Document:

Line of Credit Note

			
	

	 	 Exhibit 10.3.b
  

Line of Credit Note
 (Facility B)

 $2,000,000.00 
 Date : September 2, 2011 
 but effective as of: August 31,
2011 
 Promise to Pay. On or before August 20, 2013, for value received, Neogen Corporation, a Michigan corporation (the
“Borrower”) promises to pay to JPMorgan Chase Bank, N.A. (the “Bank”), acting through its Lansing Business Banking LPO, whose address is 620 S. Capitol Ave., Flr. 3, Lansing, Michigan 48933, or order, in lawful money of the
United States of America, the sum of Two Million and 00/100 Dollars ($2,000,000.00) or so much thereof as may be advanced and outstanding, plus interest on the unpaid principal balance as provided below. 

Variable Interest Rate. The interest rate on this Note is subject to change from time to time based on changes in an index which is the LIBOR Rate
(the “Index”). “LIBOR Rate” shall mean the offered rate for U.S. Dollar deposits of not less than $1,000,000.00 for a period of time equal to each Interest Period as of 11:00 A.M. City of London, England time two London
Business Days prior to the first date of each Interest Period of this Note as shown on the display designated as “British Bankers Assoc. Interest Settlement Rates” on the Reuters Screen (“Reuters”) LIBOR01 Page, or such other
page or pages as may replace such pages on Reuters for the purpose of displaying such rate. Provided, however, that if such rate is not available on Reuters then such offered rate shall be otherwise independently determined by the Bank from an
alternate, substantially similar independent source available to the Bank or shall be calculated by the Bank by a substantially similar methodology as that theretofore used to determine such offered rate in Reuters. “London Business Day”
means any day other than a Saturday, Sunday or a day on which banking institutions are generally authorized or obligated by law or executive order to close in the City of London, England. Each change in the rate to be charged on this Note will
become effective without notice on the commencement of each Interest Period based upon the Index then in effect. “Interest Period” means each consecutive one month period (the first of which shall commence on the date of this Note)
effective as of the first day of each Interest Period and ending on the last day of each Interest Period, provided that if any Interest Period is scheduled to end on a date for which there is no numerical equivalent to the date on which the Interest
Period commenced, then it shall end instead on the last day of such calendar month. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate equal to the Index, plus 1.00% per annum. NOTICE: Under no
circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 
 Prepayment. Borrower may
pay without fee all or a portion of the principal amount owed hereunder earlier than it is due. All prepayments shall be applied to the indebtedness in such order and manner as Bank may from time to time determine in its sole discretion. 

Interest After Default. So long as an event of default under Section 7.1 of the Credit Agreement has occurred and has not been waived by the
Bank, whether or not the Bank elects to accelerate the maturity of this Note because of such event of default, all loans outstanding under this Note shall, if permitted under applicable law, bear interest at a per annum rate equal to the Index plus
four percent (4.00%) per annum from the date the Bank elects to impose such rate. The interest rate will not exceed the maximum rate permitted by applicable law. 

 Notice and Manner of Borrowing. The Borrower shall give the Bank written notice (effective upon
receipt) of the Borrower’s intent to draw down an advance under this Note no later than 2:00 p.m., Eastern time, on the date of disbursement. The Borrower’s notice must specify: (a) the disbursement date and (b) the amount of
each advance. By the Bank’s close of business on the disbursement date and upon fulfillment of the conditions set forth herein and in any other of the Related Documents, the Bank shall disburse the requested advance in immediately available
funds by crediting the amount of such advances to the Borrower’s account with the Bank. 
 Payments. Interest
accrued on the principal balance outstanding on this Note shall be paid monthly on the 1st day of each month, beginning October 1, 2011. All outstanding principal and interest is due and payable in full on August 31, 2013. 
 Bank Records. The Bank shall, in the ordinary course of business, make notations in its records of the date and amount of each loan hereunder, the applicable interest rate, the amount of each
payment on the loans, and other information. Such records shall, in the absence of manifest error, be conclusive as to the outstanding principal balance of this Note and applicable interest rate. 

Obligations Due on Non-Business Day. Whenever any payment under this Note becomes due and payable on a day that is not a Business Day, if no
default then exists under this Note, the maturity of the payment shall be extended to the next succeeding Business Day, except, in the case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into another calendar
month, the payment must be made on the immediately preceding Business Day. “Business Day” means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed. 

Matters Regarding Payment and Interest Calculation. The Borrower will pay the Bank at the Bank’s address shown on loan account statements
sent to the Borrower, the Bank’s address shown in any payment coupon book provided to the Borrower, or at such other place as the Bank may designate in writing. Payments shall be allocated among principal, interest and fees at the discretion of
the Bank unless otherwise agreed or required by applicable law. Acceptance by the Bank of any payment which is less than the payment due at the time shall not constitute a waiver of the Bank’s right to receive payment in full at that time or
any other time. The annual interest rate for this Note is computed on a 360/365 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding. The Borrower will pay a fee to the Bank of $25.00 if the Borrower makes a payment on this Note and the check or pre-authorized charge with the Bank is later dishonored. 

Authorization for Direct Payments (ACH Debits). To effectuate any payment due under this Note or under any other Related Documents, the Borrower
hereby authorizes the Bank to initiate debit entries to Account Number 829459171 at the Bank and to debit the same to such account. This authorization to initiate debit entries shall remain in full force and effect until the Bank has received
written notification of its termination in such time and in such manner as to afford the Bank a reasonable opportunity to act on it. The Borrower represents that the Borrower is and will be the owner of all funds in such account. The Borrower
acknowledges: (1) that such debit entries may cause an overdraft of such account which may result in the Bank’s refusal to 

 
honor items drawn on such account until adequate deposits are made to such account; (2) that the Bank is under no duty or obligation to initiate any debit entry for any purpose; and
(3) that if a debit is not made because the above-referenced account does not have a sufficient available balance, or otherwise, the payment may be late or past due. 
 Late Fee. Any principal or interest which is not paid within 10 days after its due date (whether as stated, by acceleration or otherwise) shall be subject to a late payment charge of 5.00% of the
total payment due or $25.00, whichever is greater, up to the maximum amount of $250.00 per late charge. The Borrower agrees to pay and stipulates that such amount is a reasonable amount for a late payment charge. The Borrower shall pay the late
payment charge upon demand by the Bank or, if billed, within the time specified. 
 Purpose of Loan. The Borrower acknowledges and agrees
that this Note evidences a credit facility for a business, commercial, agricultural or similar commercial enterprise purpose, and that no advance shall be used for any personal, family or household purpose. The proceeds of the advances under this
Note shall be used only to make payment of any and all obligations of the Borrower under or in respect of Rate Management Transactions when due. 
 Credit Facility. The Bank has approved a credit facility to the Borrower in a principal amount not to exceed the face amount of this Note. The credit facility is in the form of advances made from
time to time by the Bank to the Borrower. This Note evidences the Borrower’s obligation to repay those advances. The aggregate principal amount of debt evidenced by this Note is the amount reflected from time to time in the records of the Bank.
Until the earliest to occur of maturity, any default, event of default, or any event that would constitute a default or event of default but for the giving of notice, the lapse of time or both, the Borrower may borrow, pay down and reborrow under
this Note subject to the terms of the Related Documents. 
 Governing Law. This document will be governed by and interpreted in
accordance with federal law and the laws of the State of Michigan. 
 Miscellaneous. This Note binds the Borrower and its successors, and
benefits the Bank, its successors and assigns. Any reference to the Bank includes any holder of this Note. This Note is subject to that certain Credit Agreement by and between the Borrower and the Bank, dated as of May 20, 2010, and all
amendments, restatements and replacements thereof (the “Credit Agreement”) to which reference is hereby made for a more complete statement of the terms and conditions under which the loans evidenced hereby are made and are to be repaid.
The terms and provisions of the Credit Agreement are hereby incorporated and made a part hereof by this reference thereto with the same force and effect as if set forth at length herein. No reference to the Credit Agreement and no provisions of this
Note or the Credit Agreement shall alter or impair the absolute and unconditional obligation of the Borrower to pay the principal and interest on this Note as herein prescribed. Capitalized terms not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement. 
  

					
		 	Borrower:
		
	Address:	 	Neogen Corporation
			
	620 Lesher Place	 		 	
	Lansing, Michigan 48912	 	By:	 	 /s/ Steven J. Quinlan

							
		 	Its:	 	 Steven J. Quinlan Vice President and CFO

		 		 	Printed Name
		 	Title	 	
			
		 	Date Signed:	 	 9/2/11Second Amendment to Credit Agreement

 Exhibit 10.4 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
 THIS SECOND AMENDMENT TO CREDIT
AGREEMENT, dated as of September 2, 2011 but effective as of August 31, 2011 upon the satisfaction of the conditions in Article 4 (this “Amendment”), is by and between NEOGEN CORPORATION, a Michigan corporation (the
“Borrower”), and JPMORGAN CHASE BANK, N.A., a national banking association (the “Bank”), acting through its Lansing Business Banking LPO. 
 RECITALS 
 A. The Borrower and the Bank have entered into that certain
Credit Agreement dated as of May 20, 2010, as amended by First Amendment to Credit Agreement dated as of September 24, 2010 (as amended, the “Credit Agreement”). 

B. The Borrower and the Bank desire to amend the Credit Agreement on the terms and conditions set forth in this Amendment. 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

 AMENDMENT TO CREDIT AGREEMENT 
 Subject to Article 2 of this Amendment, the Credit Agreement hereby is amended as follows: 
 Section 1.2 of the Credit Agreement is amended and restated as follows: 

Facility A (Line of Credit). The Bank has approved a credit facility to the Borrower in the principal sum not to exceed, in the
aggregate at any one time outstanding, the remainder of (a) $10,000,000.00 minus (b) the Letter of Credit Liabilities (as defined below) at such time (such credit facility herein referred to as “Facility A”). Credit under
Facility A shall be repayable as set forth in a Line of Credit Note dated the date hereof or the date of any amendment hereof, as the case may be, and any renewals, modifications, extensions, rearrangements and restatements thereof and replacements
or substitutions therefor. The Bank, or any affiliate of the Bank, may from time to time in its sole discretion, prior to the maturity date of the Note evidencing Facility A, as renewed, modified, extended or restated from time to time, and
including any replacements or substitutions therefor (the “Facility A Note”), issue one or more letters of credit (each a “Letter of Credit”) for the account of the Borrower. Each Letter of Credit shall be issued based upon an
Application and Agreement for Standby/Commercial Letter of Credit (each an “Application”), in form and substance as reasonably and customarily required by the Bank, which Application shall be executed by the Borrower. The Borrower

 
agrees to pay the Bank all fees and expenses associated with each Application. Pursuant to the applicable Application, each funding under a Letter of Credit shall be reimbursed by the Borrower
upon demand. Unless otherwise agreed by the Bank in its sole discretion, each Letter of Credit shall have an expiration date that does not exceed the scheduled maturity date of the Facility A Note. Notwithstanding anything to the contrary, the
maximum aggregate amount of the unfunded commitments plus any unpaid reimbursements with respect to all Letters of Credit (collectively, the “Letter of Credit Liabilities”) shall not at any time exceed $2,000,000. Whenever a Default has
occurred and is continuing, or upon the occurrence of the date that is five (5) Business Days (as defined in the Facility A Note) prior to the scheduled maturity date of the Facility A Note, immediately upon demand by the Bank the Borrower
shall provide cash collateral to the Bank for the Letter of Credit Liabilities in the aggregate amount of the Letter of Credit Liabilities at such time. The Borrower will use the proceeds of the loans under Facility A and the Letters of Credit for
its general corporate purposes 
 1.2 Section 1.3 is added to the Credit Agreement as follows: 

Facility B (Line of Credit). The Bank has approved a credit facility to the Borrower in the principal sum not to exceed, in the
aggregate at any one time outstanding, $2,000,000.00 (such credit facility herein referred to as “Facility B”). Credit under Facility B shall be repayable as set forth in a Line of Credit Note dated the date hereof or the date of any
amendment hereof, as the case may be, and any renewals, modifications, extensions, rearrangements and restatements thereof and replacements or substitutions therefor (the “Facility B Note”). The Borrower will use the proceeds of the loans
under Facility B to make, and only to make, payment of any and all obligations of the Borrower under or in respect of Rate Management Transactions when due. Unless the Borrower shall have made each such payment to the Bank immediately when due, the
Bank shall be deemed to have disbursed to the Borrower, and the Borrower shall be deemed to have elected to satisfy such payment obligation by, a loan under Facility B in an amount equal to the amount of such payment obligation. Such loan under
Facility B shall be disbursed (in satisfaction of such payment obligation) notwithstanding any failure to satisfy any conditions for disbursement of any loan set forth in this agreement and, to the extent of the loan under Facility B so disbursed,
the corresponding obligation of the Borrower or its Subsidiary under or in respect of a Rate Management Transaction shall be deemed satisfied; provided, however, that nothing in this Section 1.3 shall be deemed to constitute a
waiver of any Default caused by the failure to satisfy the conditions for disbursement or otherwise. If, for any reason (including without limitation as a result of the occurrence of a Default with respect to the Borrower pursuant to
Section 7.1F., G., H. or I.), loans may not be made by the Bank under Facility B, then the Borrower agrees that each payment obligation under or in 

 
respect of Rate Management Obligations not paid pursuant to the disbursement of a loan under Facility B shall bear interest, payable on demand by the Bank, at the interest rate or rates,
including any rate applicable in the event of Default, applicable from time to time under the Facility B Note. 

CONDITIONS PRECEDENT 
 As conditions precedent to the effectiveness of the amendment to the Credit Agreement set forth in Article 1 of this Amendment, the Bank shall receive the following documents and the following matters
shall be completed, all in form and substance satisfactory to the Bank: 
 This Amendment duly executed on behalf of the
Borrower and the Bank. 
 A replacement Line of Credit Note in the principal amount of $10,000,000 evidencing Facility A
(the “Replacement Facility A Note”), duly executed on behalf of the Borrower. 
 A Line of Credit Note in the
principal amount of $2,000,000 evidencing Facility B (the “Facility B Note” and, with the “Replacement Facility A Note”, collectively, the “New Notes” and, individually, a “New Note”), duly executed on behalf
of the Borrower. 
 A certificate of the Chief Financial Officer of the Borrower to the effect that there are no new or
additional material commitments or contingent liabilities or other obligations of the Borrower since May 31, 2011 and no material adverse developments in any commitments or contingent liabilities or other obligations of the Borrower previously
identified in the Borrower’s annual financial statement as of, and for the fiscal year ended, May 31, 2011. 

An updated opinion letter of counsel for the Borrower, substantially in the form of the opinion letter of counsel for the Borrower
delivered to the Bank in connection with the Credit Agreement, covering this Amendment, the New Notes, the transactions contemplated by this Amendment and the other matters covered in such prior opinion letter. 

Such other documents, and completion of such other matters, as the Bank may reasonably deem necessary or appropriate to carry out the
intent of, and/or to implement, this Amendment. 
 REPRESENTATIONS AND WARRANTIES 

In order to induce the Bank to enter into this Amendment, the Borrower represents and warrants that: 

The execution, delivery and performance by the Borrower of this Amendment and the New Notes are within its corporate powers, have been
duly authorized by all necessary corporate action and are not in contravention of any applicable law, rule or regulation, or any applicable judgment, decree, writ, injunction, order or award of any arbitrator, court or governmental authority, or of
the terms of the Borrower’s charter or by-laws, or of any contract or undertaking to which the Borrower is a party or by which the Borrower or its property is or may be bound or affected. 

This Amendment is, and each of the New Notes when delivered hereunder will be, a legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its respective terms, except as may be limited by bankruptcy, insolvency or other laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 No consent, approval or authorization of or declaration, registration or filing with any
governmental or nongovernmental person or entity, including without limitation any creditor, stockholder or lessor of the Borrower, remains required on the part of the Borrower in connection with the execution, delivery and performance of this
Amendment or the New Notes or the transactions contemplated hereby or as a condition to the legality, validity or enforceability of this Amendment or the New Notes. 
 After giving effect to the amendments contained in Article 1 of this Amendment, the representations and warranties contained in Section 6 of the Credit Agreement and in the other Related Documents
are true on and as of the date hereof with the same force and effect as if made on and as of the date hereof. No default has occurred and is continuing under the Credit Agreement, the Notes or any of the other Related Documents. 

MISCELLANEOUS 
 If the Borrower shall fail to perform or observe any term, covenant or agreement in this Amendment, or any representation or warranty made by the Borrower in this Amendment shall prove to have been
incorrect in any material respect when made, such occurrence shall be deemed to constitute an event of default under the Credit Agreement and the Notes. 
 All references to the Credit Agreement in the Notes, any other Related Documents or any other document, instrument or certificate referred to in the Credit Agreement or delivered in connection
therewith or pursuant thereto, hereafter shall be deemed references to the Credit Agreement, as amended hereby. 
 Except
as amended hereby, the Credit Agreement and the other Related Documents shall in all respects continue in full force and effect. 
 Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement. 
 This Amendment shall be governed by and construed in accordance with the laws of the State of Michigan. 
 The Borrower agrees to pay the reasonable fees and expenses of Dickinson Wright PLLC, counsel for the Bank, in connection with the negotiation and preparation of this Amendment and the documents
referred to herein and the consummation of the transactions contemplated hereby. Notwithstanding anything to the contrary, with respect only to the negotiation, preparation and execution of this Amendment and the documents referred to in this
Amendment and the consummation of the transactions contemplated by this Amendment, the Borrower shall not be liable for attorneys’ fees of counsel for the Bank exceeding $5,000 in the aggregate. 

This Amendment may be executed upon any number of counterparts with the same effect as if the signatures thereto were upon the same
instrument. 
 Each party hereto, after consulting or having had the opportunity to consult with counsel, knowingly,
voluntarily, and intentionally waives any right any of them may have to a trial by jury 

 
in any litigation based upon or arising out of this Amendment, or any agreement referenced herein or other related instrument or agreement, or any of the transactions contemplated by this
Amendment, or any course of conduct, dealing, statements (whether oral or written) or actions of any of them. None of the parties hereto shall seek to consolidate, by counterclaim or otherwise, any such action in which a jury trial has been waived
with any other action in which a jury trial cannot be or has not been waived. These provisions shall not be deemed to have been modified in any respect or relinquished by any party hereto except by a written instrument executed by both of them.

 The Borrower agrees to execute any and all documents reasonably deemed necessary or appropriate by the Bank to carry
out the intent of, and/or to implement, this Amendment. 
 This Amendment constitutes the entire understanding of the
parties with respect to the subject matter hereof. This Amendment is binding on the parties hereto and their respective successors and assigns, and shall inure to the benefit of the parties hereto and their respective successors and assigns. If any
of the provisions of this Amendment are in conflict with any applicable statute or rule or law or otherwise unenforceable, such offending provisions shall be null and void only to the extent of such conflict or unenforceability, but shall be deemed
separate from and shall not invalidate any other provision of this Amendment. 
 No course of dealing on the part of the
Bank, nor any delay or failure on the part of the Bank in exercising any right, power or privilege hereunder shall operate as a waiver of such right, power or privilege or otherwise prejudice the Bank’s rights and remedies hereunder or under
any Related Document or any other agreement or instrument of the Borrower with or in favor of the Bank; nor shall any single or partial exercise thereof preclude any further exercise thereof or the exercise of any other right, power or privilege. No
right or remedy conferred upon or reserved to the Bank under this Amendment or under any Related Document or any other agreement or instrument of the Borrower with or in favor of the Bank is intended to be exclusive of any other right or remedy, and
every right and remedy shall be cumulative and in addition to every other right or remedy granted thereunder or now or hereafter existing under any applicable law. Every right and remedy granted by this Amendment or under any Related Document or any
other agreement or instrument of the Borrower with or in favor of the Bank or by applicable law to the Bank may be exercised from time to time and as often as may be deemed expedient by the Bank. 

[The remainder of this page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first-above written. 
  

			
	NEOGEN CORPORATION
		
	By:	 	 /s/ Steven J. Quinlan

		 	     Steven J. Quinlan
		 	     Its: Vice President and Chief Financial Officer
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Joshua M. Tudor

		 	     Joshua M. Tudor
		 	     Its: Vice President

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