SECURED TERM PROMISSORY
NOTE
|
$1,500,000
|
December 19, 2008
|
FOR VALUE RECEIVED, PEREGRINE
PHARMACEUTICALS, INC. , a Delaware corporation (“
Peregrine ”), and AVID BIOSERVICES, INC ., a
Delaware corporation (“ Avid ,” and together
with Peregrine, jointly and severally, individually and
collectively, referred to as “ Borrower ”)
hereby jointly and severally promise to pay to the order of
BLUECREST CAPITAL FINANCE, L.P. , a Delaware limited
partnership, or the registered holder of this Note
(“Lender”), at such place of payment as the registered
holder of this Secured Term Promissory Note (this “Promissory
Note”) may specify from time to time in writing, in lawful
money of the United States of America, the principal amount of One
Million Five Hundred Thousand Dollars ($1,500,000) or such other
principal amount as Lender has advanced to Borrower, together with
interest in accordance with the Loan Agreement (as hereinafter
defined) (or if and when applicable, at a rate equal to the
“Default Rate” (as defined in the Loan Agreement
referenced below) based upon a year consisting of 360 days, with
interest computed daily based on the actual number of days in each
month until the principal balance is paid in full.
This Promissory Note is executed and delivered
in connection with that certain Loan and Security Agreement of even
date herewith by and among Borrower, MidCap Funding I, LLC, as
agent for Lenders, MidCap Funding I, LLC, as a Lender, and
BlueCrest Capital Finance, L.P., as a Lender (as the same may from
time to time be a
|
