Document:

exv10w35

 

Exhibit 10.35

 

		
	$500,000.00	December 20, 2002

Philadelphia, Pennsylvania

NOTE

     
FOR VALUE RECEIVED, NOVAVAX, INC., a Delaware
Corporation, (hereinafter referred to as “Maker”)
promises to pay to PIDC LOCAL DEVELOPMENT CORPORATION
(hereinafter referred to as “Payee”), at
2600 Centre Square West, 1500 Market Street,
Philadelphia, Pennsylvania, the sum of Five Hundred Thousand
Dollars and No Cents ($500,000.00) pursuant to a Commitment
Letter dated October 1, 2002 together with interest at the
rate of 2.38% per annum with interest only payable on all sums
advanced under the Commitment Letter on the
1st day of January, 2003. Thereafter principal
and interest shall be repaid in eighty four (84) equal monthly
installments of Six Thousand Four Hundred Sixty Seven Dollars
and Eighty Six Cents ($6,467.86) each commencing on the
1st day of February, 2003 and continuing on the
1st day of each month thereafter. Each such
installment shall first be applied on account of interest at the
aforesaid rate and the balance thereon shall be applied on
account of principal. In the event any such installment due
under this paragraph is more than fifteen (15) days late, Maker
shall pay to Payee a late charge of three percent (3%) of such
installment. On or before January 1, 2010, the balance of
the principal together with interest accrued and unpaid shall be
paid by Maker to Payee.

     
In the event Maker prepays all or part of the
principal due hereunder, Maker shall pay to the Philadelphia
Industrial Development Corporation, agent for Payee, at the time
of such

 

prepayment, an amount equal to 1/2 of 1% of the
total amount prepaid.

     
This Note is being executed pursuant to a loan
being made by the Payee to the Maker, and Maker agrees to comply
with all of the terms and conditions contained in the Commitment
Letter and any default under said Commitment Letter shall be an
event of default hereunder.

     
The payment of this Note is secured by a Security
Agreement of even date herewith between Maker and Payee on
certain of the assets of Maker.

     
Upon default hereunder, and after thirty (30)
days written notice to Maker and the failure of Maker to cure
said default within the aforesaid time period, the Maker does
hereby empower any attorney of any Court of Record within the
United States or elsewhere to appear for Maker, with or without
a declaration filed, and confess judgment or judgments against
said Maker in favor of the Payee or any subsequent holder
hereof, as of any term, for the entire unpaid principal of this
Note, and all arrearages of installment payments, together with
costs of suit, attorney’s commission of five percent (5%)
for collection, and release of all errors, on which judgment,
execution or executions may issue forthwith. The Maker hereby
waives the right of inquisition on all property levied upon to
collect the indebtedness evidenced hereby and does voluntarily
condemn the same and authorizes the Prothonotary to enter such
condemnation, and waives and releases all

- 2 -

 

laws, now in force or hereinafter enacted,
relating to exemption, appraisement or stay of execution.

     
The principal indebtedness, or any balance
thereof, interest thereon, and all other sums due hereunder
shall bear interest at the rate of twelve percent (12%) per
annum if not paid when due.

     
If this Note is placed in an attorney’s
hands for collection, or collected by a suit or through a
bankruptcy, or probate, or any other court, either before or
after maturity, then in any of said events, there shall be paid
to the holder of this Note reasonable attorney’s fees and
all costs and other expenses incurred by said holder in
enforcing the terms of this Note.

     
Failure to pay any part of principal or interest
of this Note when due, or failure to carry out any of the terms,
covenants or conditions of said Commitment Letter shall
authorize the Payee to declare immediately due the whole of the
same and exercise any and all the rights and remedies provided
by the Uniform Commercial Code as well as other rights and
remedies possessed by the Payee.

     
The Maker and endorsers of this Note severally
waive demand, presentment, notice of dishonor, diligence in
collection, notice of protest, and agree to all extensions and
partial payments before or after maturity without prejudice to
the Payee.

- 3 -

 

     
IN WITNESS WHEREOF, Maker has executed this Note
the day and year first above written.

	 	 	 	 	 	 	 
	 
	 	 	 	 	
    NOVAVAX, INC.
    
	 
	 
	
    
    Attest:
    

    	 	
    	 	
    By:
    	 	
    
	 	 	
	 	 	 	

	 	 	
    Secretary
    	 	 	 	
    Vice President
    

- 4 -exv10w36

 

Exhibit 10.36

SECURITY AGREEMENT

     
This Security Agreement is made and entered into
this 20th day of December 2002, by and between
NOVAVAX, INC., a Delaware Corporation, of 8320 Guilford Road,
Suite C, Columbia, Maryland 21046, hereinafter referred to
as the Borrower and PIDC LOCAL DEVELOPMENT CORPORATION,
2600 Centre Square West, 1500 Market Street,
Philadelphia, Pennsylvania 19102 hereinafter referred to as the
Secured Party, as follows:

     
For value received, the Borrower hereby grants to
the Secured Party a security interest in the following described
property, hereinafter referred to as the Collateral, to wit:

		
	 	
     Certain of Borrower’s machinery, equipment,
    leasehold improvements, appliances, systems, (including HVAC and
    electrical), improvements, furnishings and fixtures together
    with all increases, parts, fittings, accessories and attachments
    as described on Exhibit “A” attached hereto and
    made a part hereof
    

     
Said Collateral shall secure (1) the payment
of a Note dated December 20, 2002 executed and delivered by
Borrower to Secured Party in the sum of Five Hundred Thousand
Dollars and No Cents ($500,000.00) payable as to principal and
interest as therein provided; (2) future advances to be
evidenced by like Notes to be made by Secured Party to Borrower
at Secured Party’s option; and (3) all liabilities of
Borrower to Secured Party now existing or hereinafter incurred,
matured or unmatured, direct or contingent, and any renewals and
extensions thereof and substitutions therefor.

     
This security interest is granted to the Secured
Party in consideration of a commercial loan made to Borrower to
purchase new machinery and equipment for its business.

 

     
The Collateral is personal property and it is
intended that it will remain personal property and will not
become, or be deemed, so affixed or related to realty as to be a
part thereof. The Collateral is located at 10381 Decatur
Road, Philadelphia, Pennsylvania, which is the Borrower’s
chief place of business.

     
1. Borrower warrants that, except for the
security interest hereby granted and prior liens in favor of
Secured Party and the Commonwealth of Pennsylvania, the Borrower
has, or at acquisition will have, full fee simple title to the
Collateral free from any lien, security interest, encumbrance or
claim. Borrower warrants that the Collateral is used or bought
for the use primarily for business purposes.

     
2. Borrower agrees that it:

     
A. Will pay Secured Party all amounts
payable on the Note mentioned above and all other Notes held by
Secured Party as and when the same shall be due and payable,
whether at maturity, by acceleration or otherwise, and will
perform all terms of said Notes and this or any other security
or loan agreement between Borrower and Secured Party;

     
B. Will pay as part of the debt hereby
secured all amounts, with interest thereon, paid by Secured
Party (a) for taxes, levies, insurance, repairs to, or
maintenance of the Collateral, and (b) in taking possession
of, disposing of or preserving the Collateral after any default;

     
C. Will keep the Collateral in good
condition and repair, reasonable wear and tear excepted;

- 2 -

 

     
D. Will not permit any of the Collateral to
be used primarily for purposes other than business purposes;

     
E. Will permit Secured Party and its agents
to inspect the Collateral at any time and will immediately
advise Secured Party in writing of any change in any of
Borrower’s place of business, or the opening of any new
place of business;

     
F. Will maintain insurance satisfactory to
Secured Party upon the Collateral, with provision for payment of
losses to Secured Party as its interest may appear, and will
upon request of Secured Party deliver all policies for such
insurance or evidence thereof to Secured Party;

     
G. Will defend the Collateral against the
claims and demands of all persons;

     
H. Will not (a) permit any liens or
security interests to attach to any of the Collateral;
(b) permit any of the Collateral to be levied upon under
any legal process; (c) dispose of any of the Collateral
without the prior written consent of Secured Party;
(d) permit anything to be done that may impair the value of
any of the Collateral or the security intended to be afforded by
this agreement; or (e) permit the Collateral to be so
affixed or related to realty as to be a part thereof, or to
become an accession to other property;

     
I. Will obtain, on demand by Secured Party,
a release of any claim to an interest in the Collateral from any
Mortgagee of the premises on which it is located, and a waiver
of any right of distraint against the Collateral from any
landlord of such premises;

- 3 -

 

     
J. Will not permit that portion of the
Collateral which is designated equipment and machinery to be
removed from the above mentioned location without the prior
written consent of the Secured Party;

     
K. Authorizes Secured Party to file all
necessary financing statements required to perfect or renew the
lien of Secured Party and will pay for the cost of all original
filings and any renewals thereof.

     
3. The occurrence of any of the following
events will be a default hereunder: (a) failure of the
Borrower to perform any of its obligations to Secured Party;
(b) the untruth of any warranty or representation made to
Secured Party; (c) dissolution, termination of existence,
insolvency, business failure, appointment of a receiver, or
commencement of any proceeding under any bankruptcy or
insolvency laws by or against the Borrower.

     
4. Until default, Borrower may retain
possession of the Collateral and use it in any lawful manner not
inconsistent with the agreements herein, or with the terms and
conditions of any policy of insurance thereon.

     
5. In the event of default by Borrower in
the performance of any covenant or agreement herein, or in the
discharge of any liability to Secured Party, or in the event
that any warranty should prove untrue, or in the event Borrower
shall be in default under its obligations under a certain
Commitment Letter between Borrower and Secured Party dated
October 1, 2002 then Secured Party will have all of the
rights and remedies of a Secured Party under the Uniform

- 4 -

 

Commercial Code or other applicable law and all
rights provided herein, in the Notes mentioned above, or in any
other applicable security or loan agreement, all of which rights
and remedies will, to the full extent permitted by law, be
cumulative. The waiver of any default hereunder will not be a
waiver of any subsequent default.

     
6. All rights of Secured Party hereunder
shall inure to the benefit of its successors and assigns; and
all obligations of Borrower will bind its heirs, executors,
administrators, successors and assigns.

     
7. This Agreement shall be construed under
and in accordance with the Pennsylvania Uniform Commercial Code
and other applicable laws of the Commonwealth of Pennsylvania.

     
IN WITNESS WHEREOF, Borrower and Secured Party
have executed this Agreement the day and year first above
written.

	 	 	 	 	 	 	 
	 
	 	 	 	 	
    NOVAVAX, INC.
    
	 
	
    
    Attest:
    

    	 	
    	 	
    By:
    	 	
    
	 	 	
	 	 	 	

	 	 	
    Secretary
    	 	 	 	
    Vice President
    
	 
	 
	 
	 	 	 	 	
    PIDC LOCAL DEVELOPMENT CORPORATION
    
	 
	
    
    Attest:
    

    	 	
    	 	
    By:
    	 	
    
	 	 	
	 	 	 	

	 	 	
    Assistant Secretary
    	 	 	 	
    Senior Vice President
    

- 5 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]