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EXHIBIT 10.1    
  

 
 

THIRD AMENDMENT TO
  LIMITED PARTNERSHIP AGREEMENT
  OF
  THE MILLS LIMITED PARTNERSHIP    
  

        THIS THIRD AMENDMENT TO LIMITED PARTNERSHIP AGREEMENT OF THE MILLS LIMITED PARTNERSHIP (this "Amendment"), dated as of October 9, 2002, is entered into by
The Mills Corporation, a Delaware corporation, as general partner (the "General Partner") of The Mills Limited Partnership (the "Partnership"), for itself and on behalf of the limited partners of the
Partnership. 

        WHEREAS,
Section 4.2(A) of the Limited Partnership Agreement of the Partnership (as heretofore amended, the "Partnership Agreement") authorizes the General Partner to cause the
Partnership to issue additional Partnership Units (as defined in the Partnership Agreement) in one or more classes or series, with such designations, preferences and relative, participating, optional
or other special rights, powers and duties, all as determined by the General Partner in its sole and absolute discretion; 

        WHEREAS, Section 4.2(A) of the Limited Partnership Agreement provides that no additional Partnership Units may be issued to the General Partner unless they
are issued in connection with an issuance of capital stock of the General Partner having economic rights that are substantially similar to the economic rights of such Partnership Units and the General
Partner contributes the proceeds of such capital stock to the Partnership;

        WHEREAS,
the General Partner has entered into an Underwriting Agreement, dated as of October 2, 2002, pursuant to which the General Partner has agreed to issue shares of a newly
created series of capital stock, designated 9% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"); 

        WHEREAS, pursuant to the authority granted to the General Partner pursuant to Section 11.1(A) of the Partnership Agreement, the General Partner desires to
amend the Partnership Agreement (i) to establish a new class of Preferred Units, to be entitled Series B Cumulative Redeemable Preferred Partnership Units (the "Series B Preferred
Partnership Units"), and to set forth the designations, rights, powers, preferences and duties of such Series B Preferred Partnership Units, which are
substantially similar to those of the Series B Preferred Stock, and (ii) to make certain other changes to the Partnership Agreement.

        NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby
amends the Partnership Agreement, as follows: 

        1.    Amendments to Section 4.2.    Section 4.2 of the Partnership
Agreement is hereby amended by adding after Section 4.2(E) the following section: 

        F.    Series B Preferred Partnership Units.    Under the authority granted to it
by Section 4.2(A) hereof, the General Partner hereby establishes an additional class of Preferred Units entitled "Series B Cumulative Redeemable Preferred Partnership Units" (the
"Series B Preferred Partnership Units"). Series B Preferred Partnership Units shall have the designations, preferences, rights, powers and duties as set forth in
Exhibit 6 hereto. 

        2.    Exhibits to Partnership Agreement.    

        (A)  The
General Partner shall maintain the information set forth in Exhibit 1 to the Partnership Agreement, as such information shall
change from time to time, in such form as the General Partner deems appropriate for the conduct of the Partnership's affairs, and Exhibit 1 shall be deemed amended
from time to time to reflect the information so maintained by the General Partner, whether or not a formal amendment to the Partnership Agreement has been executed amending such
Exhibit 1. In addition to the designation of Series B Preferred Partnership Units pursuant to this Third Amendment, such information shall reflect (and
Exhibit 1 shall be deemed amended from time to time to reflect) the issuance of any additional Partnership Units to the General Partner or any other Person, the
transfer of Partnership Units and the redemption of any Partnership Units, all as contemplated herein. 

        (B)  The
Partnership Agreement is hereby amended by attaching thereto as Exhibit 6 the Exhibit 6
attached hereto. 

        3.    Certain Capitalized Terms.    All capitalized terms used in this Third Amendment
and not otherwise defined shall have the meanings assigned in the Partnership Agreement. Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and
effect, which terms and conditions the General Partner hereby ratifies and affirms. 

        4.    Severability.    If any term or other provision of this Third Amendment is held by
a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms and provisions of this Third Amendment shall remain in full force and effect and
shall in no way be effectively impaired or invalidated. 

        5.    Full Force and Effect.    Except as expressly amended hereby, the Partnership
Agreement shall remain in full force and effect. 

[SIGNATURES
APPEAR ON FOLLOWING PAGE] 

        IN
WITNESS WHEREOF, the undersigned has executed this Third Amendment as of the date first set forth above. 

	 	 	THE MILLS CORPORATION,

as General Partner of

The Mills Limited Partnership

and on behalf of existing Limited Partners
	

 	
 	

By:	

/s/  KENNETH R. PARENT      
 Name: Kenneth R. Parent

Title: Chief Operating Officer

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EXHIBIT 10.1

THIRD AMENDMENT TO LIMITED PARTNERSHIP AGREEMENT OF THE MILLS LIMITED PARTNERSHIPQuickLinks
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Exhibit 10.22    
  

  

 
 

Master Revolving Note
  Variable Rate-Maturity Date-Optional Advances (Business and Commercial Loans Only)    
  

	Amount
 
	 	Note Date
	 	Maturity Date
	 	Tax Identification #

	$	10,000,000.00	 	August 29, 2002	 	July 01, 2004	 	94-2573850

        On
the Maturity Date, as stated above, for value received, the undersigned promise(s) to pay to the order of Comerica Bank-California  ("Bank"), at any office of the Bank in the State of California,
Ten
Million and no/100 Dollars (U.S.) (or that portion of it advanced by the Bank and not repaid as later provided) with interest until maturity, whether by acceleration or
otherwise, or until Default, as later defined, at a per annum rate equal to the Bank's base rate from time to time in effect minus 0.250% per annum and
after that at a rate equal to the rate of interest otherwise prevailing under this Note plus 3% per annum (but in no event in excess of the maximum rate permitted by law). The Bank's "base rate" is
that annual rate of interest so designated by the Bank and which is changed by the Bank from time to time. Interest rate changes will be effective for interest computation purposes as and when the
Bank's base rate changes. Interest shall be calculated on the basis of a 360-day year for the actual number of days the principal is outstanding. Accrued interest on this Note shall be
payable on the 1st day of each month commencing September 01,
2002, until the Maturity Date when all amounts outstanding under this Note shall be due and payable in full. If the frequency of interest payments is not otherwise specified,
accrued interest on this Note shall be payable monthly on the first day of each month. If any payment of principal or interest under this Note shall be payable on a day other than a day on which the
Bank is open for business, this payment shall be extended to the next succeeding business day and interest shall be payable at the rate specified in this Note during this extension. A late payment
charge equal to 5% of each late payment may be charged on any payment not received by the Bank within 10 Calendar days after the payment due date, but acceptance of payment of this charge shall not
waive any Default under this Note. 

        The
principal amount payable under this Note shall be the sum of all advances made by the Bank to or at the request of the undersigned, less principal payments actually received in cash
by the Bank. The books and records of the Bank shall be the best evidence of the principal amount and the unpaid interest amount owing at any time under this Note and shall be conclusive absent
manifest error. No interest shall accrue under this Note until the date of the first advance made by the Bank; after that interest on all advances shall accrue and be computed on the principal balance
outstanding from time to time under this Note until the same is paid in full. 

        This
Note and any other indebtedness and liabilities of any kind of the undersigned (or any of them) to the Bank, and any and all modifications, renewals or extensions of it, whether
joint or several, contingent or absolute, now existing or later arising, and however evidenced (collectively "Indebtedness") are secured by and the Bank is granted a security interest in all items
deposited in any account of any of the undersigned with the Bank and by all proceeds of these items (cash or otherwise), all account balances of any of the undersigned from time to time with the Bank,
by all property of any of the undersigned from time to time in the possession of the Bank and by any other collateral, rights and properties described in each and every deed of trust, mortgage,
security agreement, pledge, assignment and other security or collateral agreement which has been, or will at any time(s) later be, executed by any (or all) of the undersigned to or for the benefit of
the Bank (collectively "Collateral"). Notwithstanding the above, (i) to the extent that any portion of the Indebtedness is a consumer loan, that portion shall not be secured by any deed of
trust, mortgage on 

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or other security interest in any of the undersigned's principal dwelling or in any of the undersigned's real property which is not a purchase money security interest as to that portion, unless
expressly provided to the contrary in another place, or (ii) if the undersigned (or any of them) has(have) given or give(s) Bank a deed of trust or mortgage covering real property, that deed of
trust or mortgage shall not secure this Note or any other indebtedness of the undersigned (or any of them), unless expressly provided to the contrary in another place. 

        If
the undersigned (or any of them) or any guarantor under a guaranty of all or part of the Indebtedness ("guarantor") (i) fail(s) to pay any of the Indebtedness when due, by
maturity, acceleration or otherwise, or fail(s) to pay any Indebtedness owing on a demand basis upon demand; or (ii) fail(s) to comply with any of the terms or provisions of any agreement
between the undersigned (or any of them) or any such guarantor and the Bank, where such failure creates an Event of Default under said agreement; or (iii) become(s) insolvent or the subject of
a voluntary or involuntary proceeding in bankruptcy, or a reorganization, arrangement or creditor composition proceeding, (if a business entity) cease(s) doing business as a going concern, (if a
natural person) die(s) or become(s) incompetent, (if a partnership) dissolve(s) or any general partner of it dies, becomes incompetent or becomes the subject of a bankruptcy proceeding or (if a
corporation or a limited liability company) is the subject of a dissolution, merger or consolidation; or (a) if any warranty or representation made by any of the undersigned or any guarantor in
connection with this Note or any of the Indebtedness shall be discovered to be untrue or incomplete in any material respect as of the time such warranty or representation was made; or (b) if
there is any termination, notice of termination, or material breach of any guaranty, pledge, collateral assignment or subordination agreement relating to all or any part of the Indebtedness; or
(c) if there is any failure by any of the undersigned or any guarantor to pay when due (including any applicable cure period) any of its indebtedness (other than to the Bank) where the
principal amount of such indebtedness is greater than $200,000 or in the observance or performance of any term, covenant or condition in any document evidencing, securing or relating to such
indebtedness; or (d) if there is filed or issued a levy or writ of attachment or garnishment in excess of $200,000 or other like judicial process upon the undersigned (or any of them) or any
guarantor or any of the Collateral, including without limit, any accounts of the undersigned (or any of them) or any guarantor with the Bank, then the Bank, upon the occurrence of any of these events
(each a "Default"), may at its option and without prior notice to the undersigned (or any of them), declare any or all of the Indebtedness to be immediately due and payable (notwithstanding any
provisions contained in the evidence of it to the contrary), cease advancing money or extending credit to or for the benefit of the undersigned under this Note or any other agreement between the
undersigned and Bank, terminate this Note as to any future liability or obligation of Bank, but without affecting Bank's rights and security interests in any Collateral and the Indebtedness of the
undersigned to Bank, sell or liquidate all or any portion of the Collateral, set off against the Indebtedness any amounts owing by the Bank to the undersigned (or any of them), charge interest at the
default rate provided in the document evidencing the relevant Indebtedness and exercise any one or more of the rights and remedies granted to the Bank by any agreement with the undersigned (or any of
them) or given to it under applicable law. In addition, if this Note is secured by a deed of trust or mortgage covering real property, then the trustor or mortgagor shall not mortgage or pledge the
mortgaged premises as security for any other indebtedness or obligations. This Note, together with all other indebtedness secured by said deed of trust or mortgage, shall become due and payable
immediately, without notice, at the option of the Bank, (a) if said trustor or mortgagor shall mortgage or pledge the mortgaged premises for any other indebtedness or obligations or shall
convey, assign or transfer the mortgaged premises by deed, installment sale contract or other instrument, or (b) if the title to the mortgaged premises shall become vested in any other person
or party in any manner whatsoever, or (c) if there is any disposition (through one or more transactions) of legal or beneficial title to a controlling interest of said trustor or mortgagor. All
payments under this Note shall be in immediately available United States funds, without setoff or counterclaim. 

2

 

        If
this Note is signed by two or more parties (whether by all as makers or by one or more as an accommodation party or otherwise), the obligations and undertakings under this Note shall
be that of
all and any two or more jointly and also of each severally. This Note shall bind the undersigned, and the undersigned's respective heirs, personal representatives, successors and assigns. 

        The
undersigned waive(s) presentment, demand, protest, notice of dishonor, notice of demand or intent to demand, notice of acceleration or intent to accelerate, and all other notices and
agree(s) that no extension or indulgence to the undersigned (or any of them) or release, substitution or nonenforcement of any security, or release or substitution of any of the undersigned, and any
guarantor or any other party, whether with or without notice, shall affect the obligations of any of the undersigned. The undersigned waive(s) all defenses or right to discharge available under
Section 3-605 of the California Uniform Commercial Code and waive(s) all other suretyship defenses or right to discharge. Subject to the Bank's full compliance with its obligations
described in that certain letter agreement between Bank and the undersigned dated as of August 29, 2002 (the "Confidentiality Agreement"), the undersigned agree(s) that the Bank has the right
to sell, assign, or grant participations, or any interest, in any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make other disclosures to the
full extent allowable, the Bank may disclose all documents and information which the Bank now or later has relating to the undersigned or the Indebtedness. Subject to the Bank's full compliance with
its obligations described in the Confidentiality Agreement, the undersigned agree(s) that the Bank may provide information relating to this Note or to the undersigned to the Bank's parent, affiliates,
subsidiaries and service providers. 

        The
undersigned agree(s) to reimburse the holder or owner of this Note for any and all costs and expenses (including without limit, court costs, legal expenses and reasonable attorney
fees, whether inside or outside counsel is used, whether or not suit is instituted and, if suit is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or
administrative proceeding or otherwise) incurred in collecting or attempting to collect this Note or incurred in any other matter or proceeding relating to this Note. 

        The
undersigned acknowledge(s) and agree(s) that there are no contrary agreements, oral or written, establishing a term of this Note and agree(s) that the terms and conditions of this
Note may not be amended, waived or modified except in a writing signed by an officer of the Bank and the undesigned expressly stating that the writing constitutes an amendment, waiver or modification
of the terms of this Note. As used in this Note, the word "undersigned" means, individually and collectively, each maker, accommodation party, indorser and other party signing this Note in a similar
capacity. If any provision of this Note is unenforceable in whole or part for any reason, the remaining provisions shall continue to be effective. THIS NOTE IS MADE IN THE
STATE OF CALIFORNIA AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

        The
maximum interest rate shall not exceed the highest applicable usury ceiling 

        THE UNDERSIGNED AND THE BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR
HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF
THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED
TO, THIS NOTE OR THE INDEBTEDNESS.

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        See
Addendum "A" and Addendum "B" attached hereto and made a part hereof. 

        INITIAL
HERE                    

QUIDEL
CORPORATION 

	 	 	 	 	 	 	 
	By:	 	/s/  PAUL E. LANDERS      
	 	Its:	 	Vice President, Chief Financial Officer

	 	 	Signature of	 	 	 	Title

	

10165 McKellar Court	
 	

San Diego	
 	

California	
 	

USA	
 	

92121
	

	Street Address	 	City	 	State	 	Country	 	Zip Code

	

For Bank Use Only
	
 	

CCAR#

	Loan Officer Initials
	 	Loan Group name
	 	Obligor(s) Name
	 	 
	 	 

	TF	 	San Diego Regional	 	Quidel Corporation	 	 	 	 	 
	
Loan Officer I.D. No.
	
 	

Loan Group No.
	
 	

Obligor #
	
 	

Note #
	
 	

Amount

	49846	 	96555	 	 	 	 	 	$	10,000,000

4

  

 
 

LIBOR
  Addendum To Master Revolving Note    
  

        This Addendum "A" to Master Revolving Note (this "Addendum") is entered into as of this 29th day of August, 2002, by and between Comerica
Bank-California ("Bank") and Quidel Corporation ("Borrower"). This Addendum supplements the terms of the Master Revolving Note of even date herewith. 

	1.
	Definitions. 

        a.    Advance.    As used herein, "Advance" means a borrowing requested by Borrower and made by Bank under the Note,
including a LIBOR Option Advance and/or a Base Rate Option Advance. 

        b.    Business Day.    As used herein, "Business Day" means any day except a Saturday, Sunday or any other day
designated as a holiday under Federal or California statute or regulation. 

        c.    LIBOR.    As used herein, "LIBOR" means the rate per annum (rounded upward if necessary, to the nearest whole
1/8 of 1%) and determined pursuant to the following formula:

	 	 	LIBOR =	 	Base LIBOR
 100%-LIBOR Reserve Percentage

	(1)
	"Base
LIBOR" means the rate per annum determined by Bank at which deposits for the relevant LIBOR Period would be offered to Bank in the approximate amount of the relevant LIBOR
Option Advance in the inter-bank LIBOR market selected by Bank, upon request of Bank at 10:00 a.m. California time, on the day that is the first day of such LIBOR Period.

	(2)
	"LIBOR
Reserve Percentage" means the reserve percentage prescribed by the Board of Governors of the Federal Reserve System (or any successor) for "Eurocurrency Liabilities" (as
defined in Regulation D of the Federal Reserve Board, as amended), adjusted by Bank for expected changes in such reserve percentage during the applicable LIBOR Period. 

        d.    LIBOR
Business Day. As used herein, "LIBOR Business Day" means a Business day on which dealings in Dollar deposits may be carried out in the interbank LIBOR market. 

        e.    LIBOR
Period. As used herein, "LIBOR Period" means, with respect to a LIBOR Option Advance: 

	(1)
	initially,
the period commencing on, as the case may be, the date the Advance is made or the date on which the Advance is converted to a LIBOR Option Advance, and continuing for, in
every case, a Thirty (30), Sixty (60), Ninety (90) day period thereafter so long as the LIBOR Option is quoted for such period in the applicable interbank LIBOR market, as such period is
selected by Borrower in the notice of Advance as provided in the Note or in the notice of conversion as provided in this Addendum; and

	(2)
	thereafter,
each period commencing on the last day of the next preceding LIBOR Period applicable to such LIBOR Option Advance and continuing for, in every case, a Thirty (30), Sixty
(60), Ninety (90) day period thereafter so long as the LIBOR Option is quoted for such period in the applicable interbank LIBOR market, as such period is selected by Borrower in the notice of
continuation as provided in this Addendum. 

        f.    Note.    As used herein, "Note" means the Master Revolving Note of even date herewith. 

        g.    Regulation D.    As used herein, "Regulation D" means Regulation D of the Board of Governors of
the Federal Reserve System as amended or supplemented from time to time. 

        h.    Regulatory Development.    As used herein, "Regulatory Development" means any or all of the following:
(i) any change in any law, regulation or interpretation thereof by any public authority 

1

 

(whether or not having the force of law); (ii) the application of any existing law, regulation or the interpretation thereof by any public authority (whether or not having the force of law);
and (iii) compliance by Bank with any request or directive (whether or not having the force of law) of any public authority. 

2.    Interest Rate Options. Borrower shall have the following options regarding the interest rate to be paid by Borrower on Advances under
the Note: 

        a.    A
rate equal to two and one quarter percent (2.250%) above Bank's LIBOR, (the "LIBOR Option"), which LIBOR Option shall be
in effect during the relevant LIBOR Period; or 

        b.    A
rate equal to one quarter of one percent (0.250%) below the "Base Rate" as referenced in the Note and quoted from time
to time by Bank as such rate may change from time to time (the "Base Rate Option"). 

3.    LIBOR Option Advance. The minimum LIBOR Option Advance will not be less than Five Hundred Thousand and 00/100 Dollars
($500,000.00) for any LIBOR Option Advance. 

4.    Payment of Interest on LIBOR Option Advances. Interest on each LIBOR Option Advance shall be payable pursuant to the terms of the Note.
Interest on such LIBOR Option Advance shall be computed on the basis of a 360-day year and shall be assessed for the actual number of days elapsed from the first day of the LIBOR Period
applicable thereto but not including the last day thereof. 

5.    Bank's Records Re: LIBOR Option Advances. With respect to each LIBOR Option Advance, Bank is hereby authorized to note the date,
principal amount, interest rate and LIBOR Period applicable thereto and any payments made thereon on Bank's books and records (either manually or by electronic entry) and/or on any schedule attached
to the Note, which notations shall be prima facie evidence of the accuracy of the information noted. 

6.    Selection/Conversion of Interest Rate Options. At the time any Advance is requested under the Note and/or Borrower wishes to select the
LIBOR Option for all or a portion of the outstanding principal balance of the Note, and at the end of each LIBOR Period, Borrower shall give Bank notice specifying (a) the interest rate option
selected by Borrower; (b) the principal amount subject thereto; and (c) if the LIBOR Option is selected, the length of the applicable LIBOR Period. Any such notice may be given by
telephone so long as, with respect to each LIBOR Option selected by Borrower, (i) Bank receives written confirmation from Borrower not later than three (3) LIBOR Business Days after such
telephone notice is given; and (ii) such notice is given to Bank prior to 10:00 a.m., California time, on the first day of the LIBOR Period. For each LIBOR Option requested hereunder,
Bank will quote the applicable fixed LIBOR Rate to Borrower at approximately 10:00 a.m., California time, on the first day of the LIBOR Period. If Borrower does not immediately accept the rate
quoted by Bank, any subsequent
acceptance by Borrower shall be subject to a redetermination of the rate by Bank; provided, however, that if Borrower fails to accept any such quotation given, then the quoted rate shall expire and
Bank shall have no obligation to permit a LIBOR Option to be selected on such day. If no specific designation of interest is made at the time any Advance is requested under the Note or at the end of
any LIBOR Period, Borrower shall be deemed to have selected the Base Rate Option for such Advance or the principal amount to which such LIBOR Period applied. At any time the LIBOR Option is in effect,
Borrower may, at the end of the applicable LIBOR Period, convert to the Base Rate Option. At any time the Base Rate Option is in effect, Borrower may convert to the LIBOR OPTION, and shall designate a
LIBOR Period. 

7.    Default Interest Rate. From and after the maturity date of the Note, or such earlier date as all principal owing hereunder becomes due
and payable by acceleration or otherwise, the outstanding principal balance of the Note shall bear interest until paid in full at an increased rate per annum (computed on the basis of a
360-day year, actual days elapsed) equal to three percent (3.00%) above the rate of interest from time to time applicable to the Note. 

2

 

8.    Prepayment. Bank is not under any obligation to accept any prepayment of any LIBOR Option Advance except as described below or as
required under applicable law. Borrower may prepay a Base Rate Option Advance at any time, without paying any Prepayment Amount, as defined below. Borrower may prepay an LIBOR Option Advance in
increments of Five Hundred Dollars ($500.00) prior to the end of the LIBOR Period, as long as (i) Bank is provided written notice of such prepayment at least five (5) LIBOR Business Days
prior to the date thereof (the "Prepayment Date"); and (ii) Borrower pays the Prepayment Amount. The notice of prepayment shall contain the following information: (a) the Prepayment
Date; and (b) the LIBOR Option Advance which will be prepaid. On the Prepayment Date, Borrower shall pay to Bank, in addition to any other amount that may then be due on the Note, the
Prepayment Amount. Bank, in its sole discretion, may accept any prepayment of a LIBOR Option Advance even if not required to do so under the Note and may deduct from the amount to be applied against
the LIBOR Option Advance any other amounts required to be paid as part of the Prepayment Amount. 

        The
Prepaid Principal Amount (as defined below) will be applied to the LIBOR Option Advance being prepaid as Bank shall determine in its sole discretion. 

        If
Bank exercises its right to accelerate the payment of the Note prior to maturity based upon an Event of Default under the Note, Borrower shall pay to Bank, in addition to any other
amounts that may then be due on the Note, on the date specified by Bank as the Prepayment Date, the Prepayment Amount. 

        Bank's
determination of the Prepayment Amount shall be conclusive in the absence of obvious error or fraud. If requested in writing by Borrower, Bank shall provide Borrower a written
statement specifying the Prepayment Amount. 

        The
following (the "Prepayment Amount") shall be due and payable in full on the Prepayment Date: 

        a.    If
the principal amount of the LIBOR Option Advance being prepaid exceeds Seven Hundred Fifty Thousand Dollars ($750,000), then the Prepayment Amount is the sum of:
(i) the amount of the principal balance of the LIBOR Option Advance which Borrower has elected to prepay or the amount of the principal balance of the LIBOR Option Advance which Bank has
required Borrower to prepay because of acceleration, as the case may be (the "Prepaid Principal Amount"); (ii) interest accruing on the Prepaid Principal Amount up to, but not including, the
Prepayment Date; (iii) Five Hundred Dollars ($500.00); plus (iv) the present value, discounted at the Reinvestment Rates (as defined below) of the positive amount by which (A) the
interest Bank would have earned after the date of pre-payment had the Prepaid Principal Amount not been paid prior to the end of the LIBOR Period at the Note's interest rate exceeds
(B) the interest Bank would earn after the date of prepayment by reinvesting the Prepaid Principal Amount at the Reinvestment Rates. 

        b.    If
the principal amount of the LIBOR Option Advance being prepaid is Seven Hundred Fifty Thousand Dollars ($750,000) or less, then the Prepayment Amount is the sum of:
(i) the principal amount of the LIBOR Option Advance which Borrower has elected to prepay or the principal amount of the LIBOR Option Advance which Bank has required Borrower to prepay because
of acceleration due to an Event of Default under the Note, as the case may be (the "Prepaid Principal Amount"); (ii) interest accruing on the Prepaid Principal Amount up to, but not including,
the Prepayment Date; plus (iii) an amount equal to two percent (2%) of the Prepaid Principal Amount. 

        "Reinvestment
Rates" mean the per annum rates of interest equal to one half percent (1/2%) above the rates of interest reasonably determined by Bank to be in effect not
more than seven (7) days prior to the Prepayment Date in the secondary market for United States Treasury Obligations in amount(s) 

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and with maturity(ies) which correspond (as closely as possible) to the LIBOR Option Advance being prepaid. 

        BY
INITIALING BELOW, BORROWER ACKNOWLEDGE(S) AND AGREE(S) THAT: (A) THERE IS NO RIGHT TO PREPAY ANY LIBOR OPTION ADVANCE, IN WHOLE OR IN PART, WITHOUT PAYING THE PREPAYMENT
AMOUNT, EXCEPT AS OTHERWISE REQUIRED UNDER APPLICABLE LAW; (B) BORROWER SHALL BE LIABLE FOR PAYMENT OF THE PREPAYMENT AMOUNT IF BANK EXERCISES ITS RIGHT TO ACCELERATE PAYMENT OF ANY LIBOR
OPTION ADVANCE AS PART OR ALL OF THE OBLIGATIONS OWING UNDER THE NOTE, INCLUDING WITHOUT LIMITATION, ACCELERATION UNDER A DUE-ON-SALE PROVISION; (C) BORROWER WAIVES ANY
RIGHTS UNDER SECTION 2954.10 OF THE CALIFORNIA CIVIL CODE, OR ANY SUCCESSOR STATUTE; AND (D) BANK
HAS MADE EACH LIBOR OPTION ADVANCE PURSUANT TO THE NOTE IN RELIANCE ON THESE AGREEMENTS. 

	

 BORROWER'S INITIALS

9.    Hold Harmless and Indemnification. Borrower agrees to indemnify Bank and to hold Bank harmless from, and to reimburse Bank on demand
for, all losses and expenses which Bank sustains or incurs as a result of (i) any payment of a LIBOR Option Advance prior to the last day of the applicable LIBOR Period for any reason,
including, without limitation, termination of the Note, whether pursuant to this Addendum or the occurrence of an Event of Default; (ii) any termination of a LIBOR Period prior to the date it
would otherwise end in accordance with this Addendum; or (iii) any failure by Borrower, for any reason, to borrow any portion of a LIBOR Option Advance previously requested by Borrower;
provided, however, that Borrower's aggregate payment obligation to the Bank arising from the events and circumstances described in Sections 8, 9 and 10 of this Agreement shall not exceed the
Prepayment Amount. 

10.    Funding Losses. The indemnification and hold harmless provisions set forth in this Addendum shall include, without limitation, all
losses and expenses arising from interest and fees that Bank pays to lenders of funds it obtains in order to fund the loans to Borrower on the basis of the LIBOR Option(s) and all losses incurred in
liquidating or re-deploying deposits from which such funds were obtained and loss of profit for the period after termination; provided, however, that Borrower's aggregate payment
obligation to the Bank arising from the events and circumstances described in Sections 8, 9 and 10 of this Agreement shall not exceed the Prepayment Amount. A written statement by Bank to Borrower of
such losses and expenses shall be conclusive and binding, absent manifest error, for all purposes. This obligation shall survive the termination of this Addendum and the payment of the Note. 

11.    Regulatory Developments Or Other Circumstances Relating To Illegality or Impracticality of LIBOR. If any Regulatory Development or
other circumstances occurring after the date hereof relating to the interbank Euro-dollar markets shall, at any time, in Bank's reasonable determination, make it unlawful or impractical
for Bank to fund or maintain, during any LIBOR Period, to determine or charge interest rates based upon LIBOR, Bank shall give notice of such circumstances to Borrower and: 

	(i)
	In
the case of a LIBOR Period in progress, Borrower shall, if requested by Bank, promptly pay any interest which had accrued prior to such request and the date of such request shall
be deemed to be the last day of the term of the LIBOR Period; and

	(ii)
	No
LIBOR Period may be designated thereafter until Bank determines that such would be practical. 

4

 

12.    Additional Costs. Borrower shall pay to Bank from time to time, upon Bank's request, such amounts as Bank reasonably determines are
needed to compensate Bank for any costs it incurred which are attributable to Bank having made or maintained a LIBOR Option Advance or to Bank's obligation to make a LIBOR Option Advance, or any
reduction in any amount receivable by Bank hereunder with respect to any LIBOR Option or such obligation (such increases in costs and reductions in amounts receivable being herein called "Additional
Costs"), resulting from any Regulatory Developments occurring after the date hereof, which (i) change the basis of taxation of any amounts payable to Bank hereunder with respect to taxation of
any amounts payable to Bank hereunder with respect to any LIBOR Option Advance (other than taxes imposed on the overall net income of Bank for any LIBOR Option Advance by the jurisdiction where Bank
is headquartered or the jurisdiction where Bank extends the LIBOR Option Advance; (ii) impose or modify any reserve, special deposit, or similar requirements relating to any extensions of
credit or other assets of, or any deposits with or other liabilities of, Bank (including any LIBOR Option Advance or any deposits referred to in the definition of LIBOR); or (iii) impose any
other condition affecting this Addendum (or any of such extension of credit or liabilities). Bank shall notify Borrower of any event occurring after the date hereof which entitles Bank to compensation
pursuant to this paragraph as promptly as practicable after it obtains knowledge thereof and determines to request such compensation. Determinations by Bank for purposes of this paragraph, shall be
conclusive, provided that such determinations are made on a reasonable basis. Notwithstanding the foregoing, (i) Bank shall be entitled to make only one request per Regulatory Development,
(ii) each such request setting forth the calculations and methodology used in by Bank in computing said request, which request, absent manifest error, shall be conclusive provided that such
determination is made on a reasonable basis, and (iii) no such certificate shall claim any compensation more than six months after Bank is entitled to make such request, Furthermore, before
Bank requests compensation under the first sentence of this Section 12, Bank shall designate a different applicable lending office if such designation (a) will avoid the need for such
request or reduce the amount payable under this Section 12 and (b) will not cause the imposition on Bank of any additional costs or legal, regulatory or administrative burdens deemed by
Bank to be material or otherwise be deemed by Bank in its reasonable discretion to be disadvantageous to it." 

13.    Legal Effect. Except as specifically modified hereby, all of the terms and conditions of the Note remain in full force and effect. 

        IN
WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth above. 

	QUIDEL CORPORATION	 	COMERICA BANK-CALIFORNIA
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/  PAUL E. LANDERS      
	 	By:	/s/  TRACY FREDRICKS      
 Tracy Fredricks
	Title:	Vice President, Chief Financial Officer	 	Title:	Vice President
	 	
	 	 	

	 	 	 	 	 
	By:	 	 	 	 
	 	
	 	 	 
	Title:	 	 	 	 
	 	
	 	 	 

5

        Addendum "B" attached to that certain Master Revolving Note ("Note") dated August 29, 2002, by and between Quidel Corporation ("Borrower"), and Comerica
Bank-California ("Bank") in the original principal amount of Ten Million Dollars ($10,000,000.00) ("Note Amount") and made a part thereof: 

        The
Note is hereby amended as follows: 

        1.    Letters of Credit    

	(a)
	In
addition to advances under the Note, Bank shall, from time to time until the maturity date of the Note, issue or cause to be issued letters of credit for the account of Borrower as
promptly as reasonably possible upon Borrower's request, in the aggregate outstanding face amount not to exceed the Note Amount minus the then outstanding aggregate principal balance of advances under
the Note; provided, however, that the face amount of all outstanding letters of credit (including drawn but unreimbursed letters of credit and letter of credit reserve) shall not in any case exceed
One Million Dollars ($1,000,000.00). Each letter of credit shall have an expiration date no later than the maturity date of the Note. All letters of credit shall be in a form and substance acceptable
to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form of standard Letter of Credit Application and Agreement.

	(b)
	The
obligation of Borrower to immediately reimburse Bank for drawings made under letters of credit shall be absolute, unconditional and irrevocable in accordance with the terms of
this Note and such letters of credit, under all circumstances whatsoever. Borrower shall indemnify, defend, protect and hold Bank harmless from any loss, cost, expense, or liability, including,
without limitation, reasonable attorneys' fees, arising out of or in connection with any letters of credit.

	(c)
	If
at any time for any reason, the amount of Indebtedness owed by Borrower to Bank pursuant to this Addendum is greater than the aggregate amount available to be drawn under the Note,
Borrower shall immediately pay to Bank, in cash, the amount of such excess. 

        2.    All
initially capitalized terms used but not defined in this Addendum shall have the meanings assigned to such terms in the Note. 

QuickLinks

Exhibit 10.22

Master Revolving Note Variable Rate-Maturity Date-Optional Advances (Business and Commercial Loans Only)

LIBOR Addendum To Master Revolving Note

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