Document:

EX-10.14 Loan Guarantee

 

EXHIBIT 10.14

Loan Agreement No:                               

Guarantor Name:MAGELLAN GROUP INVESTMENTS, LLC

Amount of Pledged Collateral: $2,200,000.00

LOAN GUARANTEE, PAYMENT AND SECURITY AGREEMENT

     This Agreement (the “Agreement”) is made as of June 1, 2007 (the “Effective
Date”), by and between BIOHEART, INC., a Florida corporation (the “Company”), and
MAGELLAN GROUP INVESTMENTS, LLC, a Florida limited liability company (the “Guarantor”).

WITNESSETH:

     WHEREAS, the Company expects to obtain a term loan (the “Loan”), in the principal
amount of $5,000,000, from Bank of America, N.A. (the “Bank”) pursuant to a certain loan
agreement between the Company and the Bank (the “Loan Agreement”) and related promissory
note (the “Note”);

     WHEREAS, as a condition precedent to the Bank’s making the Loan and as security for the
Company’s obligations relating thereto, the Guarantor will pledge and assign to the Bank (the
“Pledge”) and grant to the Bank a first-priority security interest in, a $2,200,000
certificate of deposit with Bank (the “Pledged CD”);

     WHEREAS, subject to the closing of the Loan and in accordance with the terms of this
Agreement, Guarantor has agreed to make payments to the Company equal to 40% (the “Guaranteed
Percentage”) of the interest and principal payable by the Company to the Bank in connection
with the Loan, which amounts shall be used by the Company solely to pay interest and principal on
the Loan;

     WHEREAS, as consideration for the Guarantor’s agreement to make the payments described above
and to grant, in favor of the Bank, the Pledge, the Company has agreed, upon the terms and
conditions set forth herein, to (i) issue the Guarantor a warrant or warrants to purchase shares of
the Company’s common stock, par value $.001 per share (the “Common Stock”), and (ii) pay
certain fees to the Guarantor.

     NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto,
the Company and the Guarantor agree as follows:

	1.	 	CONSIDERATION.

     1.1 PLEDGE DOCUMENTS AND PAYMENTS FOR THE BENEFIT OF THE COMPANY.

     In consideration of the Company’s issuance of the Warrant (as defined in Section 1.2 below)
and payment of the Guarantee Fee (as defined in Section 1.2 below), the Guarantor hereby agrees
that it shall:

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          (a) At Closing (as defined in Section 2.1 below), execute and deliver, in favor of the Bank,
whatever documentation (such documentation, the “Pledge Documents”) the Bank reasonably
requires in connection with the Pledge.

          (b) During the period commencing on the Effective Date and terminating on the date that the
Company’s payment obligations under the Loan are satisfied and/or discharged in full, at least ten
(10) business days prior to the due date for any payment of interest (“Interest Payment”)
or payment of principal (“Principal Payment”) or other payment required to be made by the
Company to the Bank under the Loan, pay the Company an amount equal to the product obtained by
multiplying (x) the total amount of the payment then due and (y) the Guaranteed Percentage (each
such payment, a “Guarantor Payment”); provided, that the first $100,000 of Interest
Payments shall be made in cash and provided further, that the aggregate amount of Guarantor
Payments shall not exceed $2,300,000. The Guarantor may, at its option, elect to make Guarantor
Payments (other than the first $100,000 of Interest Payments) by drawing, or authorizing the Bank
to draw, on the Pledged CD.

          (c) The Company shall apply the Guarantor Payment towards an Interest Payment, Principal
Payment or other payment due in connection with the Loan, and shall either notify the Guarantor in
writing of the due date for any such payment, or shall promptly forward to the Guarantor any
correspondence received by the Company from the Bank regarding the amount and due date of such
Interest Payment, Principal Payment or other payment (as applicable). All payments hereunder shall
be made to the Aggregation Account (as defined in the Loan Agreement).

          (d) The Guarantor hereby authorizes the Company to notify the Bank in the event that the
Guarantor fails to make a Guarantor Payment when due.

     1.2 ISSUANCE OF WARRANTS AND PAYMENT OF MONTHLY FEES

     In consideration of the Guarantor’s issuing the Pledge in favor of the Bank the Company hereby
agrees that it shall:

          (a) At Closing (as defined in Section 2.1 below), issue to the Guarantor a warrant to purchase
an aggregate of 115,720 shares (the “Subject Shares”) of the Common Stock (i.e. a warrant
to purchase 57,860 shares for each $1,100,000 principal amount of Loan secured under the Pledge),
with an exercise price of $4.75 per share, in the form attached hereto as Exhibit A (the
“Warrant”). The Warrant will provide that the number of Subject Shares will increase to
132,000 shares of the Common Stock in the event the Company has not satisfied and/or discharged all
of its payment obligations under the Loan (the “Loan Satisfaction”) by September 30, 2007.
The Warrant will further provide that the number of Subject Shares will increase to 165,000,
220,000 and 300,000, respectively, in the event the Company has not satisfied and/or discharged all
of its material payment obligations under this Agreement by the first anniversary, second
anniversary and third anniversary of the Effective Date, respectively.

          (b) Pay the Guarantor a cash fee (the “Guarantee Fee”) in the amount determined by
multiplying $2,200,000 by 5.0% and multiplying the resulting amount by a fraction, the numerator of
which is the number of days elapsed between the date hereof and the earlier of (i) the date of the
Loan Satisfaction and (ii) the date that is eight months following the Effective Date (or such
later date to which the maturity date of the Note may be extended), and the denominator of which is
365. The Company shall pay the Guarantee Fee within five (5) business days of the Trigger Date (as
defined below). For purposes of this Agreement, the “Trigger Date” shall mean the earlier
to occur of: (i) the closing date of an initial public offering of the Company’s Common Stock
generating at least $30 million of net proceeds to the Company occurring on or before January 31,
2008 (a “Qualified Offering”); and (ii) the date the Company satisfies and/or discharges
all of its payment obligations (a “BlueCrest Loan Satisfaction”)

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under that certain Loan and Security Agreement, dated as of May 31, 2007 by and between the Company
and BlueCrest Capital Finance, L.P. (the “BlueCrest Loan”).

          (c) If on or before the first business day of the 36th first full calendar month
after the date of the BlueCrest Loan (the “Outside Payment Date”) as of such date, the
Company has not effectuated a BlueCrest Loan Satisfaction or a Qualified Offering:

               (A) the Company shall use its best efforts to effectuate a BlueCrest Loan Satisfaction as soon
as possible following the Outside Payment Date; and

               (B) the Company shall pay the Guarantee Fee no later than five (5) business days following a
BlueCrest Loan Satisfaction.

	2.	 	THE CLOSING.

     2.1. CLOSING DATE. The parties agree to effect the transactions contemplated hereby (the
“Closing”) contemporaneously with the execution of this Agreement, which Closing shall be
contemporaneous with the closing of the Loan.

     2.2 CLOSING DELIVERABLES.

          (a) At the Closing, the Company shall deliver or cause to be delivered to the Guarantor:

               (i) an executed copy of this Agreement; and

               (ii) an executed copy of the Warrant.

          (b) At the Closing, the Guarantor shall deliver or cause to be delivered to the Company an
executed copy of this Agreement.

          (c) At the Closing, the Guarantor shall deliver to the Bank duly executed copies of the Pledge
Documents.

	3.	 	RESTRICTIONS ON TRANSFER OF THE WARRANT

     No transfer of all or any portion of the Warrant shall be made except in accordance with the
applicable provisions of the Warrant.

	4.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

     The Company hereby represents, warrants and covenants to the Guarantor and agrees as follows:

     4.1. CORPORATE POWER. The Company is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Florida and is duly qualified to do business as a
foreign corporation and is in good standing in each jurisdiction in which the failure to so qualify
would have a material adverse effect on the Company’s business, properties, or financial condition
(a “Material Adverse Effect”). The Company has all requisite corporate power and authority
to execute and deliver this Agreement, the Warrant and the agreements related to the Loan and to
carry out and perform its obligations hereunder and thereunder. The Company has all requisite
corporate power and authority to issue and deliver the shares of Common Stock issuable upon valid
exercise of the Warrant.

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     4.2 AUTHORIZATION. This Agreement has been duly authorized, executed and delivered by the
Company. All corporate action on the part of the Company and its shareholders, directors and
officers necessary for the authorization, execution and delivery of this Agreement, the execution
of the agreements related to the Loan, the issuance of the Warrant and the shares of Common Stock
issuable upon conversion of the Warrant, the consummation of the other transactions contemplated
hereby and the performance of all the Company’s obligations hereunder has been taken. This
Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, subject to (i) laws of general application relating to
bankruptcy, insolvency and the relief of debtors, (ii) rules of law governing specific performance,
injunctive relief and other equitable remedies, and (iii) the limitations imposed by applicable
federal or state securities laws on the indemnification provisions contained in this Agreement. The
shares of Common Stock issuable upon exercise of the Warrant have been duly authorized (the
“Warrant Shares”). When the Warrant Shares have been delivered against payment in
accordance with the terms of the Warrant, such Conversion Shares will have been, validly issued,
fully paid and nonassessable.

     4.3. GOVERNMENTAL CONSENTS. All consents, approvals, orders, or authorizations of, or
registrations, qualifications, designations, declarations, or filings with, any governmental
authority, required on the part of the Company in connection with the valid execution and delivery
of this Agreement, the offer, sale and issuance of the Warrant have been obtained and will be
effective at the Closing, except for notices required or permitted to be filed thereafter with
certain state and federal securities commissions, which notices shall be filed on a timely basis.

     4.4. OFFERING. Assuming the accuracy of the representations and warranties of the Guarantor
contained in Section 5 below, the offer, sale and issuance of the Warrant is exempt from the
registration and prospectus delivery requirements of the Securities Act and has been registered or
qualified (or is exempt from registration and qualification) under the registration, permit, or
qualification requirements of all applicable state securities laws.

     4.5. CAPITALIZATION. The authorized capital of the Company consists of 40,000,000 shares of
Common Stock and 5,000,000 shares of Preferred Stock. As of March 31, 2007, 20,948,994
shares of Common Stock and no shares of Preferred Stock were issued and outstanding.

     4.5 USE OF PROCEEDS FROM GUARANTOR PAYMENTS. The Company shall use the proceeds of any
Guarantor Payment solely to pay amounts due or payable under the Loan.

     4.6 LITIGATION. Except as referenced on Exhibit 3(d) to the Loan Agreement, there is no
proceeding involving Company pending or, to the knowledge of Company, threatened before any court
or governmental authority, agency or arbitration authority.

     4.7 NO CONFLICTING AGREEMENTS. There is no charter, bylaw, stock provision, partnership
agreement or other document pertaining to the organization, power or authority of Company and no
provision of any existing agreement (including, without limitation, the Loan Agreement or the
Senior Loan Agreement [as defined in the Loan Agreement]), mortgage, indenture or contract binding
on Company or affecting its property, which would conflict with or in any way prevent the
execution, delivery or carrying out of the terms of this Agreement.

     4.8 OWNERSHIP OF ASSETS. Company has good title to its assets, and its assets are free and
clear of liens, except for the security interest of BlueCrest (as defined in the Loan Agreement).
For purposes of this Section 4.8, a sublicense of any of the Company’s intellectual property is not
deemed to be a “lien”.

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     4.9 TAXES. All taxes and assessments due and payable by Company have been paid or are being
contested in good faith by appropriate proceedings and the Company has filed all tax returns which
it is required to file.

     4.10 FINANCIAL STATEMENTS. The financial statements of Company heretofore delivered to
Guarantor have been prepared in accordance with GAAP applied on a consistent basis throughout the
period involved and fairly present Company’s financial condition as of the date or dates thereof,
and there has been no material adverse change in Company’s financial condition or operations since
the date of the financial statements. All factual information furnished by Company to Guarantor in
connection with this Agreement is and will be accurate on the date as of which such information is
delivered to Guarantor.

     4.11 ENVIRONMENTAL. The conduct of Company’s business operations and the condition of
Company’s property does not and will not violate any federal laws, rules or ordinances for
environmental protection, regulations of the Environmental Protection Agency, any applicable local
or state law, rule, regulation or rule of common law or any judicial interpretation thereof
relating primarily to the environment or Hazardous Materials (as defined in the Loan Agreement).

     4.12 AFFIRMATIVE COVENANTS. Until full payment and performance of all obligations of the
Company to Guarantor hereunder, the Company will, unless Guarantor consents otherwise in writing:

          (a) Existence and Compliance. Maintain its existence, good standing and qualification to do
business, where required, and comply with all laws, regulations and governmental requirements
including, without limitation, environmental laws applicable to it or to any of its property,
business operations and transactions.

          (b) Adverse Conditions or Events. Promptly advise Guarantor in writing of (i) any condition,
event or act which comes to its attention that would or might materially adversely affect the
Guarantor’s rights under this Agreement or the Warrant, (ii) any litigation in excess of $500,000
is filed by or against Company or (iii) any event that has occurred that would constitute an event
of default under the Loan Agreement.

          (c) Taxes and Other Obligations. Pay all of its taxes, assessments and other obligations,
including, but not limited to, taxes, costs or other expenses arising out of this transaction, as
the same become due and payable, except to the extent the same are being contested in good faith by
appropriate proceedings in a diligent manner.

     4.13 NEGATIVE COVENANTS. Until full payment and performance of all obligations of the Company
to Guarantor hereunder, the Company will not, unless Guarantor consents otherwise in writing:

          (a) Transfer of Assets. Sell, lease, assign or otherwise dispose of or transfer any assets
for less than reasonably equivalent value, except in the normal course of its business.

          (b) Character of Business. Change the general character of business as conducted at the date
hereof, or engage in any type of business not reasonably related to its business as presently
conducted.

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          (c) Incur Obligations. Incur any obligations or take any action that could reasonably be
expected to, or have the effect of, causing the Company not to satisfy its obligations under
Section 8 of this Agreement.

	5.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGOR.

     The Guarantor hereby represents and warrants to the Company and agrees as follows:

     5.1 RELIANCE. The Guarantor understands that the Company has relied on the information and
representations with respect to the Guarantor set forth in this Section 5 in determining, among
other things, whether an investment in the Warrant is suitable for the Guarantor, and the Guarantor
represents and warrants that all such information is true and correct as of the date hereof.

     5.2 POWER AND AUTHORITY. The Guarantor has all requisite power and authority to execute and
deliver this Agreement and the Pledge Documents and to carry out and perform its obligations
hereunder and thereunder.

     5.3 EXPERIENCE. The Guarantor is an “accredited investor” within the meaning of Regulation D
under the Securities Act and such Guarantor has no ability to acquire the Warrant Shares until a
date that is the sooner of (i) at least six (6) months after the Company’s proposed initial public
offering, and (ii) at least one year after the date the Warrants are issued.

     5.4. INFORMATION AND SOPHISTICATION. The Guarantor has received all the information it has
requested from the Company that it considers necessary or appropriate for deciding whether to
acquire the Warrant. The Guarantor has had an opportunity to ask questions and receive answers from
the Company regarding the terms and conditions of the Warrant and to obtain any additional
information necessary to verify the accuracy of the information given to the Guarantor. The
Guarantor further represents that it has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risk of the investment in the Warrant and
the Warrant Shares (collectively, the “Securities”).

     5.5 DUE DILIGENCE. The Guarantor has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisers in connection with its determination to enter into
this Agreement. The Guarantor has made its own decisions based upon its own judgment, due
diligence and advice from such advisers as it has deemed necessary and, except for the
representations and warranties expressly set forth herein, is not relying upon any information,
representation or warranty by the Company or any agent of the Company in determining to enter into
this Agreement.

     5.6. ABILITY TO BEAR ECONOMIC RISK. The Guarantor acknowledges that investment in the
Securities involves a high degree of risk. The Guarantor is able, without materially impairing its
financial condition, to hold the Securities for an indefinite period of time and to suffer a
complete loss of its investment. Neither the Securities and Exchange Commission nor any state
securities commission has approved any of the Securities or passed upon or endorsed the merits of
the offering of the Securities by the Company.

     5.7 The Guarantor hereby acknowledges that:

IN THE EVENT THAT SALES OF THE SECURITIES OFFERED HEREBY ARE MADE TO FIVE (5) OR
MORE PERSONS IN FLORIDA, ALL PURCHASERS IN FLORIDA HAVE THE RIGHT TO VOID THE SALE
OF THE SECURITIES OFFERED HEREBY WITHIN THREE (3) DAYS AFTER

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THE PAYMENT OF THE PURCHASE PRICE IS MADE TO THE COMPANY, AN AGENT OF THE COMPANY,
OR AN ESCROW AGENT, OR WITHIN THREE (3) DAYS AFTER THE AVAILABILITY OF THAT
PRIVILEGE IS COMMUNICATED TO SUCH PURCHASER, WHICHEVER OCCURS LATER. PAYMENTS FOR
TERMINATED SUBSCRIPTIONS VOIDED BY PURCHASERS AS PROVIDED FOR IN THIS PARAGRAPH
WILL BE PROMPTLY REFUNDED WITHOUT INTEREST.

	6.	 	REIMBURSEMENT OF PAYMENTS IN CONNECTION WITH PLEDGE DOCUMENTS AND THIS AGREEMENT.

     (a) The Company hereby agrees to (i) pay to the Guarantor all reasonable and documented costs
and expenses (including court costs and reasonable legal expenses) incurred or expended by the
Guarantor in connection with (x) the Guarantor’s review, negotiation, drafting and/or execution of
this Agreement and all other documents relating to this Agreement, the Loan and the BlueCrest Loan
(the “Initial Expenses”), and (y) the Bank’s taking any action against the Guarantor to
enforce the Bank’s rights under the Pledge Documents (together with the Initial Expenses, the
“Expenses”) and (ii) repay to the Guarantor the Guarantor Payments. Notwithstanding the
foregoing or anything else to the contrary in this Agreement, the Company shall not be required to
reimburse the Guarantor for Expenses that the Guarantor would not have incurred but for the
Guarantor’s failure to satisfy the terms and conditions of this Agreement or the Pledge Documents.

     (b) Each payment to be made by the Company hereunder shall be due within thirty (30) days of
the receipt by the Company of a request for reimbursement from Guarantor; provided,
however, that if the date of any reimbursement request occurs prior to the Trigger Date, such
payment shall be made within thirty (30) days after the Trigger Date or on the same date the
Company is required to pay the Guarantee Fee in accordance with Section 1.2(c) hereof, whichever
occurs first. Notwithstanding the foregoing, the Company shall reimburse the Guarantor for the
Initial Expenses within ten (10) business days of the Closing.

     (c) All payments payable by the Company hereunder shall be made in immediately available funds
to an account that the Guarantor shall designate from time to time in writing to the Company.
Payments due shall be made with interest thereon from (i) in the case of Expenses for which the
Guarantor submits a request for reimbursement (the “Expense Reimbursement Request”) within
ten (10) days of the date such Expense was incurred or expended, the date the Guarantor incurred or
expended such Expense, (ii) in the case of Expenses for which the Guarantor submits an Expense
Reimbursement Request more than ten (10) days following the date such Expense was incurred or
expended, the date the Expense Reimbursement Request is received by the Company, or (iii) in the
case of the Guarantor Payments, the date that the Guarantor made such payment, until, in each case,
payment thereof by the Company, at the Rate (as defined in the Note) in effect from time to time
during the period interest is accruing plus 5%; provided, that, no interest shall be due or
payable in connection with the Initial Expenses.

     (d) The Company shall make the payments specified above even if there is a dispute about
whether the Bank is or was entitled to take any action to enforce its rights under the Pledge
Documents. Notwithstanding the foregoing or anything else to the contrary in this Agreement, in no
event shall the Company be liable to Guarantor for any special, indirect or consequential damages
incurred by Guarantor.

	7.	 	DEFAULT; REMEDIES UPON DEFAULT.

     (a) The failure by the Guarantor to pay or perform any material obligation hereunder

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(including, without limitation, the failure to make a Guarantor Payment when due) which
failure is not cured within two (2) business days of the Guarantor’s receipt of written notice from
the Company of such failure shall constitute a default hereunder. Upon any such default by the
Guarantor, the following shall occur immediately and automatically: (i) the Warrant shall be
cancelled, (ii) the Company’s obligations to pay the Guarantee Fee shall be terminated; and (iii)
the Company’s obligations under Section 6 to reimburse the Guarantor for Expenses shall be
terminated. Notwithstanding anything to the contrary in this Agreement, (x) the Guarantor shall
indemnify, defend and hold the Company harmless from and against all expenses and losses
(including, without limitation, reasonable attorneys fees and court costs) incurred as a result of
the Guarantor’s failure to make the Guarantor Payments of this Agreement; and (y) to the extent
not otherwise satisfied by the Guarantor under clause (x) of this Section 7(a), the Guarantor shall
remain liable to the Company to perform its obligations hereunder, including the obligation to
Pledge the Pledged CD and, provided such obligation has not been terminated in accordance with
Section 7(b) below, make the Guarantor Payments; provided, however, (z) in no event shall
the Guarantor be liable to the Company for (A) any special, indirect or consequential damages; or
(B) an amount in excess of $2.3 million (the “Damages Cap”); provided, however, that if the
Bank liquidates all or any portion of the Pledged CD, the amount liquidated by the Bank shall
reduce the Damages Cap on a dollar for dollar basis.

     (b) The failure by the Company to pay or perform any material obligation hereunder (including,
without limitation, a breach of its obligations under Section 8 below) shall constitute a default
hereunder if the same has not been cured within three days after receipt of notice thereof from the
Guarantor. Upon any such default by the Company, the Guarantor’s obligations to pay the Guarantor
Payments shall be terminated. Notwithstanding anything to the contrary in this Agreement, the
Company shall indemnify, defend and hold the Guarantor harmless from and against all losses
(including, without limitation, reasonable attorneys fees and court costs) incurred by the
Guarantor as a result of the Company’s failure to comply with its obligations hereunder, subject,
however, to the cure period provided above.

	8.	 	REPAYMENT ELECTION.

     (a) Subject to this Section 8, in the event the Company does not close an initial public
offering of the Company’s Common Stock generating at least $30 million of net proceeds to the
Company by August 13, 2007, the Guarantor, by providing written notice to the Company (the
“Repayment Election Notice”) at any time between August 13, 2007 and October 15, 2007, may
compel the Company to effectuate (i) a BlueCrest Loan Satisfaction or (ii) a BlueCrest Loan
Satisfaction and a Loan Satisfaction. Within two (2) days of the Company’s receipt of the
Repayment Election Notice, the Company shall provide notice (the “Other Guarantor Notice”)
to Mr. Bruce Carson, Dr. William Murphy, Mr. and Mrs. Howard J. Leonhardt and R&A Spencer Family
Limited Partnership (collectively, the “Other Guarantors”) of the Company’s receipt of the
Repayment Election Notice.

     (b) In anticipation of its receipt of a Repayment Election Notice, the Company may seek to,
but is not required to, locate Eligible Substitute Guarantors (as defined below) desiring to
provide collateral to secure the Loan in substitution of the Pledged CD. For purposes of this
Agreement, an “Eligible Substitute Guarantor” is a natural person or entity that:

          (i) is an “Accredited Investor”;

          (ii) is acceptable to the Bank, in the Bank’s sole discretion;

          (iii) agrees to provide collateral to secure the Loan, which collateral is acceptable to the
Bank in the Bank’s sole discretion (“Substitute Collateral”);

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          (iv) agrees to enter into a subordination agreement with BlueCrest Capital Finance, L.P.,
which subordination agreement is acceptable to BlueCrest Capital Finance, L.P. in its sole
discretion;

          (v) agrees to enter into a loan guarantee, payment and security agreement with the Company on
terms and conditions acceptable to the Company (“Substitute Loan Guarantee Agreements”);
and

          (vi) agrees to be bound by that certain Indemnification Agreement, dated as of the date
hereof, by and among the Guarantor and the Other Guarantors.

     (c) In the event that, within two (2) days of the date of the Company’s receipt of the
Repayment Election Notice (the “Substitution Period”), (i) the Company enters into fully
executed Substitute Loan Guarantee Agreements with one or more Eligible Substitute Guarantors
agreeing to provide Substitute Collateral in the amount equal to the amount of the Pledged CD (the
“Requisite Substitution Agreements”) and (ii) the Bank returns the Pledged CD to the
Guarantor, then the Company shall have no obligation to effectuate a BlueCrest Loan Satisfaction or
a BlueCrest Loan Satisfaction and Loan Satisfaction, as applicable, in accordance with Section
8(a).

     (d) Unless, within the Substitution Period, the Company enters into the Requisite Substitution
Agreements and (ii) the Bank returns the Pledged CD to the Guarantor, the Company shall effectuate
a BlueCrest Loan Satisfaction or a BlueCrest Loan Satisfaction and Loan Satisfaction (as specified
in the Repayment Election Notice) by the end of the Substitution Period.

     (e) In the event that, in accordance with the Repayment Election Notice, (i) the Company
effectuates a BlueCrest Loan Satisfaction but not a Loan Satisfaction and (ii) the Company enters
into the Requisite Substitution Agreements:

          (i) the amount of the Guarantee Fee payable by the Company under this Agreement shall be
determined by multiplying $2,200,000 by 5.0% and multiplying the resulting amount by a fraction,
the numerator of which is the number of days elapsed between the date hereof and the date of the
Pledged CD is returned to the Guarantor, and the denominator of which is 365; and

          (ii) the Guarantor shall have no obligation to make any Guarantor Payments due after the end
of the Substitution Period.

     (f) Notwithstanding anything contained in this Agreement to the contrary, the
Company acknowledges and agrees that (i) the Company’s obligations under this Section 8 are a
material inducement for Guarantor to enter into this Agreement and provide the Bank with the
Pledged CD and but for the Company’s agreements under this Section 8, Guarantor would not have
entered into this Agreement or provided the Bank with the Pledged CD; and (ii) that irreparable
damage would occur to Guarantor in the event the provisions of this Section 8 are not performed in
accordance with their specific terms by the Company or are otherwise breached by the Company.
Accordingly, it is agreed that Guarantor shall be entitled to an injunction or injunctions to
prevent breaches of the provisions of this Section 8 and to enforce specifically the terms and
provisions hereof in any court of competent jurisdiction in the United States or any state thereof,
in addition to any other remedy to which they may be entitled at law or equity.

     (g) In the event that, during the period commencing on the Effective Date and ending on August
13, 2007, the Company closes an initial public offering of the Company’s Common Stock
generating at least $30 million of net proceeds to the Company, the Company shall effectuate a
Loan Satisfaction within fifteen (15) business days of the closing of such offering.

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	9.	 	MISCELLANEOUS.

     9.1. BINDING AGREEMENT; NON-ASSIGNMENT. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors. This Agreement is not assignable
without the express written consent of both parties, which consent may be withheld for any reason.
Notwithstanding anything to the contrary contained in this Agreement, the Guarantor shall have the
right to assign this Agreement and its rights hereunder to Howard and Brenda Leonhardt in the event
the provisions of the third sentence of Section 5 of the Continuing Guaranty, dated the date
hereof, from Mr. and Mrs. Leonhardt to the Guarantor, become operative. Nothing in this Agreement,
express or implied, is intended to confer upon any third party any rights, remedies, obligations,
or liabilities under or by reason of this Agreement except as expressly otherwise provided in this
Agreement. If the Guarantor secures the consent of a third party to indemnify it for certain costs
and expenses it may incur hereunder or in connection with the Pledge Documents, the Guarantor
agrees that is shall provide the Company notice of such agreement, including the contact
information of the subject third party.

     9.2. TERMINOLOGY. The parties agree and acknowledge that the term “Guarantor” is used in this
Agreement for convenience only and that the Guarantor’s obligations to the Company in respect of
the Loan arise under this Agreement and under the Pledge Documents.

     9.3. GOVERNING LAW. This Agreement shall be governed by and construed under the laws of the
State of Florida, irrespective of any contrary result otherwise required under the conflict or
choice of law rules of Florida.

     9.4. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be
deemed an original, but both of which together shall constitute one and the same instrument.

     9.5. TITLES AND SUBTITLES. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.

     9.6. NOTICES. Any notice required or permitted under this Agreement must be given in writing
and shall be deemed effectively given upon personal delivery or upon deposit with the United States
Post Office, postage prepaid, if to the Company, addressed to William H. Kline, Chief Financial
Officer, Bioheart, Inc. 13794 NW 4th Street, Suite 212, Sunrise, Florida 33325, with a
copy to David E. Wells, Esq., Hunton & Williams, LLP, 1111 Brickell Avenue, Suite 2500, Miami,
Florida 33131, or to the Guarantor at Magellan Group Investments, LLC, 701 Park of Commerce Blvd.,
Suite 100, Boca Raton, Florida 33496, with a copy to David E. Paseltiner, Esq., Jaspan Schlesinger
Hoffman LLP, 300 Garden City Plaza, Garden City, New York 11530 or at such other address as a party
may designate by ten days’ advance written notice to the other party.

     9.7. MODIFICATION; WAIVER. No modification or waiver of any provision of this Agreement or
consent to departure therefrom shall be effective unless in writing and approved by the Company and
the Guarantor.

     9.8. FURTHER ASSURANCES. The parties shall take such further actions, and execute, deliver and
file such documents, as may be necessary or appropriate to effectuate the intent of this Agreement.

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     9.9. CONSTRUCTION. The language used in this Agreement shall be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of strict construction
shall be applied against any party. Any references to any federal, state, local or foreign statute
or law shall also refer to all rules and regulations promulgated thereunder, unless the context
otherwise requires. Unless the context otherwise requires: (a) a term has the meaning assigned to
it by this Agreement; (b) forms of the word “include” mean that the inclusion is not limited to the
items listed; (c) “or” is disjunctive but not exclusive; (d) words in the singular include the
plural, and in the plural include the singular; (e) provisions apply to successive events and
transactions; (f) “hereof”, “hereunder”, “herein” and “hereto” refer to the entire Agreement and
not any section or subsection; and (g) “$” means the currency of the United States.

     9.10. ENTIRE AGREEMENT. This Agreement and the Exhibits hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects hereof and no party
will be liable or bound to the other in any manner by any representations, warranties, covenants
and agreements other than those specifically set forth herein.

     9.11 VENUE. The parties irrevocably submit to the exclusive jurisdiction of the courts of
State of Florida located in Broward County and federal courts of the United States for the Southern
District of Florida in respect of the interpretation and of the provisions of this Agreement and in
respect of the transactions contemplated hereby.

     9.12 SPECIFIC PERFORMANCE. The parties hereto acknowledge and agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. Accordingly, it is agreed that
they shall be entitled to an injunction or injunctions to prevent breaches of the provisions of
this Agreement and to enforce specifically the terms and provisions hereof in any court of
competent jurisdiction in the United States or any state thereof, in addition to any other remedy
to which they may be entitled at law or equity.

     9.13 ATTORNEYS’ FEES. In the event of any litigation, including appeals, with regard to this
Agreement, the prevailing party shall be entitled to recover from the non-prevailing party all
reasonable fees, costs, and expenses of counsel (at pre-trial, trial and appellate levels).

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     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	BIOHEART, INC.

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	William H. Kline 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MAGELLAN GROUP INVESTMENTS, LLC

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

12EX-10.15 Loan Agreement

 

Exhibit 10.15

BANK OF AMERICA, N.A.

LOAN AGREEMENT

     This
Loan Agreement (the “Agreement”) dated as of June 1, 2007, by and between
BANK OF AMERICA, N.A., a national banking association (“Lender”) and the Borrower described below.

     In consideration of the Loan or Loan described below and the mutual covenants and agreements
contained herein, and intending to be legally bound hereby, Lender and Borrower agree as follows:

     1. DEFINITIONS AND REFERENCE TERMS. In addition to any other terms defined herein,
the following terms shall have the meaning set forth with respect thereto:

          Accounting Terms. All accounting terms not specifically defined or specified herein shall
have the meanings generally attributed to such terms under generally accepted accounting principles
(“GAAP”), as in effect from time to time, consistently applied, with respect to the financial
statements referenced in Section 3(h) hereof.

          Account Pledge Agreement. Account Pledge Agreement means the Pledge Agreement executed by the
Guarantors in favor of Lender dated even date therewith, together with all modifications and
substitutions thereof.

          Aggregation Account. Aggregation Account means the blocked account maintained by Borrower
with Lender under account number 229008346165 (or any substitution thereof).

          BlueCrest. BlueCrest shall have the meaning set forth in Section 2 hereof.

          Borrower. BIOHEART, INC., a Florida corporation

          Borrower’s Address. 13794 N.W. 4th Street, Suite 212, Sunrise, Florida 33325.

          Certificate of Deposit Pledge Agreement. Certificate of Deposit Pledge Agreement means that
certain agreement executed by Magellan pledging certificates of deposit to Lender, together with
all modifications and substitutions thereof.

          Collateral. Collateral shall mean: (i) the account pledged by the Guarantor pursuant to the
Account Pledge Agreement dated even date herewith, together with all modifications and
substitutions thereof; (ii) the certificates of deposit pledged by Magellan pursuant to the
Certificate of Deposit Pledge Agreement dated even date herewith, together with all modifications
and substitutions thereof; and (iii) the Letters of Credit.

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          Guarantor. Guarantor shall mean HOWARD J. LEONHARDT and BRENDA LEONHARDT, jointly and
severally. The Continuing Limited Guaranty executed by each Guarantor is hereinafter collectively
referred to as “Guaranty.”

          Hazardous Materials. Hazardous Materials include all materials defined as hazardous materials
or substances under any local, state or federal environmental laws, rules or regulations, and
petroleum, petroleum products, oil and asbestos.

          Letters of Credit. Letters of Credit mean the Letters of Credit issued on behalf of the
Letter of Credit Sponsors.

          Letter of Credit Sponsors. Letter of Credit Sponsors means R&A Spencer Family Limited
Partnership, a Nevada limited partnership, Dr. William Murphy, Jr., Bruce Carson and any other
person or entity causing letter(s) of credit to be issued for the benefit of the Borrower to secure
the Loan.

          Loan Documents. Loan Documents means this Loan Agreement, the Note, the Certificate of
Deposit Pledge Agreement, the Account Pledge Agreement, and all other documents, instruments,
guarantees, letters of credit, certificates and agreements executed and/or delivered by Borrower,
any guarantor or third party in connection with the Loan.

          Indebtedness. Indebtedness means the indebtedness evidenced by the Note or any other Loan
Document, including all principal and interest together with all other indebtedness and costs and
expenses for which Borrower or Guarantor or any other borrower, guarantor, pledgor, obligor or
accommodation party is responsible under this Agreement or under any of the Loan Documents,
including any swap, option or forward obligations.

          Magellan. Magellan means Magellan Group Investments LLC.

          Senior Loan Agreement. Senior Loan Agreement means the Loan and Security Agreement between
Borrower and BlueCrest dated as of on or about the date hereof.

          Subordination Agreement. Subordination Agreement means the Subordination Agreement between
Lender and BlueCrest dated on or about the date hereof.

     2. LOAN. Lender hereby agrees to make a loan (the “Loan”) to Borrower in the
principal face amount of $5,000,000.00. The obligation to repay the Loan is evidenced by that
certain promissory note dated even date herewith in the original principal amount of $5,000,000.00
(said promissory note, together with all renewals, extensions or rearrangements thereof being
hereafter individually and collectively, as the case may be, referred to as the “Note”). All terms
governing the repayment, interest rate and maturity date of the Loan shall be as set forth in the
Note.

     Lender agrees and acknowledges that the right of the Lender to receive payments hereunder and
under the other Loan Documents are subordinated to the rights of BlueCrest Capital Finance, L.P.
(“BlueCrest”) to receive payments from the Borrower of all amounts

2

 

(including without limitation, principal, interest, and prepayment premiums) under the Promissory
Note, dated on or about the date herewith, made by Borrower in favor of BlueCrest, and the related
Loan and Security Agreement by and between Borrower and BlueCrest; provided, that, the
foregoing subordination is not applicable to, and Lender shall have the first priority lien and
security interest in: (i) the amounts held in the Aggregation Account; (ii) Lender’s right to
proceed and collect under the Guaranty; (iii) Lender’s right to proceed against the certificates of
deposit under the Certificate of Deposit Pledge Agreement; (iv) Lender’s right to proceed against
the account being pledged under the Account Pledge Agreement; (v) Lender’s right to proceed to draw
upon the Letters of Credit; and/or (vi) Lender’s rights to proceed against any other Collateral to
secure Borrower’s obligations hereunder and the other Loan Documents.

     3. REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants to Lender
as follows:

          (a) Good Standing. Borrower is a corporation, duly organized, validly existing and in good
standing under the laws of the State of Florida, and has the power and authority to own its
property and to carry on its business in each jurisdiction in which Borrower does business.

          (b) Authority and Compliance. Borrower has full power and authority to execute and deliver
the Loan Documents and to incur and perform the obligations provided for therein, all of which have
been duly authorized by all proper and necessary action of the appropriate governing body of
Borrower. No consent or approval of any public authority or other third party is required as a
condition to the validity of any Loan Document, and Borrower is in compliance with all laws and
regulatory requirements to which it is subject.

          (c) Binding Agreement. This Agreement and the other Loan Documents executed by Borrower
constitute valid and legally binding obligations of Borrower, enforceable in accordance with their
terms.

          (d) Litigation. Except as referenced on Exhibit 3(d), there is no proceeding involving
Borrower pending or, to the knowledge of Borrower, threatened before any court or governmental
authority, agency or arbitration authority.

          (e) No Conflicting Agreements. There is no charter, bylaw, stock provision, partnership
agreement or other document pertaining to the organization, power or authority of Borrower and no
provision of any existing agreement (including, without limitation, the Senior Loan Agreement and
the Subordination Agreement), mortgage, indenture or contract binding on Borrower or affecting its
property, which would conflict with or in any way prevent the execution, delivery or carrying out
of the terms of this Agreement and the other Loan Documents.

          (f) Ownership of Assets. Borrower has good title to its assets, and its assets are free and
clear of liens, except for the security interest of BlueCrest and except for any liens that might
arise by contract or operation of law pursuant to intellectual property license agreements to which
the Borrower is a party.

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          (g) Taxes. All taxes and assessments due and payable by Borrower have been paid or are being
contested in good faith by appropriate proceedings and the Borrower has filed all tax returns which
it is required to file.

          (h) Financial Statements. The financial statements of Borrower heretofore delivered to Lender
have been prepared in accordance with GAAP applied on a consistent basis throughout the period
involved and fairly present Borrower’s financial condition as of the date or dates thereof, and
there has been no material adverse change in Borrower’s financial condition or operations since the
date of the financial statements. All factual information furnished by Borrower to Lender in
connection with this Agreement and the other Loan Documents is and will be accurate and complete on
the date as of which such information is delivered to Lender and is not and will not be incomplete
by the omission of any material fact necessary to make such information not misleading.

          (i) Place of Business. Borrower’s chief executive office is located at 13794 N.W.
4th Street, Sunrise, Florida 33325.

          (j) Environmental. The conduct of Borrower’s business operations and the condition of
Borrower’s property does not and will not violate any federal laws, rules or ordinances for
environmental protection, regulations of the Environmental Protection Agency, any applicable local
or state law, rule, regulation or rule of common law or any judicial interpretation thereof
relating primarily to the environment or Hazardous Materials.

          (k) This space is intentionally left blank.

          (l) Continuation of Representations and Warranties. All representations and warranties made
under this Agreement shall be deemed to be made at and as of the date hereof and at and as of the
date of any advance under any Loan.

     4. AFFIRMATIVE COVENANTS. Until full payment and performance of all obligations of
Borrower under the Loan Documents, Borrower will, unless Lender consents otherwise in writing (and
without limiting any requirement of any other Loan Document):

          (a) Existence and Compliance. Maintain its existence, good standing and qualification to do
business, where required, and comply with all laws, regulations and governmental requirements
including, without limitation, environmental laws applicable to it or to any of its property,
business operations and transactions.

          (b) Adverse Conditions or Events. Promptly advise Lender in writing of (i) any condition,
event or act which comes to its attention that would or might materially adversely affect
Borrower’s financial condition, reputation or operations or Lender’s rights under the Loan
Documents, (ii) any litigation in excess of $50,000 is filed by or against Borrower, (iii) any
event that has occurred that would constitute an event of default under any Loan Documents and (iv)
any uninsured or partially uninsured loss through fire, theft, liability or property damage in
excess of an aggregate of $10,000.00.

4

 

          (c) Taxes and Other Obligations. Pay all of its taxes, assessments and other obligations,
including, but not limited to, taxes, costs or other expenses arising out of this transaction, as
the same become due and payable, except to the extent the same are being contested in good faith by
appropriate proceedings in a diligent manner.

          (d) Maintenance. Maintain all of its tangible property in good condition and repair and make
all necessary replacements thereof, and preserve and maintain all licenses, trademarks, privileges,
permits, franchises, certificates and the like necessary for the operation of its business.

          (e) Environmental Matters. Immediately advise Lender in writing of (i) any and all
enforcement, cleanup, remedial, removal, or other governmental or regulatory actions instituted,
completed or threatened pursuant to any applicable federal, state, or local laws, ordinances or
regulations relating to any Hazardous Materials affecting Borrower’s business operations; and (ii)
all claims made or threatened by any third party against Borrower relating to damages,
contribution, cost recovery, compensation, loss or injury resulting from any Hazardous Materials.
Borrower shall immediately notify Lender of any remedial action taken by Borrower with respect to
Borrower’s business operations. Borrower will not use or permit any other party to use any
Hazardous Materials at any of Borrower’s places of business or at any other property owned by
Borrower except such materials as are incidental to Borrower’s normal course of business,
maintenance and repairs and which are handled in compliance with all applicable environmental laws.
Borrower agrees to permit Lender, its agents, contractors and employees to enter and inspect any of
Borrower’s places of business or any other property of Borrower at any reasonable times upon three
(3) days prior notice for the purposes of conducting an environmental investigation and audit
(including taking physical samples) to insure that Borrower is complying with this covenant and
Borrower shall reimburse Lender on demand for the costs of any such environmental investigation and
audit. Borrower shall provide Lender, its agents, contractors, employees and representatives with
access to and copies of any and all data and documents relating to or dealing with any Hazardous
Materials used, generated, manufactured, stored or disposed of by Borrower’s business operations
within five (5) days of the request therefor.

          (f) Security. As additional security for the Note, Borrower shall cause: (i) the Guarantors
to execute and deliver to Lender the Account Pledge Agreement; (ii) Magellan to execute and deliver
to Lender the Certificate of Deposit Pledge Agreement; and (iii) the Letter of Credit Sponsors to
deliver the Letters of Credit to the Lender in the minimum amount of $2,250,000 in the aggregate.
Lender will make a good faith effort to promptly liquidate the Collateral pledged by the Guarantor,
Magellan and the Letter of Credit Sponsors following written notice from the Borrower to Lender
that any of them failed to timely make the payment into the Aggregation Account as contemplated in
Section 6 of this Agreement provided, however, the foregoing shall not preclude the Lender from
pursuing any remedies against the Borrower following a default hereunder except as expressly set
forth in the Subordination Agreement. In addition, in the event the outstanding principal amount
due under the Indebtedness is less than $5,000,000 as of the Maturity Date and the Indebtedness has
not been paid by the Maturity Date, then the Lender will make a good faith effort to promptly
liquidate the

5

 

Collateral pledged by the Guarantor and the Letter of Credit Sponsors prior to liquidating the
Collateral pledged by Magellan.

          (g) Purpose. The proceeds of the Loan shall be used solely for Borrower’s working capital and
other corporate purposes. The proceeds of the Loan shall not be used directly or indirectly for
the purpose of purchasing or carrying “margin stock” as such term is defined in Regulation U of the
Board of Governors of the Federal Reserve System, or to reduce or retire indebtedness incurred for
such purpose.

     5. NEGATIVE COVENANTS. Until full payment and performance of all obligations of
Borrower under the Loan Documents, Borrower will not, without the prior written consent of Lender
(and without limiting any requirement of any other Loan Documents):

          (a) Transfer of Assets. Sell, lease, assign or otherwise dispose of or transfer any assets
for less than reasonably equivalent value, except in the normal course of its business.

          (b) Change of Ownership. Other than by virtue of dilution, cause, permit, or suffer any
change, direct or indirect, in the Guarantor’s ownership in the Borrower. Without limiting the
generality of the foregoing, and notwithstanding any dilution, Borrower will not cause, permit, or
suffer any change, direct or indirect, in the Guarantor’s ownership in the Borrower whereby the
Guarantor maintains less than five (5%) percent of the ownership and voting control of the
Borrower.

          (c) Character of Business. Change the general character of business as conducted at the date
hereof, or engage in any type of business not reasonably related to its business as presently
conducted.

          (d) Management Change. Make any substantial change in its present executive or management
personnel whereby Howard J. Leonhardt fails to remain on the board of directors of the Borrower.

     6. DEFAULT. Borrower shall be in default under this Agreement and under each of the
other Loan Documents if Borrower shall default in the payment of any amounts due and owing under
the Loan or should Borrower, either Guarantor, any Letter of Credit Sponsor, and/or any pledgor of
any of the Collateral fail(s) to timely and properly observe, keep or perform any term, covenant,
agreement or condition in any Loan Document or in any other loan agreement, promissory note,
security agreement, deed of trust, deed to secure debt, mortgage, assignment or other contract
securing or evidencing payment of any indebtedness of Borrower to Lender or any affiliate or
subsidiary of Bank of America Corporation, if any such failure is not cured within any applicable
cure period. In addition, an event of default under the Senior Loan Agreement shall constitute a
default under this Agreement. By their respective joinders herein, the Guarantor, each Letter of
Credit Sponsor and Magellan each acknowledges and agrees as follows: (i) they consent to the terms
of the Loan Documents, including this Agreement; (ii) in the event the Guarantor, any Letter of
Credit Sponsor, and/or Magellan fail to make its pro-rata portion of the first payment due under
the Note into the Aggregation Account at least five (5) days prior to the date the payment is due
from Borrower to Lender (and/or fail to make the

6

 

balloon payment of principal and interest as and when due, or otherwise instruct Lender to
liquidate their respective Collateral to be applied to the payments due under the Note in lieu of
an actual payment being made), then such failure shall constitute an event of default by the
Guarantor, each Letter of Credit Sponsor and Magellan under the Collateral and Lender may, without
further notice, proceed immediately to pursue all remedies thereunder notwithstanding whether any
default by the Borrower then exists under the Loan Documents; (iii) the Lender may pursue all
rights and remedies against the Collateral notwithstanding any terminology in the Loan Documents
which may provide that the payments due from the Borrower to the Lender are: (x) subordinated to
BlueCrest; and/or (y) “suspended” or other similar terminology; (iv) Guarantor, each Letter of
Credit Sponsor and Magellan are ultimately responsible to make payments to the Aggregation Account
and/or to the Lender directly and/or to instruct Lender to liquidate their respective Collateral to
cause the payments to be timely made under the Note notwithstanding the “Borrower Payment
Suspension” (as defined in the Note) or any other failure and/or restriction on the Borrower’s
payment under the Note, regardless of any lack of payment by the Borrower to the Lender directly;
and (v) all obligations of the Guarantor to Magellan, each Letter of Credit Sponsor and/or the
Borrower and all obligations of Magellan to Guarantor , each Letter of Credit Sponsor and/or the
Borrower are subordinated in terms of payment and priority to the interests of Lender until the
Indebtedness is paid in full.

     7. REMEDIES UPON DEFAULT. If an event of default shall occur, Lender shall, subject
to the terms of the Subordination Agreement, have all rights, powers and remedies available under
each of the Loan Documents as well as all rights and remedies available at law or in equity
including, without limitation, the right to draw upon the letters of credit, the certificate(s) of
deposit, and accounts constituting the Collateral.

     8. NOTICES. All notices, requests or demands which any party is required or may
desire to give to any other party under any provision of this Agreement must be in writing
delivered to the other party at the following address:

	 	 	 
	Borrower:

	 	Bioheart, Inc.
	 

	 	13794 N.W. 4th Street, Suite 212
	 

	 	Sunrise, Florida 33325
	 

	 	Attention: William Kline
	 
	 	 
	Lender:

	 	Bank of America, N.A.
	 

	 	Charlotte CCS, Attn: Notice Desk
	 

	 	200 South College Street, 13th Floor
	 

	 	Charlotte, NC 28255

or to such other address as any party may designate by written notice to the other party. Each
such notice, request and demand shall be deemed given or made as follows:

          (a) If sent by mail, upon the earlier of the date of receipt or three (3) days after deposit
in the U.S. Mail, first class postage prepaid;

          (b) If sent by any other means, upon delivery or refusal of delivery.

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     9. COSTS, EXPENSES AND ATTORNEYS’ FEES. Borrower shall pay to Lender immediately upon
demand the full amount of all costs and expenses, including reasonable attorneys’ fees incurred by
Lender in connection with (a) negotiation and preparation of this Agreement and each of the Loan
Documents, and (b) all other costs and attorneys’ fees incurred by Lender for which Borrower is
obligated to reimburse Lender in accordance with the terms of the Loan Documents.

     10. MISCELLANEOUS. Borrower and Lender further covenant and agree as follows, without
limiting any requirement of any other Loan Document:

          (a) Cumulative Rights and No Waiver. Each and every right granted to Lender under any Loan
Document, or allowed it by law or equity shall be cumulative of each other and may be exercised in
addition to any and all other rights of Lender, and no delay in exercising any right shall operate
as a waiver thereof, nor shall any single or partial exercise by Lender of any right preclude any
other or future exercise thereof or the exercise of any other right. Borrower expressly waives any
presentment, demand, protest or other notice of any kind, including but not limited to notice of
intent to accelerate and notice of acceleration. No notice to or demand on Borrower in any case
shall, of itself, entitle Borrower to any other or future notice or demand in similar or other
circumstances.

          (b) Applicable Law. This Loan Agreement and the rights and obligations of the parties
hereunder shall be governed by and interpreted in accordance with the laws of Florida and
applicable United States federal law.

          (c) Amendment. No modification, consent, amendment or waiver of any provision of this Loan
Agreement, nor consent to any departure by Borrower therefrom, shall be effective unless the same
shall be in writing and signed by an officer of Lender, and then shall be effective only in the
specified instance and for the purpose for which given. This Loan Agreement is binding upon
Borrower, its successors and assigns, and inures to the benefit of Lender, its successors and
assigns; however, no assignment or other transfer of Borrower’s rights or obligations hereunder
shall be made or be effective without Lender’s prior written consent, nor shall it relieve Borrower
of any obligations hereunder. There is no third party beneficiary of this Loan Agreement.

          (d) Documents. All documents, certificates and other items required under this Loan Agreement
to be executed and/or delivered to Lender shall be in form and content satisfactory to Lender and
its counsel.

          (e) Partial Invalidity. The unenforceability or invalidity of any provision of this Loan
Agreement shall not affect the enforceability or validity of any other provision herein and the
invalidity or unenforceability of any provision of any Loan Document to any person or circumstance
shall not affect the enforceability or validity of such provision as it may apply to other persons
or circumstances.

          (f) Indemnification. Notwithstanding anything to the contrary contained in Section 10(g),
Borrower shall indemnify, defend and hold Lender and its successors and assigns

8

 

harmless from and against any and all claims, demands, suits, losses, damages, assessments,
fines, penalties, costs or other expenses (including reasonable attorneys’ fees and court costs)
arising from or in any way related to any of the transactions contemplated hereby, unless caused by
the Lender’s gross negligence or willful misconduct.

          (g) Survivability. All covenants, agreements, representations and warranties made herein or
in the other Loan Documents shall survive the making of the Loan and shall continue in full force
and effect so long as the Loan is outstanding or the obligation of the Lender to make any Advances
under the Line shall not have expired.

          (h) USA PATRIOT ACT. LENDER HEREBY NOTIFIES BORROWER THAT PURSUANT TO THE REQUIREMENTS OF THE
USA PATRIOT ACT (TITLE III OF PUB. L. 107-56 (SIGNED INTO LAW OCTOBER 26, 2001) (THE “ACT”), LENDER
IS REQUIRED TO OBTAIN, VERIFY AND RECORD INFORMATION THAT IDENTIFIES BORROWER, WHICH INFORMATION
INCLUDES THE NAME AND ADDRESS OF BORROWER AND OTHER INFORMATION THAT WILL ALLOW LENDER TO IDENTIFY
BORROWER IN ACCORDANCE WITH THE ACT.

          (i) Affiliate Sharing Notice. Notice to Individual Borrowers, Guarantors and Pledgors
(“Obligors”): From time to time Lender may share information about the Obligor’s experience with
Bank of America Corporation (or any successor company) and its subsidiaries and affiliated
companies (the “Affiliates”). The Lender may also share with the Affiliates credit-related
information contained in any applications, from credit reports and information it may obtain about
the Obligor from outside sources. If the Obligor is an individual, the Obligor may instruct the
Lender not to share this information with the Affiliates. The Obligor can make this election by
(1) calling the Lender at 1.888.341.5000, (2) visiting the Lender online at www.bankofamerica.com,
selecting “Privacy & Security,” and then selecting “Set Your Privacy Preferences,” or (3)
contacting the Obligor’s client manager or local banking center. To help the Lender complete the
Obligor’s request, the Obligor should include the Obligor’s name, address, phone number, account
number(s) and social security number. If the Obligor makes this election, certain products or
services may not be made available to the Obligor. This request will apply to information from
applications, consumer reports and other outside sources only, and may take six to eight weeks to
be fully effective. Through the normal course of doing business, including servicing the Obligor’s
accounts and better serving the Obligor’s financial needs, the Lender will continue to share
transaction and account experience information, as well as other general information among the
Affiliates. The Lender may change this policy from time to time. Visit our website,
www.bankofamerica.com, for the latest policy.

     11. THIS PARAGRAPH, INCLUDING THE SUBPARAGRAPHS BELOW, IS REFERRED TO AS THE “DISPUTE
RESOLUTION PROVISION.” THIS DISPUTE RESOLUTION PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES
ENTERING INTO THIS AGREEMENT.

          (a) THIS DISPUTE RESOLUTION PROVISION CONCERNS THE RESOLUTION OF ANY CONTROVERSIES OR CLAIMS
BETWEEN THE PARTIES, WHETHER ARISING IN CONTRACT, TORT OR BY STATUTE, INCLUDING BUT

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NOT LIMITED TO CONTROVERSIES OR CLAIMS THAT ARISE OUT OF OR RELATE TO: (I) THIS AGREEMENT
(INCLUDING ANY RENEWALS, EXTENSIONS OR MODIFICATIONS); OR (II) ANY DOCUMENT RELATED TO THIS
AGREEMENT (COLLECTIVELY A “CLAIM”). FOR THE PURPOSES OF THIS DISPUTE RESOLUTION PROVISION ONLY,
THE TERM “PARTIES” SHALL INCLUDE ANY PARENT CORPORATION, SUBSIDIARY OR AFFILIATE OF THE LENDER
INVOLVED IN THE SERVICING, MANAGEMENT OR ADMINISTRATION OF ANY OBLIGATION DESCRIBED OR EVIDENCED BY
THIS AGREEMENT.

          (b) AT THE REQUEST OF ANY PARTY TO THIS AGREEMENT, ANY CLAIM SHALL BE RESOLVED BY BINDING
ARBITRATION IN ACCORDANCE WITH THE FEDERAL ARBITRATION ACT (TITLE 9, U.S. CODE) (THE “ACT”). THE
ACT WILL APPLY EVEN THOUGH THIS AGREEMENT PROVIDES THAT IT IS GOVERNED BY THE LAW OF A SPECIFIED
STATE.

          (c) ARBITRATION PROCEEDINGS WILL BE DETERMINED IN ACCORDANCE WITH THE ACT, THE THEN-CURRENT
RULES AND PROCEDURES FOR THE ARBITRATION OF FINANCIAL SERVICES DISPUTES OF THE AMERICAN ARBITRATION
ASSOCIATION OR ANY SUCCESSOR THEREOF (“AAA”), AND THE TERMS OF THIS DISPUTE RESOLUTION PROVISION.
IN THE EVENT OF ANY INCONSISTENCY, THE TERMS OF THIS DISPUTE RESOLUTION PROVISION SHALL CONTROL.
IF AAA IS UNWILLING OR UNABLE TO (I) SERVE AS THE PROVIDER OF ARBITRATION OR (II) ENFORCE ANY
PROVISION OF THIS ARBITRATION CLAUSE, THE LENDER MAY DESIGNATE ANOTHER ARBITRATION ORGANIZATION
WITH SIMILAR PROCEDURES TO SERVE AS THE PROVIDER OF ARBITRATION.

          (d) THE ARBITRATION SHALL BE ADMINISTERED BY AAA AND CONDUCTED, UNLESS OTHERWISE REQUIRED BY
LAW, IN ANY U.S. STATE WHERE REAL OR TANGIBLE PERSONAL PROPERTY COLLATERAL FOR THIS CREDIT IS
LOCATED OR IF THERE IS NO SUCH COLLATERAL, IN THE STATE SPECIFIED IN THE GOVERNING LAW SECTION OF
THIS AGREEMENT. ALL CLAIMS SHALL BE DETERMINED BY ONE ARBITRATOR; HOWEVER, IF CLAIMS EXCEED FIVE
MILLION DOLLARS ($5,000,000), UPON THE REQUEST OF ANY PARTY, THE CLAIMS SHALL BE DECIDED BY THREE
ARBITRATORS. ALL ARBITRATION HEARINGS SHALL COMMENCE WITHIN NINETY (90) DAYS OF THE DEMAND FOR
ARBITRATION AND CLOSE WITHIN NINETY (90) DAYS OF COMMENCEMENT AND THE AWARD OF THE ARBITRATOR(S)
SHALL BE ISSUED WITHIN THIRTY (30) DAYS OF THE CLOSE OF THE HEARING. HOWEVER, THE ARBITRATOR(S),
UPON A SHOWING OF GOOD CAUSE, MAY EXTEND THE COMMENCEMENT OF THE HEARING FOR UP TO AN ADDITIONAL
SIXTY (60) DAYS. THE ARBITRATOR(S) SHALL PROVIDE A CONCISE WRITTEN STATEMENT OF REASONS FOR THE
AWARD. THE ARBITRATION AWARD MAY BE SUBMITTED TO ANY COURT HAVING
JURISDICTION TO BE CONFIRMED AND HAVE JUDGMENT ENTERED AND ENFORCED.

10

 

          (e) THE ARBITRATOR(S) WILL GIVE EFFECT TO STATUTES OF LIMITATION IN DETERMINING ANY CLAIM AND
MAY DISMISS THE ARBITRATION ON THE BASIS THAT THE CLAIM IS BARRED. FOR PURPOSES OF THE APPLICATION
OF ANY STATUTES OF LIMITATION, THE SERVICE ON AAA UNDER APPLICABLE AAA RULES OF A NOTICE OF CLAIM
IS THE EQUIVALENT OF THE FILING OF A LAWSUIT. ANY DISPUTE CONCERNING THIS ARBITRATION PROVISION OR
WHETHER A CLAIM IS ARBITRABLE SHALL BE DETERMINED BY THE ARBITRATOR(S), EXCEPT AS SET FORTH AT
SUBPARAGRAPH (H) OF THIS DISPUTE RESOLUTION PROVISION. THE ARBITRATOR(S) SHALL HAVE THE POWER TO
AWARD LEGAL FEES PURSUANT TO THE TERMS OF THIS AGREEMENT.

          (f) THIS PARAGRAPH DOES NOT LIMIT THE RIGHT OF ANY PARTY TO: (I) EXERCISE SELF-HELP REMEDIES,
SUCH AS BUT NOT LIMITED TO, SETOFF; (II) INITIATE JUDICIAL OR NON-JUDICIAL FORECLOSURE AGAINST ANY
REAL OR PERSONAL PROPERTY COLLATERAL; (III) EXERCISE ANY JUDICIAL OR POWER OF SALE RIGHTS, OR (IV)
ACT IN A COURT OF LAW TO OBTAIN AN INTERIM REMEDY, SUCH AS BUT NOT LIMITED TO, INJUNCTIVE RELIEF,
WRIT OF POSSESSION OR APPOINTMENT OF A RECEIVER, OR ADDITIONAL OR SUPPLEMENTARY REMEDIES.

          (g) THE FILING OF A COURT ACTION IS NOT INTENDED TO CONSTITUTE A WAIVER OF THE RIGHT OF ANY
PARTY, INCLUDING THE SUING PARTY, THEREAFTER TO REQUIRE SUBMITTAL OF THE CLAIM TO ARBITRATION.

          (h) ANY ARBITRATION OR TRIAL BY A JUDGE OF ANY CLAIM WILL TAKE PLACE ON AN INDIVIDUAL BASIS
WITHOUT RESORT TO ANY FORM OF CLASS OR REPRESENTATIVE ACTION (THE “CLASS ACTION WAIVER”).
REGARDLESS OF ANYTHING ELSE IN THIS DISPUTE RESOLUTION PROVISION, THE VALIDITY AND EFFECT OF THE
CLASS ACTION WAIVER MAY BE DETERMINED ONLY BY A COURT AND NOT BY AN ARBITRATOR. THE PARTIES TO
THIS AGREEMENT ACKNOWLEDGE THAT THE CLASS ACTION WAIVER IS MATERIAL AND ESSENTIAL TO THE
ARBITRATION OF ANY DISPUTES BETWEEN THE PARTIES AND IS NONSEVERABLE FROM THE AGREEMENT TO ARBITRATE
CLAIMS. IF THE CLASS ACTION WAIVER IS LIMITED, VOIDED OR FOUND UNENFORCEABLE, THEN THE PARTIES’
AGREEMENT TO ARBITRATE SHALL BE NULL AND VOID WITH RESPECT TO SUCH PROCEEDING, SUBJECT TO THE RIGHT
TO APPEAL THE LIMITATION OR INVALIDATION OF THE CLASS ACTION WAIVER. THE PARTIES ACKNOWLEDGE
AND AGREE THAT UNDER NO CIRCUMSTANCES WILL A CLASS ACTION BE ARBITRATED.

11

 

          (i) BY AGREEING TO BINDING ARBITRATION, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY
RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM. FURTHERMORE, WITHOUT INTENDING IN
ANY WAY TO LIMIT THIS AGREEMENT TO ARBITRATE, TO THE EXTENT ANY CLAIM IS NOT ARBITRATED, THE
PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
SUCH CLAIM. THIS WAIVER OF JURY TRIAL SHALL REMAIN IN EFFECT EVEN IF THE CLASS ACTION
WAIVER IS LIMITED, VOIDED OR FOUND UNENFORCEABLE. WHETHER THE CLAIM IS DECIDED BY ARBITRATION OR
BY TRIAL BY A JUDGE, THE PARTIES AGREE AND UNDERSTAND THAT THE EFFECT OF THIS AGREEMENT IS THAT
THEY ARE GIVING UP THE RIGHT TO TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW.

     12. NO ORAL AGREEMENT. THIS WRITTEN LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

(The rest of this page is intentionally left blank.)

12

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed under
seal by their duly authorized representatives as of the date first above written.

	 	 	 	 	 
	BORROWER:

BIOHEART, INC., a Florida corporation

 	 
	By:  	/s/                                                 (SEAL)
 	 
	 	Name:  	 	 
	 	Title:  	 	 

13

 

	 	 	 	 	 
	BANK:

BANK OF AMERICA, N.A.

 	 
	By:  	                                                 (SEAL)
 	 
	 	Name:  	 	 
	 	Title:  	 	 

14

 

	 	 	 	 	 

JOINDER

     The undersigned join into this Agreement to acknowledge, consent and agree to the provisions
of Section 6 of this Agreement.

	 	 	 	 	 
	 	 	 
	 	        	 
	 	Howard J. Leonhardt 	 
	 	 	 
	 
	 	 	 
	 	         	 
	 	Brenda Leonhardt 	 
	 	 	 

15

 

	 	 	 	 	 
	 	MAGELLAN GROUP INVESTMENTS 

LLC

 	 
	 	By:  	   
 	 
	 	 	Name:  	Print  	 
	 	 	Title:  	 	 

16

 

	 	 	 	 	 
	 	R&A SPENCER FAMILY LIMITED

PARTNERSHIP

 	 
	 	By:  	   
 	 
	 	 	Richard T. Spencer, III 	 
	 	 	Managing Partner 	 

17

 

	 	 	 	 	 
	 	 	 
	 	                                                      /s/
 	 
	 	William Murphy, Jr., M.D. 	 
	 	 	 

18

 

	 	 	 	 	 
	 	 	 
	 	   
 	 
	 	Bruce Carson 	 
	 	 	 

19

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