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Exhibit 10.10
PROMISSORY NOTE
TO: MASTER LOAN AND SECURITY AGREEMENT NO.
7700
Dated: DECEMBER 17, 1999
EQUIPMENT SCHEDULE NO. 5
U.S. $282,823.67
Alexandria, Virginia
Dated: September 30, 2002
FOR VALUE
RECEIVED, ALTUS BIOLOGICS INC., a DELAWARE corporation (the
"Borrower"), hereby promises to pay to the
order of OXFORD FINANCE CORPORATION,
or its successors or assigns (the "Payee")
at its offices located at 133 North
Fairfax Street, Alexandria, Virginia 22314,
or at such other place as the Payee
or any holder hereof may from time to time
designate, the principal amount of
U.S. TWO HUNDRED EIGHTY TWO THOUSAND EIGHT
HUNDRED TWENTY THREE and 67/100
DOLLARS ($282,823.67), with interest (based
on a year of 360 days and 30 day
months) on the principal amount hereof
remaining from time to time unpaid, such
principal and interest to be paid in
consecutive monthly installments until
fully paid, in the manner and at a rate of
interest per annum, as determined and
provided in the Loan Agreement. Anything in
this Note to the contrary
notwithstanding, in the event that any
payment of interest hereunder shall
exceed the legal limit, such amount in
excess of such limit shall be deemed a
payment of principal hereunder.
This Note evidences a loan by the Payee to
the undersigned pursuant to the Loan
Agreement indicated above between the
undersigned and the Payee as from time to
time may be amended, restated, replaced,
supplemented, substituted for or
renewed, and the holder of this Note is
entitled to the benefits thereof,
including without limitation, the security
interest in the Equipment, granted
therein. Each term defined in the Loan
Agreement and not otherwise defined
herein shall have the same definition when
used herein.
The principal hereof and accrued interest
hereon shall become forthwith due and
payable as provided in the Loan Agreement.
Payments hereunder not made when due
sha
