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EXHIBIT 10.4
REVOLVING CREDIT
NOTE
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$15,000,000
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August 15, 2008
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FOR VALUE RECEIVED
, the undersigned EMERGENT
BIODEFENSE OPERATIONS LANSING INC. , a Michigan corporation, of
Lansing, Michigan (“ Borrower ”), promises to
pay to the order of FIFTH THIRD BANK , a Michigan banking
corporation, (“ Lender ”), at its office in
Grand Rapids, Michigan, or at any other place that the holder of
this Note designates in writing, the sum of Fifteen Million Dollars
($15,000,000) or any lesser amount that Lender shall have loaned to
Borrower under Section 3 of a certain Loan
Agreement dated June 8, 2007, between Borrower and Lender
(“ Loan Agreement ”), together with interest
(computed on the basis of a three hundred sixty (360) day year for
the actual number of days elapsed) on the unpaid balance at an
annual rate equal to the LIBOR Index Rate plus 2% (200 basis
points) until maturity and after maturity at an annual rate equal
to the LIBOR Index Rate plus 4% (400 basis points). Any change in
the interest rate on this Note that is occasioned by a change in
the LIBOR Index Rate shall be effective on the first day of the
month immediately following the month in which the change in the
LIBOR Index Rate occurred.
“ LIBOR Index Rate
” means the fluctuating rate per annum that Lender designates
from time to time as being its “one Month LIBOR Index
Rate.” Borrower acknowledges that the LIBOR Index Rate is not
necessarily (1) the lowest rate of interest or the only
“LIBOR” denominated interest rate then available from
Lender or (2) calculated in the same manner as any other
“LIBOR&
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