Guaranty dated December 10, 2007



 Exhibit 10.9 
 GUARANTY 
  

	 New York, New York 
	 December 10, 2007 


 FOR VALUE RECEIVED, and in consideration of note purchases from, or credit otherwise extended or to be extended by LV Administrative Services, Inc., as agent (“Agent”), Valens U.S. SPV I, LLC (“Valens
U.S.”) and Valens Offshore SPV II, Corp. (“Valens Offshore” and together with Agent and Valens U.S., the “Creditor Parties”), to or for the account of Biovest International, Inc., a Delaware corporation
(the “Company”), from time to time and at any time and for other good and valuable consideration and to induce Creditor Parties, in their discretion, to purchase such notes or make other extensions of credit and to make or grant
such renewals, extensions, releases of collateral or relinquishments of legal rights as Creditor Parties may deem advisable, each of the undersigned (and each of them if more than one, the liability under this Guaranty being joint and several)
(jointly and severally referred to as “Guarantors “ or “the undersigned”) unconditionally guaranties to Agent and each other Creditor Party, and their respective successors, endorsees and assigns the prompt payment when due
(whether by acceleration or otherwise) of all present and future obligations and liabilities of any and all kinds of the Company to Creditor Parties and of all instruments of any nature evidencing or relating to any such obligations and liabilities
upon which the Company or one or more parties and the Company is or may become liable to Creditor Parties, whether incurred by the Company as maker, endorser, drawer, acceptor, guarantors, accommodation party or otherwise, and whether due or to
become due, secured or unsecured, absolute or contingent, joint or several, and however or whenever acquired by Creditor Parties, whether arising under, out of, or in connection with (i) that certain Note Purchase Agreement dated as of the date
hereof by and between Valens U.S. and the Company (as amended, restated, modified and/or supplemented from time to time, the “Valens U.S. Purchase Agreement”), (ii) that certain Note Purchase Agreement dated as of the date
hereof by and between Valens Offshore and the Company (as amended, restated, modified and/or supplemented from time to time, the “Valens Offshore Purchase Agreement” and together with the Valens U.S. Purchase Agreement, each a
“Purchase Agreement” and collectively, the “Purchase Agreements”), and (iii) each Related Agreement referred to in each Purchase Agreement (the Purchase Agreements and each Related Agreement, as each may be
amended, modified, restated and/or supplemented from time to time, are collectively referred to herein as the “Documents”), or any documents, instruments or agreements relating to or executed in connection with the Documents or any
documents, instruments or agreements referred to therein or otherwise, or any other obligations or liabilities of the Company to Creditor Parties, whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated, absolute or
contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guaranty, instrument or otherwise (all of which are herein collectively referred to as the “Obligations”), and irrespective of the
genuineness, validity, regularity or enforceability of such Obligations, or of any instrument evidencing any of the Obligations or of any collateral therefor or of the existence or extent of such collateral, and irrespective of the allowability,
allowance or disallowance of any or all of the Obligations in any case commenced by or against the Company under Title 11, United States Code, including, without limitation, obligations or indebtedness of the Company for post-petition interest,
fees, costs and charges that would have accrued or been added to the Obligations but for the commencement of such case. Terms not otherwise defined herein shall have the meaning assigned such terms in the Purchase Agreements. In furtherance of the
foregoing, the undersigned hereby agrees as follows: 







 1. No Impairment. Creditor Parties may at any time and from time to time, either before or after
the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the interest rate thereon, or any
other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any
modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights any Creditor Party may deem desirable under the United States Bankruptcy Code, as
amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an “Insolvency Law”) without in any
way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or any change in the composition, nature, personnel or location of the Company and shall
extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law. 
 2. Guaranty
Absolute. Each of the undersigned jointly and severally guarantees that the Obligations will be paid strictly in accordance with the terms of the Documents and/or any other document, instrument or agreement creating or evidencing the
Obligations, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Company with respect thereto. Guarantors hereby knowingly accept the full range of risk
encompassed within a contract of “continuing guaranty” which risk includes the possibility that the Company will contract additional obligations and liabilities for which Guarantors may be liable hereunder after the Company’s
financial condition or ability to pay its lawful debts when they fall due has deteriorated, whether or not the Company has properly authorized incurring such additional obligations and liabilities. The undersigned acknowledge that (i) no oral
representations, including any representations to extend credit or provide other financial accommodations to the Company, have been made by any Creditor Party to induce the undersigned to enter into this Guaranty and (ii) any extension of
credit to the Company shall be governed solely by the provisions of the Documents. The liability of each of the undersigned under this Guaranty shall be absolute and unconditional, in accordance with its terms, and shall remain in full force and
effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation: (a) any waiver, indulgence, renewal, extension, amendment
or modification of or addition, consent or supplement to or deletion from or any other action or inaction under or in respect of the Documents or any other instruments or agreements relating to the Obligations or any assignment or transfer of any
thereof, (b) any lack of validity or enforceability of any Document or other documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof, (c) any furnishing of any additional security to
Agent, for the benefit of Creditor Parties, or its assignees or any acceptance thereof or any release of any security by Agent or its assignees, (d) any limitation on any party’s liability or obligation under the Documents or any other
documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof or any invalidity or unenforceability, 

  

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in whole or in part, of any such document, instrument or agreement or any term thereof, (e) any bankruptcy, insolvency, reorganization, composition,
adjustment, dissolution, liquidation or other like proceeding relating to the Company, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding, whether or not the undersigned shall have
notice or knowledge of any of the foregoing, (f) any exchange, release or nonperfection of any collateral, or any release, or amendment or waiver of or consent to departure from any guaranty or security, for all or any of the Obligations or
(g) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the undersigned. Any amounts due from the undersigned to any Creditor Party shall bear interest until such amounts are paid in full at the
highest rate then applicable to the Obligations. Obligations include post-petition interest whether or not allowed or allowable. 
 3.
Waivers. 
 (a) This Guaranty is a guaranty of payment and not of collection. No Creditor Party shall be under any
obligation to institute suit, exercise rights or remedies or take any other action against the Company or any other person or entity liable with respect to any of the Obligations or resort to any collateral security held by it to secure any of the
Obligations as a condition precedent to the undersigned being obligated to perform as agreed herein and each of the Guarantors hereby waives any and all rights which it may have by statute or otherwise which would require any Creditor Party to do
any of the foregoing. Each of the Guarantors further consents and agrees that Creditor Parties shall be under no obligation to marshal any assets in favor of Guarantors, or against or in payment of any or all of the Obligations. The undersigned
hereby waives all suretyship defenses and any rights to interpose any defense, counterclaim or offset of any nature and description which the undersigned may have or which may exist between and among any Creditor Party, the Company and/or the
undersigned with respect to the undersigned’s obligations under this Guaranty, or which the Company may assert on the underlying debt, including but not limited to failure of consideration, breach of warranty, fraud, payment (other than cash
payment in full of the Obligations), statute of frauds, bankruptcy, infancy, statute of limitations, accord and satisfaction, and usury. 
 (b) Each of the undersigned further waives (i) notice of the acceptance of this Guaranty, of the extensions of credit, and of all notices and demands of any kind to which the undersigned may be entitled,
including, without limitation, notice of adverse change in the Company’s financial condition or of any other fact which might materially increase the risk of the undersigned and (ii) presentment to or demand of payment from anyone
whomsoever liable upon any of the Obligations, protest, notices of presentment, non-payment or protest and notice of any sale of collateral security or any default of any sort. 
 (c) Notwithstanding any payment or payments made by the undersigned hereunder, or any setoff or application of funds of the undersigned by
any Creditor Party, the undersigned shall not be entitled to be subrogated to any of the rights of any Creditor Party against the Company or against any collateral or guarantee or right of offset held by any Creditor Party for the payment of the
Obligations, nor shall the undersigned seek or be entitled to seek any contribution or reimbursement from the Company in respect of payments made by the undersigned hereunder, until all amounts owing to Creditor Parties 

  

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by the Company on account of the Obligations are indefeasibly paid in full and Creditor Parties’ obligation to extend credit pursuant to the Documents
has been irrevocably terminated. If, notwithstanding the foregoing, any amount shall be paid to the undersigned on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full and Creditor Parties’
obligation to extend credit pursuant to the Documents shall not have been terminated, such amount shall be held by the undersigned in trust for Creditor Parties, segregated from other funds of the undersigned, and shall forthwith upon, and in any
event within two (2) business days of, receipt by the undersigned, be turned over to Agent, for the ratable benefit of Creditor Parties, in the exact form received by the undersigned (duly endorsed by the undersigned to Agent, if required), to
be applied against the Obligations, whether matured or unmatured, in such order as Agent may determine, subject to the provisions of the Documents. Any and all present and future obligations and liabilities of the Company to any of the undersigned
are hereby waived and postponed in favor of, and subordinated to the full payment and performance of, all Obligations of the Company to Creditor Parties. 
 4. Security. All sums at any time to the credit of the undersigned and any property of the undersigned in any Creditor Party’s possession or in the possession of any bank, financial institution or other
entity that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, any Creditor Party (each such entity, an “Affiliate”) shall be deemed held by such Creditor Party
or such Affiliate, as the case may be, as security for any and all of the undersigned’s obligations and liabilities to Creditor Parties and to any Affiliate of any Creditor Party, no matter how or when arising and whether under this or any
other instrument, agreement or otherwise. 
 5. Representations and Warranties. Each of the undersigned hereby jointly and severally
represents and warrants (all of which representations and warranties shall survive until all Obligations are indefeasibly satisfied in full and the Documents have been irrevocably terminated), that: 
 (a) Corporate Status. It is a corporation, partnership or limited liability company, as the case may be, duly formed, validly
existing and in good standing under the laws of its jurisdiction of formation indicated on the signature page hereof and has full power, authority and legal right to own its property and assets and to transact the business in which it is engaged.

 (b) Authority and Execution. It has full power, authority and legal right to execute and deliver, and to perform its
obligations under, this Guaranty and has taken all necessary corporate, partnership or limited liability company, as the case may be, action to authorize the execution, delivery and performance of this Guaranty. 
 (c) Legal, Valid and Binding Character. This Guaranty constitutes its legal, valid and binding obligation enforceable in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditor’s rights and general principles of equity that
restrict the availability of equitable or legal remedies. 
  

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 (d) Violations. The execution, delivery and performance of this Guaranty will not
violate any requirement of law applicable to it or any contract, agreement or instrument to which it is a party or by which it or any of its property is bound or result in the creation or imposition of any mortgage, lien or other encumbrance other
than in favor of Agent on any of its property or assets pursuant to the provisions of any of the foregoing, which, in any of the foregoing cases, could reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. 
 (e) Consents or Approvals. No consent of any other person or entity (including, without limitation, any
creditor of the undersigned) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required in connection with the execution,
delivery, performance, validity or enforceability of this Guaranty by it, except to the extent that the failure to obtain any of the foregoing could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. 
 (f) Litigation. No litigation, arbitration, investigation or administrative proceeding of or before any
court, arbitrator or governmental authority, bureau or agency is currently pending or, to the best of its knowledge, threatened (i) with respect to this Guaranty or any of the transactions contemplated by this Guaranty or (ii) against or
affecting it, or any of its property or assets, which, in each of the foregoing cases, if adversely determined, could reasonably be expected to have a Material Adverse Effect. 
 (g) Financial Benefit. It has derived or expects to derive a financial or other advantage from each and every loan, advance or
extension of credit made under the Documents or other Obligation incurred by the Company to Laurus. 
 (h) Solvency. As
of the date of this Guaranty, (a) the fair saleable value of its assets exceeds its liabilities and (b) it is meeting its current liabilities as they mature. 
 6. Acceleration. 
 (a) If any breach of any covenant or condition or other event of
default shall occur and be continuing under any agreement made by the Company or any of the undersigned to any Creditor Party, or either the Company or any of the undersigned should at any time become insolvent, or make a general assignment, or if a
proceeding in or under any Insolvency Law shall be filed or commenced by, or in respect of, any of the undersigned, or if a notice of any lien, levy, or assessment is filed of record with respect to any assets of any of the undersigned by the United
States of America or any department, agency, or instrumentality thereof, or if any taxes or debts owing at any time or times hereafter to any one of them becomes a lien or encumbrance upon any assets of the undersigned in any Creditor Party’s
possession, or otherwise, any and all Obligations shall for purposes hereof, at Agent’s option, be deemed due and payable without notice notwithstanding that any such Obligation is not then due and payable by the Company. 
 (b) Each of the undersigned will promptly notify Agent of any default by such undersigned in its respective performance or observance of
any term or condition of any 

  

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agreement to which the undersigned is a party if the effect of such default is to cause, or permit the holder of any obligation under such agreement to
cause, such obligation to become due prior to its stated maturity and, if such an event occurs, Creditor Parties shall have the right to accelerate such undersigned’s obligations hereunder. 
 7. Payments from Guarantors. Agent, in its sole and absolute discretion, with or without notice to the undersigned, may apply on account of the
Obligations any payment from the undersigned or any other guarantors, or amounts realized from any security for the Obligations, or may deposit any and all such amounts realized in a non-interest bearing cash collateral deposit account to be
maintained as security for the Obligations. 
 8. Costs. The undersigned shall pay on demand, all costs, fees and expenses (including
expenses for legal services of every kind) relating or incidental to the enforcement or protection of the rights of any Creditor Party hereunder or under any of the Obligations. 
 9. No Termination. This is a continuing irrevocable guaranty and shall remain in full force and effect and be binding upon the undersigned, and
each of the undersigned’s successors and assigns, until all of the Obligations have been indefeasibly paid in full and each Creditor Parties’ obligation to extend credit pursuant to the Documents has been irrevocably terminated. If any of
the present or future Obligations are guarantied by persons, partnerships, corporations or other entities in addition to the undersigned, the death, release or discharge in whole or in part or the bankruptcy, merger, consolidation, incorporation,
liquidation or dissolution of one or more of them shall not discharge or affect the liabilities of any undersigned under this Guaranty. 
 10. Recapture. Anything in this Guaranty to the contrary notwithstanding, if any Creditor Party receives any payment or payments on account of the liabilities guaranteed hereby, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver, or any other party under any Insolvency Law, common law or equitable doctrine, then to the extent of any sum not
finally retained by such Creditor Party, the undersigned’s obligations to such Creditor Party shall be reinstated and this Guaranty shall remain in full force and effect (or be reinstated) until payment shall have been made to such Creditor
Party, which payment shall be due on demand. 
 11. Books and Records. The books and records of Agent and each Creditor Party showing
the account between such Creditor Party and the Company shall be admissible in evidence in any action or proceeding, shall be binding upon the undersigned for the purpose of establishing the items therein set forth and shall constitute prima facie
proof thereof. 
 12. No Waiver. No failure on the part of any Creditor Party to exercise, and no delay in exercising, any right,
remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by any Creditor Party of any right, remedy or power hereunder preclude any other or future exercise of any other legal right, remedy or power. Each
and every right, remedy and power hereby granted to any Creditor Party or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by any Creditor Party at any time and from time to time.

  

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 13. Waiver of Jury Trial. EACH OF THE UNDERSIGNED DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE
APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH OF THE UNDERSIGNED HERETO WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY CREDITOR PARTY, AND/OR ANY OF THE UNDERSIGNED ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS
GUARANTY, ANY DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO. 
 14. Governing Law; Jurisdiction. THIS GUARANTY CANNOT BE
CHANGED OR TERMINATED ORALLY, AND SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH
OF THE UNDERSIGNED HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY OF THE UNDERSIGNED, ON THE
ONE HAND, AND ANY CREDITOR PARTY, ON THE OTHER HAND, PERTAINING TO THIS GUARANTY OR ANY OF THE DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS GUARANTY OR ANY OF THE DOCUMENTS; PROVIDED, THAT EACH OF THE UNDERSIGNED ACKNOWLEDGES
THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY CREDITOR
PARTY FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH
CREDITOR PARTY. EACH OF THE UNDERSIGNED EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH UNDERSIGNED HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. EACH OF THE UNDERSIGNED HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH UNDERSIGNED IN ACCORDANCE WITH SECTION 18 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH UNDERSIGNED’S ACTUAL RECEIPT THEREOF
OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
 15. Understanding With Respect to Waivers and
Consents. Each Guarantor warrants and agrees that each of the waivers and consents set forth in this Guaranty is made voluntarily 

  

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and unconditionally after consultation with outside legal counsel and with full knowledge of its significance and consequences, with the understanding that
events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which such Guarantor otherwise may have against the Company, any Creditor Party or any other person or entity or against any collateral. If,
notwithstanding the intent of the parties that the terms of this Guaranty shall control in any and all circumstances, any such waivers or consents are determined to be unenforceable under applicable law, such waivers and consents shall be effective
to the maximum extent permitted by law. 
 16. Severability. To the extent permitted by applicable law, any provision of this Guaranty
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 17.
Amendments, Waivers. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the undersigned therefrom shall in any event be effective unless the same shall be in writing executed by each of the undersigned
directly affected by such amendment and/or waiver and Agent. 
 18. Notice. All notices, requests and demands to or upon the
undersigned, shall be in writing and shall be deemed to have been duly given or made (a) when delivered, if by hand, (b) three (3) days after being sent, postage prepaid, if by registered or certified mail, (c) when confirmed
electronically, if by facsimile, or (d) when delivered, if by a recognized overnight delivery service in each event, to the numbers and/or address set forth beneath the signature of the undersigned. 
 19. Successors. Each Creditor Party may, from time to time, without notice to the undersigned, sell, assign, transfer or otherwise dispose of all
or any part of the Obligations and/or rights under this Guaranty. Without limiting the generality of the foregoing, any Creditor Party may assign, or grant participations to, one or more banks, financial institutions or other entities all or any
part of any of the Obligations. In each such event, such Creditor Party , its Affiliates and each and every immediate and successive purchaser, assignee, transferee or holder of all or any part of the Obligations shall have the right to enforce this
Guaranty, by legal action or otherwise, for its own benefit as fully as if such purchaser, assignee, transferee or holder were herein by name specifically given such right. Each Creditor Party shall have an unimpaired right to enforce this Guaranty
for its benefit with respect to that portion of the Obligations that such Creditor Party has not disposed of, sold, assigned, or otherwise transferred. 
 20. Joinder. It is understood and agreed that any person or entity that desires to become a Guarantor hereunder, or is required to execute a counterpart of this Guaranty after the date hereof pursuant to the
requirements of any Document, shall become a Guarantor hereunder by (x) executing a joinder agreement in form and substance satisfactory to Agent and each Creditor Party, (y) delivering supplements to such exhibits and annexes to such
Documents as Agent shall reasonably request and/or as may be required by such joinder agreement and (z) taking all actions as specified in this Guaranty as would have been taken by such Guarantor had it been an original party to this Guaranty,
in each case with all documents required above to be delivered to Agent and with all documents and actions required above to be taken to the reasonable satisfaction of Agent. 
  

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 21. Release. Nothing except indefeasible payment in full of the Obligations shall release any of
the undersigned from liability under this Guaranty. 
 22. Remedies Not Exclusive. The remedies conferred upon Creditor Parties in
this Guaranty are intended to be in addition to, and not in limitation of any other remedy or remedies available to Creditor Parties under applicable law or otherwise. 
 23. Limitation of Obligations under this Guaranty. Each Guarantor and each Creditor Party (by its acceptance of the benefits of this Guaranty) hereby confirms that it is its intention that this Guaranty not
constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act of any similar Federal or state law. To effectuate the foregoing intention, each Guarantor and each Creditor Party (by its
acceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Obligations guaranteed by such Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and all other (contingent or otherwise)
liabilities of such Guarantor that are relevant under such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such Guarantor and the other Guarantors (including this
Guaranty), result in the Obligations of such Guarantor under this Guaranty in respect of such maximum amount not constituting a fraudulent transfer or conveyance. 
 [REMAINDER OF THIS PAGE IS BLANK. 
 SIGNATURE PAGE IMMEDIATELY FOLLOWS] 
  

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 IN WITNESS WHEREOF, this Guaranty has been executed by the undersigned as of the date and year here above
written. 
  

			
	BIOVAX, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606


  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Florida


  

			
	AUTOVAXID, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606


  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Florida









 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] 
  

			
	BIOLENDER, LLC
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO of Biovest – Sole Member
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606


  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Delaware


  

			
	BIOLENDER II, LLC
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO of Biovest – Sole Member
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606


  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Delaware