Document:

ex10-16

 

EXHIBIT 10.16

FOURTH AMENDMENT TO

AMENDED AND RESTATED REPLACEMENT LOAN AGREEMENT

     THIS FOURTH AMENDMENT TO AMENDED AND RESTATED REPLACEMENT LOAN AGREEMENT
(the “Agreement”) is made this 1st day of October, 2001 by and among
BIORELIANCE CORPORATION, a corporation organized and in good standing under the
laws of the State of Delaware, successor in interest to Microbiological
Associates, Inc. (the “Company”), BIORELIANCE TESTING AND DEVELOPMENT, LLC, a
limited liability company organized and in good standing under the laws of the
State of Delaware (“BT&D LLC”), BIORELIANCE MANUFACTURING, LLC, a limited
liability company organized and in good standing under the laws of the State of
Delaware (“BMF LLC”) and BIORELIANCE VIRAL MANUFACTURING, INC. (formerly known
as Magenta Viral Production, Inc.), successor in interest to BioReliance
Testing and Development, Inc. and BioReliance Manufacturing, Inc., a
corporation organized and in good standing under the laws of the State of
Delaware (“Viral Manufacturing”; together with the Company, BT&D LLC, and BMF
LLC, each a “Borrower” and collectively, the “Borrowers”) and BANK OF AMERICA,
N.A., successor in interest to NATIONSBANK, N.A., each a national banking
association, its successors and assigns, (the “Lender”).

RECITALS

     A.     The Lender has made certain loans to the Borrowers, as more fully
described in that certain Amended and Restated Replacement Loan Agreement by
and among the Borrowers and the Lender dated as of October 31, 1997 (as amended
from time to time, the “Restated Loan Agreement”);

B.          BioReliance Testing and Development, Inc., formerly known as MA BioServices,
Inc. (“BT&D, Inc.”) and BioReliance Manufacturing, Inc., formerly known as
Magenta Corporation (“BMF, Inc.”), were previously each a Borrower. Pursuant
to a plan of reorganization effected on October 1, 2001 (the “Reorganization”),
(i) BT&D, Inc. merged with and into BMF, Inc. and BT&D, Inc. ceased to exist;
(ii) BMF, Inc. formed BT&D LLC and contributed all of BT&D, Inc.’s assets
(except for certain real property and leasehold improvements) and liabilities
to BT&D LLC; (iii) BMF, Inc. merged with and into Magenta Viral Production,
Inc. (“Magenta Viral”) and BMF, Inc. ceased to exist; (iv) Magenta Viral formed
BMF LLC and contributed substantially all of BMF, Inc.’s assets and liabilities
to BMF LLC; and (v) Magenta Viral changed its name to BioReliance Viral
Manufacturing, Inc.

     C.     As a result of the Reorganization, the Borrowers have requested and
Lender has agreed that BT&D LLC and BMF LLC be added as parties to the Restated
Loan Agreement.

     D.     All capitalized terms used herein and not otherwise defined herein
shall have the meanings given to such terms in the Restated Loan Agreement.

 

AGREEMENTS

     NOW, THEREFORE, in consideration of the premises, the mutual agreements
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers and the Lender
hereby agree as follows:

     1.     Recitals. The above Recitals are true and correct in all material
respects and that the same are incorporated herein and made a part hereof by
reference.

     2.     Additional Parties; Assumption. BT&D LLC and BMF LLC each agree (i) to
become a “Borrower” as that term is defined and used in the Restated Loan
Agreement; (ii) to be bound by all the terms and conditions of the Restated
Loan Agreement; (iii) to assume and agree to pay and perform when due all
present and future indebtedness, liabilities and obligations of a Borrower
under, based upon, or arising out of the Loan Documents and instruments and
agreements relating thereto; and (iv) to honor, perform and comply with, in all
respects, all terms and provisions of all of the Loan Documents. All
references in the Loan Documents to “Borrower” shall be deemed to refer to BT&D
LLC and BMF LLC. Furthermore, all present and future obligations of the
Borrowers under the Loan Documents shall be deemed to refer to all present and
future obligations of BT&D LLC and BMF LLC.

     3.     Line of Credit Replacement Note. From and after the effective date
hereof, all references in the Restated Loan Agreement and the Loan Documents to
Loan No. 3 and/or the Line of Credit Replacement Note shall be deemed to refer
to that certain line of credit in the current maximum principal amount of Two
Million Dollars ($2,000,000) as evidenced by that certain Sixth Replacement
Revolving Promissory Note of even date herewith in the maximum principal amount
of Two Million Dollars ($2,000,000).

     4.     Conditions Precedent. This Agreement shall become effective on the
date the Lender receives the following, each of which shall be satisfactory in
form and substance to the Lender:

               (a)     A Sixth Replacement Revolving Promissory Note issued and delivered by
the Borrowers in the form of EXHIBIT B attached hereto and incorporated herein
by reference, payable to the order of the Lender in the maximum principal
amount of Two Million and No/100 Dollars ($2,000,000.00) (which Sixth
Replacement Revolving Promissory Note is sometimes referred to herein as the
“Second Restated Note”);

               (b)     Proof that the Borrowers have paid all costs and expenses to the
Lender and its counsel in connection with this Agreement, including but not
limited to the Lender’s reasonable attorneys fees invoiced as of such date; and

               (c)     Such other information, instruments, opinions, documents, certificates
and reports as the Lender may in its reasonable discretion deem necessary.

2

 

     5.     Restated Note.  EXHIBIT B to the Restated Loan Agreement is being
replaced in its entirety with EXHIBIT B attached hereto. The Borrowers shall
execute and deliver to the Lender on the date hereof the Second Restated Note
in substitution for and not satisfaction of, the issued and outstanding
Restated Note, and the Second Restated Note shall be the “Line of Credit
Replacement Note” for all purposes of the Loan Documents. The Note being
substituted pursuant to this Agreement shall be marked “Replaced” and returned
to the Company after the execution and delivery of the Second Restated Note to
the Lender.

     6.     Counterparts. This Agreement may be executed in any number of
duplicate originals or counterparts, each of which duplicate original or
counterpart shall be deemed to be an original and all taken together shall
constitute one and the same instrument.

     7.     Loan Documents; Governing Law; Etc. This Agreement is one of the Loan
Documents defined in the Restated Loan Agreement and shall be governed and
construed in accordance with the laws of the State of Maryland. The headings
and captions in this Agreement are for the convenience of the parties only and
are not a part of this Agreement.

     8.     Acknowledgments. The Borrowers hereby confirm to the Lender the
enforceability and validity of each of the Loan Documents. In addition, the
Borrowers hereby agree to the execution and delivery of this Agreement and the
terms and provisions, covenants or agreements contained in this Agreement shall
not in any manner release, impair, lessen, modify, waive or otherwise limit the
liability and obligations of the Borrowers under the terms of any of the Loan
Documents, except as otherwise specifically set forth in this Agreement. The
Borrowers issue, remake, ratify and confirm the representations, warranties and
covenants contained in the Loan Documents. Nothing in this Agreement shall be
deemed to waive any defaults existing under any of the Loan Documents as of the
date hereof.

     9.     Notices. All notices, certificates or other communications under
the Loan Documents shall be deemed given when received, if given by hand or
courier, or by certified mail, postage prepaid, return receipt requested,
addressed as follows:

	 	 	 
	If to the Lender:	 	
Bank of America, N.A.
	 	 	
6610 Rockledge Drive
	 	 	
Third Floor
	 	 	
Bethesda, Maryland 20817
	 	 	
Attn: Jeffrey S. Patch
 
	With a copy to:	 	
Troutman Sanders Mays & Valentine LLP
	 	 	
1660 International Drive, Suite 600
	 	 	
McLean, Virginia 22102
	 	 	
Attn: Richard M. Pollak, Esq.

3

 

	 	 	 
	If to the Borrowers:	 	
BioReliance Corporation
	 	 	
14920 Broschart Road
	 	 	
Rockville, Maryland 20850
	 	 	
Attn: John Coker, CFO

     10.     Modifications. This Agreement may not be supplemented, changed,
waived, discharged, terminated, modified or amended, except by written
instrument executed by the parties.

[Signatures are on the next page]

4

 

     IN WITNESS WHEREOF, the parties hereto have signed and sealed this
Agreement on the day and year first above written.

	 	 	 
	WITNESS/ATTEST:	 	
BIORELIANCE CORPORATION
	 
	/s/ Evdoxia E. Kopsidas

	 	
By:    /s/ John L. Coker                              (SEAL)

Name:   John L. Coker

Title:    Vice President— Finance and

            Administration, Chief Financial

            Officer
	 
	WITNESS/ATTEST:	 	
BIORELIANCE TESTING AND

DEVELOPMENT, LLC
	 
	/s/ Evdoxia E. Kopsidas

	 	
By:    /s/ John L. Coker                                 (SEAL)

Name:  John L. Coker

Title:    Vice President— Finance and

            Administration, Chief Financial

            Officer
	 
	WITNESS/ATTEST:	 	
BIORELIANCE MANUFACTURING, LLC
	 
	/s/ Evdoxia E. Kopsidas

	 	
By:    /s/ John L. Coker                              (SEAL)

Name:  John L. Coker

Title:    Vice President— Finance and

            Administration, Chief Financial

            Officer
	 
	WITNESS/ATTEST:	 	
BIORELIANCE VIRAL MANUFACTURING, INC.
	 
	/s/ Evdoxia E. Kopsidas

	 	
By:    /s/ John L. Coker                              (SEAL)

Name:  John L. Coker

Title:    Vice President— Finance and

            Administration, Chief Financial

            Officer

5

 

	 	 	 
	 
	WITNESS:	 	
BANK OF AMERICA, N.A.
	 
	/s/ Connie Bruce

	 	
By:    /s/ Michael J. Radcliffe                           (SEAL)

Name: Michael J. Radcliffe
	 	 	
Title: Vice President

6ex10-17

 

EXHIBIT 10.17

FIFTH REPLACEMENT REVOLVING

PROMISSORY NOTE

	 	 	 
	$2,000,000	 	
Rockville, Maryland
	 	 	
As of May 31, 2001

     FOR VALUE RECEIVED, BIORELIANCE CORPORATION, a corporation organized and
in good standing under the laws of the State of Delaware, successor in interest
to Microbiological Associates, Inc. (the “Company”), BIORELIANCE TESTING AND
DEVELOPMENT, INC., formerly known as MA BioServices, Inc., a corporation
organized and in good standing under the laws of the State of Delaware (“MA
BioServices”), BIORELIANCE MANUFACTURING, INC., formerly known as Magenta
Corporation, a corporation organized and in good standing under the laws of the
State of Delaware (“Magenta”) and MAGENTA VIRAL PRODUCTION, INC., a
corporation organized and in good standing under the laws of the State of
Delaware (“Magenta Viral”; together with the Company, MA BioServices and
Magenta, each a “Borrower” and collectively, the “Borrowers”), jointly and
severally, promise to pay to the order of BANK OF AMERICA, N.A., successor to
NATIONSBANK, N.A., each a national banking association, its successors and
assigns (the “Lender”), the principal sum of TWO MILLION DOLLARS ($2,000,000)
(the “Principal Sum”), or so much thereof as has been or may be advanced or
readvanced to or for the account of the Borrowers pursuant to the terms and
conditions of the Loan Agreement (as hereinafter defined), together with
interest thereon at the rate or rates hereinafter provided, in accordance with
the following:

     1.     Interest. Commencing as of the date hereof and continuing until
repayment in full of all sums due hereunder, the unpaid Principal Sum shall
bear interest at the LIBOR Rate (as hereinafter defined), plus the applicable
LIBOR Rate Additional Percentage (the “LIBOR Rate Option”).

 

 

     (a)  For purposes hereof, the “LIBOR Rate Additional Percentage” shall
mean the percentages applicable to this Note in accordance with the following:

		
	 	        (i) If the ratio of Funded Debt divided by EBITDA is equal to or
greater than 2.75 to 1.0, the LIBOR Rate Additional Percentage shall be
two percent (2.00%);
	 
	 	        (ii) If the ratio of Funded Debt divided by EBITDA is less than 2.75
to 1.0, but equal to or greater than 2.0 to 1.0, the LIBOR Rate
Additional Percentage shall be one and three quarters percent (1.75%);
	 
	 	        (iii) If the ratio of Funded Debt divided by EBITDA is less than 2.0
to 1.0, but equal to or greater than 1.25 to 1.0 the LIBOR Rate
Additional Percentage shall be one and one quarter percent (1.25%); and
	 
	 	        (iv) If the ratio of Funded Debt divided by EBITDA is less than 1.25
to 1.0, the LIBOR Rate Additional Percentage shall be .85/100 percent
(0.85%)

     (b)  The initial LIBOR Rate Additional Percentage shall be one and one
quarter percent (1.25%). Thereafter, the applicable LIBOR Rate Additional
Percentage for all Advances shall be calculated and adjusted quarterly, based
on the quarterly financial statements of the Borrowers required to be submitted
to the Lender pursuant to Section 5.1(c) of the Loan Agreement, commencing with
the statements for the quarter ending December 31, 2000. Such quarterly
changes shall be effective commencing five (5) Banking Days after submission by
the Borrowers of the required financial statements; it being understood,
however, that, subject to the provisions of the immediately following sentence,
in the event the quarterly financial statements are not submitted when due, the
LIBOR Rate Additional Percentage shall be two percent

2

 

(2.00%), until such financial statements are submitted as required, at
which time, the LIBOR Rate Additional Percentage (for the balance of the
quarterly period) shall be determined as set forth above. If such financial
statements are not submitted when due, but are received within thirty (30) days
of when due, the Lender will return to the Borrower any additional interest
collected in excess of the amount that should have otherwise been due hereunder
based on the financial statements. For purposes of this Note, “Funded Debt”
and “EBITDA” shall each be determined based on the consolidated quarterly
financial statements of the Borrowers and shall have the meanings set forth in
the Loan Agreement.

     (c)  For purposes hereof, the “LIBOR Rate” shall mean a fluctuating rate of
interest equal to the one month rate of interest (rounded upwards, if necessary
to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor
page) as the one month London interbank offered rate for deposits in Dollars at
approximately 11:00 a.m. (London time) on the second preceding business day as
adjusted from time to time in Lender’s sole discretion for then applicable
reserve requirements, deposit insurance assessment rates and other regulatory
costs. If for any reason such rate is not available, the term “LIBOR Rate”
shall mean the fluctuating rate of interest equal to the one month rate of
interest (rounded upwards, if necessary to the nearest 1/100 of 1%) appearing
on Reuters Screen LIBO Page as the one month London interbank offered rate for
deposits in Dollars at approximately 11:00 a.m. (London time) on the second
preceding business day, as adjusted from time to time in Lender’s sole
discretion for then applicable reserve requirements, deposit insurance
assessment rates and other regulatory costs; provided, however, if more than
one rate is specified on Reuters Screen LIBO page, the applicable rate shall be
the arithmetic mean of all such rates. “Telerate Page 3750” means the

3

 

British Bankers Association Libor Rates (determined as of 11:00 a.m.
London time) that are published by Dow Jones Telerate, Inc.

     (d)  The Borrowers shall pay to the Lender, as additional interest, the
following sums, at the time and in the manner hereinafter set forth:

               (A)  if, due to either: (i) the introduction of or any change (including,
without limitation, any change by way of imposition or increase of reserve
requirements) in or in the interpretation of any law or regulation or (ii) the
compliance by the Lender with any guideline or request from any central bank or
other governmental authority (whether or not having the force of law), there
shall be any increase in the cost to the Lender of agreeing to make or making,
funding or maintaining advances of all or a portion of the Principal Sum, then
the Borrowers shall from time to time, upon demand by the Lender, pay to the
Lender additional amounts to indemnify the Lender against any such increased
costs. A certificate as to the amount of such increased costs submitted to the
Borrowers by the Lender shall in the absence of manifest error be conclusive.
It shall be deemed, for purposes of computing any increased costs pursuant to
this Section, that (i) the making and maintaining of advances of the Principal
Sum which accrue interest based on the LIBOR Rate have been made by the Lender
from its office in London, England and (ii) the funding of each Advance of the
Principal Sum by the Lender which accrues interest based on the LIBOR Rate has
been made through the London Interbank Market. Such additional cost shall be
payable hereunder at the time and in the manner that interest is payable
hereunder for such costs incurred since the last interest payment;

               (B)  the Borrowers shall also pay to the Lender at the time and in the
manner that interest is payable hereunder for each advance, the cost since the
last interest

4

 

payment date, as determined in good faith by the Lender, of complying, in
connection with such advance during such interest period, with any reserve,
special deposit or similar requirement (including but not limited to reserve
requirements under Federal Reserve Regulation D) imposed or deemed applicable
against any assets held by or deposits or accounts in or with or credit
extended by the Lender, or the office of the Lender in London, England, by any
United States governmental authority charged with the administration of such
requirements. Each notification as to the amount of such cost, delivered to
the Borrowers by the Lender shall, in the absence of manifest error, be
conclusive as to the amount of such cost. It shall be deemed for purposes of
computing cost pursuant to the above provision that the making and maintaining
of each advance which accrues interest based on the LIBOR Rate has been made by
the Lender through its office in London, England.

     (e)  In respect to any interest rate election hereunder and any
transactions contemplated hereby, the Borrowers authorize the Lender to accept,
rely upon, act upon and comply with, any verbal or written instructions,
requests, confirmations and orders of Capers W. McDonald, President and CEO, or
John Coker, CFO, or their successors in office, on behalf of the Borrowers.
The Borrowers acknowledge and agree that the transmission between the Borrowers
and the Lender of any such instructions, requests, confirmations and orders
involves the possibility of errors, omissions, mistakes and discrepancies and
agrees to adopt such internal measures and operational procedures to protect
its interests. By reason thereof, the Borrowers hereby assume all risk of loss
and responsibility for, releases and discharges the Lender from any and all
responsibility or liability for, and agrees to indemnify, reimburse on demand
and hold the Lender harmless from, any and all claims, actions, damages,
losses, liability and expenses by

5

 

reason of, arising out of or in any way connected with or related to, (i)
the Lender’s acceptance, reliance and actions upon, compliance with or
observation of any such instructions, requests, confirmations or orders, and
(ii) any such errors, omissions, mistakes and discrepancies, except those
caused by the Lender’s gross negligence or willful misconduct.

          (f)  All interest payable under the terms of this Note shall be calculated
on the basis of a 360-day year and the actual number of days elapsed.

     2.     Payments and Maturity. The unpaid Principal Sum, together with
interest thereon at the rate or rates provided above, shall be payable as
follows:

          (a)  Interest only on the unpaid Principal Sum shall be due and payable
monthly, commencing June 30, 2001 and on the last day of each month thereafter
to maturity; and

          (b)  Unless sooner paid, the unpaid Principal Sum, together with interest
accrued and unpaid thereon, shall be due and payable in full on May 31, 2003.

     The fact that the balance hereunder may be reduced to zero from time to
time pursuant to the Loan Agreement will not affect the continuing validity of
this Note or the Loan Agreement, and the balance may be increased to the
Principal Sum after any such reduction to zero.

     3.     Default Interest. Upon the occurrence of an Event of Default (as
hereinafter defined), the unpaid Principal Sum shall bear interest thereafter
at a rate five percent (5.0%) per annum in excess of the LIBOR Rate until such
Event of Default is cured.

     4.     Late Charges. If the Borrowers shall fail to make any payment under
the terms of this Note within fifteen (15) days after the date such payment is
due, the Borrowers shall pay to the Lender on demand a late charge equal to
three percent (3%) of such payment.

6

 

     5.     Application and Place of Payments. All payments, made on account of
this Note shall be applied first to the payment of any late charge then due
hereunder, second to the payment of accrued and unpaid interest then due
hereunder, and the remainder, if any, shall be applied to the unpaid Principal
Sum. All payments on account of this Note shall be paid in lawful money of the
United States of America in immediately available funds during regular business
hours of the Lender at its principal office in Rockville, Maryland or at such
other times and places as the Lender may at any time and from time to time
designate in writing to the Borrowers.

     6.     Loan Agreement and Other Loan Documents. This Note is the “Restated
Line of Credit Replacement Note” described in that certain Third Amendment to
Amended and Restated Replacement Loan Agreement of even date herewith by and
among the Borrowers and the Lender, which amends that certain Amended and
Restated Replacement Loan Agreement dated October 31, 1997 by and among the
Borrower and the Lender (the Amended and Restated Replacement Loan Agreement,
as thereafter amended from time to time, is hereinafter called the “Loan
Agreement”). This Note amends and restates in its entirety that certain Fourth
Replacement Revolving Promissory Note dated as of December ______, 1999 in the
maximum principal amount of Two Million Dollars ($2,000,000) from the Borrowers
in favor of the Lender (as amended from time to time, the “Replacement Note”).
It is expressly agreed that the indebtedness evidenced by the Replacement Note
has not been extinguished or discharged hereby. The Borrowers agree that the
execution of this Agreement is not intended to and shall not cause or result in
a novation with respect to the Replacement Note. The indebtedness evidenced by
this Note is included within the meaning of the term “Obligations” as defined
in

7

 

the Loan Agreement. The term “Loan Documents” as used in this Note shall
mean collectively this Note, the Loan Agreement and any other instrument,
agreement, or document previously, simultaneously, or hereafter executed and
delivered by the Borrowers and/or any other person, singularly or jointly with
any other person, evidencing, securing, guaranteeing, or in connection with the
Principal Sum, this Note and/or the Loan Agreement. All capitalized terms used
herein and not otherwise defined shall have the meanings given to such terms in
the Loan Agreement.

     7.     Events of Default. The occurrence of any one or more of the following
events shall constitute an event of default (individually, an “Event of
Default” and collectively, the “Events of Default”) under the terms of this
Note:

          (a)  The failure of the Borrowers to pay to the Lender when due any and all
amounts payable by the Borrowers to the Lender and such failure remains uncured
for five (5) days after written notice thereof; or

          (b)  The occurrence of an event of default (as defined therein) under the
terms and conditions of any of the other Loan Documents.

     8.     Remedies. Upon the occurrence of an Event of Default, at the option of
the Lender, all amounts payable by the Borrowers to the Lender under the terms
of this Note shall immediately become due and payable by the Borrowers to the
Lender without notice to the Borrowers or any other person, and the Lender
shall have all of the rights, powers, and remedies available under the terms of
this Note, any of the other Loan Documents and all applicable laws. The
Borrowers and all endorsers, guarantors, and other parties who may now or in
the future be primarily or secondarily liable for the payment of the
indebtedness evidenced by this Note hereby severally waive presentment, protest
and demand, notice of protest, notice of demand and

8

 

of dishonor and non-payment of this Note and expressly agree that this
Note or any payment hereunder may be extended from time to time without in any
way affecting the liability of the Borrowers, guarantors and endorsers.

     Until such time as the Lender is not committed to extend further credit to
the Borrowers and all Obligations of the Borrowers to the Lender have been
indefeasibly paid in full in cash, and subject to and not in limitation of the
provisions set forth in the next following paragraph below, no Borrower shall
have any right of subrogation (whether contractual, arising under the
Bankruptcy Code or otherwise), reimbursement or contribution from any Borrower
or any guarantor, nor any right of recourse to its security for any of the
debts and obligations of any Borrower which are the subject of this Note.
Except as otherwise expressly permitted by the Loan Agreement, any and all
present and future debts and obligations of any Borrower to any other Borrower
are hereby subordinated to the full payment and performance of all present and
future debts and obligations to the Lender under this Note and the Loan
Agreement and the Loan Documents, provided, however, notwithstanding anything
set forth in this Note to the contrary, prior to the occurrence of a payment
Default, the Borrowers shall be permitted to make payments on account of any of
such present and future debts and obligations from time to time in accordance
with the terms thereof.

     Each Borrower further agrees that, if any payment made by any Borrower or
any other person is applied to this Note and is at any time annulled, set
aside, rescinded, invalidated, declared to be fraudulent or preferential or
otherwise required to be refunded or repaid, or the proceeds of any property
hereafter securing this Note is required to be returned by the Lender to any
Borrower, its estate, trustee, receiver or any other party, including, without
limitation, such

9

 

Borrower, under any bankruptcy law, state or federal law, common law or
equitable cause, then, to the extent of such payment or repayment, such
Borrower’s liability hereunder (and any lien, security interest or other
collateral securing such liability) shall be and remain in full force and
effect, as fully as if such payment had never been made, or, if prior thereto
any such lien, security interest or other collateral hereafter securing such
Borrower’s liability hereunder shall have been released or terminated by virtue
of such cancellation or surrender, this Note (and such lien, security interest
or other collateral) shall be reinstated in full force and effect, and such
prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of such Borrower in respect of the amount
of such payment (or any lien, security interest or other collateral securing
such obligation).

     The JOINT AND SEVERAL obligations of each Borrower under this Note shall
be absolute, irrevocable and unconditional and shall remain in full force and
effect until the outstanding principal of and interest on this Note and all
other Obligations or amounts due hereunder and under the Loan Agreement and the
Loan Documents shall have been indefeasibly paid in full in cash in accordance
with the terms thereof and this Note shall have been canceled.

     9.     Expenses. The Borrowers, jointly and severally, promise to pay to the
Lender on demand by the Lender all reasonable costs and expenses incurred by
the Lender in connection with the collection and enforcement of this Note,
including, without limitation, reasonable attorneys’ fees and expenses and all
court costs.

     10.     Notices. Any notice, request, or demand to or upon the Borrowers or
the Lender shall be deemed to have been properly given or made when delivered
in accordance with Section 9.1 of the Loan Agreement.

10

 

     11.     Miscellaneous. Each right, power, and remedy of the Lender as
provided for in this Note or any of the other Loan Documents, or now or
hereafter existing under any applicable law or otherwise shall be cumulative
and concurrent and shall be in addition to every other right, power, or remedy
provided for in this Note or any of the other Loan Documents or now or
hereafter existing under any applicable law, and the exercise or beginning of
the exercise by the Lender of any one or more of such rights, powers, or
remedies shall not preclude the simultaneous or later exercise by the Lender of
any or all such other rights, powers, or remedies. No failure or delay by the
Lender to insist upon the strict performance of any term, condition, covenant,
or agreement of this Note or any of the other Loan Documents, or to exercise
any right, power, or remedy consequent upon a breach thereof, shall constitute
a waiver of any such term, condition, covenant, or agreement or of any such
breach, or preclude the Lender from exercising any such right, power, or remedy
at a later time or times. By accepting payment after the due date of any
amount payable under the terms of this Note, the Lender shall not be deemed to
waive the right either to require prompt payment when due of all other amounts
payable under the terms of this Note or to declare an Event of Default for the
failure to effect such prompt payment of any such other amount. No course of
dealing or conduct shall be effective to amend, modify, waive, release, or
change any provisions of this Note.

     12.     Partial Invalidity. In the event any provision of this Note (or any
part of any provision) is held by a court of competent jurisdiction to be
invalid, illegal, or unenforceable in any respect, such invalidity, illegality,
or unenforceability shall not affect any other provision (or remaining part of
the affected provision) of this Note; but this Note shall be construed as if
such

11

 

invalid, illegal, or unenforceable provision (or part thereof) had not
been contained in this Note, but only to the extent it is invalid, illegal, or
unenforceable.

     13.     Captions. The captions herein set forth are for convenience only and
shall not be deemed to define, limit, or describe the scope or intent of this
Note.

     14.     Applicable Law. Each of the Borrowers acknowledges and agrees that
this Note shall be governed by the laws of the State of Maryland, even though
for the convenience and at the request of the Borrowers, this Note may be
executed elsewhere.

     15.     ARBITRATION. ANY CONTROVERSY OR CLAIM BETWEEN OR AMONG THE PARTIES
HERETO INCLUDING BUT NOT LIMITED TO THOSE ARISING OUT OF THIS NOTE, THE LOAN
DOCUMENTS OR ANY RELATED INSTRUMENTS, AGREEMENTS OR DOCUMENTS, INCLUDING ANY
CLAIM BASED ON OR ARISING FROM AN ALLEGED TORT, SHALL BE DETERMINED BY BINDING
ARBITRATION IN ACCORDANCE WITH THE FEDERAL ARBITRATION ACT (OR IF NOT
APPLICABLE, THE APPLICABLE STATE LAW), THE RULES OF PRACTICE AND PROCEDURE FOR
ARBITRATION OF COMMERCIAL DISPUTES OF ENDISPUTE, INC., D/B/A J.A.M.S./ENDISPUTE
(“J.A.M.S.”) AND THE “SPECIAL RULES” SET FORTH BELOW. IN THE EVENT OF AN
INCONSISTENCY, THE SPECIAL RULES SHALL CONTROL. JUDGMENT UPON ANY ARBITRATION
AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. ANY PARTY TO THIS NOTE,
AGREEMENT OR DOCUMENT MAY BRING ANY ACTION, INCLUDING A SUMMARY OR EXPEDITED
PROCEEDING, TO COMPEL ARBITRATION OF ANY CONTROVERSY OR CLAIM TO WHICH THIS

12

 

NOTE, AGREEMENT OR DOCUMENT RELATES IN ANY COURT HAVING JURISDICTION OVER
SUCH ACTION.

     (A)  SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN MONTGOMERY
COUNTY, MARYLAND AND ADMINISTERED BY J.A.M.S. WHO WILL APPOINT AN ARBITRATOR.
IF J.A.M.S. IS UNABLE OR LEGALLY PRECLUDED FROM ADMINISTERING THE ARBITRATION,
THEN THE AMERICAN ARBITRATION ASSOCIATION WILL SERVE. ALL ARBITRATION HEARINGS
WILL BE COMMENCED WITHIN NINETY (90) DAYS OF THE DEMAND FOR ARBITRATION;
FURTHER, THE ARBITRATOR SHALL ONLY, UPON A SHOWING OF CAUSE, BE PERMITTED TO
EXTEND THE COMMENCING OF SUCH HEARING FOR AN ADDITIONAL SIXTY (60) DAYS.

     (B)  RESERVATION OF RIGHTS. NOTHING IN THIS NOTE, AGREEMENT OR DOCUMENT
SHALL BE DEEMED TO: (I) LIMIT THE APPLICABILITY OF ANY OTHERWISE APPLICABLE
STATUTES OF LIMITATION OR REPOSE AND ANY WAIVERS CONTAINED IN THIS NOTE,
AGREEMENT OR DOCUMENT; OR (II) BE A WAIVER BY THE LENDER OF THE PROTECTION
AFFORDED TO IT BY 12 U.S.C. §91 OR ANY SUBSTANTIALLY EQUIVALENT STATE LAW; OR
(III) LIMIT THE RIGHT OF THE LENDER: (A) TO EXERCISE SELF HELP REMEDIES ( BUT
NOT INCLUDING SETOFF), OR (B) TO FORECLOSE AGAINST ANY REAL OR PERSONAL
PROPERTY COLLATERAL, OR (C) TO OBTAIN FROM A COURT PROVISIONAL OR ANCILLARY
REMEDIES SUCH AS (BUT NOT LIMITED TO) INJUNCTIVE RELIEF, WRIT OF POSSESSION OR
THE APPOINTMENT OF A RECEIVER. THE LENDER MAY

13

 

EXERCISE SUCH SELF HELP RIGHTS, FORECLOSE UPON SUCH PROPERTY, OR OBTAIN
SUCH PROVISIONAL OR ANCILLARY REMEDIES BEFORE, DURING OR AFTER THE PENDENCY OF
ANY ARBITRATION PROCEEDING BROUGHT PURSUANT TO THIS NOTE, AGREEMENT OR
DOCUMENT. NEITHER THE EXERCISE OF SELF HELP REMEDIES NOR THE INSTITUTION OR
MAINTENANCE OF ANY ACTION FOR FORECLOSURE OR FOR PROVISIONAL OR ANCILLARY
REMEDIES SHALL CONSTITUTE A WAIVER OF THE RIGHT OF ANY PARTY, INCLUDING THE
CLAIMANT IN SUCH ACTION, TO ARBITRATE THE MERITS OF THE CONTROVERSY OR CLAIM
OCCASIONING RESORT TO SUCH REMEDIES.

[SIGNATURES BEGIN ON THE FOLLOWING PAGE]

14

 

     IN WITNESS WHEREOF, the Borrowers have caused this Note to be executed
under seal by their duly authorized officers as of the date first written
above.

	 	 	 
	WITNESS/ATTEST:	 	
BIORELIANCE CORPORATION
	 
	/s/ Evdoxia E. Kopsidas	 	
By: /s/ John L. Coker, (SEAL)
	
	 	

	 	 	
Name: John L. Coker
	 	 	
Title: Secretary & Treasurer 

	WITNESS/ATTEST:	 	
BIORELIANCE TESTING AND
	 
	 	 	
DEVELOPMENT, INC.
	/s/ Evdoxia E. Kopsidas	 	
By: /s/ John L. Coker, (SEAL)
	
	 	

	 	 	
Name: John L. Coker
	 	 	
Title: Secretary & Treasurer 

	WITNESS/ATTEST:	 	
BIORELIANCE MANUFACTURING, INC.
	 
	/s/ Evdoxia E. Kopsidas	 	
By: /s/ John L. Coker, (SEAL)
	
	 	

	 	 	
Name: John L. Coker
	 	 	
Title: Secretary & Treasurer 

	WITNESS/ATTEST:	 	
MAGENTA VIRAL PRODUCTION, INC.
	 
	/s/ Evdoxia E. Kopsidas	 	
By: /s/ John L. Coker, (SEAL)
	
	 	

	 	 	
Name: John L. Coker
	 	 	
Title: Secretary & Treasurer 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}]]