Document:

evolving Credit Note

 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 (30th) 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. 

 
Reference is hereby made to such Credit Agreement for additional provisions regarding the indebtedness evidenced hereby. All terms not otherwise defined
herein shall have the meanings set forth in the Credit Agreement. This Note is secured by a certain Security Agreement (the “Security Agreement”) by and between the Maker and the Lender of even date herewith granting a first priority
security interest in the Collateral (as described in the Security Agreement). 
  
 Any notice or other communication to be provided to Maker or Lender under this Note shall be in writing and sent to the parties at the addresses set forth in the Credit Agreement. 
  
 This Note is being executed for commercial purposes. Maker and Lender agree
that time is of the essence. Any modification or waiver of any of Maker’s obligations or Lender’s rights under this Note must be contained in a writing signed by Lender. Lender may perform any of Maker’s obligations or delay or fail
to exercise any of its rights without causing a waiver of those obligations or rights. A waiver on one occasion will not constitute a waiver on any other occasion. 
  
 Maker and all others who are or shall become parties primarily or secondarily liable on this Note, whether as endorsers
guarantors or otherwise, hereby agree that this Note may be renewed one or more times, the time for payment of this Note or any renewal note extended, the interest rate or other terms of the indebtedness evidenced hereby changed, any party released,
or any action taken or omitted with respect to any collateral security, including surrender of such security or failure to perfect any lien thereon, without notice and without releasing any of them, except as otherwise expressly agreed in writing,
and the obligations of each such party shall survive whether or not the instrument evidencing such obligation shall have been surrendered or cancelled. All such parties waive presentment, demand for payment, protest and notice of nonpayment and
dishonor. 
  
 Maker hereby waives any right to trial by jury in
any civil action arising out of, or based upon, this Note or the collateral securing this Note. Maker consents to the jurisdiction and venue of any court located in the State of Missouri in the event of any legal proceeding under this Note. The
undersigned agree that the consent to jurisdiction and venue herein shall not prohibit or limit Lender from bringing any action or proceeding hereunder in any jurisdiction or venue that is otherwise proper. 
  
 The Maker agrees to pay all costs of collection when incurred, (whether or
not litigation is commenced) including reasonable attorneys’ fees and expenses. If Lender obtains a judgment for any amount due under this Note, interest will accrue on the judgment at the higher of the Default Rate or the judgment rate of
interest permitted by law. 
  
 All references to Maker in this
Note shall include all of the parties signing this Note. If there is more than one Maker, their obligations will be joint and several. 
  
 This Note, the Credit Agreement, the Security Agreement, and all other documents evidencing security for this Note, represent the complete and integrated
understanding between Maker and Lender pertaining to the terms and conditions of those documents. 
  
 ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH
DEBT ARE NOT ENFORCEABLE 

  

 2 

 
REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (MAKER) AND US (LENDER) FROM
MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

  
 MAKER ACKNOWLEDGES THAT MAKER HAS READ, UNDERSTANDS AND
AGREES TO THE TERMS AND CONDITIONS OF THIS NOTE. MAKER ACKNOWLEDGES RECEIPT OF AN EXACT COPY OF THIS NOTE. 
  
 This Note shall be governed by and construed in accordance with the substantive laws of the State of Missouri (without reference to conflict of law
principles). 
  

			
	 ACCENTIA BIOPHARMACEUTICALS, INC.

	
	 By:

	 Printed Name:

	 Title:

  

 3Security Agreement

 Exhibit 10.11 
  
 SECURITY AGREEMENT 
  
 Dated: December 30, 2005 
  
 The undersigned Accentia Biopharmaceuticals, Inc., a Florida corporation (the ”Debtor”), whose address appears below, and Missouri State Bank
and Trust Company, a Missouri banking corporation (“Secured Party”), hereby agree as follows: 
  
 1. In consideration of certain revolving credit loans to be made by Secured Party to the Debtor in an amount not to exceed at any one time outstanding
Three Million Dollars ($3,000,000.00) or, if a lesser amount, the Borrowing Base (as defined in the Credit Agreement described below) at such time, and Debtor’s execution and delivery to Secured Party of its Note therefor, and all additional
loans, advances and other financial accommodations at or after the date hereof made or extended by Secured Party to the Debtor, directly or indirectly, as principal, guarantor or otherwise, including any of the foregoing that arises after the filing
of a petition by or against the Debtor under the Bankruptcy Code even if the obligations do not accrue because of the automatic stay under Bankruptcy Code Section 362 and also including all of Debtor’s obligations under all interest rate
protection arrangements (interest rate exchange, hedge or similar agreement including, without limitation, any interest rate swap, forward or future contract or option, e.g., a call, put, cap, floor or collar), Debtor hereby grants to Secured Party
a security interest in and lien upon, and assigns to Secured Party, the Collateral described in Paragraph 2, to secure the payment, performance and observance of all such indebtedness, obligations and liabilities of any kind of the Debtor now or in
the future owed to Secured Party, due or not, and whether liquidated or unliquidated, and of all Credit Agreements, documents and instruments evidencing any of the foregoing obligations or under which any of the foregoing obligations may have been
issued, created, assumed or guaranteed, including without limitation the Debtor’s obligations under that certain Revolving Credit Agreement (the “Credit Agreement”) dated as of December 30, 2005, between Debtor and Secured Party (all
of the foregoing, together with the Note of even date herewith issued to the order of Secured Party under the Credit Agreement, being herein referred to as the “Obligations”). 
  
 2. The Collateral is described as follows and may be supplemented in the future by any separate schedule at any time
furnished by Debtor to Secured Party (all of which are hereby deemed part of this Security Agreement). Such Collateral includes all attachments, accessions and equipment now or hereafter affixed to the Collateral or used in connection therewith, all
substitutions and replacements thereof, and all items of Collateral now existing and hereafter acquired, created or arising: 
  
 ALL OF DEBTOR’S ACCOUNTS, CONTRACT RIGHTS, CHATTEL PAPER, INSTRUMENTS, DOCUMENTS, INVESTMENT PROPERTY, DEPOSIT ACCOUNTS, LETTER-OF-CREDIT RIGHTS,
SUPPORTING OBLIGATIONS, GENERAL INTANGIBLES (INCLUDING PAYMENT INTANGIBLES), INVENTORY, GOODS, VEHICLES, MACHINERY, EQUIPMENT, FURNITURE AND FIXTURES, NOW OWNED OR HEREAFTER ACQUIRED, AND WHEREVER LOCATED, AND ALL PRODUCTS, PROCEEDS, RENTS AND
PROFITS OF THE FOREGOING, INCLUDING, WITHOUT LIMITATION, PROCEEDS 

 OF INSURANCE POLICIES INSURING ANY OR ALL OF THE FOREGOING AND ANY INDEMNITY, WARRANTY OR GUARANTY PAYABLE BY REASON OF
LOSS OR DAMAGE TO OR OTHERWISE WITH RESPECT TO ANY OF THE FOREGOING. 
  
 3. The Debtor hereby irrevocably authorizes the Secured Party at any time and from time to time to file in any filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that (a)
indicate the Collateral and (b) provide any other information required by part 5 of Article 9 of the UCC of the State, or such other jurisdiction, for the sufficiency or filing office acceptance of any financing statement or amendment, including (i)
whether the Debtor is an organization, the type of organization and any organizational identification number issued to the Debtor and, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted
collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. The Debtor agrees to furnish any such information to the Secured Party promptly upon the Secured Party’s request. 
  
 4. Debtor warrants, represents and covenants with respect to the Collateral
as follows: 
  
 (a) the chief place of business of Debtor, the
books and records relating to the Collateral, and the Collateral, are all located at the address(es) set forth below and Debtor will not change any of the same or its name or state where Debtor is located without prior written notice to and consent
of Secured Party; 
  
 (b) the Collateral is now and will at all
times hereafter be owned by Debtor free and clear of all liens, security interests, encumbrances and rights of others except for the security interest granted hereby; 
  
 (c) Debtor will not assign, sell, mortgage, lease, transfer, pledge, grant a security interest in, encumber, or otherwise
dispose of or abandon any part or all of the Collateral without prior written consent of the Secured Party, and the inclusion of “proceeds” of the Collateral under the security interest granted herein shall not be deemed a consent by the
Secured Party to any sale or other disposition of any part or all of the Collateral, other than for sales of Inventory in the ordinary course of business, except that Debtor may replace obsolete or worn machinery or equipment in the ordinary course
of business; 
  
 (d) Secured Party shall at all times have free
access to and right of inspection of the Collateral and any records pertaining thereto (and the right to make extracts from and to receive from Debtor originals or true copies of such records and any papers and instruments relating to any or all of
the Collateral upon request therefor) and Debtor hereby grants to Secured Party a security interest in all such records, papers and instruments to secure payment, performance and observance of the Obligations; 
  
 (e) Debtor will use the Collateral with all reasonable care and caution and
in conformity with all applicable laws, ordinances and regulations; 
  
 (f) Debtor will keep the Collateral in first class order, repair, running and marketable condition at Debtor’s own cost and expense; 
  

 2 

 (g) Debtor assumes all responsibility and liability arising from the use of the Collateral; 

 
 (h) Debtor will, at its expense, perform all acts and execute all
documents in a form reasonably acceptable to Debtor requested by Secured Party at any time to evidence, perfect, maintain and enforce Secured Party’s security interest in the Collateral and upon request of Secured Party, at any time and from
time to time, shall deliver to Secured Party any instrument, document or chattel paper constituting part of the Collateral, duly endorsed or assigned, Debtor hereby authorizes Secured Party and grants Secured Party its power of attorney to file any
financing statements or continuation statements pursuant to the UCC of the State or such other jurisdiction as is deemed necessary or appropriate by Second Party to perfect its security interest hereunder, which power of attorney shall be deemed to
be coupled with an interest and is irrevocable, and shall execute and deliver any other papers, documents or instruments requested by Secured Party in connection with this Security Agreement; 
  
 (i) the Collateral is now and shall remain personal property, and Debtor will
not permit any of the Collateral to become a part of or affixed to real property without prior notice to Secured Party and without first making all arrange­ments, and delivering, or causing to be delivered, to Secured Party all instruments and
documents, including, without limitation, waivers and subordination agreements by any landlords or mortgagees, requested by and satisfactory to Secured Party, to protect the security interest granted herein against all persons; 
  
 (j) Debtor, at its own expense, will insure the Collateral in the name of and
with loss or damage payable to Secured Party, against the risks and in the amounts required by the Agreement, and will notify Secured Party of any material loss or damage to any of the Collateral, whether or not insured; 
  
 (k) Debtor assumes all responsibility and liability arising from the use of
the Collateral; 
  
 (l) Secured Party may, in its sole discretion,
release any of the Collateral without notice to or consent by Debtor and without discharging or otherwise affecting the Obligations or the security interest granted herein; 
  
 (m) Secured Party may in its discretion, for the account and at the expense of Debtor, pay any amount or do any act required
of Debtor hereunder or requested by Secured Party to preserve, protect, maintain or enforce the Obligations or the security interest granted herein and which Debtor fails to do or pay, and any such payment shall be deemed an advance by Secured Party
to Debtor, shall be payable on demand and shall be secured hereby; 
  
 (n) Debtor will promptly pay Secured Party any and all sums, costs, and expenses which Secured Party may pay or incur pursuant to the provisions of this Security Agreement or in defending, protecting or enforcing the security interest
granted herein or in enforcing payment of the Obligations or otherwise in connection with the provisions hereof, including but not limited to all court costs, collection charges, travel expenses, and reasonable attorney’s fees, all of which,
together with interest at a rate equal to the highest rate then payable on the Obligations, shall be part of the Obligations; 
  

 3 

 5. (a) The term “Accounts Receivable” means and includes all accounts receivable owing to
Debtor and arising from sales of merchandise and/or services by the Debtor in the ordinary course of business, all proceeds thereof and all of Debtor’s rights to any merchandise which is represented thereby, and for purposes of this paragraph 5
shall include documents, instruments and chattel paper. From time to time, as required by the Agreement, or on request of Secured Party after the occurrence of any “Event of Default” (as that term is defined in the Loan Agreement), which
has not been cured within the applicable cure period, Debtor shall provide Secured Party with schedules describing all Accounts Receivable and shall execute and deliver written assignments of such Accounts Receivable to Secured Party, provided,
however, that Debtor’s failure to execute and deliver such schedules and/or assignments shall not affect or limit Secured Party’s security interest or other rights in and to Accounts Receivable. Together with each schedule, Debtor shall
furnish copies of customers’ invoices or the equivalent, and Debtor hereby warrants the genuineness thereof. On request of Secured Party, Debtor shall furnish to Secured Party the original shipping or delivery receipts of all merchandise sold.
Each of the Accounts Receivable is enforceable in accordance with its terms, no payment is past due (or any past due payment is clearly noted as such), and no partial payment not shown on the account has been made by anyone. 
  
 (b) Debtor shall furnish Secured Party with an aging of Accounts Receivable
in such form and as often as is required by the Agreement. 
  
 (c)
Secured Party may, at any time and from time to time and without notice to Debtor, verify the validity and amount or any other matter relating to any of the Accounts Receivable by mail, telephone, telegraph or otherwise, in the name of Secured Party
or Debtor. 
  
 (d) Upon the occurrence of an Event of Default,
which has not been cured within the applicable cure period, Debtor will instruct its account debtors to remit to a lock box to which Secured Party will have sole access and control. All deposits to such lock box shall constitute additional
Collateral and shall not be deemed payment of the Obligations. 
  
 (e) At any time after the occurrence of an Event of Default, which has not been cured within the applicable cure period, Secured Party may, and on Secured Party’s demand Debtor will, notify customers or account debtors that the
Accounts Receivable have been assigned to Secured Party or of Secured Party’s security interest therein, and collect the Accounts Receivable directly and charge the collection costs and expenses to the Obligations but, unless and until Secured
Party does so notify or gives Debtor other instructions, Debtor shall make collection of all Accounts Receivable for Secured Party, receive all payments thereon as Secured Party’s trustee, and shall immediately deliver them to Secured Party in
their original form. Debtor will deliver to Secured Party, duly endorsed or assigned, all instruments, chattel paper, guaranties or security agreements immediately upon receipt by Debtor as evidence of, in payment of or as security for any of the
Collateral. All checks and other instruments received by Secured Party as proceeds of any of the Accounts Receivable will be credited (conditional upon final collection) against the Obligations; provided, however, that for purposes of calculation of
interest, such conditional credit will be made after allowing five (5) calendar days for collection. 
  

 4 

 (f) All sums credited by or due from Secured Party to Debtor shall at all times constitute additional
security for the Obligations and may be set off against any Obligation at any time whether or not other security held by Secured Party is adequate and whether or not such Obligations are then due. 
  
 (g) If any warranty is breached as to any of the Accounts Receivable, or if
any of the Accounts Receivable is not paid by the customer or account debtor within 90 days from its due date, or the customer or account debtor disputes liability or makes any claim with respect thereto, or a petition in bankruptcy or other
application for relief under the Bankruptcy Code or any other insolvency law, is filed with respect to the customer or account debtor or the customer or account debtor makes a general assignment for the benefit of creditors, becomes insolvent,
fails, suspends or goes out of business, then Secured Party may accelerate the principal of the Obligations to the extent of any or all of the Accounts Receivable owing by that customer or account debtor. Any merchandise which is returned by a
customer or account debtor or otherwise recovered shall remain part of the Collateral. Debtor shall notify Secured Party promptly of all disputes and claims and settle or adjust them at no expense to Secured Party but no discount, credit or
allowance shall be granted to any customer or account debtor without Secured Party’s consent except in accordance with its announced trade terms. Secured Party may, after the occurrence of an Event of Default, enforce collection, settle or
adjust disputes and claims directly with customers or account debtors for amounts and upon terms which Secured Party considers commercially reasonable, and in all cases Secured Party will credit Debtor with only the net amounts received by Secured
Party in payment of the Accounts Receivable. 
  
 (h) Debtor shall
place notations upon its books of account to disclose the assignment of all of the Accounts Receivable to Secured Party or Secured Party’s security interest therein and shall perform all other steps requested by Secured Party to create and
maintain in Secured Party’s favor a valid first security interest, assignment or lien in, of, or on all of the Accounts Receivable and all other security held by or for Secured Party. Secured Party may at all times have access to, inspect,
audit and make extracts from all of Debtor’s records, files and books of account relating to the Accounts Receivable. At Secured Party’s request, Debtor will stamp all invoices and other documents sent to account debtors representing any
Accounts Receivable with the following notice: “The amount shown to be due has been assigned and should be paid to Missouri State Bank and Trust Company, 12452 Olive Street Road, Creve Coeur, Missouri 63141, for credit to Accentia
Biopharmaceuticals, Inc.” Until default, Debtor will, at its own expense, endeavor to collect the Accounts Receivable as and when due. 
  
 (i) To enable the Secured Party to enjoy fully all its rights to the Accounts Receivable, Debtor hereby leases to Secured Party and Secured Party hereby
hires, for a term which shall last as long as there is any portion of the Obligations unpaid, all of the Borrower’s books of account, ledgers and cabinets in which there are reflected or maintained the Accounts Receivable now or hereafter
assigned to Secured Party and all supporting evidence and documents relating thereto in the form of written applications, credit information, account cards, payment records, correspondence, delivery and installation certificates, invoice copies,
delivery receipts, Note and other evidences of indebtedness, insurance certificates and the like, in whatever form the same may exist or be kept, including without limitation computer programs, disks, tapes and related electronic 

  

 5 

 data. Secured Party and its representatives shall at all times have and be entitled to free and undisturbed access to
such books of account, ledgers and cabinets during normal business hours and without unduly interfering with Debtor’s business, and may examine and audit the contents thereof and make excerpts therefrom. 
  
 Upon the occurrence of any Event of Default then, in addition to all of the
rights and remedies set forth in this Security Agreement, Secured Party will have the right forthwith or at any time thereafter to remove from the premises wherein the same are situated all books of account, ledgers and cabinets hereby leased to
Secured Party and Secured Party may keep and retain the same in its possession until all Obligations of whatever nature shall have been fully paid and discharged, but notwithstanding such removal, Debtor shall be afforded access thereto at the place
or places to which the same are removed for the purpose of examining and auditing the same and making written excerpts therefrom. 
  
 6. (a) The term “Inventory” means and includes all goods intended for sale or lease by Debtor, or to be furnished by Debtor under contracts of
service, and all raw materials, goods in process, finished goods, materials and supplies of every nature used or useable in connection with the manufacture, packing, shipping, advertising, selling, leasing or furnishing of such goods, all contract
rights with respect thereto and all documents representing the same. 
  
 (b) Secured Party’s security interest in Inventory shall continue through all stages of processing and/or manufacture and shall, without further act, attach to raw materials, to goods in process, to the finished goods, to the Accounts
Receivable or other proceeds resulting from the sale or other disposition thereof and to all such Inventory as may be returned to Debtor by customers. 
  
 (c) Until all Obligations have been fully satisfied, Secured Party’s security interest in the Inventory and all proceeds thereof shall continue in
full force and effect and upon the occurrence of an Event of Default, which has not been cured within the applicable cure period, Secured Party shall have the right to take physical possession of the Inventory and to maintain such possession on
Debtor’s premises or to remove the Inventory or any part thereof to such other places as Secured Party may desire. If Secured Party exercises its right to take possession of the Inventory, Debtor shall, upon demand, assemble the Inventory and
make it available to Secured Party at a place reasonably convenient to Secured Party. 
  
 (d) Debtor may make sales of the Inventory in the regular course of business prior to the occurrence of an Event of Default. 
  
 (e) Debtor shall perform on request any and all actions necessary to perfect Secured Party’s security interest in the Inventory, such as leasing
warehouses to Secured Party or its designee, placing and maintaining signs, appointing custodians, maintaining stock records and transferring Inventory to warehouses. In connection with the foregoing, Debtor hereby authorizes Secured Party to file
any and all financing or continuation statements necessary to perfect and continue and/or amend Secured Party’s security interest in the Inventory. If any Inventory is in the possession or control of any of its agents or processors, Debtor
shall notify such agents or processors of Secured Party’s security interest therein, and upon request instruct them to hold all such Inventory for Secured Party’s account and subject to Secured Party’s instructions. A physical listing
of all 

  

 6 

 Inventory, wherever located, shall be taken by Debtor at least once each fiscal year, and a copy of each such physical
listing shall be supplied to Secured Party. Secured Party may examine and inspect the Inventory at any time and shall have the right to take a physical count of Inventory at any time, and if such physical count shows a material deviation from
Inventory information supplied by Debtor, Debtor shall pay the cost of such physical count. Debtor shall notify the Secured Party promptly of all disputes and claims and settle or adjust them at no expense to the Secured Party, but no discount,
credit or allowance shall be granted to any customer or account debtor other than in accordance with Debtor’s normal terms of sale, and if an Event of Default has occurred and is continuing, no returns of merchandise shall be accepted without
the Secured Party’s consent. 
  
 7. Debtor represents and
warrants that: 
  
 (a) It is a duly organized and validly
existing corporation in good standing under the laws of the State of Florida, is duly qualified to transact business in
                             and has the power and authority to own its properties and to transact the
business in which it is engaged or presently proposes to engage. It is duly qualified as a foreign company and in good standing in all states where the nature of its business or the ownership or use of property requires such qualification, except
for those states in which the failure to qualify or maintain good standing could not reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement). 
  
 (b) It has the power to execute, deliver and carry out the terms and provisions of the Note, this Security Agreement, the
Credit Agreement and all instruments and documents delivered by it pursuant to this Security Agreement and the lawful right to transfer the Collateral, and it has taken or caused to be taken all necessary action (including, but not limited to, the
obtaining of any consent of its directors required by law or by its Articles of Incorporation or By-Laws) to authorize the making and delivery of the Note, the execution, delivery and performance of the Credit Agreement, this Security Agreement, and
the execution, delivery and performance of all other instruments and documents delivered by it pursuant to the Credit Agreement or this Security Agreement. 
  
 (c) It is not in default under any indenture, mortgage, deed of trust, security agreement, agreement or other instrument to which it is a party or by
which it may be bound. Neither the execution and delivery of the Note, this Security Agreement, or any of the instruments and documents to be delivered pursuant to this Security Agreement, nor the consummation of the transactions herein and therein
contemplated, nor compliance with the provisions hereof or thereof, will violate any law or regulation, or any order or decree of any court or governmental instrumentality, or will conflict with, or result in the breach of, or constitute a default
under, any indenture, mortgage, deed of trust, security agreement, agreement or other instrument to which Debtor is a party or by which it is bound, or result in the creation or imposition of any lien, charge or encumbrance upon any of its property
under any such indenture, mortgage, deed of trust, agreement or other instrument (other than in favor of Secured Party), or violate any provision of its organizational documents. 
  

 7 

 (d) It has good and marketable title to all of the Collateral subject hereof subject to no liens,
mortgages, pledges, security interests, encumbrances or charges, purchase options or other third party interests, of any kind, other than in favor of Secured Party. 
  
 (e) The principal place of business, chief place of business, chief executive office and the office where Debtor keeps its
records concerning the Collateral are located at the following address: 
  
 __________________________________________ 
  
 __________________________________________ 
  
 (f) The locations of substantially all of the Collateral are as set forth on the attached Schedule 1. 
  
 (g) Debtor does not employ any data processing service or similar organization to assemble or process its records concerning the Collateral. 

 
 (h) Upon the execution and delivery of this Security Agreement and the
filing of financing statements with the Offices of the Secretary of State of Florida there will have been created and perfected a valid security interest or lien (as to the creation of which no consent is required from any third party) in favor of
the Secured Party in all Collateral. 
  
 8. The occurrence of any
of the following shall constitute an event of default (“Default”) under this Security Agreement: 
  
 (a) default in the due and punctual payment of any installment of principal or interest on the Note when and as the same become due and payable, whether
at maturity or by acceleration or otherwise which is not cured within any applicable cure period; 
  
 (b) default in the performance or observance of or under any covenant, agreement or provision contained in this Security Agreement or in any instrument or
document delivered to Secured Party in connection with or pursuant to this Security Agreement which continues for a period of 30 days after notice thereof to Debtor from Secured Party, or if any such instrument or document terminates or becomes void
or unenforceable without the written consent of Secured Party; 
  
 (c) any Event of Default occurs under the Credit Agreement which is not corrected within the time period, if any, provided in the Credit Agreement for the correction thereof; or 
  
 (d) Secured Party shall receive at any time a notice or report from the Secretary of State of Florida indicting that Secured
Party’s security interest is not prior to all other security interests reflected in such report. 
  
 9. Upon the occurrence of any Default and after expiration of any applicable cure period, if any, and at any time thereafter while such Default remains
uncured and uncorrected, Secured Party 

  

 8 

 may, without notice to or demand upon Debtor, declare any or all Obligations immediately due and payable and Secured
Party shall have the following rights and remedies (to the extent permitted by applicable law), in addition to all rights and remedies of a secured party under the UCC, or of Secured Party under the Credit Agreement or any other agreement, document
or instrument evidencing any of the Obligations or under which any of the Obligations may have been issued, created, assumed or guaranteed, all such rights and remedies being cumulative, not exclusive, and enforceable alternatively, successively or
concurrently: 
  
 Secured Party may, at any time and from time to
time, with or without judicial process and the aid and assistance of others, enter any premises in which any of the Collateral may be located and, without resistance or interference by Debtor, take possession of the Collateral, and may dispose of
any part or all of the Collateral on any premises of Debtor and may require Debtor to assemble and make available to Secured Party at the expense of Debtor any part or all of the Collateral at any place and time designated by Secured Party which is
reasonably convenient to both parties, and may remove any part or all of the Collateral from any premises on which the same may be located for the purpose of effecting sale or other disposition thereof, and may sell, resell, lease, assign and
deliver, grant options for or otherwise dispose of any or all of the Collateral in its then condition, without obligation to clean up or otherwise prepare the Collateral for sale, or following any commercially reasonable preparation or processing,
at public or private sale or proceedings, by one or more contracts, in one or more parcels, at the same or different times, with or without having the Collateral at the place of sale or other disposition, for cash and/or credit, and upon any terms,
at such place(s) and time(s) and to such person(s), firm(s) or corporation(s) as Secured Party deems best, all without demand for performance or any notice or advertisement whatsoever except that where an applicable statute requires reasonable
notice of sale or other disposition Debtor hereby agrees that the sending of ten (10) days notice by registered or certified mail, postage prepaid, to any address of Debtor set forth in this Security Agreement of the place and time of any public
sale or of the time after which any private sale or other intended disposition is to be made shall be deemed reasonable notice thereof. Secured Party may specifically disclaim any warranties of title or the like and may comply with any applicable
federal or state law requirements in connection with a disposition of the Collateral and compliance will not be considered to affect adversely the commercial reasonableness of any sale of the Collateral. If any of the Collateral is sold by Secured
Party upon credit or for future delivery Debtor will be credited only with payments actually made by the purchaser and, Secured Party shall not be liable for the failure of the purchaser to pay for same and in such event Secured Party may resell
such Collateral. Secured Party may buy any part or all of the Collateral at any public sale and if any part or all of the Collateral is of a type customarily sold in a recognized market or is of the type which is the subject of widely distributed
standard price quotations Secured Party may buy at private sale and may make payment therefor by any means, including, without limitation, payment in Obligations. 
  
 Secured Party may apply the cash proceeds actually received from any sale or other disposition to the reasonable expenses of
retaking, holding, preparing for sale, selling, leasing and the like, to reasonable attorney’s fees and all legal, travel and other expenses which may be incurred by Secured Party in attempting to collect the Obligations or enforce this
Security Agreement or in the prosecution or defense of any action or proceeding related to the subject matter of this Security Agreement, and then to the Obligations in such order and as to principal or interest as Secured Party may desire, and
Debtor shall remain liable and will pay Secured Party on demand any deficiency 

  

 9 

 remaining (including interest thereon at a rate equal to the highest rate then payable on the Obligations) and the
balance of any expenses unpaid, with any surplus to be paid to Debtor, subject to any duty of Secured Party imposed by law to the holder of any subordinate security interest in the Collateral known to Secured Party. 
  
 10. To effectuate the terms and provisions hereof and after an event of
default, Debtor hereby designates and appoints Secured Party and its designees or agents as attorney-in-fact of Debtor, irrevocably and with power of substitution, with authority to receive, open and dispose of all mail addressed to Debtor, to
notify the Post Office authorities to change the address for delivery of mail addressed to Debtor to such address as Secured Party may designate; to endorse the name of Debtor on any Note, acceptances, checks, drafts, money orders or other evidences
of payment or proceeds of the Collateral that may come into Secured Party’s possession; to execute proofs of claim and loss; to execute any endorsements, assignments, or other instruments of conveyance or transfer; to adjust and compromise any
claims under insurance policies; to execute releases; and to do all other acts and things necessary and advisable in the sole discretion of Secured Party to carry out and enforce this Security Agreement. All acts of said attorney or designee are
hereby ratified and approved and said attorney or designee shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law. This power of attorney, being coupled with an interest, is irrevocable
while any of the Obligations shall remain unpaid. 
  
 11. Secured
Party shall not be deemed to assume any responsibility for, or obligation or duty with respect to, any part or all of the Collateral, of any nature or kind, or any matter or proceedings arising out of or relating thereto, including, without
limitation, any obligation or duty to take any action to collect, preserve or protect its or Debtor’s rights in the Collateral or against any prior parties thereto, but the same shall be at Debtor’s sole risk at all times. 
  
 Secured Party’s duty with respect to Collateral in its possession shall
be fulfilled if Secured Party exercises reasonable care in the safekeeping of such Collateral. Debtor hereby releases Secured Party from any claims, causes of action and demands at any time arising out of or with respect to this Security Agreement,
the Obligations, the use of the Collateral and/or any actions taken or omitted to be taken by Secured Party with respect thereto, and Debtor hereby agrees to hold Secured Party harmless from and with respect to any and all such claims, causes of
action and demands. 
  
 No act, failure or delay by Secured Party
shall constitute a waiver of its rights and remedies hereunder or otherwise. No single or partial waiver by the Secured Party of any default or right or remedy which it may have shall operate as a waiver of any other default, right or remedy or of
the same default, right or remedy on a future occasion. 
  
 Debtor
hereby waives presentment, notice of dishonor and protest of all instruments included in or evidencing any of the Obligations or the Collateral, and any and all other notices and demands whatsoever (except as expressly provided herein). 

 
 In the event of any litigation, with respect to any matter connected with
this Security Agreement, the Obligations or the Collateral, Debtor hereby waives the right to a trial by jury and all defenses, rights of setoff and rights to interpose counterclaims of any nature. Debtor hereby 

  

 10 

 irrevocably consents to the jurisdiction of the Courts of the State of Missouri and of any Federal Court located in such
State in connection with any action or proceeding arising out of or relating to the Obligations, this Security Agreement or the Collateral, or any document or instrument delivered with respect to any of the Obligations. Debtor hereby waives personal
service of any summons, complaint or other process in connection with any such action or proceeding and agrees that the service thereof may be made by certified or registered mail directed to Debtor at its chief place of business set forth below, or
at such other address as Debtor may designate by written notification by certified or registered mail directed to and received by Secured Party at its office set forth in the financing statements filed hereunder (or if no such financing statements
have been filed, at the office of Secured Party at which is located the officer in direct supervision of the within security interest). 
  
 No provision hereof shall be modified, altered or limited except by a written instrument expressly referring to this Security Agreement and to the
provision so modified or limited, and executed by the party to be charged. This Security Agreement and all Obligations shall be binding upon the successors or assigns of Debtor, and shall, together with the rights and remedies of Secured Party
hereunder, inure to the benefit of Secured Party, its successors, endorsees and assigns and shall bind all persons who become bound as a Debtor to this Security Agreement. 
  
 Secured Party may assign its rights and interests under this Security Agreement. Debtor hereby waives, and will not assert
against any assignee of Secured Party, any claims, defenses or set offs which Debtor could assert against Secured Party except defenses that cannot be waived. 
  

This Security Agreement and the Obligations shall be governed in all respects by the laws of the State of Missouri (the “State”), except to
the extent that the UCC specifies such applicable law. If any term of this Security Agreement is held to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby. Secured Party is authorized to
annex hereto any schedules referred to herein. Debtor acknowledges receipt of a full and complete copy of this Security Agreement. All terms used herein shall have the meanings as defined in the Uniform Commercial Code as in effect in the State of
Missouri (the “UCC”). 
  
 [Remainder of page left blank
intentionally. Signatures follow.] 
  

 11 

 IN WITNESS WHEREOF, the undersigned has executed or caused this Security Agreement to be executed by its
officers thereunto duly authorized, the date first above set forth. 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.,
	a Florida Corporation
		
	By:	 	  

	Printed Name:	 	  

	Title:	 	  

	
	 MISSOURI STATE BANK AND TRUST
 COMPANY, a
Missouri banking corporation

		
	By:	 	  

	Printed Name:	 	  

	Title:	 	  

  

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]