended to change the amount Lender agrees to loan to Borrower to Six Hundred
Eighty-Two Thousand Fifty-Five and 63/100 Dollars ($682,055.63).

 

(c)          Fees.  Section 3 of the Loan Agreement is
deleted.

 

4.  Grant
of Shares.  In consideration of the
agreement of Lender to accept the Assignment, purchase the Loan Documents and
amend the terms and conditions of the Loan Agreement and Note as herein
provided, Borrower hereby grants, conveys, sells and assigns to Lender One
Hundred Thousand (100,000) shares of its Series B Preferred Stock (the
“Shares”), having the designations, powers, preferences, and relative and other
special rights and the qualifications, limitations and restrictions as set
forth in the Certificate of Designation of Series B Preferred Stock of Borrower
filed with the Secretary of State of Delaware. 
Upon the execution of this Agreement by Lender, Borrower shall deliver
to Lender a certificate representing the Shares, and the Shares shall be the
duly authorized and validly issued shares of outstanding preferred stock of the
Borrower.

 

5.                                       Bankruptcy.   In entering into this Agreement, Borrower
and Lender hereby stipulate, acknowledge and agree that (i) Lender is giving up
valuable rights and has agreed not to exercise legal remedies available to her
in entering into the amendments to the Loan Agreement and the Note contained
herein, (ii) Lender would not have entered into this Agreement but for the
promises, acknowledgments and agreements of Borrower contained herein, all of
which have been accepted by Lender in good faith, and (iii) the breach of any
of those promises, acknowledgements or agreements by Borrower in any way, at
any time, now or in the future, would admittedly and confessedly constitute
cause for dismissal of any bankruptcy petition involving the Lender which may
have been filed by or against Borrower pursuant to 11 U.S.C. § 1112(b).  As additional consideration for Lender
agreeing to enter into this Agreement, Borrower agrees that in the event a
bankruptcy petition under any Chapter of the Bankruptcy Code (11 U.S.C. §101, et
seq.) is filed by or against any Borrower at any time after the
execution of this Agreement, Lender shall be entitled to the immediate entry of
an order from the appropriate bankruptcy court granting Lender complete relief
from the automatic stay imposed by §362 of the Bankruptcy Code (11 U.S.C. §362)
to exercise its foreclosure and other rights, including but not limited to
obtaining a foreclosure judgment and foreclosure sale, upon the filing with the
appropriate court of a motion for relief from the automatic stay with a copy of
this Agreement attached thereto. 
Borrower specifically agrees (i) that upon filing a motion for relief
from the automatic stay, Lender shall be entitled to relief from the stay
without the necessity of an evidentiary hearing and without the necessity or
requirement of the Lender to establish or prove the value of any collateral,
the lack of adequate protection of its interest in any collateral, or the lack
of equity in any collateral; (ii) that the lifting of the automatic stay
hereunder by the appropriate bankruptcy court shall be deemed to be “for cause”
pursuant to §362(d)(1) of the Bankruptcy Code (11 U.S.C. §362 (d)(1); and (iii)
that Borrower will not directly or indirectly oppose or otherwise defend
against Lender’s efforts to gain relief from the automatic stay. This provision
is not intended to preclude Borrower from filing for protection under any
Chapter of the Bankruptcy Code.  The
remedies prescribed in this paragraph are not exclusive and shall not limit
Lender’s rights under the Loan Documents, this Agreement or under any law.  All of the above terms and conditions have
been freely bargained for and are all supported by reasonable and adequate
consideration and the provisions herein are material inducements for Lender
entering into this Agreement.

 

6.                                       Release.  As part of the consideration of Lender
agreeing to enter into this Agreement, Borrower hereby remises, releases, and
forever discharges Lender, her heirs, executors, legal representatives, 

 

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successors and assigns
(collectively, “Released Parties”) from all actions, causes of action, suits,
proceedings, debts, contracts, claims, damages, liability and demands
whatsoever, known or unknown, in law or equity, which Borrower ever had or now
has, by reason of any matter, cause, or thing whatsoever arising from the
actions or inactions of the Released Parties prior to the date hereof including
any matter relating to this Agreement and the Loan Documents, and Borrower
covenants not to sue any of the Released Parties with respect thereto.  The release and covenant not to sue set
forth in this Section are intended by the Parties to be as broad and
comprehensive as possible; however, this release will not cover any intentional
torts or acts of gross negligence.

 

7.                                       Default.  Lender shall be entitled to
pursue each and every remedy hereunder and under the Loan Documents, at
Lender’s sole option, upon the occurrence of any of the following:

 

(a)          Borrower files a petition for bankruptcy under
any chapter of the Federal Bankruptcy Code or takes advantage of any other
debtor relief law, or an involuntary petition for bankruptcy under any chapter
of the Federal Bankruptcy Code is filed against Borrower, or any other judicial
action is taken with respect to Borrower by any creditor; or

 

(b)         Borrower’s
breach or default in the performance of any covenant or agreement contained in
this Agreement or the Loan Documents.

 

8.                                       No Usury.  It is the intention of
Borrower and Lender to comply strictly with all applicable usury laws.  Accordingly, it is agreed that
notwithstanding any provisions to the contrary in this Agreement, or in any of
the Loan Documents, in no event shall this Agreement or other Loan Documents
require the payment or permit the collection of an aggregate amount of interest
in excess of the maximum amount permitted by any laws which may apply to this
transaction, including the laws of the State of Texas.  If any such excess of interest is contracted
for, charged or received under this Agreement or under the terms of any of the
Loan Documents, or if the maturity of the Note is accelerated in whole or in
part, or if all or part of the principal or interest of the Note shall be
prepaid, so that under any of such circumstances the amount of interest (including
all amounts payable hereunder or in connection with the Note which are not
denominated as interest but which constitute interest under applicable laws)
contracted for, charged or received under this Agreement shall exceed the
maximum amount of interest permitted by the applicable usury laws, as now or
hereafter enacted, then in any such event (a) the provisions of this
Section shall govern and control, (b) neither Borrower nor any other
person or entity now or hereafter liable for the payment hereof shall be
obligated to pay the amount of such interest to the extent that it is in excess
of the maximum amount of interest permitted by the applicable usury laws, as
now or hereafter enacted, (c) any such excess interest which may have been
collected shall be either applied as a credit against the then unpaid principal
amount of the Note or, if the principal amount of the Note shall have been paid
in full, refunded to Borrower, and (d) the effective rate of interest shall be
automatically reduced to the maximum lawful contract rate allowed under the
applicable usury laws as now or hereafter construed by the courts having
jurisdiction thereof.  It is further agreed that without limitation of the
foregoing, all calculations of the rate of interest contracted for, charged or
received under this Agreement or under such other Loan Documents which are made
for the purpose of determining whether such rate exceeds the maximum lawful
contract rate, shall be made, to the extent permitted by applicable usury laws,
by amortizing, prorating, allocating and spreading in equal parts during the
period of the full stated term of the Note, all interest at any time contracted
for, charged or received from Borrower in connection with the Note.

 

9.                                       Miscellaneous.

 

(a)          Successors and Assigns. All of the grants,
covenants, terms, conditions and agreements hereof shall be binding upon and
inure to the benefit of all of the heirs, executors, legal representatives,
assigns and successors in interest of the parties hereto.

 

(b)         Modification.  Neither this Agreement nor any provision
hereof may be changed, altered, waived, amended, or discharged orally, but only
by an instrument reduced to writing, signed by the Parties hereto.

 

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(c)          Choice of Law.  It is the intention of the parties hereto
that the laws of the State of Texas shall govern the validity of this
Agreement, construction of its terms and the interpretation of the rights and
duties of the Parties.

 

(d)         Authority.  Each Party, for itself, its heirs,
executors, legal representatives, successors and assigns, hereby represents and
warrants that it has the full capacity and authority to enter into, execute,
deliver and perform this Agreement, and that such execution, delivery and
performance does not violate any contractual or other obligation by which it is
bound.

 

(e)          Expenses.  Borrower agrees to pay all costs and
expenses incurred by Lender in connection with this Agreement, including
charges for recording, filing, appraisal and legal fees.

 

THIS AGREEMENT REPRESENTS
THE FINAL AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR ORAL OR WRITTEN,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS AMONG THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
THE PARTIES.

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement to be effective as of the date and year first above written.

 

	
   

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AMERICAN MEDICAL
  TECHNOLOGIES, INC. a 

  Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Roger W. Dartt

  	
   

  
	
   

  	
   

  	
  Roger W. Dartt, President

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LENDER:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Aimee Maroney

  	
   

  
	
   

  	
   

  	
  Aimee Maroney

  	
   

  	
   

  	
   

  	
   

  
								

 

4EXHIBIT
4.6

 

AGREEMENT TO ASSIGN LIENS AND RELEASE CLAIMS

 

This Agreement to Assign Liens and Release
Claims (“Agreement”) by and among ValueBank Texas (“ValueBank”), American
Medical Technologies, Inc., a Delaware corporation (“AMT”), and Aimee Maroney
(“Maroney”)

 

WITNESSETH

 

WHEREAS, ValueBank
holds an SBA note issued by AMT pursuant to that certain Loan Agreement between
ValueBank and AMT dated as of October 3, 2001 (the “Note”), and has a first
priority lien on certain real estate and assets of AMT and an Unconditional
Guarantee securing the payment of  the
Note;

 

WHEREAS,
ValueBank has agreed to assign the Note and related security instruments and
title policy to Maroney, and Maroney has agreed to accept the assignment and
purchase such documents from ValueBank, all pursuant to the terms and
conditions of that certain Assignment of Note and Liens (the “Assignment”) to
be executed by ValueBank of even date herewith (capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Assignment); and

 

WHEREAS,  in consideration for and as a condition to
the purchase of the Note, ValueBank has agreed to release AMT and Maroney from
any and all claims it may now or in the future have against either of them or
any of their affiliates arising out of the Assignment, the Note, or any of the
Security Documents;

 

NOW,
THEREFORE, in consideration of the mutual covenants and
promises herein contained, the parties hereto hereby agree as follows:

 

1.                                       ValueBank
hereby agrees to enter into the Assignment and to deliver all the Security
Documents, the Title Policy and the Note to Maroney, upon
receipt by ValueBank of the sum of Six Hundred Eighty-Two Thousand One Hundred
Seventy-Three and 06/100 Dollars ($682,173.06) from Maroney.  Payment shall be made to ValueBank by wire
transfer to the account set forth below:

 

ABA # 114902560

Account # 264259

 

2.                                       ValueBank agrees that immediately upon
the receipt by ValueBank of the payment described above, ValueBank will
execute, without recourse, the Assignment and deliver to AMT, for the benefit
of Maroney, the Assignment, the Note, the Security Documents and the Title
Policy, and will further cooperate with Maroney and AMT and will execute such
further instruments, documents and agreements required to accomplish the
objectives of this Agreement and to give such further written assurance as may
be requested by Maroney or AMT to evidence and reflect the assignment of all
liens and security interests evidenced by the Security Documents as described
herein and contemplated hereby and to carry into effect the intents and
purposes of this Agreement, including, without limitation, granting Maroney a
limited power of attorney to file any such assignments of the Security
Documents on ValueBank’s behalf. 
Maroney and AMT recognize that the SBA guarantee of the Note is not
transferable and will terminate on transfer of the Note to Maroney.  Maroney and AMT recognize that the Note
matured on May 31, 2003 and is now past due and owing.

 

3.                                       Upon receipt of the payment described
above, ValueBank agrees to release and forever discharge AMT and any and all of
its officers, directors, employees, agents and assigns, and Maroney and any and
all of her heirs, executors, agents and assigns (the “Released Parties”) from
and against any and all claims, debts, demands, causes of action, contracts,
agreements, reporting requirements, liability or suits, in equity or at law, of
whatever kind or nature which ValueBank, its representatives, successors or
assigns, or the SBA, may have, now or in the future, against any of the
Released Parties, arising out of or in any manner related to the Note, any of
the Security Documents or the Title Policy, including but not limited to any 

 

 

claims against
AMT’s account(s) at ValueBank, outside of usual and customary check clearance
procedures on those accounts.

 

4.                                       Also upon the transfer of the Note to
Maroney, AMT agrees to release ValueBank, its officers, employees and
directors, from any and all claims or causes of action related to said Note
and/or to the collateral securing payment thereof.

 

5.                                       This Agreement and the Assignment contain the entire
understanding of the parties regarding the matters covered hereby.  There are no representations, covenants or
undertakings other than those expressly set forth herein.  The parties acknowledge that no party, nor
any agent or attorney of any party, has made any promise, representation or
warranty whatever, express or implied, not contained herein to induce any other
party to execute this Agreement or the Assignment. 
The parties acknowledge that they have not executed this Agreement
or the Assignment in
reliance on any promise, representation or warranty not specifically contained
herein.  Any amendment or modification
of this Agreement may
be made only by the written agreement of ValueBank, Maroney and AMT or their
respective legal successors, heirs or assigns.

 

6.                                       This
Agreement shall be governed
by the laws of the State of Texas, without regard to the conflicts of laws
provisions thereof.

 

7.                                       This Agreement may be signed in counterparts, and all of
such counterparts when properly executed by the appropriate parties thereto
together shall serve as a fully executed document, binding upon the
parties.  This Agreement may be executed and delivered by
facsimile, and upon such delivery, the facsimile signature will
be deemed to have the same effect as if the original signature had been
delivered to the other party.  The
original signature copy shall be delivered to the other party by express
overnight delivery.  The failure to
deliver the original signature copy and/or the nonreceipt of the original
signature copy shall have no effect upon the binding and enforceable nature of
this Agreement.

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed as of the 17th day of June, 2003.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  VALUEBANK, N.A.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Danny Brooks

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Danny Brooks, Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  AMERICAN MEDICAL TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Roger W. Dartt

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Roger W. Dartt, President

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  MARONEY:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Aimee Maroney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Aimee Maroney

  	
   

  
											

 

2

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