Document:

Guaranty dated December 10, 2007

 Exhibit 10.9 
 GUARANTY 
  

	 New York, New York 
	 December 10, 2007 

 FOR VALUE RECEIVED, and in consideration of note purchases from, or credit otherwise extended or to be extended by LV Administrative Services, Inc., as agent (“Agent”), Valens U.S. SPV I, LLC (“Valens
U.S.”) and Valens Offshore SPV II, Corp. (“Valens Offshore” and together with Agent and Valens U.S., the “Creditor Parties”), to or for the account of Biovest International, Inc., a Delaware corporation
(the “Company”), from time to time and at any time and for other good and valuable consideration and to induce Creditor Parties, in their discretion, to purchase such notes or make other extensions of credit and to make or grant
such renewals, extensions, releases of collateral or relinquishments of legal rights as Creditor Parties may deem advisable, each of the undersigned (and each of them if more than one, the liability under this Guaranty being joint and several)
(jointly and severally referred to as “Guarantors “ or “the undersigned”) unconditionally guaranties to Agent and each other Creditor Party, and their respective successors, endorsees and assigns the prompt payment when due
(whether by acceleration or otherwise) of all present and future obligations and liabilities of any and all kinds of the Company to Creditor Parties and of all instruments of any nature evidencing or relating to any such obligations and liabilities
upon which the Company or one or more parties and the Company is or may become liable to Creditor Parties, whether incurred by the Company as maker, endorser, drawer, acceptor, guarantors, accommodation party or otherwise, and whether due or to
become due, secured or unsecured, absolute or contingent, joint or several, and however or whenever acquired by Creditor Parties, whether arising under, out of, or in connection with (i) that certain Note Purchase Agreement dated as of the date
hereof by and between Valens U.S. and the Company (as amended, restated, modified and/or supplemented from time to time, the “Valens U.S. Purchase Agreement”), (ii) that certain Note Purchase Agreement dated as of the date
hereof by and between Valens Offshore and the Company (as amended, restated, modified and/or supplemented from time to time, the “Valens Offshore Purchase Agreement” and together with the Valens U.S. Purchase Agreement, each a
“Purchase Agreement” and collectively, the “Purchase Agreements”), and (iii) each Related Agreement referred to in each Purchase Agreement (the Purchase Agreements and each Related Agreement, as each may be
amended, modified, restated and/or supplemented from time to time, are collectively referred to herein as the “Documents”), or any documents, instruments or agreements relating to or executed in connection with the Documents or any
documents, instruments or agreements referred to therein or otherwise, or any other obligations or liabilities of the Company to Creditor Parties, whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated, absolute or
contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guaranty, instrument or otherwise (all of which are herein collectively referred to as the “Obligations”), and irrespective of the
genuineness, validity, regularity or enforceability of such Obligations, or of any instrument evidencing any of the Obligations or of any collateral therefor or of the existence or extent of such collateral, and irrespective of the allowability,
allowance or disallowance of any or all of the Obligations in any case commenced by or against the Company under Title 11, United States Code, including, without limitation, obligations or indebtedness of the Company for post-petition interest,
fees, costs and charges that would have accrued or been added to the Obligations but for the commencement of such case. Terms not otherwise defined herein shall have the meaning assigned such terms in the Purchase Agreements. In furtherance of the
foregoing, the undersigned hereby agrees as follows: 

 1. No Impairment. Creditor Parties may at any time and from time to time, either before or after
the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the interest rate thereon, or any
other agreement with the Company or with any other party to or person liable on any of the Obligations, or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any
modification of the terms thereof or of any agreement between any Creditor Party and the Company or any such other party or person, or make any election of rights any Creditor Party may deem desirable under the United States Bankruptcy Code, as
amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an “Insolvency Law”) without in any
way impairing or affecting this Guaranty. This Guaranty shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company, or any change in the composition, nature, personnel or location of the Company and shall
extend to any successor entity to the Company, including a debtor in possession or the like under any Insolvency Law. 
 2. Guaranty
Absolute. Each of the undersigned jointly and severally guarantees that the Obligations will be paid strictly in accordance with the terms of the Documents and/or any other document, instrument or agreement creating or evidencing the
Obligations, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Company with respect thereto. Guarantors hereby knowingly accept the full range of risk
encompassed within a contract of “continuing guaranty” which risk includes the possibility that the Company will contract additional obligations and liabilities for which Guarantors may be liable hereunder after the Company’s
financial condition or ability to pay its lawful debts when they fall due has deteriorated, whether or not the Company has properly authorized incurring such additional obligations and liabilities. The undersigned acknowledge that (i) no oral
representations, including any representations to extend credit or provide other financial accommodations to the Company, have been made by any Creditor Party to induce the undersigned to enter into this Guaranty and (ii) any extension of
credit to the Company shall be governed solely by the provisions of the Documents. The liability of each of the undersigned under this Guaranty shall be absolute and unconditional, in accordance with its terms, and shall remain in full force and
effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation: (a) any waiver, indulgence, renewal, extension, amendment
or modification of or addition, consent or supplement to or deletion from or any other action or inaction under or in respect of the Documents or any other instruments or agreements relating to the Obligations or any assignment or transfer of any
thereof, (b) any lack of validity or enforceability of any Document or other documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof, (c) any furnishing of any additional security to
Agent, for the benefit of Creditor Parties, or its assignees or any acceptance thereof or any release of any security by Agent or its assignees, (d) any limitation on any party’s liability or obligation under the Documents or any other
documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof or any invalidity or unenforceability, 

  

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in whole or in part, of any such document, instrument or agreement or any term thereof, (e) any bankruptcy, insolvency, reorganization, composition,
adjustment, dissolution, liquidation or other like proceeding relating to the Company, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding, whether or not the undersigned shall have
notice or knowledge of any of the foregoing, (f) any exchange, release or nonperfection of any collateral, or any release, or amendment or waiver of or consent to departure from any guaranty or security, for all or any of the Obligations or
(g) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the undersigned. Any amounts due from the undersigned to any Creditor Party shall bear interest until such amounts are paid in full at the
highest rate then applicable to the Obligations. Obligations include post-petition interest whether or not allowed or allowable. 
 3.
Waivers. 
 (a) This Guaranty is a guaranty of payment and not of collection. No Creditor Party shall be under any
obligation to institute suit, exercise rights or remedies or take any other action against the Company or any other person or entity liable with respect to any of the Obligations or resort to any collateral security held by it to secure any of the
Obligations as a condition precedent to the undersigned being obligated to perform as agreed herein and each of the Guarantors hereby waives any and all rights which it may have by statute or otherwise which would require any Creditor Party to do
any of the foregoing. Each of the Guarantors further consents and agrees that Creditor Parties shall be under no obligation to marshal any assets in favor of Guarantors, or against or in payment of any or all of the Obligations. The undersigned
hereby waives all suretyship defenses and any rights to interpose any defense, counterclaim or offset of any nature and description which the undersigned may have or which may exist between and among any Creditor Party, the Company and/or the
undersigned with respect to the undersigned’s obligations under this Guaranty, or which the Company may assert on the underlying debt, including but not limited to failure of consideration, breach of warranty, fraud, payment (other than cash
payment in full of the Obligations), statute of frauds, bankruptcy, infancy, statute of limitations, accord and satisfaction, and usury. 
 (b) Each of the undersigned further waives (i) notice of the acceptance of this Guaranty, of the extensions of credit, and of all notices and demands of any kind to which the undersigned may be entitled,
including, without limitation, notice of adverse change in the Company’s financial condition or of any other fact which might materially increase the risk of the undersigned and (ii) presentment to or demand of payment from anyone
whomsoever liable upon any of the Obligations, protest, notices of presentment, non-payment or protest and notice of any sale of collateral security or any default of any sort. 
 (c) Notwithstanding any payment or payments made by the undersigned hereunder, or any setoff or application of funds of the undersigned by
any Creditor Party, the undersigned shall not be entitled to be subrogated to any of the rights of any Creditor Party against the Company or against any collateral or guarantee or right of offset held by any Creditor Party for the payment of the
Obligations, nor shall the undersigned seek or be entitled to seek any contribution or reimbursement from the Company in respect of payments made by the undersigned hereunder, until all amounts owing to Creditor Parties 

  

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by the Company on account of the Obligations are indefeasibly paid in full and Creditor Parties’ obligation to extend credit pursuant to the Documents
has been irrevocably terminated. If, notwithstanding the foregoing, any amount shall be paid to the undersigned on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full and Creditor Parties’
obligation to extend credit pursuant to the Documents shall not have been terminated, such amount shall be held by the undersigned in trust for Creditor Parties, segregated from other funds of the undersigned, and shall forthwith upon, and in any
event within two (2) business days of, receipt by the undersigned, be turned over to Agent, for the ratable benefit of Creditor Parties, in the exact form received by the undersigned (duly endorsed by the undersigned to Agent, if required), to
be applied against the Obligations, whether matured or unmatured, in such order as Agent may determine, subject to the provisions of the Documents. Any and all present and future obligations and liabilities of the Company to any of the undersigned
are hereby waived and postponed in favor of, and subordinated to the full payment and performance of, all Obligations of the Company to Creditor Parties. 
 4. Security. All sums at any time to the credit of the undersigned and any property of the undersigned in any Creditor Party’s possession or in the possession of any bank, financial institution or other
entity that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, any Creditor Party (each such entity, an “Affiliate”) shall be deemed held by such Creditor Party
or such Affiliate, as the case may be, as security for any and all of the undersigned’s obligations and liabilities to Creditor Parties and to any Affiliate of any Creditor Party, no matter how or when arising and whether under this or any
other instrument, agreement or otherwise. 
 5. Representations and Warranties. Each of the undersigned hereby jointly and severally
represents and warrants (all of which representations and warranties shall survive until all Obligations are indefeasibly satisfied in full and the Documents have been irrevocably terminated), that: 
 (a) Corporate Status. It is a corporation, partnership or limited liability company, as the case may be, duly formed, validly
existing and in good standing under the laws of its jurisdiction of formation indicated on the signature page hereof and has full power, authority and legal right to own its property and assets and to transact the business in which it is engaged.

 (b) Authority and Execution. It has full power, authority and legal right to execute and deliver, and to perform its
obligations under, this Guaranty and has taken all necessary corporate, partnership or limited liability company, as the case may be, action to authorize the execution, delivery and performance of this Guaranty. 
 (c) Legal, Valid and Binding Character. This Guaranty constitutes its legal, valid and binding obligation enforceable in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditor’s rights and general principles of equity that
restrict the availability of equitable or legal remedies. 
  

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 (d) Violations. The execution, delivery and performance of this Guaranty will not
violate any requirement of law applicable to it or any contract, agreement or instrument to which it is a party or by which it or any of its property is bound or result in the creation or imposition of any mortgage, lien or other encumbrance other
than in favor of Agent on any of its property or assets pursuant to the provisions of any of the foregoing, which, in any of the foregoing cases, could reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. 
 (e) Consents or Approvals. No consent of any other person or entity (including, without limitation, any
creditor of the undersigned) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required in connection with the execution,
delivery, performance, validity or enforceability of this Guaranty by it, except to the extent that the failure to obtain any of the foregoing could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect. 
 (f) Litigation. No litigation, arbitration, investigation or administrative proceeding of or before any
court, arbitrator or governmental authority, bureau or agency is currently pending or, to the best of its knowledge, threatened (i) with respect to this Guaranty or any of the transactions contemplated by this Guaranty or (ii) against or
affecting it, or any of its property or assets, which, in each of the foregoing cases, if adversely determined, could reasonably be expected to have a Material Adverse Effect. 
 (g) Financial Benefit. It has derived or expects to derive a financial or other advantage from each and every loan, advance or
extension of credit made under the Documents or other Obligation incurred by the Company to Laurus. 
 (h) Solvency. As
of the date of this Guaranty, (a) the fair saleable value of its assets exceeds its liabilities and (b) it is meeting its current liabilities as they mature. 
 6. Acceleration. 
 (a) If any breach of any covenant or condition or other event of
default shall occur and be continuing under any agreement made by the Company or any of the undersigned to any Creditor Party, or either the Company or any of the undersigned should at any time become insolvent, or make a general assignment, or if a
proceeding in or under any Insolvency Law shall be filed or commenced by, or in respect of, any of the undersigned, or if a notice of any lien, levy, or assessment is filed of record with respect to any assets of any of the undersigned by the United
States of America or any department, agency, or instrumentality thereof, or if any taxes or debts owing at any time or times hereafter to any one of them becomes a lien or encumbrance upon any assets of the undersigned in any Creditor Party’s
possession, or otherwise, any and all Obligations shall for purposes hereof, at Agent’s option, be deemed due and payable without notice notwithstanding that any such Obligation is not then due and payable by the Company. 
 (b) Each of the undersigned will promptly notify Agent of any default by such undersigned in its respective performance or observance of
any term or condition of any 

  

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agreement to which the undersigned is a party if the effect of such default is to cause, or permit the holder of any obligation under such agreement to
cause, such obligation to become due prior to its stated maturity and, if such an event occurs, Creditor Parties shall have the right to accelerate such undersigned’s obligations hereunder. 
 7. Payments from Guarantors. Agent, in its sole and absolute discretion, with or without notice to the undersigned, may apply on account of the
Obligations any payment from the undersigned or any other guarantors, or amounts realized from any security for the Obligations, or may deposit any and all such amounts realized in a non-interest bearing cash collateral deposit account to be
maintained as security for the Obligations. 
 8. Costs. The undersigned shall pay on demand, all costs, fees and expenses (including
expenses for legal services of every kind) relating or incidental to the enforcement or protection of the rights of any Creditor Party hereunder or under any of the Obligations. 
 9. No Termination. This is a continuing irrevocable guaranty and shall remain in full force and effect and be binding upon the undersigned, and
each of the undersigned’s successors and assigns, until all of the Obligations have been indefeasibly paid in full and each Creditor Parties’ obligation to extend credit pursuant to the Documents has been irrevocably terminated. If any of
the present or future Obligations are guarantied by persons, partnerships, corporations or other entities in addition to the undersigned, the death, release or discharge in whole or in part or the bankruptcy, merger, consolidation, incorporation,
liquidation or dissolution of one or more of them shall not discharge or affect the liabilities of any undersigned under this Guaranty. 
 10. Recapture. Anything in this Guaranty to the contrary notwithstanding, if any Creditor Party receives any payment or payments on account of the liabilities guaranteed hereby, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver, or any other party under any Insolvency Law, common law or equitable doctrine, then to the extent of any sum not
finally retained by such Creditor Party, the undersigned’s obligations to such Creditor Party shall be reinstated and this Guaranty shall remain in full force and effect (or be reinstated) until payment shall have been made to such Creditor
Party, which payment shall be due on demand. 
 11. Books and Records. The books and records of Agent and each Creditor Party showing
the account between such Creditor Party and the Company shall be admissible in evidence in any action or proceeding, shall be binding upon the undersigned for the purpose of establishing the items therein set forth and shall constitute prima facie
proof thereof. 
 12. No Waiver. No failure on the part of any Creditor Party to exercise, and no delay in exercising, any right,
remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by any Creditor Party of any right, remedy or power hereunder preclude any other or future exercise of any other legal right, remedy or power. Each
and every right, remedy and power hereby granted to any Creditor Party or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by any Creditor Party at any time and from time to time.

  

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 13. Waiver of Jury Trial. EACH OF THE UNDERSIGNED DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE
APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH OF THE UNDERSIGNED HERETO WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN ANY CREDITOR PARTY, AND/OR ANY OF THE UNDERSIGNED ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS
GUARANTY, ANY DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO. 
 14. Governing Law; Jurisdiction. THIS GUARANTY CANNOT BE
CHANGED OR TERMINATED ORALLY, AND SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH
OF THE UNDERSIGNED HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY OF THE UNDERSIGNED, ON THE
ONE HAND, AND ANY CREDITOR PARTY, ON THE OTHER HAND, PERTAINING TO THIS GUARANTY OR ANY OF THE DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS GUARANTY OR ANY OF THE DOCUMENTS; PROVIDED, THAT EACH OF THE UNDERSIGNED ACKNOWLEDGES
THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY CREDITOR
PARTY FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH
CREDITOR PARTY. EACH OF THE UNDERSIGNED EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH UNDERSIGNED HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. EACH OF THE UNDERSIGNED HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH UNDERSIGNED IN ACCORDANCE WITH SECTION 18 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH UNDERSIGNED’S ACTUAL RECEIPT THEREOF
OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
 15. Understanding With Respect to Waivers and
Consents. Each Guarantor warrants and agrees that each of the waivers and consents set forth in this Guaranty is made voluntarily 

  

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and unconditionally after consultation with outside legal counsel and with full knowledge of its significance and consequences, with the understanding that
events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which such Guarantor otherwise may have against the Company, any Creditor Party or any other person or entity or against any collateral. If,
notwithstanding the intent of the parties that the terms of this Guaranty shall control in any and all circumstances, any such waivers or consents are determined to be unenforceable under applicable law, such waivers and consents shall be effective
to the maximum extent permitted by law. 
 16. Severability. To the extent permitted by applicable law, any provision of this Guaranty
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 17.
Amendments, Waivers. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the undersigned therefrom shall in any event be effective unless the same shall be in writing executed by each of the undersigned
directly affected by such amendment and/or waiver and Agent. 
 18. Notice. All notices, requests and demands to or upon the
undersigned, shall be in writing and shall be deemed to have been duly given or made (a) when delivered, if by hand, (b) three (3) days after being sent, postage prepaid, if by registered or certified mail, (c) when confirmed
electronically, if by facsimile, or (d) when delivered, if by a recognized overnight delivery service in each event, to the numbers and/or address set forth beneath the signature of the undersigned. 
 19. Successors. Each Creditor Party may, from time to time, without notice to the undersigned, sell, assign, transfer or otherwise dispose of all
or any part of the Obligations and/or rights under this Guaranty. Without limiting the generality of the foregoing, any Creditor Party may assign, or grant participations to, one or more banks, financial institutions or other entities all or any
part of any of the Obligations. In each such event, such Creditor Party , its Affiliates and each and every immediate and successive purchaser, assignee, transferee or holder of all or any part of the Obligations shall have the right to enforce this
Guaranty, by legal action or otherwise, for its own benefit as fully as if such purchaser, assignee, transferee or holder were herein by name specifically given such right. Each Creditor Party shall have an unimpaired right to enforce this Guaranty
for its benefit with respect to that portion of the Obligations that such Creditor Party has not disposed of, sold, assigned, or otherwise transferred. 
 20. Joinder. It is understood and agreed that any person or entity that desires to become a Guarantor hereunder, or is required to execute a counterpart of this Guaranty after the date hereof pursuant to the
requirements of any Document, shall become a Guarantor hereunder by (x) executing a joinder agreement in form and substance satisfactory to Agent and each Creditor Party, (y) delivering supplements to such exhibits and annexes to such
Documents as Agent shall reasonably request and/or as may be required by such joinder agreement and (z) taking all actions as specified in this Guaranty as would have been taken by such Guarantor had it been an original party to this Guaranty,
in each case with all documents required above to be delivered to Agent and with all documents and actions required above to be taken to the reasonable satisfaction of Agent. 
  

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 21. Release. Nothing except indefeasible payment in full of the Obligations shall release any of
the undersigned from liability under this Guaranty. 
 22. Remedies Not Exclusive. The remedies conferred upon Creditor Parties in
this Guaranty are intended to be in addition to, and not in limitation of any other remedy or remedies available to Creditor Parties under applicable law or otherwise. 
 23. Limitation of Obligations under this Guaranty. Each Guarantor and each Creditor Party (by its acceptance of the benefits of this Guaranty) hereby confirms that it is its intention that this Guaranty not
constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act of any similar Federal or state law. To effectuate the foregoing intention, each Guarantor and each Creditor Party (by its
acceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Obligations guaranteed by such Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and all other (contingent or otherwise)
liabilities of such Guarantor that are relevant under such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such Guarantor and the other Guarantors (including this
Guaranty), result in the Obligations of such Guarantor under this Guaranty in respect of such maximum amount not constituting a fraudulent transfer or conveyance. 
 [REMAINDER OF THIS PAGE IS BLANK. 
 SIGNATURE PAGE IMMEDIATELY FOLLOWS] 
  

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 IN WITNESS WHEREOF, this Guaranty has been executed by the undersigned as of the date and year here above
written. 
  

			
	BIOVAX, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606

  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Florida

  

			
	AUTOVAXID, INC.
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606

  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Florida

 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] 
  

			
	BIOLENDER, LLC
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO of Biovest – Sole Member
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606

  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: Delaware

  

			
	BIOLENDER II, LLC
		
	By:	 	 /s/ Steven Arikian

	Name:	 	Steven Arikian, M.D.
	Title:	 	Chairman & CEO of Biovest – Sole Member
	
	Address: 324 South Hyde Park Ave, Suite 350 Tampa, FL 33606

  

			
	Telephone:	 	813-864-2554
	Facsimile:	 	813-258-6912
	State of Formation: DelawareForm of Notes

 EXHIBIT 4.1 
 THIS SECURITY IS AN UNSECURED SENIOR DEBT OBLIGATION OF ZIONS BANCORPORATION. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ZIONS BANCORPORATION, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 ZIONS BANCORPORATION 
 Floating Rate Senior Notes due December 10, 2009 

			
	No. 1	  	$295,630,000
	CUSIP No. 989701AT4	  	

 ZIONS BANCORPORATION, a corporation duly organized and existing under the laws of the State of
Utah (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Two
Hundred Ninety-Five Million Six Hundred Thirty Thousand Dollars ($295,630,000) on December 10, 2009, and to pay interest thereon from December 11, 2007 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, quarterly on March 10, June 10, September 10 and December 10 in each year (each such date, an “Interest Payment Date”), commencing March 10, 2008. Interest will accrue at the Floating
Interest Rate (as defined below), until the principal hereof is paid or made available for payment. Any premium and any such installment of interest that is overdue at any time shall also bear interest (to the extent that the payment of such
interest shall be legally enforceable), at the rate per annum at which the principal then bears interest, from the date any such overdue amount first becomes due until it is paid or made available for payment. Notwithstanding the foregoing, interest
on any principal, premium or installment of interest that is overdue shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1, June 1, September 1 or
December 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 The Floating Interest Rate shall be, for each Interest Period (as defined below), a per annum rate in effect for each day of such Interest Period equal to LIBOR (as defined below) plus 150 basis points, as determined
by the Calculation Agent (as defined below). The Floating Interest Rate for each Interest Period will be set quarterly on the first day of each Interest Period commencing December 11, 2007 (each such date, an “Interest Reset Date”).
The amount of interest for each day that this Security is outstanding (the “Daily Interest Amount”) shall be calculated by dividing the interest rate in effect for that day by 360 and multiplying the result by the outstanding principal
amount of this Security. The amount of interest to be paid on this Security for each Interest Period shall be calculated by adding the Daily Interest Amount for each day in such Interest Period. 
 In the event that an Interest Payment Date is not a Business Day, interest will be paid on the next day that is a Business Day, with the same force and
effect as if made on the Interest Payment Date, and without any interest or other payment with respect to the delay. If the date of Stated Maturity for the principal falls on a day that is not a Business Day, the payment of the principal amount of
this Security will be made on the next succeeding Business Day and no interest will accrue for the period from and after such date of Stated Maturity. If any Interest Reset Date for the Security falls on a day that is not a Business Day, the
Interest Reset Date will be postponed to the next day that is a Business Day; if that 

 
Business Day is in the next succeeding calendar month, the Interest Reset Date will be the immediately preceding Business Day. “Business Day,” with
respect to this Security, is a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in Salt Lake City, Utah or New York City, New York generally are authorized or required by law or executive order to close,
that is also a London Business Day (as defined below). 
 “Calculation Agent” means any Person authorized by the Company to
calculate the relevant rate of interest to be paid on this Security on behalf of the Company. The calculation agent is initially Zions Direct, Inc. until such time as the Company appoints a successor calculation agent. 
 “London Business Day” is any day in which dealings in United States dollars are transacted or, with respect to any future date, are expected to
be transacted in the London interbank market. 
 “LIBOR,” with respect to any Interest Period, shall be the rate (expressed as a
percentage per annum) for deposits in United States dollars for a three-month period beginning on the relevant Interest Reset Date that appears on Reuters Page LIBOR01 (as defined below) as of 11:00 a.m., London time, on the Determination Date.
If Reuters Page LIBOR01 does not include this rate or is unavailable on the Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation
Agent, to provide that bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the Determination Date to prime banks in the London interbank market for deposits in a Representative
Amount (as defined below) in United States dollars for a three-month period beginning on the first day of the applicable Interest Period. If at least two offered quotations are so provided, LIBOR for the Interest Period will be the arithmetic mean
of those quotations. If fewer than two quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide that bank’s rate (expressed as a percentage per
annum), as of approximately 11:00 a.m., New York City time, on the Determination Date for loans in a Representative Amount in United States dollars to leading European banks for a three-month period beginning on the first day of the applicable
Interest Period. If at least two rates are so provided, LIBOR for the Interest Period will be the arithmetic mean of those rates. If fewer than two rates are so provided, then LIBOR for the Interest Period will be LIBOR in effect with respect to the
immediately preceding Interest Period. 
 “Determination Date” with respect to an Interest Period shall be the second London
Business Day preceding the Interest Reset Date. For the first interest period, the determination date was December 7, 2007. 
 “Interest Period” shall mean each period commencing on and including the tenth day of each of March, June, September and December and ending on and including the ninth day of each of the following March, June, September and
December, and, in the case of the last such period, ending on but not including the Principal Payment Date. The first interest period shall commence on and include December 11, 2007 and end on and include March 9, 2008. 
 “Representative Amount” shall mean a principal amount that, in the Calculation Agent’s judgment, is representative for a single
transaction in the relevant market at the relevant time. 
 “Reuters Page LIBOR01” means the display so designated on the Reuters
3000 Xtra (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate for U.S.
dollar deposits). 
  

 All percentages resulting from any of the above calculations shall be rounded, if necessary, to the
nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such
calculations shall be rounded to the nearest cent (with one-half cent being rounded upwards). 
 The Floating Interest Rate shall in no event
be higher than the maximum rate permitted by the law of the State of New York or, if higher, the law of the United States of America. 
 Upon
the request of the Holder of this Security, the Calculation Agent shall provide the interest rate then in effect with respect to this Security. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all
purposes and binding on the Company and the Holder of this Security. So long as the Floating Interest Rate is required to be determined with respect to this Security, there shall at all times be a Calculation Agent. In the event that any then acting
Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish the Floating Interest Rate for any Interest Reset Period, or that the Company proposes to remove such Calculation Agent, the Company
shall appoint, with the written consent of the Trustee, which consent shall not be unreasonably withheld, another Person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent.

 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the
Company maintained for that purpose in Salt Lake City, Utah in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed under its corporate seal. 
 Dated: December 11, 2007 
  

			
	ZIONS BANCORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Attest:
	
	 

 This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: December 11, 2007 
  

			
	 ZIONS FIRST NATIONAL BANK
 As
Authenticating Agent

		
	By:	 	 
		 	Authorized Officer

 Global Note 
  

 (Reverse of Security) 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Debt Indenture, dated as of
September 10, 2002 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Trust Company, N.A., as successor to J.P. Morgan Trust Company,
National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof. 
 The Securities of this series may be redeemed, in whole, but not in part, on December 10, 2008 or on any Interest Payment
Date thereafter by paying the principal amount of the Securities being redeemed plus accrued interest thereon through the Redemption Date. The Company shall notify the Holder, in writing, of the optional redemption not less than ten Business Days
prior to the Redemption Date. 
 There is no sinking fund for the Securities of this series. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 66 2/3% in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder 

 
of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. 
 This Security shall be governed by and construed in accordance with the
laws of the State of New York, but without regard to principles of conflict of laws. 
 All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 
  

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in full according to applicable laws or regulations. 
 TEN COM—as tenants in common 
 TEN
ENT—as tenants by the entireties 
 JT TEN—as joint tenants with the right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT_________ Custodian________—under Uniform Gifts to Minors Act 
                                        
           (Cust)                      (Minor)     
       ___________________________ 
                                        
                                        
                                        
             (State) 
 Additional abbreviations may also be used though not in the above
list. 
  

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR
OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE _______________________________________________________________ 
 _____________________________________________________________________________________________________ 
 _____________________________________________________________________________________________________ 
 (Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee) 
 the attached Security and all rights thereunder, and hereby
irrevocably constitutes and appoints 
 _____________________________________________________________________________________________________ 
 to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

							
	Dated:	  	 	  		  	 
		  		  		  	NOTICE: The signature to this assignment must be guaranteed and correspond with the name of the Holder as written upon the face of the attached Security in every particular, without alteration
or enlargement or any change whatsoever.

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