Document:

Filed by Bowne Pure Compliance

EXHIBIT 10.29

LOAN AGREEMENT

Wachovia Bank, National Association

Philadelphia, Pennsylvania 19109

(Hereinafter referred to as the “Bank”)

eResearch Technology, Inc.

30 South 17th Street

8th Floor

Philadelphia, Pennsylvania 19103

eRT Investment Corporation

3411 Silverside Road

103 Springer Building

Wilmington, Delaware 19810

eRT Tech Corporation

3411 Silverside Road

103 Springer Building

Wilmington, Delaware 19810

(Individually and collectively, “Borrower”)

This Loan Agreement (“Agreement”) is entered into June 26, 2008, by and between Bank and Borrower.

This Agreement applies to the loan or loans (individually and collectively, the “Loan”) evidenced
by one or more promissory notes of even date herewith or other notes subject hereto, as modified
from time to time (whether one or more, the “Note”), the standby letters of credit issued hereunder
(each, a “Letter of Credit” and collectively, the “Letters of Credit”) and all Loan Documents. The
terms “Loan Documents” and “Obligations,” as used in this Agreement, are defined in the Note.

Relying upon the covenants, agreements, representations and warranties contained in this Agreement,
Bank is willing to extend credit to Borrower upon the terms and subject to the conditions set forth
herein, and Bank and Borrower agree as follows:

LETTERS OF CREDIT. Upon the request of Borrower, Bank shall issue standby Letters of Credit,
provided, the aggregate amount available to be drawn under all standby Letters of Credit plus the
aggregate amount of unreimbursed drawings under all standby Letters of Credit at any one time does
not exceed $3,000,000.00, and further provided, no standby Letter of Credit shall expire more than
365 days after the date it is issued. Notwithstanding anything to the contrary contained herein,
the aggregate outstanding principal balance of Advances (as defined in the line of credit
Promissory Note in the amount of $3,000,000.00, of even date herewith) plus the aggregate amount
available to be drawn under all Letters of Credit plus the aggregate amount of unreimbursed
drawings under all Letters of Credit at any one time shall not exceed $3,000,000.00. The Letters
of Credit are to be used by Borrower solely to support working capital. Bank’s obligation to issue
Letters of Credit shall terminate if Borrower is in default (however denominated) under the Note or
the other Loan Documents, or in any case, if not sooner terminated, on April 01, 2009.

LETTER OF CREDIT FEES. Borrower shall pay to Bank, at such times as Bank shall require, Bank’s
standard fees in connection with Letters of Credit, as in effect from time to time, and with
respect to standby Letters of Credit, an additional fee equal to 1.00% per annum on the face amount
of each standby Letter of Credit, payable annually, in advance, for so long as such Letter of
Credit is outstanding.

 

 

 

REPRESENTATIONS. Borrower represents that from the date of this Agreement and until final payment
in full of the Obligations: Accurate Information. All information now and hereafter furnished to
Bank is and will be true, correct and complete in all material respects. Any such information
relating to Borrower’s financial condition will accurately reflect Borrower’s financial condition
as of the date(s) thereof, (including all contingent liabilities of every type), and Borrower
further represents that its financial condition has not changed materially or adversely since the
date(s) of such documents. Authorization; Non-Contravention. The execution, delivery and
performance by Borrower and any guarantor, as applicable, of this Agreement and other Loan
Documents to which it is a party are within its power, have been duly authorized as may be required
and, if necessary, by making appropriate filings with any governmental agency or unit and are the
legal, binding, valid and enforceable obligations of Borrower and any guarantors; and do not (i)
contravene, or constitute (with or without the giving of notice or lapse of time or both) a
violation of any provision of applicable law, a violation of the organizational documents of
Borrower or any guarantor, or a default under any agreement, judgment, injunction, order, decree or
other instrument binding upon or affecting Borrower or any guarantor, (ii) result in the creation
or imposition of any lien (other than the lien(s) created by the Loan Documents) on any of
Borrower’s or any guarantor’s assets, or (iii) give cause for the acceleration of any obligations
of Borrower or any guarantor to any other creditor. Asset Ownership. Borrower has good and
marketable title to all of the properties and assets reflected on the balance sheets and financial
statements supplied Bank by Borrower, and all such properties and assets are free and clear of
mortgages, security deeds, pledges, liens, charges, and all other encumbrances, except as otherwise
disclosed to Bank by Borrower in writing and approved by Bank (“Permitted Liens”). To Borrower’s
knowledge, no default has occurred under any Permitted Liens and no claims or interests adverse to
Borrower’s present rights in its properties and assets have arisen. Discharge of Liens and Taxes.
Borrower has duly filed, paid and/or discharged all taxes or other claims that may become a lien on
any of its property or assets, except to the extent that such items are being appropriately
contested in good faith and an adequate reserve for the payment thereof is being maintained.
Sufficiency of Capital. Borrower is not, and after consummation of this Agreement and after giving
effect to all indebtedness incurred and liens created by Borrower in connection with the Note and
any other Loan Documents, will not be, insolvent within the meaning of 11 U.S.C. § 101, as in
effect from time to time. Compliance with Laws. Borrower and any subsidiary and affiliate of
Borrower and any guarantor are in compliance in all material respects with all federal, state and
local laws, rules and regulations applicable to its properties, operations, business, and finances,
including, without limitation, any federal or state laws relating to liquor (including 18 U.S.C. §
3617, et seq.) or narcotics (including 21 U.S.C. § 801, et seq.) and/or any commercial crimes; all
applicable federal, state and local laws and regulations intended to protect the environment; and
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if applicable. None of
Borrower, or any subsidiary or affiliate of Borrower or any guarantor is a Sanctioned Person or has
any of its assets in a Sanctioned Country or does business in or with, or derives any of its
operating income from investments in or transactions with, Sanctioned Persons or Sanctioned
Countries in violation of economic sanctions administered by OFAC. The proceeds from the Loan will
not be used to fund any operations in, finance any investments or activities in, or make any
payments to, a Sanctioned Person or a Sanctioned Country. “OFAC” means the U.S. Department of the
Treasury’s Office of Foreign Assets Control. “Sanctioned Country” means a country subject to a
sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement/ofac/sdn/index.shtml, or as otherwise published from time
to time. “Sanctioned Person” means (i) a person named on the list of Specially Designated
Nationals or Blocked Persons maintained by OFAC available at
http://www.treas.gov/offices/enforcement/ofac/programs/index.shtml, or as otherwise published from
time to time, or (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization
controlled by a Sanctioned Country, or (C) a person resident in a Sanctioned Country to the extent
subject to a sanctions program administered by OFAC. Organization and Authority. Each
corporation, partnership or limited liability company Borrower and/or guarantor, as applicable, is
duly created, validly existing and in good standing under the laws of the state of its
organization, and has all powers, governmental licenses, authorizations, consents and approvals
required to operate its business as now conducted. Each corporation, partnership or limited
liability company Borrower and/or guarantor, as applicable, is duly qualified, licensed and in good
standing in each jurisdiction where qualification or licensing is required by the nature of its
business or the character and location of its property, business or customers, and in which the
failure to so qualify or be licensed, as the case may be, in the
aggregate, could have a material adverse effect on the business, financial position, results of operations, properties or
prospects of Borrower or any such guarantor.  No Litigation. There are no pending or threatened
suits, claims or demands against Borrower or any guarantor that have not been disclosed to Bank by
Borrower in writing, and approved by Bank. Indemnity. Borrower will indemnify Bank and its
affiliates from and against any losses, liabilities, claims, damages, penalties or fines imposed
upon, asserted or assessed against or incurred by Bank arising out of the inaccuracy or breach of
any of the representations contained in this Agreement or any other Loan Documents.

 

Page 2

 

AFFIRMATIVE COVENANTS.  Borrower agrees that from the date hereof and until final payment in full
of the Obligations, unless Bank shall otherwise consent in writing, Borrower will: Access to Books
and Records. Allow Bank, or its agents, during normal business hours, access to the books, records
and such other documents of Borrower as Bank shall reasonably require, and allow Bank, at
Borrower’s expense, to inspect, audit and examine the same and to make extracts therefrom and to
make copies thereof; provided that, absent a Default, the Bank will not conduct any such audit more
than once in any calendar year. Business Continuity. Conduct its business in substantially the
same manner and locations as such business is now and has previously been conducted. Certificate
of Full Compliance From Accountant. Deliver to Bank, with the financial statements required
herein, a certification by Borrower’s independent certified public accountant that Borrower is in
full compliance with the Loan Documents. Compliance with Other Agreements. Comply with all terms
and conditions contained in this Agreement, and any other Loan Documents, and swap agreements, if
applicable, as defined in 11 U.S.C. § 101, as in effect from time to time. Estoppel Certificate.
Furnish, within 15 days after request by Bank, a written statement duly acknowledged of the amount
due under the Loan and identifying each outstanding Letter of Credit, if any, and whether offsets
or defenses exist against the Obligations. Insurance. Maintain adequate insurance coverage with
respect to its properties and business against loss or damage of the kinds and in the amounts
customarily insured against by companies of established reputation engaged in the same or similar
businesses including, without limitation, commercial general liability insurance, workers
compensation insurance, and business interruption insurance; all acquired in such amounts and from
such companies as Bank may reasonably require. Maintain Properties. Maintain, preserve and keep
its property in good repair, working order and condition, making all replacements, additions and
improvements thereto necessary for the proper conduct of its business, unless prohibited by the
Loan Documents. Notice of Default and Other Notices. (a) Notice of Default. Furnish to Bank
immediately upon becoming aware of the existence of any condition or event which constitutes a
Default (as defined in the Loan Documents) or any event which, upon the giving of notice or lapse
of time or both, would become a Default, written notice specifying the nature and period of
existence thereof and the action which Borrower is taking or proposes to take with respect thereto.
(b) Other Notices. Promptly notify Bank in writing of (i) any material adverse change in its
financial condition or its business; (ii) any default under any material agreement, contract or
other instrument to which it is a party or by which any of its properties are bound, or any
acceleration of the maturity of any indebtedness owing by Borrower; (iii) any material adverse
claim against or affecting Borrower or any part of its properties; (iv) the commencement of, and
any material determination in, any litigation with any third party or any proceeding before any
governmental agency or unit that could have a material adverse effect on Borrower; and (v) at least
30 days prior thereto, any change in Borrower’s name or address as shown above, and/or any change
in Borrower’s structure. Other Financial Information. Deliver promptly such other information
regarding the operation, business affairs, and financial condition of Borrower which Bank may
reasonably request. Payment of Debts. Pay and discharge when due, and before subject to penalty
or further charge, and otherwise satisfy before maturity or delinquency, all obligations, debts,
taxes, and liabilities of whatever nature or amount, except those which Borrower in good faith
disputes. Reports and Proxies. Deliver to Bank, promptly, a copy of all financial statements,
reports, notices, and proxy statements, sent by Borrower to stockholders, and all regular or
periodic reports required to be filed by Borrower with any governmental agency or authority.

NEGATIVE COVENANTS.  Borrower agrees that from the date hereof and until final payment in full of
the Obligations, unless Bank shall otherwise consent in writing, Borrower will not:   Default on
Other Contracts or Obligations. Default on any material contract with or obligation when due to a
third party or default in the performance of any obligation to a third party incurred for money
borrowed. Government Intervention. Permit the assertion or making of any seizure, vesting or
intervention by or under authority of any governmental entity, as a result of which the management of Borrower or any
guarantor is displaced of its authority in the conduct of its respective business or such business
is curtailed or materially impaired. Judgment Entered. Permit the entry of any monetary judgment
or the assessment against, the filing of any tax lien against, or the issuance of any writ of
garnishment or attachment against any property of or debts due that is not stayed, discharged or
otherwise satisfied within thirty (30) days following the entry thereof, or the issuance of any
writ of garnishment or attachment against any such property or debts that is not discharged or
otherwise satisfied within fifteen (15) days following the service thereof on Bank. Retire or
Repurchase Capital Stock. Retire or otherwise acquire any of its capital stock. Notwithstanding
the foregoing Borrower may repurchase stock through its existing stock repurchase program.

 

Page 3

 

ANNUAL FINANCIAL STATEMENTS. Borrower shall deliver to Bank, within 90 days after the close of
each fiscal year, audited financial statements reflecting its operations during such fiscal year,
including, without limitation, a balance sheet, profit and loss statement and statement of cash
flows, with supporting schedules and in reasonable detail, prepared in conformity with generally
accepted accounting principles, applied on a basis consistent with that of the preceding year. If
audited statements are required, all such statements shall be examined by an independent certified
public accountant acceptable to Bank. The opinion of such independent certified public accountant
shall not be acceptable to Bank if qualified due to any limitations in scope imposed by Borrower or
any other person or entity. Any other qualification of the opinion by the accountant shall render
the acceptability of the financial statements subject to Bank’s approval.

PERIODIC FINANCIAL STATEMENTS. Borrower shall deliver to Bank, within 45 days after the end of
each fiscal quarter, unaudited management-prepared quarterly financial statements including,
without limitation, a balance sheet, profit and loss statement and statement of cash flows, with
supporting schedules; all in reasonable detail and prepared in conformity with generally accepted
accounting principles, applied on a basis consistent with that of the preceding year. Such
statements shall be certified as to their correctness by a principal financial officer of Borrower
and in each case, if audited statements are required, subject to audit and year-end adjustments.

FINANCIAL COVENANTS.  Borrower agrees to the following provisions from the date hereof until final
payment in full of the Obligations, unless Bank shall otherwise consent in writing, using the
financial information for Borrower, its subsidiaries, affiliates and its holding or parent company,
as applicable: Total Liabilities to Tangible Net Worth Ratio.  Borrower shall, at all times,
maintain a ratio of Total Liabilities to Tangible Net Worth of not more than 0.50 to 1.00. “Total
Liabilities” shall mean all liabilities of Borrower, including capitalized leases and all reserves
for deferred taxes, debt fully subordinated to Bank on terms and conditions acceptable to Bank, and
other deferred sums appearing on the liabilities side of a balance sheet and all obligations as
lessee under off-balance sheet synthetic leases of Borrower, all in accordance with generally
accepted accounting principles applied on a consistent basis. “Tangible Net Worth” shall mean total
assets minus Total Liabilities. For purposes of this computation, the aggregate amount of any
intangible assets of Borrower including, without limitation, goodwill, franchises, licenses,
patents, trademarks, trade names, copyrights, service marks, and brand names, shall be subtracted
from total assets.  Current Ratio.  Borrower shall, at all times, maintain a Current Ratio of not
less than 2.00 to 1.00. “Current Ratio” shall mean the ratio of Current Assets to Current
Liabilities. “Current Assets” shall mean all assets which are so classified in accordance with
generally accepted accounting principles. “Current Liabilities” shall mean all liabilities which
are so classified in accordance with generally accepted accounting principles.  

CONDITIONS PRECEDENT. The obligations of Bank to make the loan and any advances and to issue any
Letters of Credit pursuant to this Agreement are subject to the following conditions precedent:
Letter of Credit Documents. Receipt by Bank of all documents required by Bank in connection with
Letters of Credit, including without limitation, applications therefor, all in form satisfactory to
Bank. Additional Documents. Receipt by Bank of such additional supporting documents as Bank or
its counsel may reasonably request.

 

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IN WITNESS WHEREOF, Borrower and Bank, on the day and year first written above, have caused this
Agreement to be duly executed under seal.

	 	 	 	 	 	 	 
	 	 	eResearch Technology, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Eisenstein
	 	(SEAL)
	 

	 	 	 	 

Steven M. Eisenstein, Vice President and Controller
	 	 
	 
	 	 	 	 	 	 
	 	 	eRT Investment Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Eisenstein
	 	(SEAL)
	 

	 	 	 	 

Steven M. Eisenstein, Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	eRT Tech Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Eisenstein
	 	(SEAL)
	 

	 	 	 	 

Steven M. Eisenstein, Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	Wachovia Bank, National Association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dante J. Bucci
	 	(SEAL)
	 

	 	 	 	 

Dante J. Bucci, Senior Vice President
	 	 

Tracking #: 469318

CAT — Deal # 818530 Facility ID 635162

 

Page 5Filed by Bowne Pure Compliance

EXHIBIT 10.30

PROMISSORY NOTE

$3,000,000.00

June_26, 2008

eResearch Technology, Inc.

30 South 17th Street

8th Floor

Philadelphia, Pennsylvania 19103

eRT Investment Corporation

3411 Silverside Road

103 Springer Building

Wilmington, Delaware 19810

eRT Tech Corporation

3411 Silverside Road

103 Springer Building

Wilmington, Delaware 19810

(Individually and collectively, “Borrower”)

Wachovia Bank, National Association

Philadelphia, Pennsylvania 19109

(Hereinafter referred to as “Bank”)

Borrower promises to pay to the order of Bank, in lawful money of the United States of America by
mailing to the address specified hereinafter or wherever else Bank may specify, the sum of Three
Million and No/100 Dollars ($3,000,000.00) or such sum as may be advanced and outstanding from time
to time, with interest on the unpaid principal balance at the rate and on the terms provided in
this Promissory Note (including all renewals, extensions or modifications hereof, this “Note”).

LOAN AGREEMENT. This Note is subject to the provisions of that certain Loan Agreement between Bank
and Borrower of even date herewith, as modified from time to time.

LINE OF CREDIT. Borrower may borrow, repay and reborrow, and, upon the request of Borrower, Bank
shall advance and readvance under this Note from time to time until the maturity hereof (each an
“Advance” and together the “Advances”), so long as the total principal balance outstanding under
this Note at any one time does not exceed the principal amount stated on the face of this Note,
subject to the limitations described in any loan agreement to which this Note is subject. Bank’s
obligation to make Advances under this Note shall terminate if Borrower is in Default. As of the
date of each proposed Advance, Borrower shall be deemed to represent that each representation made
in the Loan Documents is true as of such date. 30-Day Payout. During the term of the Note,
Borrower agrees to pay down the outstanding balance to a maximum of $0.00 for 30 consecutive days
annually.

If Borrower subscribes to Bank’s cash management services and such services are applicable to this
line of credit, the terms of such service shall control the manner in which funds are transferred
between the applicable demand deposit account and the line of credit for credit or debit to the
line of credit.

USE OF PROCEEDS. Borrower shall use the proceeds of the loan(s) evidenced by this Note for the
commercial purposes of Borrower, as follows: provide line of credit for working capital needs of
eResearch Technology, Inc. and subsidiaries. Line may be used for issuance of Letters of Credit
that shall reduce the availability under the line of credit for the term of the Letter(s) of
Credit.

 

 

 

INTEREST RATE. Interest shall accrue on the unpaid principal balance of this Note from the date
hereof at the LIBOR Market Index Rate plus 1.25%, as that rate may change from day to day in
accordance with changes in the LIBOR Market Index Rate (“Interest Rate”). “LIBOR Market Index
Rate”, for any day, means the rate for 1 month U.S. dollar deposits as reported on Telerate
Successor Page 3750 as of 11:00 a.m., London time, on such day, or if such day is not a London
business day, then the immediately preceding London business day (or if not so reported, then as
determined by Bank from another recognized source or interbank quotation).

DEFAULT RATE. In addition to all other rights contained in this Note, if a Default (as defined
herein) occurs and as long as a Default continues, all outstanding Obligations, other than
Obligations under any swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to
time) between Borrower and Bank or its affiliates, shall bear interest at the Interest Rate plus 3%
(“Default Rate”). The Default Rate shall also apply from acceleration until the Obligations or any
judgment thereon is paid in full.

INTEREST AND FEE(S) COMPUTATION (ACTUAL/360). Interest and fees, if any, shall be computed on the
basis of a 360-day year for the actual number of days in the applicable period (“Actual/360
Computation”). The Actual/360 Computation determines the annual effective interest yield by taking
the stated (nominal) rate for a year’s period and then dividing said rate by 360 to determine the
daily periodic rate to be applied for each day in the applicable period. Application of the
Actual/360 Computation produces an annualized effective rate exceeding the nominal rate.

REPAYMENT TERMS. This Note shall be due and payable in consecutive monthly payments of accrued
interest only, commencing on August 1, 2008, and continuing on the same day of each month
thereafter until fully paid. In any event, all principal and accrued interest shall be due and
payable on June 1, 2009.

APPLICATION OF PAYMENTS. Monies received by Bank from any source for application toward payment of
the Obligations shall be applied to accrued interest and then to principal. If a Default occurs,
monies may be applied to the Obligations in any manner or order deemed appropriate by Bank.

If any payment received by Bank under this Note or other Loan Documents is rescinded, avoided or
for any reason returned by Bank because of any adverse claim or threatened action, the returned
payment shall remain payable as an obligation of all persons liable under this Note or other Loan
Documents as though such payment had not been made.

DEFINITIONS. Loan Documents. The term “Loan Documents”, as used in this Note and the other Loan
Documents, refers to all documents executed in connection with or related to the loan evidenced by
this Note and any prior notes which evidence all or any portion of the loan evidenced by this Note,
and any letters of credit issued pursuant to any loan agreement to which this Note is subject, any
applications for such letters of credit and any other documents executed in connection therewith or
related thereto, and may include, without limitation, a commitment letter that survives closing, a
loan agreement, this Note, guaranty agreements, security agreements, security instruments,
financing statements, mortgage instruments, any renewals or modifications, whenever any of the
foregoing are executed, but does not include swap agreements (as defined in 11 U.S.C. § 101, as in
effect from time to time). Obligations. The term “Obligations”, as used in this Note and the
other Loan Documents, refers to any and all indebtedness and other obligations under this Note, all
other obligations under any other Loan Document(s), and all obligations under any swap agreements
(as defined in 11 U.S.C. § 101, as in effect from time to time) between Borrower and Bank, or its
affiliates, whenever executed. Certain Other Terms. All terms that are used but not otherwise
defined in any of the Loan Documents shall have the definitions provided in the Uniform Commercial
Code.

LATE CHARGE. If any payments are not timely made, Borrower shall also pay to Bank a late charge
equal to 5% of each payment past due for 10 or more days. This late charge shall not apply to
payments due at maturity or by acceleration hereof, unless such late payment is in an amount not
greater than the highest periodic payment due hereunder.

 

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Acceptance by Bank of any late payment without an accompanying late charge shall not be deemed a
waiver of Bank’s right to collect such late charge or to collect a late charge for any subsequent
late payment received.

ATTORNEYS’ FEES AND OTHER COLLECTION COSTS. Borrower shall pay all of Bank’s reasonable expenses
actually incurred to enforce or collect any of the Obligations including, without limitation,
reasonable arbitration, paralegals’, attorneys’ and experts’ fees and expenses, whether incurred
without the commencement of a suit, in any trial, arbitration, or administrative proceeding, or in
any appellate or bankruptcy proceeding.

USURY. If at any time the effective interest rate under this Note would, but for this paragraph,
exceed the maximum lawful rate, the effective interest rate under this Note shall be the maximum
lawful rate, and any amount received by Bank in excess of such rate shall be applied to principal
and then to fees and expenses, or, if no such amounts are owing, returned to Borrower.

DEFAULT. If any of the following occurs, a default (“Default”) under this Note shall exist:
Nonpayment; Nonperformance. The failure of timely payment or performance of the Obligations or
default, however denominated, under this Note or any other Loan Documents. False Warranty. A
warranty or representation made or deemed made in the Loan Documents or furnished Bank in
connection with the loan evidenced by this Note proves materially false, or if of a continuing
nature, becomes materially false. Cross Default. At Bank’s option, any default in payment or
performance of any obligation under any other loans, contracts or agreements of Borrower, any
Subsidiary or Affiliate of Borrower, any general partner of or the holder(s) of the majority
ownership interests of Borrower with Bank or its affiliates (“Affiliate” shall have the meaning as
defined in 11 U.S.C. § 101, as in effect from time to time, except that the term “Borrower” shall
be substituted for the term “Debtor” therein; “Subsidiary” shall mean any business in which
Borrower holds, directly or indirectly, a controlling interest). Cessation; Bankruptcy. The death
of, appointment of a guardian for, dissolution of, termination of existence of, loss of good
standing status by, appointment of a receiver for, assignment for the benefit of creditors of, or
commencement of any bankruptcy or insolvency proceeding by or against Borrower, its Subsidiaries or
Affiliates, if any, or any general partner of or the holder(s) of the majority ownership interests
of Borrower, or any party to the Loan Documents. Material Capital Structure or Business
Alteration. Without prior written consent of Bank, (i) a material alteration in the kind or type
of Borrower’s business or that of Borrower’s Subsidiaries, if any; (ii) the sale of substantially
all of the business or assets of Borrower, any of Borrower’s Subsidiaries or Affiliates or any
guarantor, or a material portion (25% or more) of such business or assets if such a sale is outside
the ordinary course of business of Borrower, or any of Borrower’s Subsidiaries or any guarantor, or
more than 50% of the outstanding stock or voting power of or in any such entity in a single
transaction or a series of transactions; (iii) should any Borrower or any of Borrower’s
Subsidiaries or Affiliates or any guarantor enter into any merger or consolidation in which the
Borrower is not the surviving entity. Material Adverse Change. Bank determines in good faith, in
its reasonable discretion, that the prospects for payment or performance of the Obligations are
impaired or there has occurred a material adverse change in the business or prospects of Borrower,
financial or otherwise.

REMEDIES UPON DEFAULT. If a Default occurs under this Note or any Loan Documents, Bank may at any
time thereafter, take the following actions:  Bank Lien. Foreclose its security interest or lien
against Borrower’s deposit accounts and investment property without notice. Acceleration Upon
Default. Accelerate the maturity of this Note and, at Bank’s option, any or all other Obligations,
other than Obligations under any swap agreements (as defined in 11 U.S.C. § 101, as in effect from
time to time) between Borrower and Bank, or its affiliates, which shall be due in accordance with
and governed by the provisions of said swap agreements; whereupon this Note and the accelerated
Obligations shall be immediately due and payable; provided, however, if the Default is based upon a
bankruptcy or insolvency proceeding commenced by or against Borrower or any guarantor or endorser
of this Note, all Obligations (other than Obligations under any swap agreement as referenced above)
shall automatically and immediately be due and payable. Cumulative. Exercise any rights and
remedies as provided under the Note and other Loan Documents, or as provided by law or equity.

 

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FINANCIAL AND OTHER INFORMATION. Borrower shall deliver to Bank such information as Bank may
reasonably request from time to time, including without limitation, financial statements and
information pertaining to Borrower’s financial condition. Such information shall be true,
complete, and accurate.

WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this Note and other Loan
Documents shall be valid unless in writing and signed by an officer of Bank. No waiver by Bank of
any Default shall operate as a waiver of any other Default or the same Default on a future
occasion. Neither the failure nor any delay on the part of Bank in exercising any right, power, or
remedy under this Note and other Loan Documents shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or remedy.

Except to the extent otherwise provided by the Loan Documents or prohibited by law, each Borrower
and each other person liable under this Note waives presentment, protest, notice of dishonor,
demand for payment, notice of intention to accelerate maturity, notice of acceleration of maturity,
notice of sale and all other notices of any kind. Further, each agrees that Bank may (i) extend,
modify or renew this Note or make a novation of the loan evidenced by this Note, and/or (ii) grant
releases, compromises or indulgences with respect to any collateral securing this Note, or with
respect to any Borrower or other person liable under this Note or any other Loan Documents, all
without notice to or consent of each Borrower and other such person, and without affecting the
liability of each Borrower and other such person; provided, Bank may not extend, modify or renew
this Note or make a novation of the loan evidenced by this Note without the consent of the
Borrower, or if there is more than one Borrower, without the consent of at least one Borrower; and
further provided, if there is more than one Borrower, Bank may not enter into a modification of
this Note which increases the burdens of a Borrower without the consent of that Borrower.

MISCELLANEOUS PROVISIONS. Assignment. This Note and the other Loan Documents shall inure to the
benefit of and be binding upon the parties and their respective successors and assigns. Bank’s
interests in and rights under this Note and the other Loan Documents are freely assignable, in
whole or in part, by Bank. In addition, nothing in this Note or any of the other Loan Documents
shall prohibit Bank from pledging or assigning this Note or any of the other Loan Documents or any
interest therein to any Federal Reserve Bank. Borrower shall not assign its rights and interest
hereunder without the prior written consent of Bank, and any attempt by Borrower to assign without
Bank’s prior written consent is null and void. Any assignment shall not release Borrower from the
Obligations. Applicable Law; Conflict Between Documents. This Note and, unless otherwise provided
in any other Loan Document, the other Loan Documents shall be governed by and interpreted in
accordance with federal law and, except as preempted by federal law, the laws of the state named in
Bank’s address on the first page hereof without regard to that state’s conflict of laws principles.
If the terms of this Note should conflict with the terms of any loan agreement or any commitment
letter that survives closing, the terms of this Note shall control. Borrower’s Accounts. Except
as prohibited by law, Borrower grants Bank a security interest in all of Borrower’s deposit
accounts and investment property with Bank and any of its affiliates. Swap Agreements. All swap
agreements (as defined in 11 U.S.C. § 101, as in effect from time to time), if any, between
Borrower and Bank or its affiliates are independent agreements governed by the written provisions
of said swap agreements, which will remain in full force and effect, unaffected by any repayment,
prepayment, acceleration, reduction, increase or change in the terms of this Note, except as
otherwise expressly provided in said written swap agreements, and any payoff statement from Bank
relating to this Note shall not apply to said swap agreements except as otherwise expressly
provided in such payoff statement. Jurisdiction. Borrower irrevocably agrees to non-exclusive
personal jurisdiction in the state named in the Bank’s address on the first page hereof.
Severability. If any provision of this Note or of the other Loan Documents shall be prohibited or
invalid under applicable law, such provision shall be ineffective but only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note or other such document. Payments. All payments shall be mailed to Bank at
Commercial Loan Services, P. O. Box 740502, Atlanta, GA 30374-0502; or other such address as
provided by Bank in writing. Notices. Any notices to Borrower shall be sufficiently given, if in
writing and mailed or delivered to the Borrower’s address shown above or such other address as
provided hereunder, and to Bank, if in writing and mailed or delivered to Wachovia Bank, National
Association, Mail Code VA7628, P. O. Box 13327, Roanoke, VA 24040 or Wachovia
Bank, National Association, Mail Code VA7628, 10 South Jefferson Street, Roanoke, VA 24011 or such
other address as Bank may specify in writing from time to time.

 

Page 4

 

Notices to Bank must include the
mail code. In the event that Borrower changes Borrower’s address at any time prior to the date the
Obligations are paid in full, Borrower agrees to promptly give written notice of said change of
address by registered or certified mail, return receipt requested, all charges prepaid. Plural;
Captions. All references in the Loan Documents to Borrower, guarantor, person, document or other
nouns of reference mean both the singular and plural form, as the case may be, and the term
“person” shall mean any individual, person or entity. The captions contained in the Loan Documents
are inserted for convenience only and shall not affect the meaning or interpretation of the Loan
Documents. Advances. Bank may, in its sole discretion, make other advances which shall be deemed
to be advances under this Note, even though the stated principal amount of this Note may be
exceeded as a result thereof. Posting of Payments. All payments received during normal banking
hours after 2:00 p.m. local time at the address for payments set forth above shall be deemed
received at the opening of the next banking day. Joint and Several Obligations. If there is more
than one Borrower, each is jointly and severally obligated together with all other parties
obligated for the Obligations. Fees and Taxes. Borrower shall promptly pay all documentary,
intangible recordation and/or similar taxes on this transaction whether assessed at closing or
arising from time to time. LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. EACH OF THE
PARTIES HERETO, INCLUDING BANK BY ACCEPTANCE HEREOF, AGREES THAT IN ANY JUDICIAL, MEDIATION OR
ARBITRATION PROCEEDING OR ANY CLAIM OR CONTROVERSY BETWEEN OR AMONG THEM THAT MAY ARISE OUT OF OR
BE IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OTHER AGREEMENT OR DOCUMENT
BETWEEN OR AMONG THEM OR THE OBLIGATIONS EVIDENCED HEREBY OR RELATED HERETO, IN NO EVENT SHALL ANY
PARTY HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL
DAMAGES OR (2) PUNITIVE OR EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY
RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN
CONNECTION WITH ANY SUCH PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY
ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE. Patriot Act Notice. To help fight the funding of
terrorism and money laundering activities, Federal law requires all financial institutions to
obtain, verify, and record information that identifies each person who opens an account. For
purposes of this section, account shall be understood to include loan accounts. Final Agreement.
This Note and the other Loan Documents represent the final agreement between the parties and may
not be contradicted by evidence of prior or contemporaneous agreements of the parties. There are
no unwritten agreements between the parties.

WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER BY EXECUTION
HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT
EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS NOTE, THE LOAN DOCUMENTS OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN
CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
OR WRITTEN) OR ACTIONS OF ANY PARTY WITH RESPECT HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT
TO BANK TO ACCEPT THIS NOTE. EACH OF THE PARTIES AGREES THAT THE TERMS HEREOF SHALL SUPERSEDE AND
REPLACE ANY PRIOR AGREEMENT RELATED TO ARBITRATION OF DISPUTES BETWEEN THE PARTIES CONTAINED IN ANY
LOAN DOCUMENT OR ANY OTHER DOCUMENT OR AGREEMENT HERETOFORE EXECUTED IN CONNECTION WITH, RELATED TO
OR BEING REPLACED, SUPPLEMENTED, EXTENDED OR MODIFIED BY, THIS NOTE.

 

Page 5

 

IN WITNESS WHEREOF, Borrower, on the day and year first above written, has caused this Note to be
duly executed under seal.

	 	 	 	 	 	 	 
	 	 	eResearch Technology, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Eisenstein
	 	(SEAL)
	 

	 	 	 	 

Steven M. Eisenstein, Vice President and Controller
	 	 
	 
	 	 	 	 	 	 
	 	 	eRT Investment Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Eisenstein
	 	(SEAL)
	 

	 	 	 	 

Steven M. Eisenstein, Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	eRT Tech Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven M. Eisenstein
	 	(SEAL)
	 

	 	 	 	 

Steven M. Eisenstein, Vice President
	 	 

Tracking #: 469318

CAT — Deal # 818530 Facility ID 635162

 

Page 6

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