REVOLVING CREDIT LOAN AGREEMENT

Retailer Agreement

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HARVARD BIOSCIENCE INC | BROWN BROTHERS HARRIMAN & CO

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Title: REVOLVING CREDIT LOAN AGREEMENT
Governing Law: Massachusetts Date: 3/15/2004
Industry: SCIINS Law Firm: Peter M. Palladino, P.C; H. David Henken, P.C Sector: TECHNO

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EXHIBIT 10

EXHIBIT 10.17

EXECUTION COPY

REVOLVING CREDIT LOAN AGREEMENT

dated as of November 21, 2003 by and among

HARVARD BIOSCIENCE, INC.

(the “Borrower”),

THE LENDERS THAT ARE SIGNATORIES HERETO

(the “Lenders”),

and

BROWN BROTHERS HARRIMAN & CO.

(the “Agent”)

TABLE OF CONTENTS

Section 1.	Amount and Terms of the Credit.

	1.1.	Recitals; Maximum Line Commitment
	1.2.	Revolving Credit Loans; Reborrowings; Compliance Certificates
	1.3.	Revolving Credit Notes
	1.4.	Interest; Applicable Margins
	1.5.	Fees
	1.6.	Subsidiary Guaranties and Pledge Agreement
	1.7.	Reserved
	1.8.	Default Rate of Interest
	1.9.	Notations
	1.10.	Form and Terms of Payment
	1.11.	Pro-forma Compliance Certificate
	1.12.	Capital Adequacy
	1.13.	Reserved
	1.14.	Use of Proceeds

Section 2.	LIBOR Provisions.

	2.1.	LIBOR Option
	2.2.	Certain Definitions
	2.3.	Conditions for Basing Interest on the LIBOR Rate
	2.4.	Indemnification for Funding and Other Losses
	2.5.	Change in Applicable Laws, Regulations, etc.
	2.6.	LIBOR Taxes

Section 3.	Representations and Warranties.

	3.1.	Organization, Standing, etc. of the Borrower
	3.2.	Subsidiaries
	3.3.	Qualification
	3.4.	Financial Information; Disclosure; Solvency Certificate; Opening Balance Sheet; Projections, etc.
	3.5.	Licenses; Franchises, etc.
	3.6.	Material Agreements
	3.7.	Tax Returns and Payments
	3.8.	Indebtedness, Liens and Investments, etc.
	3.9.	Real Estate Owned and Leased; Title to Properties; Liens
	3.10.	Litigation, etc.
	3.11.	Authorization; Compliance with Other Instruments
	3.12.	Eligible Accounts
	3.13.	Eligible Inventory
	3.14.	Governmental and Other Third Party Consents
	3.15.	Regulation U, etc.
	3.16.	Employee Retirement Income Security Act of 1974
	3.17.	Reserved
	3.18.	Environmental Matters
	3.19.	Patents, Trademarks, Intellectual Property
	3.20.	Chief Executive Offices Principal Place of Business

	3.21.	Trade and Other Names
	3.22.	Securities Laws
	3.23.	Loan Documents
	3.24.	Depository and Other Accounts
	3.25.	Burdensome Obligations; Future Expenditures
	3.26.	Insurance Policies
	3.27.	Employment and Labor Agreements

Section 4.	Conditions of Closing/Lending.

	4.1.	Conditions Precedent to Initial Loan on the Closing Date
	4.2.	Reserved
	4.3.	Conditions Precedent to Loans on and After the Closing Date.

Section 5.		Affirmative Covenants.

	5.1.	Financial Statements, Field Audits etc.
	5.2.	Legal Existence; Licenses; Compliance with Laws
	5.3.	Insurance
	5.4.	Payment of Taxes
	5.5.	Payment of Other Indebtedness, etc.
	5.6.	Further Assurances
	5.7.	Depository Accounts
	5.8.	Communication with Accountants
	5.9.	Environmental Indemnification; Compliance
	5.10.	Mandatory Repayment of Outstanding Revolving Credit Loans in Excess of Working Capital; Prepayment From Proceeds of Asset Sales

Section 6.	Negative Covenants.

	6.1.	Indebtedness
	6.2.	Liens, etc.
	6.3.	Loans, Guarantees and Investments
	6.4.	Reserved.
	6.5.	Restricted Payments
	6.6.	Capital Expenditures
	6.7.	Subsidiaries, Mergers and Consolidations; Changes in Business
	6.8.	Sale of Assets
	6.9.	Reserved
	6.10.	Compliance with ERISA
	6.11.	Transactions with Affiliates
	6.12.	Reserved
	6.13.	Environmental Liabilities
	6.14.	Fiscal Year
	6.15.	Reserved
	6.16.	Reserved
	6.17.	Permitted Acquisitions; Conditions Precedent

		6.17. A Permitted Acquisitions Not Requiring Consent of Required Lenders

	6.17. B Permitted Acquisitions Requiring Consent of Required Lenders

Section 7.	Financial Covenants.

	7.1.	Maximum Leverage Ratio