Document:

Exhibit 10.2

    
      

      

    

    

      Exhibit
        10.2

      

      Loan
        No.
        ___________

      Salt
        Lake
        City, Utah

      December
        6, 2005

      

      Amended
        and Restated Revolving Promissory Note

      

      FOR
        VALUE
        RECEIVED, the undersigned ("Borrower") promises to pay to the order of U.
        S.
        Bank National Association ("Bank") at its office located at 170 South Main
        Street, 6th
        Floor,
        Salt Lake City, Utah 84101 or at such other location as designated by Bank,
        in
        lawful money of the United States of America, the principal amount of
Eight
        Million Dollars ($8,000,000.00),
        or such
        portion thereof as from time to time may be outstanding, on May 31, 2006
        (the
“Maturity Date”), and to also pay interest thereon at said location, in like
        money, from the date hereof on the unpaid principal amount hereof until such
        amount shall be paid in full.

      

      This
        Note
        is the Revolving Promissory Note referred to in a related Loan Agreement
        dated
        July 3, 2002 as amended (the “Agreement”) and is entitled to the benefits and is
        subject to the provisions and definitions thereof. Capitalized terms shall
        have
        the meaning given in the Agreement unless defined otherwise in this
        Note.

      

      Interest
        on each advance hereunder shall accrue at an annual rate equal to 1.25% plus
        the
        one-month LIBOR rate quoted by Bank from Telerate Page 3750 or any successor
        thereto, which shall be that one-month LIBOR rate in effect two New York
        Banking
        Days prior to the beginning of each calendar month, adjusted for any reserve
        requirement and any subsequent costs arising from a change in government
        regulation, such rate to be reset at the beginning of each succeeding month.
        The
        term “New York Banking Day” means any day (other than a Saturday or Sunday) on
        which commercial banks are open for business in New York, New York. If the
        initial advance under this Note occurs other than on the first day of the
        month,
        the initial one-month LIBOR rate shall be that one-month LIBOR rate in effect
        two New York Banking Days prior to the date of the initial advance, which
        rate
        plus the percentage described above shall be in effect for the remaining
        days of
        the month of the initial advance; such one-month LIBOR rate to be reset at
        the
        beginning of each succeeding month. Bank’s internal records of applicable
        interest rates shall be determinative in the absence of manifest
        error.

      

      Borrower
        may prepay principal without penalty.

      

      Upon
        the
        occurrence of an Event of Default, the applicable rate of interest shall
        increase by two percent (2%) per annum.

      

      Monthly
        payments of all accrued and unpaid interest shall be due and payable on the
        first (1st) day of each month and continuing each month thereafter.

      

      On
        the
        Maturity Date, the entire outstanding principal balance, all remaining accrued
        and unpaid interest and all other amounts outstanding under this Note shall
        be
        due and payable in full.

      

      The
        actual interest to be charged under this Note shall be calculated on a year
        of
        three hundred sixty (360) days on a daily basis for the actual number of
        days
        the unpaid principal balance hereof is outstanding.

      

      If
        a
        payment on this Note becomes due and payable on a Saturday, Sunday or legal
        holiday under the laws of the State of Utah, the payment date shall be extended
        to the next succeeding business day and interest hereon shall be payable
        at the
        then applicable rate during such extension.

      

      All
        payments received by Bank may be applied to amounts due under this Note,
        the
        Agreement and all related documents in such order as Bank may
        elect.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Upon
        the
        occurrence of an Event of Default, it shall be optional with the holder of
        this
        Note to declare the entire principal and interest sum hereof due and payable
        in
        full, and proceedings may at once be instituted for the enforcement and
        collection of the same by law.

      

      Borrower
        agrees to pay all reasonable attorneys' fees and other expenses incurred
        by Bank
        in the enforcement of any of its rights hereunder whether the default is
        ultimately cured or whether Bank is obligated to pursue its legal remedies,
        including such expenses incurred prior to the institution of legal action,
        during the pendency of such legal action, during any bankruptcy or insolvency
        proceeding and continuing to include all such expenses incurred in connection
        with any appeal to higher courts arising out of legal proceedings to enforce
        Borrower's obligations hereunder.

      

      The
        makers, sureties, guarantors and endorsers of this Note jointly and severally
        waive presentment for payment, protest, notice of protest and of nonpayment
        of
        this Note. Borrower agrees that failure of Bank or any holder of this Note
        to
        exercise its rights hereunder shall not constitute a waiver of the right
        to
        exercise the same in the event of a later default.

      

      This
        Note
        shall be construed according to the laws of the State of Utah.

      

      This
        Note
        replaces and amends by substitution all prior promissory notes executed in
        connection with the Agreement.

      

      “Borrower”

      

      Utah
        Medical Products, Inc.,

      a
        Utah
        corporation

      

      By:  /s/
        Kevin L.
        Cornwell                        
        

      

      Its:  CEOExhibit 10.3

    
      

      

    

    

      Exhibit
        10.3

      

      THIRD
        AMENDMENT TO LOAN AGREEMENT

      

      THIS
        THIRD AMENDMENT TO LOAN AGREEMENT (the "Amendment") is entered into as of
        December 6, 2005 by and between UTAH MEDICAL PRODUCTS, a Utah corporation
        ("Borrower"), and U. S. BANK NATIONAL ASSOCIATION ("Bank").

      

      Recitals

      

      A.
        Borrower and Bank have entered into that certain Loan Agreement (the
“Agreement”) dated as of July 3, 2002 and related documents (as amended by a
        First Amendment thereto and a Second Amendment thereto) pursuant to which
        Bank
        has agreed to extend certain credit to Borrower in accordance with its terms.
        Capitalized terms shall have the meanings given by the Agreement unless
        otherwise defined.

      

      B.
        Borrower and Bank wish (i) to increase the Loan from $5,000,000 to $8,000,000
        and (ii) to make other modifications to the Agreement.

      

      Agreement

      

      NOW,
        THEREFORE, in consideration of the promises contained herein, and each intending
        to be legally bound hereby, the parties agree as follows:

      

      1.
        The
        Loan is hereby increased from $5,000,000 to $8,000,000, to be further evidenced
        by Borrower’s execution of an Amended and Restated Revolving Promissory Note of
        even date herewith in the stated principal amount of $8,000,000.

      

      2.
        Borrower shall be permitted to use the Loan to request the issuance by Bank
        of
        letters of credit. Each letter of credit shall be evidenced further by
        Borrower’s execution of an application and an unconditional reimbursement
        agreement in forms customarily required by Bank. The amount of credit available
        under the Loan shall be decreased by the total undrawn amounts on all
        outstanding letters of credit. In the event the expiration date of a letter
        of
        credit extends beyond the expiration date of the Loan commitment and the
        Maturity Date under the Note, Borrower shall deposit with Bank funds, on
        or
        before the Maturity Date, in an amount at least equal to the total undrawn
        amount under all outstanding letters of credit, together with collateral
        documents granting to Bank a security interest and control in that deposit
        as
        security for repayment of the obligations associated with those undrawn letters
        of credit. The issuance of each letter of credit will require a fee equal
        to
        1.25% of the face amount of the letter of credit.

      

      3.
        Borrower shall be permitted to incur an unsecured ten (10) year indebtedness
        to
        Bank of Ireland in an amount not to exceed €4,500,000 (Euros), which shall be
        deemed a one-time waiver of the provisions in Section 5.2 of the
        Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.
        Section 4.10 of the Agreement is hereby amended to increase the minimum Net
        Worth requirement from $10,000,000 to $18,500,000.

      

      5.
        Borrower hereby acknowledges the continued validity and enforceability of
        the
        Loan Documents, as amended hereby, and acknowledges that Borrower has no
        defense, claim or counterclaim with respect to its Obligations under the
        Loan
        Documents. 

      

      6.
        All
        other terms of the Agreement and the other Loan Documents shall remain valid
        and
        enforceable as modified hereby.

      

      7.
        This
        Amendment may be executed in counterparts.

      

      IN
        WITNESS WHEREOF, the parties hereto have duly executed this Amendment as
        of the
        day and year first above written.

       

      
 

      
        	
                UTAH
                  MEDICAL PRODUCTS

              	
                U.
                  S. BANK NATIONAL ASSOCIATION

              
	 	 	 	 
	 	 	 	 
	
                By:

              	
                  /s/
                  Kevin L.
                  Cornwell                                        
                  

              	
                By:
                  

              	
                 
                  /s/
                  Terry L. Grant                                                   
                  

              
	 	 	 	 
	
                Its:

              	
                  CEO                                                                
                  

              	
                Its:
                  

              	
                 
                  VP

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