Document:

Exhibit 10.47

                                  THIRD ALLONGE
                                       TO
                           LOAN AND SECURITY AGREEMENT

This  modification,  effective  September  10,  2001,  to the Loan and  Security
Agreement ("Agreement") effective June 10, 1999, as amended,  between OSTEOTECH,
INC., a Delaware  Corporation;  OSTEOTECH INVESTMENT  CORPORATION,  a New Jersey
Corporation;  CAM IMPLANTS, INC., a Colorado Corporation;  OSTEOTECH, B.V., H.C.
IMPLANTS, B.V., CAM IMPLANTS, B.V., OSTEOTECH/CAM SERVICES, B.V., each a Company
of The Netherlands; and OST DEVELOPPEMENT,  a Corporation of France (jointly and
severally  "Borrower") and FLEET NATIONAL BANK,  Successor in Interest to Summit
Bank  ("Lender") and to which  Agreement these presents are so firmly affixed as
to become a part thereof.

Notwithstanding anything to the contrary set forth in the Agreement, the
Agreement is hereby amended as follows:

     1. The  "DEFINITIONS"  section  is hereby  amended by the  addition  of the
following:

          "Banking Day" - as defined in Section 11.6(d)

          "LIBOR Rate (Equipment)" - as defined in Section 1.4(c)

          "Prime Rate" - as defined in Section 1.4(g)

     2. All  references  in the  Agreement to "Base Rate" are hereby  amended to
refer to the "Prime Rate."

     3. Paragraph 1.4(c) is hereby amended to read as follows:

          1.4(c) Interest  accrues on Loan III at Borrower's  option,  at either
          (i) Lender's  floating Prime Rate minus one-half of one percent (1/2%)
          per annum or (ii) the LIBOR Rate,  as selected by the Borrower  during
          the initial  monthly  interest only payable  period.  Upon  conversion
          pursuant  to Section  1.3(b)  above,  interest  accrues at  Borrower's
          option at either (i) Lender's  floating Prime Rate or (ii) the 30, 60,
          90 or 180 day Base  LIBOR  (London  Interbank  Offered  Rate) plus 225
          basis  points  [the  "Libor  Rate  (Equipment)"]  as  selected  by the
          Borrower.

                                                                           E-143
<PAGE>

     4. Paragraph 1.4(g) is hereby amended to read as follows:

          The Prime Rate of Lender means the fluctuating  Prime Rate of interest
          established  by Fleet  National  Bank from time to time whether or not
          such rate shall be otherwise published.  The Prime Rate is established
          for the convenience of Lender.  It is not necessarily  Lender's lowest
          rate.  In the event that there should be a change in the Prime Rate of
          Lender,  such  change  shall be  effective  on the date of such change
          without notice to Borrower or any guarantor,  endorser or surety.  Any
          such change will not effect or alter any other term or  conditions  of
          any promissory note or this Agreement.

     5. Paragraph 1.5(a) is hereby amended to read as follows:

          1.5(a)  At  each  and  every  Re-Set  Date  during  the  term  of this
          Agreement,  Borrower  is to have the right to select  either the LIBOR
          Rate,  LIBOR Rate  (Equipment) or variable rates set forth in Sections
          1.4(a)  and  1.4(c)  as  applicable  pursuant  to the  terms  of  this
          Agreement  to a designated  principal  balance  unless such  principal
          balance has been  previously  designated as being repayable at a LIBOR
          Rate or LIBOR Rate  (Equipment),  and is subject to an Interest Period
          which has not yet  expired.  Each  interest  rate from time to time so
          selected by Borrower is to take effect and is to end on a Re-Set Date.
          If Borrower does not select an interest  rate by written  notice given
          to Lender at least three (3) banking days prior to a particular Re-Set
          Date, the interest rate  applicable to the principal  balance for such
          Re-Set Date is to be the applicable  alternate variable rate set forth
          in  Sections  1.4(a) and 1.4(c) of this  Agreement;  or in the case of
          Section 1.4(c) following  conversion,  the applicable interest rate is
          to be the LIBOR Rate (Equipment) or the applicable  alternate variable
          rate  set  forth  in  Section  1.4(c).  The  LIBOR  Rate,  LIBOR  Rate
          (Equipment)  or  variable  rate  selected  by  Borrower  or  otherwise
          designated  for a  particular  Re-Set  Date  in  accordance  with  the
          foregoing  provisions of this paragraph,  are to be in effect from and
          including  the first  day of the  Interest  Period to which  such rate
          pertains to, but not including,  the Roll Over Date applicable to such
          Interest Period, and will (subject to the following provisions of this
          paragraph) be  applicable  to the portion of the principal  balance of
          the Loan with respect to which a LIBOR Rate or

                                                                           E-144
<PAGE>

          LIBOR Rate  (Equipment)  are due to be re-set on such Re-Set Date,  as
          well as to any portion of the principal  balance bearing interest at a
          variable  rate and any  advance  scheduled  to be made on such  Re-Set
          Date.

     6. Paragraph 1.5(b) is hereby amended to read as follows:

          1.5(b) The term  "Interest  Period"  means the  period of time  during
          which a  particular  LIBOR  Rate or  LIBOR  Rate  (Equipment)  will be
          applicable to all or any particular  portion of the principal  balance
          in accordance  with the  provisions  of this Section,  it being agreed
          that (a) each Interest  Period is to commence and is to terminate on a
          Re-Set Date, (b) each Interest Period (for a LIBOR Rate) is to be of a
          duration  of either one month,  two months or three  months,  and each
          Interest Period [for a LIBOR Rate  (Equipment)] is to of a duration of
          either  one  month,  two  months,  three  months or six  months (c) no
          Interest  Period is to extend beyond the term of this Agreement or the
          term of an applicable  portion of the Loan  (whichever is earlier) and
          (d) the  portion  of the  principal  balance  with  respect to which a
          particular  Interest  Period is  applicable  will bear interest at the
          LIBOR  Rate or LIBOR  Rate  (Equipment)  pertaining  to such  Interest
          Period from and including  the first day of such  Interest  Period to,
          but not including,  the last day of such Interest  Period.  At no time
          are there to be more than three (3) Interest  Periods  under Loan III.
          At no time is the  principal  balance  repayable  during an applicable
          Interest Period to be less than $100,000.00.

     7. Paragraph 1.5(c) is hereby amended to read as follows:

          1.5(c) The "Base  LIBOR  Rate"  applicable  to a  particular  Interest
          Period  means,  the rate per annum as  determined  on the basis of the
          offered  rates  for  deposits  in U.S.  Dollars,  for a period of time
          comparable to such Interest  Period which appears on the Telerate page
          3750 as of  11:00  A.M.  London  time on the  day  that is two  London
          Banking  Days  preceding  the  first  day  of  such  Interest  Period,
          provided,  however, if the rate described above does not appear on the
          Telerate  System on any applicable  interest  determination  date, the
          Base LIBOR rate shall be the rate (rounded  upward,  if necessary,  to
          the nearest one hundred-thousandth of a percentage point),  determined
          on the basis of the offered

                                                                           E-145
<PAGE>

          rates for deposits in U.S.  dollars for a period of time comparable to
          such  Interest  Period  which are  offered by four major  banks in the
          London interbank  market at  approximately  11:00 A.M. London time, on
          the day that is two (2) London Banking Days preceding the first day of
          such  Interest  Period as selected  by Lender.  The  principal  London
          office of each of the four major  London  banks will be  requested  to
          provided a quotation of its U.S.  Dollar  deposit  offered rate. If at
          least two such quotations are provided, the rate for that date will be
          the arithmetic  mean of the  quotations.  If fewer than two quotations
          are provided as  requested,  the rate for that date will be determined
          on the basis of the rates quoted for loans in U.S.  Dollars to leading
          European banks for a period of time comparable to such Interest Period
          offered by major  banks in New York City at  approximately  11:00 A.M.
          New  York  City  time,  on the day  that is two  London  Banking  Days
          preceding  the first day of such  Interest  Period.  In the event that
          Lender is unable to obtain any such  quotation as provided  above,  it
          will be deemed that the Base LIBOR Rate pursuant to an Interest Period
          cannot be determined.  In the event that the Board of Governors of the
          Federal Reserve system shall impose a Reserve  Percentage with respect
          to LIBOR  deposits of Lender,  then for any period  during  which such
          Reserve  Percentage  shall  apply,  Base  LIBOR  shall be equal to the
          amount  determined  above  divided  by an amount  equal to 1 minus the
          Reserve  Percentage.  "Reserve  Percentage"  shall  mean  the  maximum
          aggregate  reserve  requirement  (including  all basic,  supplemental,
          marginal and other  reserves)  which is imposed on member banks of the
          Federal Reserve system against "Euro-currency  Liabilities" as defined
          in Regulation D.

     8. Paragraph 1.5(f) is hereby deleted in its entirety.

     9. The following is added to Paragraph 1.5(g):

          If any  change  in  any  law or  regulation  or in the  interpretation
          thereof by any governmental  authority charged with the administration
          or  interpretation  thereof makes it unlawful or impossible for Lender
          to make or maintain a LIBOR Rate (Equipment) or to determine same, the
          applicable annual

                                                                           E-146
<PAGE>

          interest rate for Loan III, following conversion, is the Prime Rate.

     10. Paragraph 1.5(h) is hereby amended to read as follows:

          1.5(h)  Borrower  recognizes  that the cost to  Lender  of  making  or
          maintaining a LIBOR Rate or LIBOR Rate  (Equipment)  loan with respect
          to the prin cipal balance or any portion  thereof  imposed upon Banks,
          generally,  including Lender, may fluctuate and Borrower agrees to pay
          Lender  within ten (10) days after  demand by Lender  such  additional
          amount or  amounts as Lender  reasonably  determines  will  compensate
          Lender for actual costs incurred by Lender in  maintaining  such rates
          on the principal balance or any portion thereof.

     11. Section 1.8 is hereby amended to read as follows:

          Section 1.8 Reimbursement of Increased Cost to Lender

          a.  If any  law,  regulation  or  guideline,  or  change  in any  law,
          regulation or guideline or in the interpretation thereof, or any order
          or  ruling  by  any  regulatory  body,  court  or  other  governmental
          authority,  or  compliance by the Lender with any request or directive
          (whether or not having the force of law) of any such regulatory  body,
          court  or  authority,  imposes,  modifies,  or  deems  applicable  any
          reserve,  capital,  special deposit or other  requirement or condition
          which  results  in an  increased  cost or  reduced  benefit  to banks,
          generally,   including   Lender  (and  as   determined  by  reasonable
          allocation  of the  aggregate  of  such  increased  costs  or  reduced
          benefits to Lender resulting from such event), then Borrower is to pay
          to Lender from time to time upon demand additional  amounts sufficient
          to compensate  Lender for such  increased  costs or reduced  benefits,
          together  with  interest on each such amount from a date ten (10) days
          after the date of such  demand  until  payment in full  thereof at the
          highest   interest  rate  then  applicable  to  any  of  the  Debt.  A
          certificate  setting forth in reasonable  detail such  increased  cost
          incurred or reduced benefit realized by Lender as a result of any such
          event is to be conclusive as to the amount  thereof,  absent  manifest
          error.

                                                                           E-147
<PAGE>

          b. Borrower may prepay a loan or advance  repayable during an Interest
          Period only upon at least three (3) Banking Days prior written  notice
          to Lender (which notice shall be irrevocable), and any such prepayment
          shall occur only on the last day of the Interest  Period.  Borrower is
          to pay to Lender,  upon  request of Lender,  such amount or amounts as
          will be sufficient (in the reasonable opinion of Lender) to compensate
          it for any loss,  cost,  or expense  incurred  as a result of: (1) any
          payment on a date other than the last day of the Interest Period; (ii)
          any  failure  by  Borrower  to  borrow at a LIBOR  Rate or LIBOR  Rate
          (Equipment) on the date specified by Borrower's written notice;  (iii)
          any failure by Borrower to pay a loan repayable at either a LIBOR Rate
          or  LIBOR  Rate  (Equipment)  on the  date for  payment  specified  in
          Borrower's written notice. Without limiting the foregoing, Borrower is
          to pay to Lender a "yield  maintenance  fee" in an amount  computed as
          follows: The current rate for United States Treasury securities (bills
          on a discounted  basis shall be converted to a bond equivalent) with a
          maturity  date closest to the term chosen  pursuant to the  applicable
          LIBOR Rate or LIBOR Rate  (Equipment)  loan or advance as to which the
          prepayment is made, shall be subtracted from the rate in effect at the
          time of prepayment.  If the result is zero or a negative number, there
          shall be no yield maintenance fee. If the result is a positive number,
          then the resulting percentage shall be multiplied by the amount of the
          principal balance being prepaid. The resulting amount shall be divided
          by 360 and  multiplied  by the  number of days  remaining  in the term
          chosen   pursuant  for  the  applicable   LIBOR  Rate  or  LIBOR  Rate
          (Equipment)  loan or advance as to which the prepayment is made.  Said
          amount shall be reduced to present value calculated by using the above
          referenced  United States  Treasury  securities rate and the number of
          days  remaining in the term chosen  pursuant to the  applicable  LIBOR
          Rate or LIBOR Rate  (Equipment) loan or advance as to which prepayment
          is made. The resulting  amount shall be the yield  maintenance fee due
          to Lender upon the  prepayment  of a loan or advance  repayable  at an
          applicable  LIBOR Rate or LIBOR Rate  (Equipment).  If by reason of an
          event of Default  Lender elects to declare the Debt to be  immediately
          due and payable,  then any yield

                                                                           E-148
<PAGE>

          maintenance  fee payable becomes due and payable in the same manner as
          though Borrower had exercised such right of prepayment.

     12. The following is added as Section 2.5:

          Section 2.5 Obligations to Federal Reserve Banks

          Lender  may at any time  pledge or assign  all or any  portion  of its
          rights under this Agreement (including any portion of any Note) to any
          of the twelve (12) Federal  Reserve Banks organized under Section 4 of
          the  Federal  Reserve  Act, 12 U.S.C.  Section  341. No such pledge or
          assignment or enforcement thereof releases Lender from its obligations
          under this Agreement.

     13. The first  sentence of paragraph  11.6(d) is hereby  amended to read as
follows:

          11.6(d) A banking  day or a Banking  Day is any day, in respect of any
          city, on which commercial banks are open for business in that city.

     14. The  opening  paragraph  of Article  14,  subsection  (a)(ii) is hereby
amended to read as follows:

          (ii) paying to Lender,  as liquidated  damages,  the applicable amount
          stated  below as to that  portion of either or both Loan I and/or Loan
          II prepaid,  to the extent that the  principal  amount  prepaid  bears
          interest at a then applicable fixed annual interest rate:

Except as specifically modified herein, all of the terms and conditions of the
Agreement, and the certificates and other documents executed in connection
therewith, shall remain in full force and effect and any term in initial
capitals and not otherwise defined herein shall have the meaning ascribed
thereto in the Agreement.

                                                                           E-149
<PAGE>

Witness:                                           OSTEOTECH, INC.
                                                   A Delaware Corporation

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
------------------------                               ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Executive Vice President

Witness:                                           OSTEOTECH INVESTMENT
                                                   CORPORATION
                                                   A New Jersey Corporation

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
------------------------                               ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Executive Vice President

Witness:                                           CAM IMPLANTS, INC.
                                                   A Colorado Corporation

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
------------------------                               ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Chief Financial Officer

Witness:                                           OSTEOTECH, B.V.
                                                   A Company of The Netherlands

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
------------------------                               ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Managing Director

Witness:                                           H.C. IMPLANTS, B.V.
                                                   A Company of The Netherlands

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
------------------------                               ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Managing Director

                                                                           E-150
<PAGE>

Signatures continued ......

............................  continuation of signatures to Third Allonge to Loan
and Security Agreement

Witness:                                         CAM IMPLANTS, B.V.
                                                 A Company of The Netherlands

/s/ Mark H. Burroughs                            By: /s/ Michael J. Jeffries
------------------------                             ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Managing Director

Witness:                                         OSTEOTECH/CAM SERVICES, B.V.
                                                 A Company of The Netherlands

/s/ Mark H. Burroughs                            By: /s/ Michael J. Jeffries
------------------------                             ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Managing Director

Witness:                                         OST DEVELOPPEMENT
                                                 A Corporation of France

/s/ Mark H. Burroughs                            By: /s/ Michael J. Jeffries
------------------------                             ------------------------
                                                       MICHAEL J. JEFFRIES
                                                       Managing Director

                                                 FLEET NATIONAL BANK
                                                 Successor in Interest to
                                                 Summit Bank

                                                 By: /s/ David Nilsen
                                                    ----------------------

                                                                           E-151Exhibit 10.48

                                THIRD ALLONGE TO
                               EQUIPMENT LOAN NOTE

This modification, effective September 10, 2001, to the Equipment Loan Note
dated June 10, 1999, as amended, payable to the order of FLEET NATIONAL BANK,
Successor in Interest to Summit Bank ("Note") and to which Note these presents
are so firmly affixed as to become a part thereof.

Notwithstanding anything to the contrary set forth in the Note, the Note is
hereby amended as follows:

     A. The third  paragraph on page 1 of the Note is hereby  amended to read as
follows:

          In the absence of Default (as defined in the Loan Agreement), the term
          of this Note is  automatically  extended for an  additional  seven (7)
          year term  commencing on the  Conversion  Date.  Thereupon,  this Note
          becomes  repayable in eighty-four  (84) equal monthly  installments of
          principal,  together with accrued  interest  based upon the applicable
          LIBOR Rate  (Equipment) as defined in the Loan Agreement,  as selected
          by the Borrower  pursuant to the Loan Agreement.  The first payment is
          to be  made  on the  first  day  of the  second  month  following  the
          Conversion Date and each subsequent  payment is to be made on the same
          day of each  successive  month.  Upon the  eighty-fourth  (84th)  such
          installment  payment,  the full amount of unpaid  principal,  together
          with unpaid accrued interest is due and payable.

     B. The last paragraph on page 2 of the Note  (beginning  with the words "In
the event  that this Note is  prepaid......")  and ending on page 3 of the Note,
and the first full paragraph on page 3 of the Note (ending with the words ".....
committed financing"), referring to prepayment premiums, are hereby deleted.

     C. All  references to "Base Rate" are hereby amended to refer to the "Prime
Rate." The  definition of "Base Rate" is deleted and replaced with the following
definition of "Prime Rate:" The Prime Rate of Lender means the fluctuating Prime
Rate of interest established by Fleet National Bank from time to time whether or
not such rate shall be otherwise  published.  The Prime Rate is established  for
the convenience of Lender.  It is not  necessarily  Lender's lowest rate. In the
event that there  should be a change in the Prime  Rate of Lender,  such  change
shall be effective on the date of such change  without notice to Borrower or any
guarantor,  endorser  or surety.  Any such  change  will

                                                                           E-152
<PAGE>

not effect or alter any other term or conditions of this Note.

Except as specifically modified herein, all of the terms and conditions of the
Note shall remain in full force and effect and any term in initial capitals and
not otherwise defined herein shall have the meaning ascribed thereto in the
Note.

Witness:                                           OSTEOTECH, INC.
                                                   A Delaware Corporation

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                        MICHAEL J. JEFFRIES
                                                        Executive Vice President

Witness:                                           OSTEOTECH INVESTMENT
                                                   CORPORATION
                                                   A New Jersey Corporation

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                        MICHAEL J. JEFFRIES
                                                        Executive Vice President

Witness:                                           CAM IMPLANTS, INC.
                                                   A Colorado Corporation

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                        MICHAEL J. JEFFRIES
                                                        Chief Financial Officer

Witness:                                           OSTEOTECH, B.V.
                                                   A Company of The Netherlands

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                        MICHAEL J. JEFFRIES
                                                        Managing Director

Witness:                                           H.C. IMPLANTS, B.V.
                                                   A Company of The Netherlands

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                        MICHAEL J. JEFFRIES
                                                        Managing Director

                                                                           E-153
<PAGE>

Signatures continued ......

............................  continuation  of  signatures  to Third  Allonge  to
Equipment Loan Note

Witness:                                           CAM IMPLANTS, B.V.
                                                   A Company of The Netherlands

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                        MICHAEL J. JEFFRIES
                                                        Managing Director

Witness:                                           OSTEOTECH/CAM SERVICES, B.V.
                                                   A Company of The Netherlands

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                         MICHAEL J. JEFFRIES
                                                         Managing Director

Witness:                                           OST DEVELOPPEMENT
                                                   A Corporation of France

/s/ Mark H. Burroughs                              By: /s/ Michael J. Jeffries
---------------------                                 -------------------------
                                                         MICHAEL J. JEFFRIES
                                                         Managing Director

                                                                           E-154

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