Document:

Form of Revolving Credit Note

    Exhibit
      10.3

    

    REVOLVING
      CREDIT NOTE

     

    

    $___________                                                                                                                                                                                         
      October 17, 2007

    

    FOR
      VALUE
      RECEIVED, the undersigned, BioTime, Inc., a California corporation (Borrower")
      hereby promises to pay to the order of ___________("Lender") the principal
      sum
      of _____________ DOLLARS ($_______________) or such lesser amount as may from
      time to time be outstanding as the Loan pursuant to that certain First Amended
      and Restated Revolving Line of Credit Agreement, dated October 17, 2007, between
      Borrower and Lender (the "Credit Agreement"), together with interest on the
      unpaid balance of the Loan at the rate or rates hereinafter set forth. This
      Revolving Credit Note is one of the Notes described in the Credit Agreement.
      All
      capitalized terms not otherwise defined in this Note shall have the meanings
      defined in the Credit Agreement.

    

    1. Terms
      of Payment.

    

    (a) Interest
      Rate.
      Interest
      shall accrue and be payable at the rate of 12% per annum on the outstanding
      principal balance of the Loan. Interest shall accrue from the date of each
      disbursement of principal pursuant to a Draw. Accrued interest shall be paid
      with principal. Interest will be charged on that part of outstanding principal
      of the Loan which has not been paid and shall be calculated on the basis of
      a
      360-day year and a 30-day month.

    

    (b) Payments
      of Principal.
      The
      outstanding principal balance of the Loan, together with accrued interest,
      shall
      be paid in full on the Maturity Date. 

    

    (c) Mandatory
      Prepayment of Principal.
      In the
      event that Borrower receives Earmarked Funds, Borrower shall use the Earmarked
      Funds to prepay principal, plus accrued interest, within two business days
      after
      such Earmarked Funds are received by Borrower, and the amount of principal
      so
      prepaid shall reduce the Maximum Loan Amount. 

    

    (d) Optional
      Prepayment of Principal.
      Borrower may prepay principal, with accrued interest, at any time and the amount
      of principal so prepaid shall be available for further Draws by Borrower during
      the Draw Period to the extent that the prepayment of principal was not required
      under paragraph (c) of this Section 1.

    

    (e) Default
      Interest Rate.
      In the
      event that any payment of principal or interest is not paid within five (5)
      days
      from on the date on which the same is due and payable, such payment shall
      continue as an obligation of the Borrower, and interest thereon from the due
      date of such payment and interest on the entire unpaid balance of the Loan
      shall
      accrue until paid in full at the lesser of (i) fifteen percent (15%) per annum,
      or (ii) the highest interest rate permitted under applicable law (the "Default
      Rate"). From and after the Maturity Date or upon acceleration of the Note,
      the
      entire unpaid principal balance of the Loan with all unpaid
      interest

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    accrued
      thereon, and any and all other fees and charges then due at such maturity,
      shall
      bear interest at the Default Rate. 

    

    (f) Date
      of Payment.
      If the
      date on which a payment of principal or interest on the Loan is due is a day
      other than a Business Day, then payment of such principal or interest need
      not
      be made on such date but may be made on the next succeeding Business
      Day.

    

    (g) Application
      of Payments.
      All
      payments shall be applied first to costs of collection, next to late charges
      or
      other sums owing Lender, next to accrued interest, and then to principal, or
      in
      such other order or proportion as Lender, in its sole discretion, may
      determine.

    

    (h) Currency.
      All
      payments shall be made in United States Dollars.

    

    2. Events
      of Default.
      The
      following shall constitute Events of Default: (a) the default of Borrower in
      the
      payment of any interest or principal due under this Note or the Credit Agreement
      or any other Note arising under the Credit Agreement; (b) the failure of
      Borrower to perform or observe any other term or provision of this Note, or
      any
      other Note arising under the Credit Agreement, or any term, provision, covenant,
      or agreement in the Credit Agreement or any other Loan Document; (c) any act,
      omission, or other event that constitutes an "Event of Default" under the Credit
      Agreement; (d) any representation or warranty of Borrower contained in the
      Credit Agreement or in any other Loan Document, or in any certificate delivered
      by Borrower pursuant to the Credit Agreement or any other Loan Document, is
      false or incorrect in any material respect when made or given; (e) Borrower
      becoming the subject of any order for relief in a proceeding under any Debtor
      Relief Law (as defined below); (f) Borrower making an assignment for the benefit
      of creditors; other than repayment of the Loan, in whole or in part, to Lenders;
      (g) Borrower applying for or consenting to the appointment of any receiver,
      trustee, custodian, conservator, liquidator, rehabilitator, or similar officer
      for it or for all or any part of its property or assets; (h) the appointment
      of
      any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or
      similar officer for Borrower, or for all or any part of the property or assets
      of Borrower, without the application or consent Borrower, if such appointment
      continues undischarged or unstayed for sixty (60) calendar days; (i) Borrower
      instituting or consenting to any proceeding under any Debtor Relief Law with
      respect to Borrower or all or any part of its property or assets, or the
      institution of any similar case or proceeding without the consent of Borrower,
      if such case or proceeding continues undismissed or unstayed for sixty (60)
      calendar days; (j) the dissolution or liquidation of Borrower, or the winding-up
      of the business or affairs of Borrower; (k) the taking of any action by Borrower
      to initiate any of the actions described in clauses (e) through (j) of this
      paragraph; (l) the issuance or levy of any judgment, writ, warrant of attachment
      or execution or similar process against all or any material part of the property
      or assets of Borrower if such process is not released, vacated or fully bonded
      within sixty (60) calendar days after its issue or levy; or (m) any breach
      or
      default by Borrower under any loan agreement, promissory note, or other
      instrument evidencing indebtedness payable to a third party. As used in this
      Note, the term "Debtor Relief Law" means the Bankruptcy Code of the United
      States of America, as amended, or any other applicable liquidation,
      conservatorship, bankruptcy, moratorium, rearrangement, receivership,
      insolvency, reorganization, or similar debtor relief law affecting the rights
      of
      creditors generally.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    3. Remedies
      On Default.
      Upon
      the occurrence of an Event of Default, at Lender's option, all unpaid principal
      and accrued interest, and all other amounts payable under this Note shall become
      immediately due and payable without presentment, demand, notice of non-payment,
      protest, or notice of non-payment. Lender also shall have all other rights,
      powers, and remedies available under the Credit Agreement and any other Loan
      Document, or accorded by law or at equity. All rights, powers, and remedies
      of
      Lender may be exercised at any time by Lender and from time to time after the
      occurrence of an Event of Default. All rights, powers, and remedies of Lender
      in
      connection with this Note and any other Loan Document are cumulative and not
      exclusive and shall be in addition to any other rights, powers, or remedies
      provided by law or equity.

    

    4. 
      Miscellaneous.

    

    (a) Borrower
      and all guarantors and endorsers of this Note severally waive (i) presentment,
      demand, protest, notice of dishonor, and all other notices; (ii) any release
      or
      discharge arising from any extension of time, discharge of a prior party,
      release of any or all of the security for this Note, and (iii) any other cause
      of release or discharge other than actual payment in full of all indebtedness
      evidenced by or arising under this Note. 

    

    (b) No
      delay
      or omission of Lender to exercise any right, whether before or after an Event
      of
      Default, shall impair any such right or shall be construed to be a waiver of
      any
      right or default, and the acceptance of any past-due amount at any time by
      the
      Lender shall not be deemed to be a waiver of the right to require prompt payment
      when due of any other amounts then or thereafter due and payable. The Lender
      shall not be deemed, by any act or omission, to have waived any of Lender's
      rights or remedies under this Note unless such waiver is in writing and signed
      by Lender and then only to the extent specifically set forth in such writing.
      A
      waiver with reference to one event shall not be construed as continuing or
      as a
      bar to or waiver of any right or remedy as to a subsequent event. 

    

    (c) Lender
      may accept, indorse, present for payment, and negotiate checks marked "payment
      in full" or with words of similar effect without waiving Lender's right to
      collect from Borrower the full amount owed by Borrower.

    

    (d) Time
      is of the essence under this Note.
      Upon any
      Event of Default, the Lender may exercise all rights and remedies provided
      for
      in this Note and by law, including, but not limited to, the right to immediate
      payment in full of this Note. 

    

    (e) The
      rights and remedies of the Lender as provided in this Note, in the Credit
      Agreement, and in the Security Agreement and in law or equity, shall be
      cumulative and concurrent, and may be pursued singularly, successively, or
      together at the sole discretion of the Lender, and may be exercised as often
      as
      occasion therefor shall occur; and the failure to exercise any such right or
      remedy shall in no event be construed as a waiver or a release of any such
      right
      or remedy.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (f) It
      is
      expressly agreed that if this Note is referred to an attorney or if suit is
      brought to collect this Note or any amount due under this Note, or to enforce
      or
      protect any rights conferred upon Lender by this Note then Borrower promises
      and
      agrees to pay on demand all costs, including without limitation, reasonable
      attorneys' fees, incurred by Lender in the enforcement of Lender's rights and
      remedies under this Note, and such other agreements. 

    

    (g) The
      terms, covenants, and conditions contained in this Note shall be binding upon
      the heirs, executors, administrators, successors, and assigns of Borrower,
      and
      each of them, and shall inure to the benefit of the heirs, executors,
      administrators, successors and assigns of Lender.

    

    (h) This
      Note
      shall be construed under and governed by the laws of the State of California
      without regard to conflicts of law. 

    

    (i) No
      provision of this Note shall be construed or so operate as to require the
      Borrower to pay interest at a greater rate than the maximum allowed by
      applicable state or federal law. Should any interest or other charges paid
      or
      payable by the Borrower in connection with this Note or the Loan result in
      the
      computation or earning of interest in excess of the maximum allowed by
      applicable state or federal law, then any and all such excess shall be and
      the
      same is hereby waived by Lender, and any and all such excess paid shall be
      credited automatically against and in reduction of the outstanding principal
      balance due of the Loan, and the portion of said excess which exceeds such
      principal balance shall be paid by Lender to the Borrower.

    

    BORROWER:  BIOTIME,
      INC.

    

    By
      _____________________________________________

    Title
      ___________________________________________

    

    By
      _____________________________________________

    Title
      ___________________________________________

     

     

     4First Amended and Restated Security Agreement, dated October 17, 2007

    Exhibit
      10.4

    

    FIRST
      AMENDED AND RESTATED SECURITY AGREEMENT

    

    

    This
      First Amended and Restated Security Agreement (the “Agreement”) is made as of
      October 17, 2007 by BioTime, Inc., as the “Debtor,” in favor and for the benefit
      of Alfred D. Kingsley, George Karfunkel, Richard Lowish, Broadwood Partners,
      L.P., individually and collectively, as the “Secured Party,” and amends and
      restates that certain Security Agreement dated April 12, 2006. 

    

    

    PREMISES

    

    A. Debtor
      and Secured Party have entered into that certain First Amended and Restated
      Revolving Line of Credit Agreement of even date (the “Credit Agreement”),
      pursuant to which Debtor may borrow funds from Secured Party;

    

    B. Debtor
      has delivered to certain Secured Parties Amended and Restated Revolving Credit
      Notes, dated April 12, 2006, in the aggregate principal amount of $200,000,
      and
      has delivered to certain Secured Parties Revolving Credit Notes, dated October
      __, 2007, in the aggregate principal amount of $800,000 (collectively, the
      “Notes” and each a “Note”) evidencing Debtor’s obligation to pay funds advanced
      by Secured Party under the Credit Agreement;

    

    C. Debtor
      is
      entering into this Agreement to secure its obligations under the Credit
      Agreement.

    

    AGREEMENT

    

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration, the receipt and adequacy of which is hereby acknowledged, Debtor
      hereby agrees as follows:

    

      1.    Creation
        of Security Interest.
        Debtor
        hereby conveys, assigns, transfers, and grants to Secured Party a first priority
        perfected security interest in all of Debtor’s present and hereafter acquired
        right, title, and interest in and to the Collateral (as defined in Section
        3
        below). Secured Party may record a UCC-1 Financing Statement concerning the
        Collateral.

      

      2.    Secured
        Obligations.
        This
        Agreement and the security interests granted and created under this Agreement
        secure the prompt payment in full in cash and the full performance of each
        and
        all of the following obligations (collectively, the “Secured
        Obligations”):

       

                     
        2.1   each
        and
        every obligation, covenant, and agreement of Debtor contained in, arising
        under,
        in connection with, or evidenced by each of the Notes;

       

                                    
        2.2   the
        obligations, covenants and agreements of Debtor under the Credit Agreement;
        and

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

                                    
        2.3   each
        and
        every obligation, covenant, and agreement of Debtor contained in, arising
        under,
        or in connection with, or evidenced by this Agreement.

       

          3.               
        Collateral. 
        As used in this Agreement, the term Collateral means (a) of Debtor’s right,
        title, and interest in and to all royalties, license fees, and other amounts
        payable by Hospira, Inc. or any successor under that certain Exclusive License
        Agreement, dated April 23, 1997, between Debtor and Abbott Laboratories,
        Inc.
        (as the predecessor in interest to Hospira, Inc.), as modified by a letter
        agreement and as amended by that certain Amendment to BioTime License Agreement,
        dated January 9, 2006 (the “Hospira License”), and (b) all accounts, accounts
        receivable, notes, and instruments evidencing any obligation of payment by
        Hospira, Inc. under the Hospira License ; and (c) all proceeds of the Collateral
        described in clauses (a) and (b) of this Section 3, including but not limited
        to, money, accounts, general intangibles, securities, deposit accounts,
        investment property, documents, chattel paper, instruments, and insurance
        proceeds and interests therein. Debtor represents and warrants to and for
        the
        benefit of Secured Party that Debtor’s title to the Collateral described in
        clause (a) of the preceding sentence is free and clear of all liens, pledges,
        encumbrances, equities, and claims of any kind whatsoever except for the
        security interest created by this Agreement.

       

          4.               
        Further
        Assurances.  Debtor hereby further agrees to procure, execute, and
        deliver on demand and Debtor hereby irrevocably appoints Secured Party as
        Debtor’s attorney in fact to execute, acknowledge, deliver, and, if appropriate,
        file and record such endorsements, assignments, consents, security agreements,
        financing statements, control agreements, or other instruments, documents,
        or
        writings as Secured Party may request or require in order to perfect or continue
        the perfection and the priority of the security interests created or agreed
        to
        be created by this Agreement.

       

          5.               
        Transfers
        and Other Liens.  Without the prior written consent of Secured Party,
        Debtor shall not (a) sell, contract to sell, pledge, encumber, assign,
        hypothecate, alienate, convey, dispose, or otherwise transfer the Collateral,
        or
        any interest therein, whether voluntarily, involuntarily, or by operation
        of
        law, except for sales of inventory in the ordinary course of business, (b)
        consent or agree to any alteration, modification, or amendment to the Hospira
        License that would reduce the royalties payable by Hospira , (c) waive any
        right
        of payment, or grant any grace period or extension of time for the payment,
        of
        any royalties by Hospira under the Hospira License, (d) create or permit
        to
        exist any lien, encumbrance, mortgage, pledge, security interest or charge
        of
        any kind upon or concerning any of the Collateral, except for the security
        interest created by this Agreement, or (e) take any action concerning the
        Collateral that is inconsistent with the provisions and purposes of this
        Agreement. Any sale, contract to sell, pledge, conveyance, hypothecation,
        alienation, encumbrance, disposition, assignment, or other transfer of any
        of
        the Collateral or any alteration, modification, or amendment of any of the
        Collateral in a manner that would delay or reduce royalty payments, or the
        grant
        of any grace period or extension of time for the performance of any obligation
        due for the benefit of Debtor or Secured Party under or concerning any of
        the
        Collateral made, permitted, or suffered without Secured Party’s prior written
        consent shall constitute an Event of Default under this Agreement. 

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

          6.               
        Additional
        Covenants of Debtor.  In addition to all other covenants and agreements
        of Debtor set forth in this Agreement, Debtor agrees to (a) give Secured
        Party
        thirty (30) days prior written notice of any change in Debtor’s name, state of
        incorporation or organization, or place of business, or, if Debtor has more
        than
        one place of business, its head office or office in which Debtor’s records
        relating to the Collateral are kept; (b) to appear in and defend any action
        or
        proceeding which may affect Debtor’s title to or Secured Party’s interest in any
        Collateral; and (c) to keep separate, accurate, and complete records of the
        Collateral, and to provide Secured Party with such records and such other
        reports and information relating to Collateral as Secured Party may request
        from
        time to time.

       

          7.               
        Certain
        Notifications and Distributions With Respect To Collateral. Upon the
        occurrence and continuance of an Event of Default, Secured Party shall have
        the
        rights set forth in this Section. Secured Party may at any time, and from
        time
        to time, notify Hospira or any successor account debtor that (a) an account
        or
        instrument constituting Collateral has been assigned to Secured Party, and
        (b)
        all distributions and payments and the performance of all obligations in
        any way
        related to the Collateral are to be made directly to Secured Party. If Debtor
        receives any payments of money, securities, or any tangible or intangible
        property on account of or with respect to any of the Collateral at any time
        during which an Event of Default shall have occurred and be continuing, such
        payments will be received by Debtor in trust for, and immediately paid over
        to
        Secured Party. Any collections received by Secured Party or received by Debtor
        and delivered to Secured Party shall be applied to the Secured Obligations,
        first to the expenses of collection, second to the payment of accrued interest,
        and third to the payment of principal; provided, that any amounts remaining
        after payment in full of all expenses, interest, and principal shall be returned
        to Debtor. Secured Party shall have the right to receive, receipt for, endorse,
        assign, deposit, and deliver, in Secured Party’s name or in the name of Debtor,
        any and all checks, notes, drafts, and other instruments for the payment
        of
        money constituting proceeds of or otherwise relating to the Collateral. Debtor
        hereby authorizes Secured Party to affix, by facsimile signature or otherwise,
        the general or special endorsement of Debtor, in such manner as Secured Party
        shall deem advisable, to any such instrument in the event the same has been
        delivered to Secured Party without appropriate endorsement, and Secured Party
        and any collecting bank are hereby authorized to consider such an endorsement
        as
        being by Debtor to the same extent as though it were manually executed by
        Debtor, regardless of by whom or under what circumstances or by what authority
        such facsimile signature or other endorsement is actually affixed, without
        duty
        of inquiry or responsibility as to such matters, and Debtor hereby waives
        demand, presentment, protest, and notice of protest or dishonor and all other
        notices of every kind and nature with respect to any such instrument.

      

      8.            Rights
        Upon Event of Default.

       

                                    
        8.1          Upon
        the occurrence of an Event of Default under this Agreement, Secured Party
        shall
        have, in addition to all other rights and remedies that Secured Party may
        have
        at law or in equity, under Section 7 of this Agreement, or under any other
        agreement executed by Debtor in favor of Secured Party, all rights and remedies
        of a secured party under the California Commercial Code, which rights and
        remedies of Secured Party shall be cumulative and non-exclusive. In addition,
        upon the occurrence of an Event of Default, Secured Party shall have the
        following rights and remedies, all of which may be exercised with or without
        further notice to Debtor: (i) to directly receive any and all payments and
        distributions of money, securities or any tangible or intangible property
        on or
        in any way related to the Collateral; (ii) to 

       

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      settle,
        compromise, or release, on terms acceptable to Secured Party, in whole or
        in
        part, any amounts owing on the Collateral; (iii) to enforce payment and to
        prosecute any action or proceeding with respect to any and all of the
        Collateral; (iv) to foreclose the liens and security interests created under
        this Agreement or under any other agreement relating to the Collateral by
        any
        available procedure, with or without judicial process; (v) to sell, assign,
        or
        otherwise dispose of the Collateral or any part thereof, either at public
        or
        private sale for cash, on credit, or otherwise, with or without representations
        or warranties, and upon such terms as shall be acceptable to Secured Party;
        all
        at Secured Party’s sole option and as Secured Party in their sole discretion may
        deem advisable. 

       

                8.2         
        Debtor
        shall be given reasonable notice of the time and place of any public sale
        of the
        Collateral, or of the time on or after which any private sale or other intended
        disposition is to be made. If required under applicable law, Secured Party
        may
        be the purchaser at any public sale. Ten days notice of any public or private
        sale or other disposition shall be considered to be reasonable notice.

      

      9.   Disposition
        of Proceeds.  After satisfaction in full of the Secured Obligations,
        the balance of the proceeds of sale then remaining shall be paid first to
        satisfy obligations secured by any other subordinate security interests or
        subordinate liens (including but not limited to attachment liens and execution
        liens) in the Collateral as provided in the California Commercial Code, and
        then
        any remaining balance of the proceeds shall be paid to the Debtor. 

      

      10.       
        Events
        of Default. The occurrence of any of the following shall constitute an Event
        of Default under this Agreement:

       

                10.1   Secured
        Party shall fail or cease to have a first priority perfected security interest
        in the Collateral or any part of the Collateral unless caused by any action
        taken by Secured Party; 

       

                10.2   Debtor
        defaults in the performance of any covenant or agreement contained in this
        Agreement;

       

                10.3   Debtor
        defaults in the payment or performance of any Secured Obligation; 

       

                10.4   An
        Event
        of Default as defined in the Notes has occurred with respect to any of the
        Notes; and

       

                10.5   The
        occurrence of any other event under this Agreement that is specifically
        described elsewhere within this Agreement as an Event of Default.

      

      11.   Amendments. This
        Agreement may not be altered or amended except with the written consent of
        Debtor and the Secured Party. 

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

            
        12.   Binding
        on Successors and Assigns.  This Agreement shall be binding upon and
        inure to the benefit of Debtor and Secured Party and their respective heirs,
        executors, personal representatives, successors and assigns.

       

                   
        13.   Notices. 
        All notices and other communications required or permitted to be given pursuant
        to this Agreement shall be in writing and shall be deemed given four (4)
        days
        after being deposited in the United States mail, certified postage prepaid,
        return receipt requested, or when delivered by hand, by messenger or express
        air
        freight service to the address for notice shown in the Credit Agreement.
        Any
        party may change its address for notice by giving notice to the other party
        in
        the same manner as provided in this section.

      

      14.   Governing
        Law.  This Agreement shall be governed by and construed under the laws
        of the State of California without regard to conflicts of law. Where applicable
        and except as otherwise defined in this Agreement, the terms used in this
        Agreement shall have the meanings given them in the California Commercial
        Code.

      

      15.   Attorneys
        Fees and Costs of Enforcement.  Debtor agrees to pay
        all reasonable attorneys’ fees incurred by Secured Party in connection with
        enforcement of any of Secured Party’s rights and remedies under this Agreement,
        whether or not any proceeding is commenced to enforce or protect such rights
        and
        remedies. All advances, charges, costs, and expenses, including without
        limitation, reasonable attorneys’ fees, incurred or paid by Secured Party in
        exercising any right, power, or remedy conferred by this Agreement, or in
        the
        enforcement thereof, shall be added to and shall become a part of the Secured
        Obligations, payable by Debtor on demand with interest thereon at a rate
        of
        interest equal to the lesser of: (i) the rate provided in the Note for interest
        payable after an Event of Default, or (ii) the maximum rate of interest
        permitted by law. 

      

      16.   Waivers
        by Debtor.  Debtor expressly waives any right to require Secured Party
        to (a) proceed against any person, (b) marshal assets or proceed against
        or
        exhaust Collateral or any part thereof, or (c) pursue any other remedy in
        Secured Party’s power; and Debtor waives any defense arising by reason of any
        disability or other defense of any other person or entity, or by reason of
        the
        cessation from any cause whatsoever of the liability of Debtor or any other
        person or entity. Debtor consents and agrees that Secured Party may, at any
        time
        and from time to time, without notice or demand, and without affecting the
        enforceability or continuing effectiveness of this Agreement: (i) accept
        new or
        additional instruments, documents, or agreements in exchange for or relative
        to
        any or all of the Secured Obligations; (ii) accept partial payments on or
        partial performance of any or all of the Secured Obligations; (iii) receive
        and
        hold additional security or guaranties for any or all of the Secured Obligations
        or any part thereof; (iv) release, reconvey, terminate, waive, abandon,
        fail to perfect, subordinate, exchange, substitute, transfer, and enforce
        any
        security or guaranties; (v) apply any Collateral or other security and direct
        the order or manner of sale thereof as Secured Party may determine;(vi) consent
        to the transfer of any Collateral or other security for any or all of the
        Secured Obligations; and (vii) bid and purchase at any sale of
        Collateral.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

                   
        17.         Cumulative
        Rights of Secured Party.  The rights, powers, and remedies given to
        Secured Party by this Agreement shall be in addition to all rights, powers,
        and
        remedies given to Secured Party by virtue of any statute, rule of law, or
        any
        other agreement between Debtor and Secured Party. Any forbearance or failure
        or
        delay by Secured Party in exercising any right, power, or remedy under this
        Agreement shall not preclude the further exercise thereof; and every right,
        power, and remedy of Secured Party shall continue in full force and effect
        until
        such right, power, or remedy is specifically waived by an instrument in writing
        signed by Secured Party.

      

      18.       
        Termination. 
        Secured Party’s security interest in the Collateral shall terminate upon the
        satisfaction in full of all Secured Obligations, and at that time Secured
        Party
        shall return to Debtor all Collateral then in Secured Party’s
        possession.

       

                   
        19.         Power
        of Attorney.  Debtor hereby irrevocably appoints Secured Party as
        attorney-in-fact of Debtor, with full power of substitution, to sign any
        document necessary to transfer title to any of the Collateral and to do all
        acts
        necessary or incident to the powers granted under this Agreement to Secured
        Party, as fully as Debtor might, including without limitation, the execution
        and
        recordation of any claim of lien on behalf of and in the name of
        Debtor.

      

    DEBTOR

    

    BIOTIME,
      INC.

    

    

    By:      
      /s/ Michael D.
      West                                         

    Chief
      Executive Officer

    

    

    By:     
      /s/ Judith
      Segall                                                 

    Secretary

     

     

                                                                                                            
      6

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