Second Amendment to Loan Agreement among PPGx, Inc., Pharmaceutical Product Development, Inc., and First Union National Bank

Summary

This amendment updates the original loan agreement between PPGx, Inc., Pharmaceutical Product Development, Inc., and First Union National Bank. It extends the maturity date of a $9 million revolving credit facility to September 30, 2000, and confirms that all other terms of the original agreement remain in effect. The parties agree to the changes, and the borrower will cover reasonable costs related to this amendment. The agreement is governed by North Carolina law and is effective upon signing by all parties.

EX-10.151 5 0005.txt SECOND AMENDMENT TO LOAN AGREEMENT EXHIBIT 10.151 SECOND AMENDMENT THIS SECOND AMENDMENT dated as of June 30, 2000 (the "Amendment"), to the Loan Agreement referenced below, is by and among PPGx, Inc., a Delaware corporation (the "Borrower"), Pharmaceutical Product Development, Inc., a North Carolina corporation (the "Company"), and First Union National Bank (the "Bank"). W I T N E S S E T H: - - - - - - - - - - WHEREAS, pursuant to that certain Loan Agreement dated as of February 1, 1999 (as supplemented, amended and modified, the "Loan Agreement"; terms used but not otherwise defined herein shall have the meanings provided in the Loan Agreement) among the Borrower, the Company and the Bank, the Bank has agreed to provide the Borrower with a $9 million revolving credit facility; WHEREAS, the Borrower has requested certain modifications to the Loan Agreement including; without limitation, an extension of the maturity date to September 30, 2000; and WHEREAS, the Bank has agreed to make the requested modifications on the terms and conditions set forth herein; NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The first sentence of Section 2.1 of the Loan Agreement is amended to read as follows: During the Commitment Period, subject to the terms and conditions hereof, the Bank agrees to make revolving loans to the Borrower upon request in an aggregate principal amount of up to NINE MILLION DOLLARS ($9,000,000) at any time outstanding. 2. This Amendment shall be effective as of the date set forth above upon execution of this Amendment by the Borrower, the Company and the Bank. 3. The Borrower hereby represents and warrants that as of the date hereof the representations and warranties contained in Section 5 of the Loan Agreement (except for those which expressly relate to an earlier date) are true and correct in all material respects. 4. The Company (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Credit Documents and (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge the its obligations under the Loan Agreement or the other Credit Documents. 5. This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart. 6. Except as modified hereby, all of the terms and provisions of the Loan Agreement and the other Credit Documents remain in full force and effect. 7. The Borrower agrees to pay all reasonable costs and expenses in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and expenses of Moore & Van Allen, PLLC, special counsel to the Bank. 8. This Amendment shall be governed by, and construed in accordance with, the laws of the State of North Carolina. [The remainder of this page is intentionally left blank.] 2 IN WITNESS WHEREOF, each of the parties hereto has caused this Second Amendment to be duly executed and delivered as of the date first above written. BORROWER: PPGx, Inc., a Delaware corporation By: /s/ Joshua S. Baker -------------------- Name: Joshua S. Baker Title: CEO COMPANY: PHARMACEUTICAL PRODUCT DEVELOPMENT, INC., a North Carolina corporation By: /s/ Fredric N. Eshelman ------------------------- Name: Fredric N. Eshelman Title: CEO BANK: FIRST UNION NATIONAL BANK By: /s/ Shannon S. Townsend ------------------------ Name: Shannon S. Townsend Title: V.P.