Document:

Commercial Promissory Note for $600,000

 EXHIBIT 10.3 

ImmuCell Corporation 
  

 Commercial Promissory Note for $600,000 between the Company and TD Bank, N.A. dated
August 13, 2010. 

 ImmuCell Corporation 

 

 COMMERCIAL 

PROMISSORY NOTE 
  

					
	 U.S. $600,000.00
	  	 Portland, Maine
	  	
		  	 August 13, 2010
	  	

 FOR VALUE RECEIVED, the undersigned, ImmuCell Corporation (the
“Borrower”), having a mailing address of 56 Evergreen Drive, Portland, ME, promises to pay to the order of TD Bank, N.A. (together with its successors and assigns, the “Lender”), at its principal place of
business at One Portland Square, P.O. Box 9540, Portland, Maine 04112-9540 the principal sum of Six Hundred Thousand & 00/100 Dollars ($600,000.00) or so much thereof as may be advanced in accordance with the terms hereof. 

RATE OF INTEREST: 

For each day all or any part of the principal amount due hereunder shall remain outstanding, interest shall accrue on the
outstanding and unpaid principal amount due hereunder at the following rates per annum (each a “Rate of Interest”) and shall be computed on the basis of actual days elapsed in a 360 day year: 

1.        Commencing on the date hereof and continuing until the Maturity Date
and payment in full of all indebtedness evidenced hereby, this Note shall bear interest at a variable and fluctuating annual rate equal to Three and One Quarter percent (3.25%) above the One Month LIBOR (London Interbank Offered Rate);
provided, however, that in all events, that the Rate of Interest shall never be less than the floor of four and a quarter percent (4.25%). 

2.        The Rate of Interest shall be adjusted monthly, with each adjustment
effective on the 13th day of each month (each a
“Reset Date”) in accordance with changes in said One Month LIBOR and the terms hereof. Each resulting change in the Rate of Interest shall become effective, without notice to Borrower (which notice is hereby expressly waived by
Borrower and all endorsers, guarantors, and sureties). 

3.        “LIBOR” (London Interbank Offered Rate) means the rate
of interest in U.S. Dollars (rounded upwards, at the Lender’s option, to the next 100th of one percent) equal to the British Bankers’ Association LIBOR (“BBA LIBOR”) for the equivalent interest period as published by
Bloomberg (or such other commercially available source providing quotations of BBA LIBOR as designated by Lender from time to time) at approximately 11:00 A.M. (London time) two London Banking Days prior to the Reset Date; provided however, if more
than one BBA LIBOR is specified, the applicable rate shall be the arithmetic mean of all such rates. “London Banking Day” means any day on which commercial banks are open for general business (including dealings in foreign exchange and
foreign currency deposits) in London, England. If, for any reason, such rate is not available, the term LIBOR shall mean, with respect to any interest period, the rate of interest per annum determined by Lender to be the average rate per annum at
which deposits in dollars are offered for such Interest Period by major banks in London, England at approximately 11:00 A.M. (London time) two London Banking Days prior to the Reset Date. 

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 4.    DEFAULT / POST JUDGMENT INTEREST RATE. The
Lender shall have the right to charge interest on the unpaid principal balance hereof at an interest rate of four percent (4.0%) per annum in excess of the Rate of Interest otherwise payable as provided herein (the “Default
Rate”) for any period during which the Borrower shall be in default under any material provision hereof or there shall be a default under any other document guarantying, governing or securing this Note. The Default Rate shall apply
following entry of any judgment hereon notwithstanding any otherwise applicable statutory rate. 
 MONTHLY PAYMENTS OF
PRINCIPAL AND INTEREST: 
 Payments of principal and interest upon this Note shall be calculated and
paid as follows: 
 1.        Borrower shall have up to six
(6) months from the date hereof to request and receive advances of the loan proceeds. Such requests shall be made by Borrower to Lender in writing. 

2.        Beginning on September 13, 2010 and continuing on the
13th day of each successive month through, to and
including February 13, 2011, Borrower shall make monthly payments of interest only in arrears to Lender. Each monthly payment shall be equal to the total amount of interest that accrues on the total amount of principal that has been advanced
hereunder. 
 3.        Beginning on March 13, 2011 and continuing
on the 13th day of each successive month, through, to, and
including July 13, 2015, Borrower shall make monthly payments of principal and interest to Lender in amounts deemed necessary by Lender in its sole discretion to amortize the then-outstanding principal balance over the remainder of a five
(5) year amortization schedule that commenced on the date hereof at the Rate of Interest then in effect. 

4.        Payments shall be applied first to costs and expenses of the Lender for
which Borrower is responsible under the terms of this Note or any instrument securing this Note, then to interest, and the remainder to reduction of principal. 

TERM AND MATURITY: 

The term of the loan evidenced hereby shall be five (5) years. Therefore, unless sooner accelerated, the Note
shall mature on August 13, 2015 (the “Maturity Date”) at which time the entire principal balance of this Note (including costs and late fees), together with all interest thereon, shall be due and payable without further notice
or demand. 
 PREPAYMENT PREMIUM: 

The loan evidenced hereby may be prepaid in part or in full at any time without premium. 

LATE CHARGES: 

The Lender shall collect a “late charge” of six cents ($.06) for each one dollar of each payment due hereunder
which is not paid within fifteen (15) days after the due date hereof. Acceptance by Lender of any late payment on one occasion shall not constitute a waiver by Lender of any defaults or of its right to insist on timely payments on any
subsequent occasion. 

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 EVENTS OF DEFAULT; REMEDIES: 

Each of the following shall constitute an “Event of Default” hereunder: 

1.        Borrower shall fail to pay any installment of principal and/or interest
hereunder when due; 
 2.    any default or breach of condition shall occur under other
terms of this note or under the terms of any current or future guaranty, security agreements, negative pledge or mortgages governing, securing or relating to this note or any modifications, renewals, or extensions hereof, not cured within any
applicable grace or cure period; 
 3.        there shall be any default
under any other obligation or note from Borrower to Lender of any kind or nature whatsoever, whether now existing or hereafter arising, continuing after the expiration of any applicable grace or cure period; 

4.    the dissolution, liquidation or cessation of business of Borrower or any guarantor that is an
entity; 
 5.    Borrower’s or any guarantor’s failure to provide the Lender with
financial information, including tax returns and financial statements, within any period required by this note or any guaranty, security agreement, loan agreement or other loan document governing, securing or relating to this note or any
modifications, renewals, or extensions hereof continuing for thirty (30) days after written notice; 

6.        the insolvency, business failure of or the commencement of any kind of
insolvency , receivership or bankruptcy proceedings by, or if not dismissed within sixty (60) days, against Borrower or any guarantor, or the Borrower’s or any entity guarantor’s taking a company vote authorizing such a filing or the
retention of counsel for said purpose; 
 7.        there shall occur,
in the reasonable opinion of Lender, a material adverse change in the condition (financial or otherwise) of Borrower or any guarantor relative to (a) the condition of Borrower as reflected in the written financial projections delivered to
Lender by Borrower prior to the date hereof, or (b) the condition of any such guarantor as reflected in any historical financial information provided by such guarantor to Lender. 

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 Upon the occurrence of any “Event of Default” as defined
above, Lender shall have the right to declare the entire indebtedness evidenced hereby immediately due and payable without notice or demand and to exercise any or all other remedies available at law or equity or as set forth in any documents
securing this Note; provided, however, in the case of an Event of Default described in paragraph (6) above, (i) all amounts payable by the Borrower hereunder, including, without limitation, the principal balance and all accrued interest on
this Note, shall automatically become immediately due and payable, without notice, action or election by Lender, and (ii) Lender may enforce any other rights granted pursuant to this Note, any other document, or by applicable law. 

Upon the occurrence of any “Event of Default” as defined above, the Lender is also hereby fully authorized
without notice to reduce to possession and ownership any and all money, deposits, credits, securities, and other property or proceeds thereof, now or hereafter in the hands of the Lender on deposit or otherwise for the account of, to the credit of,
or belonging to, the Borrower, any Obligor, or the Borrower and any Obligor (collectively, the “Deposits”), and to apply same to any or all of the Liabilities hereunder, or Lender may impose an administrative freeze or hold on
Borrower’s accounts or Deposits. 
 As used herein “Liabilities” means any and all
liabilities, indebtedness, and obligations of the Borrower and/or each Obligor to Lender of any nature whatsoever, now existing or hereafter arising, due or to become due, absolute or contingent, direct or indirect and whether joint, several, or
joint and several; and “Obligor” shall mean and include each endorser, surety, guarantor or other party primarily or secondarily liable to the Lender hereunder other than the Borrower. 

Borrower hereof agrees to pay all costs of collection, enforcement, supervision, and administration of this Note and the
indebtedness evidenced hereby, including reasonable attorneys fees and costs by Lender’s attorneys, upon any actual or threatened default hereunder, whether or not suit is commenced. Borrower also agrees to pay all costs of Lender,
including reasonable fees and costs of its attorneys, incurred in connection with any Bankruptcy, reorganization, insolvency, or other similar proceedings involving Borrower or any guarantor hereof. 

FINANCIAL INFORMATION AND REPORTING: 

As a material covenant hereof, Borrower agrees to provide Lender (i) within ninety (90) days after the close of
Borrower’s fiscal year, complete audited financial statements for Borrower prepared in accordance with generally accepted accounting procedures together with any management letter that shall have been issued, and (ii) within forty five
(45) days after the close of each of the first three quarters of Borrower’s fiscal year management prepared financial statements including a detailed balance sheet and profit and loss statement, and aging of accounts receivable and
accounts payable; and (iii) such other documents and things evidencing Borrower’s net worth and financial condition as Lender may reasonably request from time to time. 

ADDITIONAL PROVISIONS: 

All parties hereto (whether maker, endorser, guarantor, or otherwise) hereby severally waive demand, presentment, notice
of dishonor, protest, notice of protest and notice of acceleration; and every guarantor, accommodation maker, and endorser hereof assents to the terms of this Note and consents to any and all extensions or other indulgences, to any substitution,
exchange or the release of any collateral and to the addition or release of any other party or person in any way liable hereunder, all without 

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notice, and generally waive all suretyship rights and defenses while any sums remain outstanding hereunder. 

As a material covenant hereof, Borrower shall maintain its primary deposit relationship with Lender. 

The obligations of all current and future makers, guarantors, and endorsers hereof shall be both joint and several.

 This Note evidences a loan for business and/or commercial purposes, and not for consumer or household
purposes. 
 This Note is, and is intended to be, secured by, inter alia: 

 

	 	 3.
	 A first priority Mortgage, Security Agreement, Assignment of Leases and Rents and Financing Statement dated on or about even date herewith with
respect to property located at or about 56 Evergreen Drive, Portland, Maine; and 

  

	 	 4.
	 A first perfected security interest in all business assets of Borrower, including all accounts, inventory, machinery and equipment, general
intangibles, fixtures, documents, deposit accounts, letter of credit rights, chattel paper, motor vehicles and all products and proceeds thereof, in accordance with a Security Agreement dated on or about even date herewith.

 This Note may also be secured by other instruments executed and delivered by Borrower to
Lender from time to time that either (a) specifically reference this Note, or (b) secure all obligations of Borrower to Lender. Reference is also hereby made to a Loan Agreement with respect to certain financial covenants dated on or about
even date herewith. Borrower agrees with Lender that any default by Borrower under said Loan Agreement shall constitute an Event of Default under this Note. 

Whenever notice, demand or a request may properly be given to Borrower hereof under this Note, the same shall always be
sufficient if in writing and deposited in the United States mails, certified mail, postage prepaid, return receipt requested, addressed to Borrower either at the address given in this Note as Borrower’s address, or the business address last
given at least 14 days prior to the giving of notice in question in writing to Lender hereof by Borrower for purposes of such notice, or at the time of delivery and actual receipt if given by hand delivery. Any such notice, demand or request shall
be treated as having been given upon deposit in the United States mails, by certified or registered mail, postage prepaid, and return receipt requested, or upon the date of such hand delivery. 

This Note is being executed and delivered in Portland, Maine and shall be governed by and construed in accordance with
the laws of the State of Maine, to the maximum extent the parties may so lawfully agree. Borrower hereby submits to the jurisdiction of any state or federal court located within the State of Maine, to the jurisdiction of any state, federal or
other court of the United States of America, the State of Maine, or any other state, district, commonwealth, territory, county, province, or country in which assets owned by Borrower are or may be located (including jointly with others).
Notwithstanding any provision herein or in any instrument now or hereafter securing this Note, the total liability for payments in the nature of interest shall not exceed the limits imposed by the usury laws of said State. 

 ImmuCell Corporation 

 

 ALL PARTIES HERETO HEREBY KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT ANY SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, ANY DOCUMENT SECURING THIS NOTE OR ANY OTHER
LOAN DOCUMENT RELATING TO OR ARISING UNDER THIS NOTE, OR ANY COURSE OR CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR TO ANY SUCH LOAN DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
PARTIES ENTERING INTO THE SUBJECT LOAN TRANSACTION. 
 In the event any provision of this Note shall be
determined by a court of competent jurisdiction to be invalid or unenforceable, said provision shall be deemed to be deleted and this Note modified accordingly and in such manner as to give effect to all other provisions hereof to the maximum extent
possible with only the invalid or unenforceable provisions removed. 
 EXECUTED AS A SEALED INSTRUMENT, as of
the day and year first above written. 
  

							
		 	 ImmuCell Corporation

 
	 	
	 /s/ David J. Champoux
	 	 By:
	 	 /s/ Michael F. Brigham
	 	
	 Witness
	 		 	 Michael Brigham
	 	
		 		 	 Its duly authorized President and CEOLine of Credit Agreement and Promissory Note for up to $500,000

 EXHIBIT 10.4 

ImmuCell Corporation 
  

 Line of Credit Agreement and Promissory Note for up to $500,000 between the Company and
TD Bank, N.A. dated August 13, 2010. 

 ImmuCell Corporation 

 

 LINE OF CREDIT AGREEMENT 

AND PROMISSORY NOTE 
  

			
	 Borrower:   ImmuCell Corporation
	  	 Lender:    TD Bank, N.A.

		
	 Ceiling Amount: $500,000.00
	  	 Date of Note: August 13, 2010

TD Bank, N.A. a national banking association with a principal place of business at One Portland Square, P.O. Box
9540, Portland, Maine 04112-9540 (together with its successors and assigns, the “Lender”) commits itself, subject to the terms of this Agreement (the “Agreement”) to make advances (“Advances”)
available to ImmuCell Corporation, a Delaware corporation with a mailing address of 56 Evergreen Drive, Portland, ME (the “Borrower”), in such amounts as Borrower may request, and the Borrower agrees to accept and repay
Lender the Advances, with interest thereon at the Rate of Interest as defined herein, in accordance with the terms hereof. In no event shall the total Advances outstanding at any one time exceed the aggregate principal amount of Five Hundred
Thousand and 00/100 Dollars ($500,000.00) (the “Ceiling Amount”). 
 The Borrower may borrow up
to the Ceiling Amount in full or in part, repay in full or in part, and reborrow in accordance with the terms of this Agreement. In no event shall the total Advances outstanding at any one time exceed the Ceiling Amount as it may vary during various
times of the year. Advances in excess of the Ceiling Amount are “Overadvances.” 
 This Line of
Credit and all amendments, extensions and replacements hereof is secured by all business assets of Borrower pursuant to a Security Agreement dated on or about even date herewith. 

Lender’s commitment shall expire on the first to occur of the following: (a) the occurrence of an Event of
Default as defined herein, or (c) the Maturity Date set forth below. 
 In consideration of this commitment
by Lender, the Borrower agrees with the Lender as follows: 

1.        EXPIRATION DATE / MATURITY. The availability of Advances hereunder
shall terminate and expire and this Agreement shall mature on July 31, 2011 (the “Maturity Date”). Therefore, unless sooner accelerated or renewed, the entire principal balance hereof (including costs and late fees), together
with all interest thereon, shall be due and payable to Lender on said date without further notice or demand. If the Maturity Date is a day other than a business day of the Lender, the maturity hereof shall be extended to the next succeeding business
day, and interest shall be payable with respect to such extension. The Maturity Date may be extended for successive periods at the Lender’s sole discretion following its review of credit, pricing and all other underwriting criteria deemed
appropriate by Lender. Each successive renewal shall modify the Maturity Date, and the term “Maturity Date” shall mean such extended date. Renewal may be accomplished only by letter agreement or similar instrument signed by an officer of
Lender. 
 2.        RATE OF INTEREST. For each day any principal amount
due hereunder shall remain outstanding and unpaid under this credit facility, interest shall accrue thereon at the following rates per annum (each a “Rate of Interest”) and shall be computed on the basis of actual days elapsed in a
360 day year: 

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a.        Commencing on the date hereof and continuing until the
Maturity Date and payment in full of all indebtedness evidenced hereby, this Note shall bear interest at a variable and fluctuating annual rate equal to three and one half percent (3.50%) above the One Month LIBOR (London Interbank Offered
Rate); provided, however, that in all events, that the Rate of Interest shall never be less than the floor of four and a quarter percent (4.25%). 

b.        The Rate of Interest shall be adjusted with each
adjustment effective on the 13th day of each month (each a “Reset Date”) in accordance with changes in said One Month LIBOR and the terms hereof. Each resulting change in the Rate of Interest shall become effective, without notice
to Borrower (which notice is hereby expressly waived by Borrower and all endorsers, guarantors, and sureties). 

c.        “LIBOR” (London Interbank Offered
Rate) means the rate of interest in U.S. Dollars (rounded upwards, at the Lender’s option, to the next 100th of one percent) equal to the British Bankers’ Association LIBOR (“BBA LIBOR”) for the equivalent interest period
as published by Bloomberg (or such other commercially available source providing quotations of BBA LIBOR as designated by Lender from time to time) at approximately 11:00 A.M. (London time) two London Banking Days prior to the Reset Date; provided
however, if more than one BBA LIBOR is specified, the applicable rate shall be the arithmetic mean of all such rates. “London Banking Day” means any day on which commercial banks are open for general business (including dealings in foreign
exchange and foreign currency deposits) in London, England. If, for any reason, such rate is not available, the term LIBOR shall mean, with respect to any interest period, the rate of interest per annum determined by Lender to be the average rate
per annum at which deposits in dollars are offered for such Interest Period by major banks in London, England at approximately 11:00 A.M. (London time) two London Banking Days prior to the Reset Date. 

d.        DEFAULT / POST JUDGMENT INTEREST RATE. The Lender shall
have the right to charge interest on the unpaid principal balance hereof at an interest rate of four percent (4.0%) per annum in excess of the Rate of Interest otherwise payable as provided herein for any period during which the Borrower shall
be in default under any material provision hereof or there shall be a default under any other document guarantying, governing or securing this Note. The Rate of Interest as set forth herein shall apply following entry of any judgment hereon
notwithstanding any otherwise applicable statutory rate. 

3.        PAYMENT. All payments shall be made by Borrower to Lender at its
principal office in Portland, Maine in immediately available funds. Payments of interest hereunder shall be calculated, paid and applied as follows: 

a.        Beginning on September 13, 2010 and continuing on
the 13th day of each successive month until the Maturity Date and payment of the total amount due hereunder in full, Borrower shall make monthly payments of interest only in arrears to the Lender. Each monthly payment shall be equal to the total
amount of accrued interest on the total principal amount due hereunder. 

b.        Absent prior demand following an Event of Default, the
entire principal balance 

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due hereunder (including costs and late fees), together with all interest thereon, shall be due and payable to order of Lender without further notice or demand on the Maturity Date . 

c.        Payments shall be applied first to costs and expenses of
the Lender for which Borrower is responsible under the terms hereof, then to interest, and the remainder to reduction of principal. 

d.        All Overadvances shall be repaid to the Lender
immediately upon request by the Lender, or upon Borrower’s becoming aware of the Overadvance. 

4.        LATE CHARGES. Lender shall collect a “late charge” of six
cents ($.06) for each one dollar of each payment due hereunder which is not paid within fifteen (15) days after the due date thereof. Acceptance by Lender of any late payment on one occasion shall not constitute a waiver by Lender of any
defaults or of its right to insist on timely payments on any subsequent occasion. 

5.        NO PREPAYMENT PREMIUM. Borrower may pay all or any portion of the
amount due hereunder at any time without premium. Early payments will not, unless otherwise agreed by Lender in writing, relieve Borrower of its obligation to continue to make payments of accrued, unpaid interest. Rather, early payments will reduce
the principal balance due. 
 6.        LINE OF CREDIT. Borrower hereby
requests and authorizes the Lender to make Advances to Borrower during the term hereof, and in connection with each Advance to: (a) reduce the funds available hereunder by, and credit to the Borrower’s demand deposit account (or such other
account as agreed upon by the parties) with the Lender, the proceeds of Advances hereunder requested by the Borrower pursuant to request form(s) satisfactory to and received by the Lender or at the option of Lender by telephone call by
Borrower’s duly authorized representative; (b) enter into the records maintained by the Lender with respect to each Advance, all interest accruals, payments, other charges or items arising hereunder or otherwise properly chargeable or
creditable to the Borrower’s account in accordance with generally accepted accounting principles or Lender’s standard bank policies, practices and fee schedules as they may be amended from time to time; and (c) render to Borrower a
monthly statement of interest and the then outstanding principal balance due hereunder. Each such statement shall be considered accepted by and conclusively binding upon Borrower unless Borrower gives Lender written notice of exceptions within sixty
(60) days of the receipt of said statement by Borrower. 
 This Agreement evidences a revolving line of
credit. Upon duly authorized written request from Borrower, Lender may, but is not obligated to, make Advances under this Agreement pursuant to oral requests by Borrower. In such case, Lender reserves the right to require Borrower to confirm all
oral requests in writing on the day of the request. All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender’s office shown above. The following person is currently authorized to request
Advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of his authority: Michael Brigham. Borrower agrees to be liable for all sums either
(A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing hereunder at any time may be evidenced by endorsements on this
Agreement or any schedules attached hereto or by Lender’s internal records, including daily computer print-outs. 

Lender will have no obligation to advance funds under this Agreement if: (A) an Event of Default has occurred and is
continuing, or (B) an event has occurred which with the passage of time or 

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giving of notice if left uncured would constitute an Event of Default hereunder. 

7.        ADVANCE RATIO PROVISION. Advances hereunder shall never exceed the
lesser of (a) $500,000; and (b) a sum equal to seventy percent (70%) of Eligible Accounts Receivable plus fifty percent (50%) of Eligible Inventory. The Lender may change the aforementioned advance ratio at its discretion. As
used herein, Eligible Accounts Receivable is defined as domestic accounts receivable which are under ninety (90) days old, and Eligible Inventory is defined as all raw materials and inventory other than work in progress. 

8.        FINANCIAL COVENANTS AND REPORTING. As a material covenant hereof,
Borrower agrees: 
 a.        to provide Lender
(i) within ninety (90) days after the close of Borrower’s fiscal year complete audited financial statements for Borrower prepared in accordance with generally accepted accounting procedures together with any management letter that
shall have been issued, and (ii) within forty five (45) days after the close of each of the first three quarters of Borrower’s fiscal year management prepared financial statements including a detailed balance sheet and profit and loss
statement, and aging of accounts receivable and accounts payable; and (iii) such other documents and things evidencing Borrower’s net worth and financial condition as Lender may reasonably request from time to time; and 

b.        to maintain a primary deposit relationship with Lender.

 9.        DEFAULT. Each of the following shall constitute an event of
default (each an “Event of Default”) under this Agreement: 

a.        Borrower shall fail to pay when due any principal or
interest due hereunder or under any replacements, extensions, renewals or modifications hereof or any other fee or payment due hereunder. 

b.        Borrower shall fail to pay any Overadvance immediately
upon receipt of any notice of same, regardless of whether such Overadvance was an Overadvance when made or subsequently became one, including because the Ceiling Amount is reduced or varies in accordance with the terms hereof. 

c.        Default shall occur in the performance of any of the
covenants or agreements of Borrower contained herein or in any of the other obligation of Borrower to Lender (other than covenants for the payment of money, which are covered under subparagraphs (a) or (b) immediately preceding) and such
default continues for fifteen (15) days after written notice thereof is given by the Lender to the Borrower. 

d.        Borrower shall apply for or consent to the appointment
of a receiver, custodian, trustee, intervenor or liquidator of such party or of all or a substantial part of such party’s assets, file or make a corporate vote to file a voluntary petition under the United States Bankruptcy Code, file an answer
admitting the material allegations of, or consent to or default in answering an involuntary petition filed against such party in any Bankruptcy, reorganization or insolvency proceeding, become the subject of an order for relief under any Bankruptcy,
reorganization or insolvency proceeding, become insolvent within the meaning of 11 U.S.C § 101, admit in writing that such party is unable to pay its debts as they become due, generally not pay such party’s

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debts as they become due or make a general assignment for the benefit of creditors. 

e        An order, judgment or decree shall be entered by any
court of competent jurisdiction or other competent authority approving a petition appointing a receiver, custodian, trustee or liquidator of Borrower or of all or substantially all of Borrower’s assets, and such order, judgment or decree shall
continue unstayed and in effect for a period of 90 days; or a complaint or petition shall be filed against Borrower seeking or instituting a Bankruptcy, insolvency, reorganization, rehabilitation or receivership proceeding against Borrower and such
petition or complaint shall have not been dismissed within ninety (90) days. 

f.        Borrower’s dissolution or cessation of normal
business operations. 
 g.        Borrower shall fail to
maintain its primary deposit relationship with Lender 

h.        Borrower shall become in default of any provision of a
certain Loan Agreement dated on or about even date herewith as the same may be amended from time to time. 

10.        LENDER’S RIGHTS AND REMEDIES. If an Event of Default shall occur,
Lender at its option may exercise any or all the following remedies without thereby being deemed to have elected remedies: 

a.        Declare the entire unpaid principal balance on this
Line of Credit Agreement and all accrued unpaid interest immediately due and payable whereupon the same shall forthwith become due and payable without notice, presentment, demand, protest, notice of intention to accelerate, notice of acceleration,
or other notice of any kind, all of which Borrower hereby expressly waives, anything contained herein to the contrary notwithstanding; provided, however, in the case of an Event of Default described in subparagraphs 9(d) or (e) above,
(i) all amounts payable by the Borrower hereunder, including, without limitation, the principal balance and all accrued interest on this Agreement, shall automatically become immediately due and payable, without notice, action or election by
Lender, and (ii) Lender may enforce any other rights granted pursuant to this Agreement, any other document, or by applicable law. 

b.        Immediately, without notice to Borrower, cease to make
any Advances hereunder. 
 c.        Reduce any claim to
judgment. 
 d.        Exercise all rights and remedies
available to Lender at law or in equity. 

e.        Impose an administrative “freeze” on
Borrower’s accounts or reduce to possession and ownership any and all money, deposits, credits, securities, and other property or proceeds thereof, now or hereafter in the hands of the Lender on deposit or otherwise for the account of, to the
credit of, or belonging to, the Borrower, any Obligor, or the Borrower and any Obligor (collectively, the “Deposits”), and to apply same to any or all of the Liabilities hereunder. 

As used in this Section, “Liabilities” means any and all indebtedness for borrowed money
of the Borrower and/or each Obligor to Lender of any nature whatsoever, now existing or hereafter arising, due or to become due, absolute or contingent, direct or indirect and whether joint, several, or joint and several; and
“Obligor” shall mean and include each endorser, surety, 

 
guarantor or other party primarily or secondarily liable to the Lender hereunder or under any guaranty relating to the Liabilities other than the Borrower. 

Borrower agrees to pay all reasonable costs of collection, supervision, and administration of all amounts due hereunder
and the indebtedness evidenced hereby (including, without limitation, of any renewals, extensions, replacements, or modifications hereof), including reasonable attorneys fees and costs of Lender’s attorneys, incurred in connection with any
actual or threatened Event of Default hereunder, whether or not suit is commenced. Borrower also agrees to pay all reasonable costs of Lender, including reasonable fees and costs of its attorneys, incurred in connection with any Bankruptcy,
reorganization, insolvency, or other similar proceedings involving Borrower. 

11.        WAIVE JURY. Borrower hereby expressly and voluntarily waives any and
all rights, whether arising under the United States or Maine Constitution, any Rules of Civil Procedure, common law or otherwise, to demand a trial by jury in any action, suit, proceeding or counterclaim involving Lender as to any matter, claim or
cause of action whatsoever arising out of or in any way related to this Agreement or any loan with Lender or any of the transactions contemplated between the parties. 

12.        GOVERNING LAW. This Agreement is being executed by the parties,
delivered by Borrower and accepted by Lender in Portland, Maine and shall be governed by and construed in accordance with the laws of the State of Maine to the maximum extent the parties may so lawfully agree. Borrower hereby submits to the
jurisdiction of any state or federal court located within the State of Maine, to the jurisdiction of any state, federal or other court of the United States of America, the State of Maine, or any other state, district, commonwealth, territory,
county, province, or country in which assets owned by Borrower are or may be located (including jointly with others). Notwithstanding any provision herein or in any instrument now or hereafter securing this Agreement, the total liability for
payments in the nature of interest shall not exceed the limits imposed by the usury laws of said State. 

13.        DISHONERED ITEM FEE. Borrower will pay a fee to Lender of $50.00 if
Borrower makes a payment under this Agreement and the check or preauthorized charge with which Borrower pays is later dishonored. 

14.        SUCCESSOR INTERESTS. The terms of this Agreement shall be binding upon
Borrower, and upon Borrower’s successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. 

15.        GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its
rights or remedies under this Agreement without losing them. Borrower and any other person who signs, guarantees, or endorses this Agreement, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any
changes in the terms of this Agreement, and unless otherwise expressly stated in writing, no party who signs this Agreement or any guaranty or security agreement of any kind, whether as maker, guarantor, accommodation maker or endorser, shall be

 ImmuCell Corporation 

 

 
released from liability. All such parties agree that Lender may renew or extend repeatedly and for any length of time this Agreement or release any party or guarantor or collateral without
thereby releasing Borrower or any guarantor from liability hereunder. Neither Borrower nor any guarantor will be released from liability hereunder if Lender fails to realize upon or perfect Lender’s security interest in any collateral, releases
any obligor, guarantor or collateral, extends, renews or modifies the terms hereof or otherwise takes any action deemed necessary by Lender with or without the consent of or notice to anyone and even over objection. All such parties also agree that
Lender may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Agreement are joint and several. In the event any provision of this Agreement shall be
determined by a court of competent jurisdiction to be invalid or unenforceable, said provision shall be deemed to be deleted and this Agreement modified accordingly and in such manner as to give effect to all other provisions hereof to the maximum
extent possible with only the invalid or unenforceable provisions removed. 
 This Agreement and each Advance
hereunder are for a business, commercial or agricultural purpose and not for a personal, consumer or household purpose. 

Whenever notice, demand or a request may properly be given to Borrower under this Agreement, the same shall always be
sufficient if in writing and deposited in the United States mails, certified mail, postage prepaid, return receipt requested, addressed to Borrower either at the address given in this Agreement as Borrower’s address, or the business address
given in writing to Lender hereof by Borrower more than thirty (30) days prior to the date Lender sends Borrower the notice in question. Any notice, demand or request hereunder shall be treated as having been given two (2) business days
after deposit in the United States mails, by certified or registered mail, postage prepaid, and return receipt requested, or upon the date of hand delivery if delivered on a business day. 

In witness hereof the parties hereto have EXECUTED THIS AGREEMENT AS A SEALED INSTRUMENT, as of the day and year first
above written. 
  

					
		  	 ImmuCell Corporation, Borrower

			
	 /s/ David J. Champoux
	  	 By:
	    	 /s/ Michael F. Brigham

	 Witness
	  		    	 Michael Brigham

		  		    	 Its duly authorized President and CEO

		
		  	 TD Bank, N.A., Lender

			
	 /s/ Josh Dow
	  	 By:
	    	 /s/ Benjamin C. Geci

	 Witness
	  		    	 Benjamin C. Geci

		  		    	 Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]