Document:

<PAGE>   1
                                                                    EXHIBIT 10.2

                                                          TRADE CREDIT AGREEMENT

This Trade Credit Agreement ("Agreement") entered into as of the date set forth
below between the undersigned ("Borrower") and Union Bank of California, N.A.
("Bank"), with respect to each and every extension of credit (collectively
referred to as the "Trade Facility") from Bank to Borrower. In consideration of
the Trade Facility, Bank and Borrower agree to the following terms and
conditions:

1.   THE TRADE FACILITY

     1.1  THE NOTE. The Trade Facility is evidenced by one or more promissory
          notes, reimbursement agreements, or other evidence of indebtedness,
          including each amendment, extension, renewal or replacement thereof,
          which are incorporated herein by this reference.

     1.2  The Trade Finance Credit Facilities. The Trade Finance Credit
          Facilities available to Borrower shall expire on August 31, 2001, and
          shall total $2,000,000.00 and be evidenced by a note and other
          evidence of indebtedness and subject to the following sublimits:

             THE COMMERCIAL L/C LINE IN AN AMOUNT NOT TO EXCEED $1,000,000.00;

             THE TRADE FINANCE LINE IN AN AMOUNT NOT TO EXCEED $2,000,000.00;

             THE CLEAN ADVANCE LINE IN AN AMOUNT NOT TO EXCEED $2,000,000.00;

             THE STANDBY L/C LINE IN AN AMOUNT NOT TO EXCEED $1,000,000.00;

     and other terms and conditions described below. Also, the combined amount
     outstanding under the Commercial L/C Line, Trade Finance Line, Clean
     Advance Line, and Standby L/CC Line shall not exceed $2,000,000.00, at any
     time.

     1.3  THE COMMERCIAL L/C LINE shall be for commercial letters of credit
          ("Commercial L/C's") calling for

          [X]  SIGHT DRAFTS;       [X]  USANCE DRAFTS UP TO 90 DAYS

     for the importation or purchase of drug delivery equipment and accessories,
     each having an expiration date not more than 90 days from its date of
     issuance, but in any event not later than November 28, 2001.

     1.4  THE TRADE FINANCE LINE (the "Line") shall be for the purpose of

          [X]  FINANCING BORROWER'S PAYMENT        [ ]  FINANCING OPEN ACCOUNT
               OF DRAFTS UNDER COMMERCIAL L/CS;         SHIPMENTS;

          [ ] CREATING BANKER'S ACCEPTANCES UNDER  [ ]  FINANCING DOCUMENTARY
              USANCE COMMERCIAL L/CS;                   COLLECTIONS.

     Each drawing under the Line shall be due and payable not later than ninety
     (90) days following, as the case may be, (a) the release of documents by
     Bank (including any usance period), or (b) the date of shipment on open
     account, under the applicable transaction. All advances under the Line must
     be made on or before November 28, 2001. In the event of a renewal or
     extension of the Line, the original maturities of each advance shall
     continue unless otherwise agreed in writing between borrower and Bank.

     1.5  THE CLEAN ADVANCE LINE shall be for Borrower's working capital
          purposes. Advances must be made on or before August 31, 2001. The
          Clean Advance Line shall be evidenced by, and subject to the terms of
          a note on the standard form used by Bank for commercial loans.

     1.6  THE STANDBY LETTER OF CREDIT LINE shall be for irrevocable standby
          letters of credit, each having an expiration date not more than twelve
          (12) months from its date of issuance, but in any event not later than
          November 28, 2001.

     1.7  LIMITATIONS ON THE TRADE FINANCE CREDIT FACILITIES. The aggregate
          amount available to be drawn under each sublimit listed above shall be
          reduced, dollar for dollar, by the aggregate amount of unpaid
          principal obligations under the respective sublimit. The aggregate of
          all unpaid advances and reimbursement obligations shall reduce, dollar
          for dollar, the maximum amount available under the Trade Finance
          Credit Facilities. Borrower may reborrow or obtain new extensions of
          credit under each such sublimit until the expiration date of such
          facilities, to the extent that Borrower has paid or otherwise
          satisfied prior borrowings or extensions of credit, subject to all
          terms and conditions in the Loan Documents (defined below).

                                       1

<PAGE>   2
     1.8  TRADE FINANCE FEES. All fees in connection with the Trade Finance
          Credit Facilities will be in accordance with Bank's standard schedule
          of fees as published from time to time or as otherwise agreed to in
          writing by Borrower and Bank.

     1.9  COLLATERAL. The payment and performance of all obligations of
          Borrower under the Loan Documents are and shall be during the term of
          the Trade Facility secured by a perfected security interest in such
          real or personal property collateral as is required by Bank and each
          security interest shall rank in first priority unless otherwise
          specified in writing by Bank.

2.   CONDITIONS TO AVAILABILITY OF THE TRADE FACILITY

Before Bank is obligated to extend any credit under this Agreement, Bank must
have received (a) every document required by Bank in connection with the Trade
Facility, each of which must be in form and substance satisfactory to Bank
(together with this Agreement, referred to as the "Loan Documents"), (b)
confirmation of the perfection of its security interest in any collateral
required by Bank and (c) payment of any fees required in connection with the
Trade Facility.

3.  REPRESENTATIONS AND WARRANTIES

Borrower represents and warrants (and each request for an extension of credit
hereunder shall be deemed a representation and warranty made on the date of
such request) that:

     3.1  Borrower is an individual or Borrower is duly organized and existing
          under the laws of the state of its organization and is duly qualified
          to conduct business in each jurisdiction in which its business is
          conducted.

     3.2  The execution, delivery and performance of the Loan Documents
          executed by Borrower are within Borrower's power, have been duly
          authorized, are legal, valid and binding obligations of Borrower, and
          are not in conflict with the terms of the charter, bylaw, or other
          organization papers of Borrower or with any law, indenture, agreement
          or undertaking to which Borrower is a party or by which Borrower is
          bound or affected.

     3.3  All financial statements and other financial information submitted by
          Borrower to Bank are true and correct in all material respects, and
          there has been no material adverse change in Borrower's financial
          condition since the date of the latest of such financial statements.

     3.4  Borrower is properly licensed and in good standing in each state in
          which Borrower is doing business, and Borrower has complied with all
          laws and regulations affecting Borrower, including within limitation,
          each applicable fictitious business name statute.

     3.5  There is no event which is, or with notice or lapse of time or both
          would be, an Event of Default (as defined in Article 5).

     3.6  Borrower is not engaged in the business of extending credit for the
          purpose of, and no part of the Trade Facility will be used, directly
          or indirectly, for purchasing or carrying margin stock within the
          meaning of Federal Reserve Board Reg. U.

     3.7  Borrower is not aware of any fact, occurrence or circumstance which
          Borrower has not disclosed to Bank in writing which has or could
          reasonably be expected to have, a material adverse effect on
          Borrower's ability to pay or perform Borrower's obligations to Bank.

4.   COVENANTS. Borrower agrees, so long as the Trade Facility or any commitment
to make any advance thereunder is outstanding and until full and final payment
of all sums outstanding under any Loan Document, that Borrower will:

     4.1  Maintain:

          (a)  A ratio of cash collateral (held in Highmark Account
               # 200051960-01 at UBOC TIG Dept) to outstanding loan coverage of
               at least 1.20:1.00.

     All accounting terms used in this Agreement shall have the definitions
     given them by generally accepted accounting principles, unless otherwise
     defined herein.

     4.2  Give written notice to Bank within 15 days after the following:

          (a)  Any litigation or arbitration proceeding affecting Borrower
               where the amount in controversy is $100,000.00 or more;

          (b)  Any material dispute which may exist between Borrower and any
               government regulatory body or law enforcement body;

          (c)  Any Event of Default or any event which, upon notice, or lapse
               of time, or both, would become an Event of Default;

          (d)  Any other matter which has resulted or is likely to result in a
               material adverse change in Borrower's financial condition or
               operation; and

                                       2
<PAGE>   3
     (e)  Any change in Borrower's name or the location of Borrower's principal
     place of business, or the location of any collateral for the Trade
     Facility, or the establishment of any new place of business or the
     discontinuance of any existing place of business.

4.3  Furnish to Bank an income statement, balance sheet, and statement of
retained earnings with supportive schedules ("Financial Statements"), and any
other financial information requested by Bank, prepared in accordance with
generally accepted accounting principles and in a form satisfactory to Bank as
follows:

     (a)  Within 180 days after close of each fiscal year, a copy of Borrower's
          annual Financial Statement prepared by an independent Certified Public
          Accountant on an unqualified basis. Any independent certified public
          accountant who prepares Borrower's Financial Statement shall be
          selected by Borrower and reasonably satisfactory to Bank;

     (b)  Within 90 days after close of each fiscal year, a copy of Borrower's
          annual SEC 10-K report;

     (c)  Within 30 days after close of each calendar month, a copy of
          Borrower's monthly statement of investment assets for collateral
          account number 200051960-01;

     (d)  Promptly upon request, any other financial information requested by
          Bank.

4.4  Pay or reimburse Bank for all costs, expenses and fees incurred by Bank in
     preparing and documenting this Agreement and the Trade Facility and all
     amendments and modifications thereof, including but not limited to all
     filing and recording fees, costs of appraisals, insurance and attorneys'
     fees, including the reasonable estimate of the allocated costs and expenses
     of in-house legal counsel and staff.

4.5  Maintain and preserve Borrower's existence, present form of business and
     all rights, privileges and franchises necessary or desirable in the normal
     course of its business and keep all of Borrower's properties in good
     working order and condition.

4.6  Maintain and keep in force insurance with companies acceptable to Bank and
     in such amounts and types, including without limitation fire and public
     liability insurance, as is usual in the business carried on by Borrower, or
     as Bank may reasonably request. Such insurance policies must be in form and
     substance satisfactory to Bank.

4.7  Maintain adequate books, accounts and records and prepare all financial
     statements required hereunder in accordance with generally accepted
     accounting principles and in compliance with the regulations of any
     governmental regulatory body having jurisdiction over Borrower or
     Borrower's business and permit employees or agents of Bank at any
     reasonable time to inspect Borrower's assets and properties, and to examine
     or audit Borrower's books, accounts and records and make copies and
     memoranda thereof.

4.8  At all times comply with or cause to be complied with, all laws, statutes,
     rules, regulations, orders and directions of any governmental authority
     having jurisdiction over Borrower or Borrower's business, and all material
     agreements to which Borrower is a party.

4.9  Except as provided in this Agreement or in the ordinary course of its
     business as currently conducted, not make any loans or advances, become a
     guarantor or surety, pledge its credit or properties in any manner, or
     extend credit.

4.10 Not purchase the debt or equity of another person or entity except for
     savings accounts and certificates of deposit of Bank, direct U.S.
     Government obligations and commercial paper issued by corporations with top
     ratings of Moody's or Standard & Poor's, provided that all such permitted
     investments shall mature within one year of purchase.

4.11 Not create, assume or suffer to exist any mortgage, encumbrance, security
     interest, pledge or lien ("Lien") on Borrower's real or personal property,
     whether now owned or hereafter acquired, or upon the income or profits
     thereof except the following: (a) Lines in favor Bank, (b) Liens for taxes
     or other items not delinquent or contested in good faith and (c) other
     Liens which do not exceed in the aggregate $N/A at any one time.

4.12 Not sell or discount any account receivable or evidence of indebtedness,
     except to Bank; not borrow any money or become contingently liable for
     money borrowed, except pursuant to agreements made with Bank.

4.13 Neither liquidate, dissolve, enter into any consolidation, merger,
     partnership or other combination; nor convey, sell or lease all or the
     greater part of its assets or business; nor purchase or lease all or the
     greater part of the assets or business of another.

4.14 Not engage in any business activities or operations substantially different
     from or unrelated to Borrower's present business activities and operations.

4.15 Not, in any single fiscal year of Borrower, expend or incur obligations of
     more than $N/A for the acquisition of fixed or capital assets.

                                       3
<PAGE>   4
     4.16 Not, in any single fiscal year of Borrower, enter into any lease of
          real or personal property which would cause Borrower's aggregate
          annual obligations under all such real and personal property leases to
          exceed $N/A.

     4.17 Borrower will promptly, upon demand by Bank, take such further action
          and execute all such additional documents and instruments in
          connection with this Agreement as Bank in its reasonable discretion
          deems necessary and promptly supply Bank with such other information
          concerning its affairs as Bank may request from time to time.

5.   EVENTS OF DEFAULT

The occurrence of any of the following events ("Events of Default") shall
terminate any obligation on the part of Bank to make or continue the Trade
Facility and automatically, unless otherwise provided under the Loan Documents,
shall make all sums of interest and principal and any other amounts owing under
the Trade Facility immediately due and payable, without notice of default,
presentment or demand for payment, protest or notice of nonpayment or dishonor,
or any other notices or demands:

     5.1  Borrower shall default in the due and punctual payment of the
     principal of or the interest under any of the Loan Documents; or

     5.2  Any default shall occur under any of the Loan Documents; or

     5.3  Borrower shall default in the due performance or observance of any
          covenant or condition of the Loan Documents; or

     5.4  Any guaranty or subordination agreement required hereunder shall be
     breached or become ineffective, or any guarantor or subordinating creditor
     shall die or disavow or attempt to revoke or terminate such guaranty or
     subordination agreement; or

     5.5  There shall be a change in ownership or control of ten percent (10%)
     or more of the issued and outstanding stock of Borrower or any guarantor,
     or (if Borrower is a partnership) there shall be a change in ownership or
     control of any general partner's interest.

6.   MISCELLANEOUS PROVISIONS

     6.1  The rights, powers and remedies given to Bank hereunder shall be
     cumulative and not alternative and shall be in addition to all rights,
     powers and remedies given to Bank by law against Borrower or any other
     person, including but not limited to Bank's rights of setoff and banker's
     lien.

     6.2  Any forbearance or failure or delay by Bank in exercising any right,
     power or remedy hereunder shall not be deemed a waiver thereof and any
     single or partial exercise of any right, power or remedy shall not preclude
     the further exercise thereof. No waiver shall be effective unless it is in
     writing and signed by an officer of Bank.

     6.3  The benefits of this Agreement shall inure to the successors and
     assigns of Bank and the permitted successors and assigns of Borrower, and
     any assignment by Borrower without Bank's consent shall be null and void.

     6.4  This Agreement and all other agreements and instruments required by
     Bank in connection herewith shall be governed by and construed according to
     the laws of the State of California.

     6.5  Should any one or more provisions of this Agreement be determined to
     be illegal or unenforceable, all other provisions nevertheless shall be
     effective. In the event of any conflict between the provisions of this
     Agreement and the provisions of any note or reimbursement agreement
     evidencing any indebtedness hereunder, the provisions of such note or
     reimbursement agreement shall prevail.

     6.6  Except for documents and instruments specifically referenced herein,
     this Agreement constitutes the entire agreement between Bank and Borrower
     regarding the Trade Facility and all prior communications verbal or written
     between Borrower and Bank shall be of no further effect or evidentiary
     value.

     6.7  The section and subsection headings herein are for convenience of
     reference only and shall not limit or otherwise affect the meaning hereof.

     6.8  This Agreement may be amended only in writing signed by all parties
     hereto.

     6.9  Borrower and Bank may execute one or more counterparts to this
     Agreement, each of which shall be deemed an original, but taken together
     shall be one and the same instrument.

     6.10 Any notices or other communications provided for or allowed hereunder
     shall be effective only when given by one of the following methods and
     addressed to the respective party at its address given with the signatures
     at the end of this Agreement and shall be considered to have been validly
     given: (a) upon delivery, if delivered personally; (b) upon receipt, if
     mailed, first class postage prepaid, with the United States Postal Service;
     (c) on the next business day, if sent by overnight courier service of
     recognized standing; and (d) upon telephoned confirmation of receipt, if
     telecopied.

                                       4

<PAGE>   5
7. ADDITIONAL PROVISIONS

The following additional provisions, if any, are hereby made a part of this
Agreement:

THIS AGREEMENT is executed on behalf of the parties as of September 25, 2000.

 UNION BANK OF CALIFORNIA, N.A. ("BANK")     GENETRONICS, INC. ("BORROWER")

By: /s/ KEN SLUDER                           By: /s/ MARKUS HOFMANN
    --------------------                         ------------------------
Title: Vice President                        Title: Controller
Printed Name: Ken Sluder                     Printed Name: Markus Hofmann

Address where notices to Bank                Address where notices to Borrower
are to be sent:                              are to be sent:

Union Bank of California, N.A.               Genetronics, Inc.
4860 La Jolla Village Drive, Suite 750       11199 Sorrento Valley Road
San Diego, CA 92122                          San Diego, CA 92121
Attn: Ken Sluder                             Attn: Markus Hofmann
Fax Number: (858) 552-2044                   Fax Number: _____________________
Telephone No: (858) 552-2051                 Telephone No. (858) 597-6006

                                       5<PAGE>   1
                                                                    EXHIBIT 10.3
BANK OF CALIFORNIA

                                PROMISSORY NOTE
                           TRADE FINANCE - BASE RATE

                                                                 MARQUEZ/R/18992
--------------------------------------------------------------------------------
Borrower Name   GENETRONICS, INC.
--------------------------------------------------------------------------------
Borrower Address                 Office             Loan Number
                                 40067                3116638944 0001-00-0-000

                                 Maturity Date      Amount
11199 SORRENTO VALLEY ROAD       AUGUST 31, 2001    $2,000,000.00
SAN DIEGO, CA 92121
--------------------------------------------------------------------------------

Date SEPTEMBER 29, 2000                                            $2,000,000.00

FOR VALUE RECEIVED, on AUGUST 31, 2000 the undersigned ("Debtor") promises to
pay to the order of UNION BANK OF CALIFORNIA, N.A. ("Bank"), as indicated
below, the principal sum of TWO MILLION AND NO/100 Dollars ($2,000,000.00), or
so much thereof as is disbursed, together with interest on the balance of such
principal from time to time outstanding, at a per annum rate or rates and at
the times set forth below.

1.  PAYMENTS. Principal Payments. Debtor shall pay principal as to each advance
under this note, the full amount of the advance on the earlier of: 90 days after
the advance is made; 90 days after release of documents relating to the advance
or NOVEMBER 20, 2001 Interest Payments. Debtor shall pay interest on the LAST
day of each MONTH commencing OCTOBER 31, 2000. Should interest not be paid when
due, it shall become a part of the principal and thereafter bear interest as
herein provided. All computations of interest under this note shall be made on
the basis of a year of 360 days, for actual days elapsed.

     a.   BASE INTEREST RATE. At Debtor's option, amounts outstanding hereunder
          in minimum amounts of at least $100,000.00 shall bear interest at a
          rate, based on an index selected by Debtor, which is 1.750% per annum
          in excess of Bank's LIBOR Rate for the Interest Period selected by
          Debtor, acceptable to Bank.

     No Base Interest Rate may be changed, altered or otherwise modified until
     the expiration of the Interest Period selected by Debtor. The exercise of
     interest rate options by Debtor shall be as recorded in Bank's records,
     which records shall be prime facie evidence of the amount borrowed under
     either interest option and the interest rate; provided, however, that
     failure of Bank to make any such notation in its records shall not
     discharge Debtor from its obligations to repay in full with interest all
     amounts borrowed. In no event shall any Interest Period extend beyond the
     maturity date of this note except as set forth in the TRADE CREDIT
     AGREEMENT as may be amended from time to time.

     To exercise this option, Debtor may, from time to time with respect to
     principal outstanding on which a Base Interest Rate is not accruing, and on
     the expiration of any Interest Period with respect to principal outstanding
     on which a Base Interest Rate has been accruing, select an Index offered by
     Bank for a Base Interest Rate Loan and an Interest Period by telephoning an
     authorized lending officer of Bank located at the banking office identified
     below prior to 10:00 a.m., Pacific time, on any Business Day and advising
     that officer of the selected index, the Interest Period and the Origination
     Date selected (which Origination Date, for a Base Interest Rate Loan based
     on the LIBOR Rate, shall follow the date of such selection by no more than
     two (2) Business Days).

     Bank will mail a written confirmation of the terms of the selection to
     Debtor promptly after the selection is made. Failure to send such
     confirmation shall not affect Bank's rights to collect interest at the rate
     selected. If, on the date of the selection, the index selected is
     unavailable for any reason, the selection shall be void. Bank reserves the
     right to fund the principal from any source of funds notwithstanding any
     Base Interest Rate selected by Debtor.

     b.   VARIABLE INTEREST RATE. All principal outstanding hereunder which is
     not bearing interest at a Base Interest Rate shall bear interest at a rate
     per annum of 1.000% less than the Reference Rate, which rate shall vary as
     and when the Reference Rate changes.

     If any interest rate defined in this note ceases to be available from Bank
     for any reason, then said interest rate shall be replaced by the rate then
     offered by Bank, which, in the sole discretion of Bank, most closely
     approximates the unavailable rate.

     At any time prior to the maturity of this note, subject to the provisions
     of paragraph 4, below, of this note, Debtor may borrow, repay and reborrow
     hereon so long as the total outstanding at any one time does not exceed the
     principal amount of this note. Debtor shall pay all amounts due under this
     note in lawful money of the Untied States at Bank's GOLDEN TRIANGLE
     COMMERCIAL BANKING Office, or such other office as may be designated by
     Bank, from time to time.

2.   LATE PAYMENTS. If any payment required by the terms of this note shall
remain unpaid ten days after same is due, at the option of Bank, Debtor shall
pay a fee of $100 to Bank.

3.   INTEREST RATE FOLLOWING DEFAULT. In the event of default, at the option of
Bank, and to the extent permitted by law, interest shall be payable on the
outstanding principal under this note at a per annum rate equal to FIVE AND
NO/1000 percent (5.000%) in excess of the interest rate specified in paragraph
1.b, above, calculated from the date of default until all amounts payable under
this note are paid in full.

4.   PREPAYMENT.
a.   Amounts outstanding under this note bearing interest at a rate based on
the Reference Rate may be prepaid in whole or in part at any time, without
penalty or premium. Debtor may prepay amounts outstanding under this note
bearing interest at a Base Interest Rate in whole or in part provided Debtor
has given Bank not less than five (5) Business Days prior written notice of
Debtor's intention to make such prepayment and pays to Bank the prepayment fee
due as a result. The prepayment fee shall also be paid, if Bank, for any other
reason, including acceleration or foreclosure, receives all or any portion of
principal bearing interest at a Base Interest Rate prior to its scheduled
payment date. The prepayment fee shall be an amount equal to the present value
of the product of: (i) the difference (but not less than zero) between (a) the
Base Interest Rate applicable to the principal amount which is being prepaid,
and (b) the return which Bank could obtain if it used the amount of such
prepayment of principal to purchase at bid price regularly quoted securities
issued by the United States having a maturity date most closely coinciding
with the relevant Base Rate Maturity Date and such securities were held by
Bank until the relevant Base Rate Maturity Date ("Yield Rate"); (ii) a
fraction, the numerator of which is the number of days in the period between
the date of prepayment and the relevant Base Rate Maturity Date and the
denominator of which is 360; and (iii) the amount of the principal so prepaid
(except in the event that principal payments are required and have been made as
scheduled under the terms of the Base Interest Rate Loan being prepaid, then an
amount equal to the lesser of (A) the amount prepaid or (B) 50% of the sum of
(1) the amount prepaid and (2) the amount of principal scheduled under the
terms of the Base Interest Rate Loan being prepaid to be outstanding at the
relevant Base Rate Maturity Date). Present value under this note is determined
by discounting the above product to present value using the Yield Rate as the
annual discount factor.

b.   In no event shall Bank be obligated to make any payment or refund to
Debtor, nor shall Debtor be entitled to any setoff or other claim against
Bank, should the return which Bank could obtain under this prepayment formula
exceed the interest that Bank would have received if no prepayment had
occurred. All prepayments shall include payment of accrued interest on the
principal amount so prepaid and shall be applied to payment of interest
before application to principal. A determination by Bank as to the prepayment
fee amount, if any shall be conclusive.

c.   Bank shall provide Debtor a statement of the amount payable on account of
prepayment. Debtor acknowledges that (i) Bank establishes a Base Interest Rate
upon the understanding that it apply to the Base Interest Rate Loan for the
entire Interest Period, and (ii) Bank would not lend to Debtor without
Debtor's express agreement to pay Bank the prepayment fee described above.

5.   DEFAULT AND ACCELERATION OF TIME FOR PAYMENT. Default shall include, but
not be limited to, any of the following: (a) the failure of Debtor to make any
payment required under this note when due; (b) any breach, misrepresentation or
other default by Debtor, any guarantor, co-maker, endorser, or any person or
entity other than Debtor providing security for this note (hereinafter
individually and collectively referred to as the "Obligor") under any security
agreement, guaranty or other agreement between Bank and any Obligor; (c) the
insolvency of any Obligor or the failure of any Obligor generally to pay such
Obligor's debts as such debts become due; (d) the commencement as to any
Obligor of any voluntary or involuntary proceeding under any laws relating to
bankruptcy, insolvency, reorganization, arrangement, debt adjustment or debtor

<PAGE>   2
relief; (e) the assignment by any Obligor for the benefit of such Obligor's
creditors; (f) the appointment, or commencement of any proceeding for the
appointment of a receiver, trustee, custodian or similar official for all or
substantially all of any Obligor's property; (g) the commencement of any
proceeding for the dissolution or liquidation of any Obligor; (h) the
termination of existence or death of any Obligor; (i) the revocation of any
guaranty or subordination agreement given in connection with this note; (j) the
failure of any Obligor to comply with any order, judgement, injunction, decree,
writ or demand of any court or other public authority; (k) the filing or
recording against any Obligor, or the property of any Obligor, of any notice of
levy, notice to withhold, or other legal process for taxes other than property
taxes; (l) the default by any [ILLEGIBLE] personally liable for amounts owed
hereunder on any obligation concerning the borrowing of money; (m) the issuance
against any Obligor, or the property of any Obligor, of any writ of attachment,
execution, or other judicial lien; or (n) the deterioration of the financial
condition of any Obligor which results in Bank deeming itself, in good faith,
insecure. Upon the occurrence of any such default, Bank, in its discretion, may
cease to advance funds hereunder and may declare all obligations under this note
immediately due and payable; however, upon the occurrence of an event of default
under d, e, f, or g, all principal and interest shall automatically become
immediately due and payable.

6. ADDITIONAL AGREEMENTS OF DEBTOR. If any amounts owing under this note are not
paid when due, Debtor promises to pay all costs and expenses, including
reasonable attorneys' fees, incurred by Bank in the collection or enforcement of
this note. Debtor and any endorsers of this note, for the maximum period of time
and the full extent permitted by law, (a) waive diligence, presentment, demand,
notice of nonpayment, protest, notice of protest, and notice of every kind; (b)
waive the right to assert the defense of any statute of limitations to any debt
or obligation hereunder; and (c) consent to renewals and extensions of time for
the payment of any amounts due under this note. If this note is signed by more
than one party, the term "Debtor" includes each of the undersigned and any
successors in interest thereof; all of whose liability shall be joint and
several. Any married person who signs this note agrees that recourse may be had
against the separate property of that person for any obligations hereunder. The
receipt of any check or other item of payment by Bank, at its option, shall not
be considered a payment on account until such check or other item of payment is
honored when presented for payment at the drawee bank. Bank may delay the credit
of such payment based upon Bank's schedule of funds availability, and interest
under this note shall accrue until the funds are deemed collected. In any action
brought under or arising out of this note, Debtor and any Obligor, including
their successors and assigns, hereby consent to the jurisdiction of any
competent court within the State of California, as provided in any alternative
dispute resolution agreement executed between Debtor and Bank, and consent to
service of process by any means authorized by said state's law. The term "Bank"
includes, without limitation, any holder of this note. This note shall be
construed in accordance with and governed by the laws of the State of
California. This note hereby incorporates any alternative dispute resolution
agreement previously, concurrently or hereafter executed between Debtor and
Bank.

7. DEFINITIONS. As used herein, the following terms shall have the meanings
respectively set forth below: "BASE INTEREST RATE" means a rate of interest
based on the LIBOR rate. "BASE INTEREST RATE LOAN" means amounts outstanding
under this note that bear interest at a Base Interest Rate. "BASE RATE MATURITY
DATE" means the last day of the Interest Period with respect to principal
outstanding under a Base Interest Rate Loan. "BUSINESS DAY" means a day on which
Bank is open for business for the funding of corporate loans, and, with respect
to the rate of interest based on the LIBOR Rate, on which dealings in U.S.
dollar deposits outside of the United States may be carried on by Bank.
"INTEREST PERIOD" means with respect to funds bearing interest at a rate based
on the LIBOR Rate, any calendar period of THREE MONTHS. In determining an
Interest Period, a month means a period that starts on one Business Day in a
month and ends on and includes the day preceding the numerically corresponding
day in the next month. For any month in which there is no such numerically
corresponding day, then as to that month, such day shall be deemed to be the
last calendar day of such month. Any Interest Period which would otherwise end
on a non-Business Day shall end on the next succeeding Business Day unless that
is the first day of a month, in which event such Interest Period shall end on
the next preceding Business Day. "LIBOR RATE" means a per annum rate of interest
(rounded upward, if necessary, to the nearest 1/100 of 1%) at which dollar
deposits, in immediately available funds and in lawful money of the United
States would be offered to Bank, outside of the United States, for a term
coinciding with the Interest Period selected by Debtor and for an amount equal
to the amount of principal covered by Debtor's interest rate selection, plus
Bank's costs, including the cost, if any, of reserve requirements. "ORIGINATION
DATE" means the first day of the Interest Period. "REFERENCE RATE" means the
rate announced by Bank from time to time at its corporate headquarters as its
Reference Rate. The Reference Rate is an index rate determined by Bank from time
to time as a means of pricing certain extensions of credit and is neither
directly tied to any external rate of interest or index nor necessarily the
lowest rate of interest charged by Bank at any given time.

GENETRONICS, INC.

BY: /s/ MARTIN NASH  9/27/00    CEO
   ------------------------------------      -----------------------------------

   ------------------------------------      -----------------------------------

   ------------------------------------      -----------------------------------

   ------------------------------------      -----------------------------------

   ------------------------------------      -----------------------------------

   ------------------------------------      -----------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]