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REVOLVING CREDIT NOTE

Promissory Note

REVOLVING CREDIT NOTE | Document Parties: ACCENTIA BIOPHARMACEUTICALS INC You are currently viewing:
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ACCENTIA BIOPHARMACEUTICALS INC

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Title: REVOLVING CREDIT NOTE
Governing Law: Missouri     Date: 2/14/2006
Industry: Biotechnology and Drugs     Sector: Healthcare

REVOLVING CREDIT NOTE, Parties: accentia biopharmaceuticals inc
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Exhibit 10.10

 

REVOLVING CREDIT NOTE

 

 

 

 

$3,000,000

  

St. Louis, Missouri

 

  

As of December 30, 2005

 

FOR VALUE RECEIVED, the undersigned (“Maker”) promises to pay to the order of Missouri State Bank and Trust Company, a Missouri banking corporation (“Lender”), at its office at 12452 Olive Street Road, Creve Coeur, Missouri 63141, or at such other place or places as Lender may from time to time designate, the principal sum of Three Million and No/100 Dollars ($3,000,000), or such lesser sum as may then constitute the aggregate unpaid principal balance of all Revolving Credit Loans made by the Lender to the Maker, pursuant to the Credit Agreement described below, with interest (calculated on the basis of a year of 360 days and actual days elapsed) from the date hereof on the unpaid principal balance from time to time outstanding, at a rate per annum which is equal to the from time to time prime rate of Lender (the “Prime Rate”).

 

Principal and interest shall be due and payable as follows: (i) interest at the Interest Rate on the from time to time outstanding principal balance shall be payable on January 30, 2006, and on the thirtieth (30 th ) day of each calendar month thereafter during the term hereof, and (ii) all outstanding principal and all accrued and unpaid interest and other amounts payable hereunder or under the Credit Agreement shall be due and payable in full on January 15, 2007 (the “Maturity Date”), if not sooner paid. Lender may apply payments received on any amounts due hereunder or under the terms of any instrument now or hereafter evidencing the indebtedness arising hereunder or securing this Note as Lender may determine.

 

In the event of a default under this Note, all amounts owed to Lender shall, at Lender’s option and upon notice to Maker, bear interest as follows: the from time to time Prime Rate, plus 5% per annum.

 

This Note may be prepaid in part or in full on or before the Maturity Date, without premium or penalty.

 

If a payment due hereunder is received at least ten days late, Maker will be charged a late payment charge of five percent (5%) of the amount of the late payment to the extent permitted by law.

 

Upon any default hereunder, under the Credit Agreement or any other instrument now or hereafter securing this Note, the principal remaining unpaid with accrued interest and all other amounts payable hereunder or under the Credit Agreement shall at once become due and payable. The failure to exercise, in case of any default, any right or remedy given in this paragraph shall not preclude the Lender from exercising any right or remedy given in this paragraph in case of any subsequent defaults.

 

This Note is issued pursuant to a Revolving Credit Agreement (the “Credit Agreement”) of even date herewith between Maker and Lender, providing for borrowings thereunder and hereunder from time to time and for mandatory prepayment of principal under certain circumstances.



 
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