Document:

Plan Secured Promissory Note

 Exhibit 10.34 
 THIS NOTE IS EXECUTED AND DELIVERED AS PART OF THE CONFIRMED FIRST AMENDED JOINT PLAN OF REORGANIZATION OF BIOVEST INTERNATIONAL, INC., BIOVAX, INC., AUTOVAXID, INC., BIOLENDER, LLC AND BIOLENDER II,
LLC, AS MODIFIED, IN THE JOINTLY ADMINISTERED CHAPTER 11 CASE STYLED IN RE: ACCENTIA BIOPHARMACEUTICALS, INC., CASE NO. 8:08-BK-17795-KRM, IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF FLORIDA, TAMPA DIVISION, AND IS,
THEREFORE, EXEMPT FROM DOCUMENTARY STAMP TAX PURSUANT TO 11 U.S.C. §1146(a). 
 PLAN
SECURED PROMISSORY NOTE 
  

			
	 $3,169,223.44
	 	November 17, 2010
		 	Tampa, Florida

 FOR VALUE RECEIVED, the undersigned, BIOVEST INTERNATIONAL, INC., a Delaware corporation (the “Borrower”), with a mailing address of 324 South Hyde Park Avenue, Suite 350, Tampa, Florida
33606, hereby promises to pay to the order of CORPS REAL, LLC, an Illinois limited liability company (the “Lender”), with a mailing address of 1602 W. Kimmel Street, Marion, Illinois 62929, up to the maximum principal amount of
Three Million One Hundred Sixty-Nine Thousand Two Hundred Twenty-Three and 44/100 Dollars ($3,169,223.44) (the “Principal Amount”), together with interest on the unpaid Principal Amount outstanding from time to time at the rate or
rates hereafter specified and on any and all other sums which may be owing to the Lender by the Borrower hereunder. 
 On November 10, 2008, Accentia Biopharmaceuticals, Inc. and its subsidiaries, including the Borrower, filed their Voluntary Petitions for relief under Chapter 11 of the Bankruptcy Code with the
United States Bankruptcy Court for the Middle District of Florida, Tampa Division (the “Bankruptcy Court”), which cases have been jointly administered under Case No. 8:08-bk-17795-KRM (the “Bankruptcy Cases”).
The Borrower has filed a First Amended Joint Plan of Reorganization dated as of August 16, 2010 (as modified, the “Plan”) in the Bankruptcy Cases. On November 2, 2010, the Bankruptcy Court entered an order confirming the
Plan (the “Confirmation Order”), and the Plan became effective on November 17, 2010. This Plan Secured Promissory Note (hereinafter, the “Note”) is being executed and delivered pursuant to the terms of the Plan
and the Confirmation Order. This Note and the Conversion Shares (as defined below) issuable upon conversion of this Note are issued by the Borrower, pursuant to Section 1145 of the Bankruptcy Code and Article 3.3 of the Plan, in exchange for
the Lender’s claims against the Borrower, and are exempt from the requirements of Section 5 of the Securities Act of 1933, as amended (the “Securities Act”), and state and local securities laws and requirements by virtue
of Section 1145 of the Bankruptcy Code. 
 The following terms shall apply to this Note: 

1.        Security and Priority.  As security for payment of the
Obligations (as defined below) under this Note, the Borrower and the Lender have entered into that certain Security Agreement of even date herewith (the “Security Agreement”). The Security Agreement and this

 
Note are sometimes hereinafter referred to as the “Loan Documents.” The Borrower and the Lender have agreed that all Obligations under this Note will be secured by all of the
Collateral (as that term is defined in the Security Agreement) of the Borrower, and the liens and security interests granted to the Lender will be senior to all liens and security interests of all other parties in the Collateral, all in accordance
with, and as authorized by, the terms of the Plan and the Confirmation Order. 

2.        Interest Rate.  Interest shall accrue and be payable
on the outstanding Principal Amount at a fixed rate of interest equal to sixteen percent (16.0%) per annum. Interest shall be calculated on the basis of a year of 360 days applied to the actual days on which there exists an unpaid balance under
this Note. Interest shall be paid by the Borrower as follows: (i) interest in the amount of ten percent (10%) shall be paid monthly, and (ii) interest in the amount of six percent (6%) shall be accrued and be paid on the Maturity
Date. 
 3.        Term; Maturity Date.  For purposes
of this Note and the Security Agreement, the “Maturity Date” shall be November 17, 2012. For the avoidance of doubt, this Note is a balloon promissory note that requires that all indebtedness be paid in full on the Maturity
Date. 
 4.        Repayment Extension.  If any payment
of principal or interest shall be due on a Saturday, Sunday or any other day on which banking institutions in the State of Florida are required or permitted to be closed, such payment shall be made on the next succeeding business day and such
extension of time shall be included in computing interest under this Note. 

5.        Manner and Application of Payments.  All payments due
hereunder shall be paid in lawful money of the United States of America which shall be legal tender in payment of all debts and dues, public and private, in immediately available funds, without offset, deduction or recoupment. Any payment by check
or draft shall be subject to the condition that any receipt issued therefore shall be ineffective unless the amount due is actually received by the Lender. Each payment shall be applied first, to the payment of any and all costs, fees and expenses
incurred by or payable to the Lender in connection with the collection or enforcement of this Note; second, to the payment of all accrued and unpaid interest hereunder; and third, to the payment of the unpaid Principal Amount, or in any other manner
which the Lender may, in its sole discretion, elect from time to time. 

6.        Option to Convert.  At the option of the Lender, at
any time prior to the earlier to occur of (a) the date of the prepayment of this Note in full or (b) the Maturity Date of this Note, the Lender, in its discretion, may convert all or a portion of the outstanding balance of this Note
(including any accrued and unpaid interest under this Note) into shares of the common stock, par value $.01 per share (the “Common Stock”), of the Borrower at a conversion rate of $0.75 per share of Common Stock. If the Lender
wishes to make a conversion, the Lender shall give notice of such election by delivering a written notice (the “Conversion Notice”) to the Borrower and such Conversion Notice shall provide a breakdown in reasonable detail of the
principal and accrued and unpaid interest thereon outstanding under this Note that are being converted and the calculation of the number of shares of Common Stock issuable to the Lender on conversion. The number of shares of Common Stock issuable to
the Lender upon any conversion (the “Conversion Shares”) shall be equal to (a) an amount equal to the aggregate portion of the principal and accrued and unpaid interest thereon outstanding under this Note being converted,

  
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divided by (b) $0.75. In the case of the exercise of the conversion rights set forth herein, the conversion privilege shall be deemed to have been exercised and the Conversion Shares
issuable upon such conversion shall be deemed to have been issued upon the date of receipt by the Borrower of the Conversion Notice. If the Lender has delivered a Conversion Notice, the Borrower shall make the appropriate reduction to the Principal
Amount and accrued and unpaid interest thereon outstanding under this Note as entered in its register and its records. The kind of shares or other securities to be issued upon conversion as determined pursuant to this Section 6 shall be subject
to adjustment from time to time upon the occurrence of certain events during the period that this conversion right remains outstanding, as follows: if the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the
same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and the accrued and unpaid interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such
securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock (i) immediately prior to or (ii) immediately after such reclassification or other change at the sole election of
the Lender. The Conversion Shares shall be issued pursuant to Section 1145 of the Bankruptcy Code and shall not have any legend restricting the sale thereof under federal securities laws, but the transfer thereof shall be subject to the
following provisions: (i) any restrictions or limitations under Rule 144(e) of the Rules and Regulations under the Securities Act, (ii) a limit on the sale of the Conversion Shares in any ninety (90) day period to that number of the
Conversion Shares equal to one percent (1%) of the issued and outstanding shares of Common Stock, (iii) a prohibition on the sale of any Conversion Shares for a period of one hundred twenty (120) days following any debt or equity
raise by the Borrower of less than $10,000,000.00, (iv) a prohibition on the sale of any Conversion Shares for a period of one hundred eighty (180) days following any debt or equity raise by the Borrower of $10,000,000.00 or more, and
(v) in the event the Conversion Shares are issued pursuant to subparagraph (a) above, such shares may not be sold or transferred until after November 17, 2011 (provided, however, that this prohibition on transfer shall not prohibit
the transfer of any such shares to a family member of the principal or manager of the Lender or to an entity for the benefit of or controlled by a family member of the principal or manager of the Lender provided that such family member or entity
agrees to be bound by the provisions of this Section 6). Any certificate for the Conversion Shares shall contain a legend thereon setting forth the foregoing provisions and restrictions. 

7.        Prepayment.    The Borrower may prepay this
Note in full at any time without penalty, provided that the Borrower must provide ten (10) days advance written notice to the Lender of the date for any such prepayment. 

8.        Obligations.    The term
“Obligations” shall mean the full and punctual observance and performance of all present and future duties, covenants and responsibilities due to the Lender by the Borrower of any nature whatsoever under this Note, including all
present and future indebtedness and liabilities of the Borrower to the Lender for the payment of money extending to the Principal Amount and all interest, fees, late charges, expense payments, liquidation costs, and expenses provided in this Note,
whether similar or dissimilar, related or unrelated, matured or unmatured, direct or indirect, contingent or noncontingent, primary or secondary, alone or jointly with others, now due or to become due, now existing or hereafter created, and whether
or not now contemplated. If more than one Obligation is outstanding, each payment may be applied to such of the Obligations as the Lender shall determine in its sole discretion. The Lender and the

  
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Borrower acknowledge and agree that the Principal Amount under this Note shall equal the amount of actual loans made by the Lender to the Borrower hereunder as authorized by the Plan; provided
that, the Borrower agrees that it shall not request any additional loan advances under this Note such that the outstanding Principal Amount and all accrued and unpaid interest payable under the Loan Documents shall exceed $3,000,000 in the
aggregate. 
 9.        Events of Default.  The
occurrence of any one or more of the following events shall constitute an “Event of Default” under this Note: 
  

	 	(a)	 the failure of the Borrower to pay any sum due under this Note when due, whether by demand or otherwise, and such sum remains unpaid for five
(5) business days after the due date; and 

  

	 	(b)	 any other Event of Default described in the Security Agreement. 

10.        Rights and Remedies Upon Default.  Upon the
occurrence of an Event of Default hereunder, the Lender, in the Lender’s sole discretion and with prior written notice to the Borrower, may: (a) declare the entire outstanding Principal Amount, together with all accrued interest and all
other sums due under this Note, to be immediately due and payable, and the same shall thereupon become immediately due and payable without protest, presentment, demand or notice, which are hereby expressly waived; (b) exercise its right of
setoff against any money, funds, or credits of the Borrower now or at any time hereafter in the possession of, in transit to or from, under the control or custody of or on deposit with, the Lender or any affiliate of the Lender in any capacity
whatsoever; and (c) exercise any or all rights, powers and remedies provided for in the Loan Documents or now or hereafter existing at law, in equity, by statute or otherwise. 

11.        Remedies Cumulative.  Each right, power and remedy of
the Lender hereunder, under the Loan Documents or now or hereafter existing at law, in equity, by statute or otherwise shall be cumulative and concurrent, and the exercise or beginning of the exercise of any one or more of them 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 one or more provisions of this Note or of the Loan Documents or to
exercise any right, power or remedy consequent upon a default hereunder shall constitute a waiver thereof or preclude the Lender from exercising any such right, power or remedy. By accepting full or partial payment after the due date of any amount
of principal of or interest on this Note, or other amounts payable on demand, the Lender shall not be deemed to have waived the right either to require prompt payment when due and payable of all other amounts of principal of or interest on this Note
or other amounts payable on demand, or to exercise any rights and remedies available to it in order to collect all such other amounts due and payable under this Note. 

12.        Collection Expenses.    The Borrower shall
pay any and all issue taxes, documentary stamp taxes, and other taxes that may be payable in respect of the issuance or delivery of this Note. If this Note is placed in the hands of an attorney for collection following the occurrence of an Event of
Default hereunder, the Borrower agrees to pay to the Lender upon demand all costs and expenses, including, without limitation, all attorneys’ fees and court costs incurred by the Lender in connection with the enforcement or collection of this
Note (whether or not any action has been commenced by the Lender to enforce or collect this Note). The 

  
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obligation of the Borrower to pay all such costs and expenses shall not be merged into any judgment by confession against the Borrower. All of such costs and expenses shall bear interest at the
rate of interest provided herein, from the date of payment by the Lender until repaid in full. 

13.        Maximum Rate of Interest.  Notwithstanding any
provision of this Note or the Loan Documents to the contrary, the Borrower shall not be obligated to pay interest pursuant to this Note in excess of the maximum rate of interest permitted by the laws of any state determined to govern this Note or
the laws of the United States applicable to loans in such state. If any provisions of this Note shall ever be construed to require the payment of any amount of interest in excess of that permitted by applicable law, then the interest to be paid
pursuant to this Note shall be held subject to reduction to the amount allowed under applicable law and any sums paid in excess of the interest rate allowed by law shall be applied in reduction of the principal balance outstanding pursuant to this
Note. The Borrower acknowledges that it has been contemplated at all times by the Borrower that the laws of the State of Florida will govern the maximum rate of interest that it is permissible for the Lender to charge the Borrower pursuant to this
Note. 
 14.        Choice of Law.  This Note shall be
governed by and construed in accordance with the laws of the State of Illinois, without reference to principles of choice or conflict of law thereunder. Whenever possible, each provision of this Note shall be interpreted to be effective and valid
under applicable law. If any provision of this Note is prohibited by or invalid under applicable law, the provision shall be ineffective only to the extent of the prohibition or invalidity, without invalidating the remainder of the provision or the
other remaining provisions of this Note. 

15.        Notices.  All notices, requests, demands, claims, and
other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given if (and then two business days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the addresses set forth in the first paragraph of this Note. Any party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the address set forth
above using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly
given unless and until it actually is received by the intended recipient. Any party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the
manner herein set forth. 

16.        Jurisdiction.  THE BORROWER HEREBY CONSENTS AND
AGREES THAT THE STATE AND/OR FEDERAL COURTS LOCATED IN THE STATE OF ILLINOIS SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE BORROWER, ON THE ONE HAND, AND THE LENDER, ON THE OTHER HAND, PERTAINING TO THIS
NOTE OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS NOTE; PROVIDED, THAT THE BORROWER ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE STATE OF ILLINOIS; AND FURTHER
PROVIDED, THAT NOTHING IN THIS NOTE SHALL BE DEEMED OR OPERATE TO PRECLUDE THE LENDER FROM BRINGING SUIT OR TAKING OTHER 

  
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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 THE LENDER. THE BORROWER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND THE BORROWER HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON CONVENIENS. THE BORROWER AND THE LENDER HEREBY WAIVE PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREE THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER
PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER OR THE LENDER, AS APPLICABLE, AT THE ADDRESS SET FORTH IN THE FIRST PARAGRAPH OF THIS NOTE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF THE
BORROWER’S OR THE LENDER’S, AS APPLICABLE, ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAIL, PROPER POSTAGE PREPAID. 
 17.        Miscellaneous.  The section headings of this Note are for convenience only, and shall not limit or otherwise affect any of the terms
hereof. This Note constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior letters, representations or agreements, oral or written, with respect thereto. No modification, release or waiver of
this Note shall be deemed to be made by the Lender unless in writing signed by the Lender, and each such waiver, if any, shall apply only with respect to the specific instance involved. This Note shall inure to the benefit of and be enforceable by
the Lender and shall be binding upon and enforceable against the Borrower and the Borrower’s successors and assigns. Whenever used herein, the singular number shall include the plural, the plural the singular, and the use of the masculine,
feminine or neuter gender shall include all genders. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal, or unenforceable, in whole or in part or in any respect, or in the event that any
one or more of the provisions of this Note operates or would prospectively operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed null and void and shall not affect any other provision of
this Note and the remaining provisions of this Note shall remain operative and in full force and effect and shall in no way be affected, prejudiced, or disturbed thereby. 

IN WITNESS WHEREOF, the Borrower has duly executed this Note as of the day and year first hereinabove set forth.

  

			
	 BIOVEST INTERNATIONAL, INC.,

	 a Delaware corporation

		
	 By:
	 	 David D. Moser

	 Name:
	 	 David D. Moser

	 Title:
	 	 Secretary/Director of Legal Affairs

  
 6Security Agreement

 Exhibit 10.35 
 SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT (this “Agreement”) is made and entered into as of the 17th day of November, 2010, by BIOVEST INTERNATIONAL, INC., a Delaware corporation
(the “Borrower”), in favor of CORPS REAL, LLC, an Illinois limited liability company (the “Secured Party”). 
 Recitals 
 WHEREAS, on November 10, 2008,
Accentia Biopharmaceuticals, Inc. and its subsidiaries, including the Borrower, filed their Voluntary Petitions for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Middle District of Florida, Tampa
Division (the “Bankruptcy Court”), which cases have been jointly administered under Case No. 8:08-bk-17795-KRM (the “Bankruptcy Cases”); 

WHEREAS, Secured Party provided to Borrower debtor in possession post-petition financing (the “DIP
Facility”) to fund its business operations during the Bankruptcy Cases; 
 WHEREAS, Borrower has filed
a First Amended Joint Plan of Reorganization dated as of August 16, 2010 (as modified, the “Plan”) in the Bankruptcy Cases which sets forth the terms and method of repayment of the outstanding balance of the DIP Facility;

 WHEREAS, the Bankruptcy Court entered an order confirming the Plan on November 2, 2010 (the
“Confirmation Order”), and the Plan became effective on November 17, 2010; 
 WHEREAS,
pursuant to that certain Plan Secured Promissory Note of even date herewith made by Borrower for the benefit of Secured Party (the “Note”), Secured Party has agreed to loan to Borrower up to a maximum principal amount of
$3,169,223.44 (the “Loan”), in accordance with, and as authorized by, the Confirmation Order and the Plan; and 
 WHEREAS, in order to more fully secure Borrower’s obligations under the Note, Borrower has agreed to grant to Secured Party a first priority lien on and security interest in all property and assets
of Borrower, in accordance with, and as authorized by, the Confirmation Order and the Plan, which lien and security interest shall be senior to all other liens on and security interests in property and assets of Borrower. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein,
and other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound thereby, agree as follows: 

Section 1.  Security Interest.  Borrower hereby grants to Secured Party a security
interest (the “Security Interest”) in the items of collateral described on Exhibit A attached hereto and in all attachments, additions, replacements, substitutions, and accessions and in all proceeds thereof in any form now
existing, after acquired and hereafter arising (collectively, the “Collateral”). 

 Section 2.    Indebtedness
Secured.  This Agreement and the Security Interest created hereunder secure payment of the Loan owing by Borrower to Secured Party, and whether the Loan is, from time to time, reduced and thereafter increased
or entirely extinguished and thereafter reincurred (the “Indebtedness”). The Indebtedness includes any credit extended, sums advanced, and any expenses incurred by Secured Party and specifically includes the Loan of Secured Party to
Borrower evidenced by the Note. 
 Section 3.    Covenants and
Warranties.  Borrower hereby covenants and warrants that, at the execution hereof and at all times throughout the duration hereof: 
 (a) Borrower will join with Secured Party to file, wherever Secured Party deems appropriate, financing statements in the form and content required by Secured Party, describing the Collateral in the same
manner as it is described herein and Borrower will pay all costs of such filing. From time to time at the request of Secured Party, Borrower shall execute one or more financing statements and such other documents and do such other acts and things,
all as Secured Party may reasonably request, regarding the Security Interest in the Collateral. 
 (b) Secured
Party may examine and inspect the Collateral at any time, wherever located. 

Section 4.    Event of Default.  The occurrence of any of the
following shall constitute an “Event of Default”: 

(a)        Borrower’s failure to make payment of any principal, interest,
fees, costs, charges, expenses, or other sums payable from time to time hereunder or under the Note when required hereunder or thereunder, and, in any such case, such failure shall continue for (i) in the case of a payment of scheduled
principal or interest, a period of five (5) business days following the date upon which any such payment was due, or (ii) in the case of any other amount payable, a period of five (5) business days following the date of
Borrower’s receipt from Secured Party of a written notice identifying the amount due and providing reasonable supporting details; 
 (b)        Borrower shall (i) apply for, consent to or suffer to exist the appointment of or the taking of possession by, a receiver, custodian, trustee or
liquidator of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of creditors, (iii) commence a voluntary case under the federal bankruptcy laws (as now or hereafter in effect),
(iv) be adjudicated bankrupt or insolvent, (v) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vi) acquiesce to without challenge within ten (10) days of the filing thereof, or
fail to have dismissed within forty-five (45) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (vii) take any action for the purpose of effecting any of the foregoing; 

(c)        Borrower shall cease operation of its present business; or 

(d)        Borrower directly or indirectly sells, assigns, transfers, conveys, or
suffers or permits to occur any sale, assignment, transfer or conveyance of all or substantially all of its assets, except as permitted herein. 

 Section 5.    Secured Party’s Rights and
Remedies.  Upon the occurrence of any Event of Default or at any time thereafter, and subject to the provisions of the Confirmation Order and the Plan as applicable: 

(a) Secured Party may, at its option, declare all of the Indebtedness secured by this Agreement (notwithstanding any
provisions of any agreement with respect to the Indebtedness to the contrary) immediately due and payable without demand or notice of any kind, and the Indebtedness thereupon shall become due and payable immediately without demand or notice (but
with such adjustments, if any, with respect to interest or other charges as may be provided for in the promissory notes or other writings evidencing the Indebtedness secured). 

(b) Secured Party and its agents are authorized to enter into and enter onto any premises where the Collateral may be
located for the purpose of taking possession of the Collateral and any records thereof and Secured Party may, at its option, demand that Borrower, at Borrower’s expense, assemble the Collateral and make the Collateral available to Secured Party
at a convenient place acceptable to Secured Party and, after notice to Borrower as hereinafter provided and other reasonable notice to secured parties of record, Secured Party may sell or otherwise dispose of the Collateral at public or private
sale, without further notice or advertisement, at which sale Secured Party may become the purchaser. 
 (c)
Secured Party may demand that Borrower shall, upon receipt by Borrower of any proceeds covered hereby or of any check, draft, or other instrument representing the proceeds, forthwith and without further notice or demand deliver the same to Secured
Party in the form in which the said items are received, endorsed by Borrower for payment to Secured Party. 

(d) Secured Party may by written notice deem Borrower to have transferred the Collateral to Secured Party and to have
constituted and appointed Secured Party its true and lawful attorney-in-fact with full and irrevocable power and authority in the name, place and stead of Borrower, from time to time, in Secured Party’s discretion to demand, collect, receive
and give receipts for any and all monies due on the Collateral or due otherwise under or with respect to any of the Collateral and to endorse any checks or other instruments or orders and to file any claims and take any other action or proceeding
deemed by Secured Party appropriate for the purpose of collecting any and all such monies whenever they may become payable. Secured Party may reasonably require Borrower to assist Secured Party in any and all such collections. 

(e) Secured Party shall have and may exercise, from time to time, any and all rights and remedies of a secured party
under the Uniform Commercial Code of Illinois and any and all rights and remedies available to a secured party under any other applicable law. 
 (f) Any notice of sale, disposition, or other intended action by Secured Party, mailed to Borrower at its business offices in Tampa, Florida or at any other address to which Borrower has requested in
writing that notices be sent, at least five (5) business days prior to such action, shall constitute reasonable notice to Borrower. 
 (g) In the event of a sale or other disposition of the Collateral or the receipt of any proceeds of the Collateral by Secured Party, after all of the Indebtedness with appropriate interest and all costs
and expenses of Secured Party with respect to the possession and sale of the 

 
Collateral have been paid in full as appropriate, the surplus, if any, shall be paid to Borrower by Secured Party, and any Collateral remaining shall be transferred and reassigned to Borrower by
Secured Party; and in the event of a deficiency, there shall be due from Borrower and Borrower shall immediately pay to Secured Party the difference between the amounts received by Secured Party and the remaining sum secured hereby, plus all costs
and expenses of Secured Party in repossessing, transporting, repairing, storing, selling or otherwise handling the Collateral pursuant to such sale or other disposition. 

(h) All remedies hereunder shall be cumulative and not alternative. Borrower shall pay promptly the costs and expenses of
Secured Party of collection of any and all Indebtedness, enforcement of rights under this Agreement, including reasonable attorneys’ fees, and those costs, expenses, and attorneys’ fees incurred in appellate proceedings and expenses and
attorneys’ fees on any actions otherwise with respect to the Collateral. 

Section 6.    Rights and Remedies of Borrower.  Subject to the
provisions of the Plan and the Confirmation Order, as applicable, Borrower shall have the rights and remedies provided in this Agreement and Borrower specifically waives and releases all rights provided in Article 9 of the Uniform Commercial Code in
force in the State of Illinois on the date of this Agreement. 

Section 7.    Miscellaneous. 

(a) Borrower authorizes Secured Party, at Borrower’s expense, to file any financing statement or statements relating
to the Collateral (without Borrower’s signature thereon) which Secured Party deems appropriate, and Borrower appoints Secured Party as Borrower’s attorney-in-fact to execute any such financing statement or statements in Borrower’s
name and to perform all other acts which Secured Party deems appropriate to perfect and to continue perfection of the Security Interest. 
 (b) Without limiting any other right of Secured Party, whenever Secured Party has the right to declare any Indebtedness to be immediately due and payable (whether or not it has so declared), Secured Party
may set off against the Indebtedness all monies then owed to Borrower by Secured Party in any capacity whether due or not and Secured Party shall be deemed to have exercised its right to set off immediately at the time its right to such election
accrues. 
 (c) Upon Borrower’s failure to perform any of its duties hereunder, Secured Party may but it
shall not be obligated to perform any of such duties and Borrower shall forthwith upon demand reimburse Secured Party for any expense incurred by Secured Party in so doing. 

(d) No delay or omission by Secured Party in exercising any right hereunder or with respect to any Indebtedness shall
operate as a waiver of that or any other right, and no single or partial exercise of any right shall preclude Secured Party from any other or further exercise of any other right or remedy. Secured Party may cure any default by Borrower in any
reasonable manner without waiving the default so cured and without waiving any other prior or subsequent default by Borrower. 
 (e) Secured Party shall have no obligation to take and Borrower shall have the sole responsibility for taking any steps to preserve rights against all prior parties. Borrower waives presentment for
payment, notice of protest, notice of nonpayment, notice of dishonor and protest 

 
of any instrument at any time held by Secured Party on which Borrower is in any way liable and, if waivable, waives notice of any other action taken by Secured Party. 

(f) The singular pronoun shall include the plural, and the neuter shall include the masculine and feminine. 

(g) This Agreement may not be modified or amended nor shall any provision of it be waived except by a written instrument
signed by Borrower and Secured Party. 
 (h) This Agreement is a continuing agreement and shall survive any
closing and shall remain in force until Secured Party shall provide written notice of its termination and thereafter until all of the Indebtedness contracted for or created before receipt of the notice and any extension or renewals of that
Indebtedness (whether made before or after receipt of the notice), together with all interest thereon both before and after the notice, shall be paid in full. 
 Section 8.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without reference to
principles of choice or conflict of law thereunder. Whenever possible, each provision of this Agreement shall be interpreted to be effective and valid under applicable law. If any provision of this Agreement is prohibited by or invalid under
applicable law, the provision shall be ineffective only to the extent of the prohibition or invalidity, without invalidating the remainder of the provision or the other remaining provisions of this Agreement. 

Section 9.    Notice.  All notices, requests, demands, claims, and other
communications hereunder shall be in writing and given in accordance with the notice provisions of the Note. 

Section 10.    Jurisdiction.  THE BORROWER HEREBY CONSENTS AND AGREES
THAT THE STATE AND/OR FEDERAL COURTS LOCATED IN THE STATE OF ILLINOIS SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE BORROWER, ON THE ONE HAND, AND THE SECURED PARTY, ON THE OTHER HAND, PERTAINING TO THIS
AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT; PROVIDED, THAT THE BORROWER ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE STATE OF ILLINOIS; AND FURTHER
PROVIDED, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE SECURED PARTY FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE INDEBTEDNESS, TO REALIZE ON THE COLLATERAL OR ANY OTHER
SECURITY FOR THE INDEBTEDNESS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE SECURED PARTY. THE BORROWER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND THE
BORROWER HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. THE BORROWER AND THE SECURED PARTY HEREBY WAIVE PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREE THAT SERVICE OF SUCH 

 
SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER OR THE SECURED PARTY, AS APPLICABLE, AT THE ADDRESS SET FORTH IN THE FIRST PARAGRAPH OF
THE NOTE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF THE BORROWER’S OR THE SECURED PARTY’S, AS APPLICABLE, ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAIL, PROPER POSTAGE PREPAID.

 Section 11.    Confirmation Order and Plan.  This
Agreement is executed pursuant to the terms of the Confirmation Order and the Plan, and the liens and security interests in the Collateral granted herein to Secured Party shall have the priority as set forth in the Confirmation Order and the Plan as
applicable. To the extent there is any conflict or inconsistency between this Agreement and the Confirmation Order or the Plan, the Confirmation Order or the Plan as applicable shall control. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first above-written.

  

			
	 BORROWER:

	
	 BIOVEST INTERNATIONAL, INC.,

	 a Delaware corporation

		
	By:	 	 /s/David D. Moser

	 Name:
	 	 David D. Moser

	 Title:
	 	 Secretary/Director of Legal Affairs

	
	 SECURED PARTY:

	
	 CORPS REAL, LLC, an Illinois limited

	 liability company

			
		
	 By:
	 	 /s/ Ronald
E. Osman

			
	 Name:
	 	 Ronald E. Osman

	 Title:
	 	 Manager

 Exhibit A 

Description of the Collateral 
 The term “Collateral” shall include all of the property and assets of Biovest International, Inc. of every kind or type whatsoever, tangible, intangible, real, personal and mixed, whether now
owned or existing or hereafter acquired or arising and regardless of where located, and including, without limitation, all proceeds, rents and products of all of the foregoing and all distributions thereon.

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