Document:

Exhibit 10.25

Exhibit 10.25

SECURITY AGREEMENT

Security Agreement (this “Agreement”), dated as of October 30, 2007, between Hana Biosciences Inc. (“Obligor”) in favor of Deerfield Private Design Fund, L.P., Deerfield Special Situations Fund L.P., Deerfield Special Situations Fund International Limited and Deerfield Private Design International, L.P  (together, the “Secured Party”). 

W I T N E S S E T H:

WHEREAS, Obligor has entered into a Facility Agreement, dated as of the date hereof (the “Facility Agreement”), with the Secured Party;

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, Obligor and the Secured Party agree as follows:

1.

Grant of Security Interest.

(a)

To secure payment and performance of the Obligations (as defined below), Obligor hereby grants to Secured Party a security interest in all property and interests in property of Obligor, whether now owned or hereafter acquired or existing, and wherever located (together with all other collateral security for the Obligations at any time granted to or held or acquired by Secured Party, collectively, the “Collateral”), including, without limitation, the following:

(i)

all Accounts;

(ii)

all Receivables;

(iii)

all Equipment;

(iv)

all General Intangibles;

(v)

all Inventory;

(vi)

all Investment Property ; and

(vii)

all proceeds and products of (i), (ii), (iii),  (iv) (v) and (vi).

(b)

Notwithstanding anything to the contrary contained in Section 1(a) above, the types or items of Collateral described in such Section 1(a) shall not include any right or interest in any contract, permit or application covering real or personal property of Obligor, as such, if under the terms of such contract, permit or application or applicable law with respect thereto, the valid grant of a security interest to Secured Party is prohibited as a matter of law or under the terms thereof and such prohibition has not been or is not waived or the consent of the other party to such contract, permit, or application has not been or is not otherwise obtained; provided, that, the foregoing exclusion shall in no way be construed i) to apply if any such prohibition is unenforceable under the UCC or other applicable law or ii) so as to limit, impair or otherwise 

affect Secured Party’s unconditional continuing security interest in upon any rights or interests of Obligor in or to monies due or to become due under any such contract, permit or application.

(c)

Perfection of Security Interests.

(i)

Obligor authorizes Secured Party (or its agent) to file at any time and from time to time such financing statements with respect to the Collateral naming Secured Party or its designee as the secured party and Obligor or any affiliate of Obligor as debtor, as Secured Party may require, and including any other information with respect to Obligor or otherwise required by part 5 of Article 9 of the UCC of such jurisdictions as Secured Party may determine, together with any amendment and continuations with respect thereto, which authorization shall apply to all financing statements filed on or after the date hereof.  Obligor authorizes Secured Party to adopt on behalf of Obligor any symbol required for authenticating any electronic filing.  In no event shall Obligor at any time file, or permit or cause to be filed, any correction statement or termination statement with respect to any financing statement (or amendment or continuation with respect thereto) naming Secured Party or its designee as secured party and Obligor or any affiliate of Obligor as debtor.

(ii)

Obligor shall take any other actions reasonably requested by Secured Party from time to time to cause the attachment and perfection of, and the ability of Secured Party to enforce, the security interest of Secured Party in the Collateral.

2.

Covenants Relating to Collateral; Indebtedness; Dividends. Obligor covenants that:

(a)

it shall at all times:  iii) be the sole owner of each and every item of Collateral and iv) defend the Collateral against the claims and demands of all persons except for Permitted Liens as defined in the Facility Agreement;

(b)

it will comply with the requirements of all agreements relating to premises where any Collateral is located;

(c)

it will give Secured Party twenty (20) days’ prior written notice of any change to its name; 

(d)

it will give Secured Party twenty (20) days’ prior written notice of any change to its chief executive office or its mailing address; and

(e)

it will give Secured Party twenty (20) days’ prior written notice of any change to its type of organization, jurisdiction of organization or other legal structure.

3.

Remedies.

(a)

Upon the occurrence and after the continuance of an Event of Default (as defined in the Facility Agreement), (i) Secured Party shall have the right to exercise any right and remedy provided for herein, under the UCC and at law or equity generally, including, without limitation, the right to foreclose the security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and sell any or all of the Collateral with or without judicial process; and (ii) with or without having the Collateral at 

2

the time or place of sale, Secured Party may sell the Collateral, or any part thereof, at public or private sale, at any time or place, in one or more sales, at such price or prices, and upon such terms, either for cash, credit or future delivery, as Secured Party may elect.

4.

Representations and  Warranties.  Obligor hereby represents and warrants to Secured Party that:

(a)

(i)

Obligor is a corporation duly organized and validly existing under the laws of Delaware.

(ii)

the exact legal name of Obligor is as set forth on the signature page of this Agreement.  Obligor has not, during the past five years, been known by or used any other composite or fictitious name or been a party to any merger or consolidation, or acquired all or substantially all of the assets of any Person, or acquired any of its properties or assets out of the ordinary course of business.

(iii)

the chief executive office and mailing address of Obligor are located only at the address identified as such on Schedule 4(a)(iii) and its only other places of business and the only other locations of Collateral, if any, are at the addresses set forth on Schedule 4(a)(iii).

5.

Expenses of Obligor’s Duties; Secured Party’s Right to Perform on Obligor’s Behalf. 

(a)

Obligor’s agreements hereunder shall be performed by it at its sole cost and expense.

(b)

If Obligor shall fail to do any act which it has covenanted to do hereunder, Secured Party may (but shall not be obligated to) do the same or cause it to be done, either in its name or in the name and on behalf of Obligor, and Obligor hereby irrevocably authorizes Secured Party so to act.

6.

No Waivers of Rights hereunder; Rights Cumulative.

(a)

No delay by Secured Party in exercising any right hereunder, or in enforcing any of the Obligations, shall operate as a waiver thereof, nor shall any single or partial exercise of any right preclude other or further exercises thereof or the exercise of any other right.  No waiver of any of the Obligations shall be enforceable against Secured Party unless in writing and signed by an officer of Secured Party, and unless it expressly refers to the provision affected; any such waiver shall be limited solely to the specific event waived.

(b)

All rights granted Secured Party hereunder shall be cumulative and shall be supplementary of and in addition to those granted or available to Secured Party under any other agreement with respect to the Obligations or under applicable law and nothing herein shall be construed as limiting any such other right.

7.

Termination.  This Agreement shall continue in full force and effect until all Obligations shall have been paid and satisfied in full. 

8.

Governing Law; Jurisdiction; Certain Waivers.

3

(a)

This Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within such State.  Any judicial proceeding brought by or against Obligor with respect to any of the Obligations or  this Agreement may be brought in any court of competent jurisdiction in such State, and, by  execution and delivery of this Agreement, Obligor accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of such court and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement.  Obligor hereby waives personal service of any and all process upon it and consents that all such service of process may be made by certified or registered mail (return receipt requested) directed to Obligor at its address set forth in Section 10, and service so made shall be deemed completed five (5) days after the same shall have been so deposited in the mails of the United States of America.  Nothing herein shall affect the right to serve process in any manner permitted by law or shall limit the right of Secured Party to bring proceedings against Obligor in the courts of any other jurisdiction. Obligor waives any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  Any judicial proceeding by Obligor against Secured Party involving, directly or indirectly, any matter or claim in any way arising out of, related to or connected with this Agreement or any related agreement, shall be brought only in a federal or state court located in The City of New York, State of New York.

(b)

EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY OTHER AGREEMENT DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE, AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CAUSE OF ACTION SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

9.

Additional Definitions.  As used herein:

(a)

All terms used herein which are defined in Article 1 or Article 9 of the UCC shall have the meanings given therein unless otherwise defined in this Agreement.  All references to the plural herein shall also mean the singular and to the singular shall also mean the plural unless the context otherwise requires.  All references to Obligor and Secured Party pursuant to the definitions set forth in the recitals hereto, or to any other person herein, shall include their respective successors and assigns.  The words “hereof”, “herein”, “hereunder”, “this Agreement” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not any particular provision of this Agreement and as this Agreement now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.  The word “including” when used in this Agreement shall mean “including, without limitation”.

“Obligations” means:

4

(1)

the full and prompt payment by Obligor when due of all obligations and liabilities to Secured Party, whether now existing or hereafter arising, under the Financing Documents and the due performance and compliance by Obligor with the terms thereof;

(2)

any and all sums advanced in accordance with the terms of the Financing Documents or applicable law by Secured Party in order to preserve the Collateral or to preserve the Secured Party’s security interest in the Collateral; and

(3)

in the event of any proceeding for the collection or enforcement of any obligations or liabilities of Obligor referred to in the immediately preceding clauses (1) and (2) the reasonable expenses of re-taking, holding, preparing for sale, selling or otherwise disposing of or realizing on the Collateral, or of any other exercise by Secured Party of its rights hereunder, together with reasonable attorneys’ fees and court costs.

“Person” or “person” shall mean any individual, sole proprietorship, partnership, corporation limited liability company, limited liability partnership, business trust, unincorporated association, joint stock corporation, trust, joint venture or other entity or any government or any agency or instrumentality or political subdivision thereof.

“UCC” shall mean the Uniform Commercial Code as in effect in the State of New York and any successor statute, as in effect from time to time (except that terms used herein which are defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same meaning notwithstanding any replacement or amendment of such statute except as Secured Party may otherwise determine).

The words “it” or “its” as used herein shall be deemed to refer to individuals and to business entities.

10.

Notices.

Any communication required or permitted pursuant to this Agreement shall be deemed given b) when personally delivered to any officer of the party to whom it is addressed, c) on the earlier of actual receipt thereof or five (5) days following posting thereof by certified or registered mail, postage prepaid, return receipt requested, or d) upon actual receipt thereof when sent by a recognized overnight delivery service, or e) upon actual receipt thereof when sent by telecopier to the number set forth below with telephone communication confirming receipt and subsequently confirmed by registered or certified mail, return receipt requested, or by recognized overnight delivery service to the address set forth below, in each case addressed to the applicable party at its address set forth below or at such other address as has been furnished in writing by such party to the other by like notice:

(A)

If to Secured Party:

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(B)

If to Obligor:

Hana Biosciences, Inc.

7000 Shoreline Court, Suite 370

South San Francisco, CA 94080

Attn: Chief Financial Officer

Telecopier: (650) 588-2728

With a copy to (which shall not constitute notice):

Maslon Edelman Borman & Brand, LLP

90 South Seventh Street, Suite 3300

Minneapolis, MN  55402

Attn:  Christopher J. Melsha, Esq.

Telecopier: (612) 642-8343

Any requirement under applicable law of reasonable notice by Secured Party to Obligor of any event shall be met if notice is given to Obligor in the manner prescribed above at least five (5) days before (a) the date of such event or (b) the date after which such event will occur.

11.

General. 

(a)

This Agreement shall be binding upon the assigns or successors of Obligor and shall inure to the benefit of and be enforceable by Secured Party and its successors, transferees and assigns.

(b)

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

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Dated in New York, New York as of the date first above written.

					
	OBLIGOR:

HANA BIOSCIENCES, INC.

	

	SECURED PARTY:

DEERFIELD PRIVATE DESIGN 

FUND, L.P.

	By:

	/s/ Steven R. Deitcher

	 
	By:

	/s/ James Flynn

	 
	Name:

Steven R. Deitcher

Title:

President & CEO

  

	

	 
	Name

James Flynn

Title

General Partner

	 
	 
	 

	 
	 
	 

	SECURED PARTY:

DEERFIELD PRIVATE DESIGN INTERNATIONAL, L.P.

	

	SECURED PARTY:

DEERFIELD SPECIAL SITUATIONS

FUND L.P.

	 
	 
	 

	By:

	/s/ James Flynn

	 
	By:

	/s/ James Flynn

	 
	Name

James Flynn

Title

General Partner

	

	 
	Name

James Flynn

Title

General Partner

	 
	 
	 

	 
	 
	 

	 
	 
	SECURED PARTY:

DEERFIELD SPECIAL SITUATIONS

FUND INTERNATIONAL LIMITED

	 
	 
	 

	 
	 
	 
	By:

	/s/ James Flynn

	 
	 
	 
	 
	Name

James Flynn

Title

General Partner

7United States Securities and Exchange Commission EDGAR Filing

EXHIBIT 10.17

As of March 20, 2008

Premix-Marbletite Manufacturing Co., 

DFH, Inc. and Just-Rite Supply, Inc.

Re:

Amendment #8 (the "Amendment") to the Consolidating, Amended and Restated Financing Agreement and Security Agreement dated January 28, 2000 among Wachovia Bank, National Association, successor by merger to Congress Financial Corporation (Florida) ("Lender"), and Premix-Marbletite Manufacturing Co., DFH, Inc. (formerly known as Acro Holdings, Inc., formerly known as Acrocrete, Inc.) and Just-Rite Supply, Inc. (collectively referred to herein as "Borrowers" and individually as a "Borrower")

Ladies and Gentlemen:

Reference is made to that certain Consolidating, Amended and Restated Financing Agreement and Security Agreement dated January 28, 2000 (as the same has been or may hereafter be amended or modified from time to time, the "Loan Agreement") among Lender and Borrowers.  As used herein, all capitalized terms not defined herein shall have the respective meanings set forth in the Loan Agreement.

WHEREAS, Borrowers have requested that Lender modify certain terms of the financing arrangements with Borrowers which are evidenced by the Loan Agreement; and 

WHEREAS, Lender is willing to so modify the terms applicable to such financing arrangements on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of Ten Dollars ($10.00) in hand paid, the mutual conditions and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.

Amendments to Loan Agreement.  The Loan Agreement is hereby amended as follows:

A.

By deleting Sections 1.27, 1.28, 1.35 and 1.39 of the Loan Agreement in their entirety and by substituting in lieu thereof the following Sections 1.27, 1.28, 1.35 and 1.39:

1.27

"Adjusted Eurodollar Rate" shall mean, for any day during the term hereof, the rate per annum (rounded upwards, if necessary, to the next one-sixteenth of one percent (1/16 %)) determined by dividing (a) the Eurodollar Rate by (b) a percentage equal to: (i) one (1) minus (ii) the Reserve Percentage.  For purposes hereof, "Reserve 

Premix-Marbletite, DFH and Just-Rite Supply

Page 2

Amendment #8

Percentage" shall mean for any day, that percentage (expressed as a decimal) which is in effect from time to time under Regulation D of the Board of Governors of the Federal Reserve System (or any successor), as such regulation may be amended from time to time or any successor regulation, as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special, or marginal reserves) applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or against any other category of liabilities that includes deposits by reference to which the interest rate of Eurodollar Rate Loans is determined), whether or not Lender has any Eurocurrency liabilities subject to such reserve requirement at that time.  Eurodollar Rate Loans shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credits for proration, exceptions or offsets that may be available from time to time to Lender.  The Adjusted Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Reserve Percentage.

1.28

Reserved.

1.35

"Interest Rate" shall mean:

(a)

as to Prime Rate Loans, a rate per annum equal to the Prime Rate plus zero and one-half percent (0.50%),

(b)

as to Eurodollar Rate Loans, a rate per annum equal to the Average Monthly Adjusted Eurodollar Rate plus three and one-half percent (3.5%).

1.39

Reserved.

B.

By adding the phrase "AND FEES" to the heading of Section 3 of the Loan Agreement immediately following the word "INTEREST".

C.

By adding the following new Sections 3.3 and 3.4 to the Loan Agreement immediately following Section 3.2:

3.3

Borrowers shall pay to Lender an unused line fee at a rate equal to zero and one-half percent (0.5%) per annum of the amount by which the Maximum Credit exceeds the average daily principal balance of Revolving Loans outstanding during each month, which fee shall be payable on the first day of the immediately following month; provided, that if this Agreement and the Financing Agreements are terminated on a day other than the first day of a month, then any such fee payable for the month in which termination shall occur shall be paid on the effective date of such termination.

3.4

Borrowers shall pay to Lender a monthly servicing fee of $1,000, which fee shall be payable to Lender on the first day of each month.

Premix-Marbletite, DFH and Just-Rite Supply

Page 3

Amendment #8

D.

By deleting the first sentence of Section 12.1(a) of the Loan Agreement and by substituting in lieu thereof the following:

This Agreement and the other Financing Agreements shall become effective as of the date set forth on the first page hereof and shall continue in full force and effect for a term ending on June 1, 2009 (the "Renewal Date"), and from year to year thereafter, unless sooner terminated pursuant to the terms hereof.

E.

By deleting the Certificate of Officer set forth in Exhibit C to the Loan Agreement and by substituting in lieu thereof the Certificate of Officer attached hereto as Exhibit A.

No other parts, subsections, or sections of the Loan Agreement are being modified or deleted.

2.

Conditions Precedent.  Each of the following is a condition precedent to any obligation of Lender to extend Loans on terms other than those set forth in the Loan Agreement prior to this Amendment:

A.

All requisite corporate action and proceedings in connection with this Amendment and the other Financing Agreements shall be satisfactory in form and substance to the Lender, and Lender shall have received all information, and copies of all documents, including records of requisite corporate actions and proceedings, which Lender may have requested in connection therewith, in form and substance satisfactory to Lender and its counsel; 

B.

This Amendment and all other Financing Agreements contemplated to be delivered in connection herewith shall have been duly executed and delivered to Lender, in form and substance satisfactory to Lender; and

C.

Borrowers shall have paid all fees and expenses set forth in Section 4 hereof

3.

Acknowledgments.  Each Borrower certifies to Lender that (a) (after giving effect to this Amendment) all representations and warranties of such Borrower contained in the Loan Agreement are true and correct as of the date of this Amendment, except to the extent such representations and warranties relate solely to an earlier date; (b) no Event of Default under the Loan Agreement, or event which with the passage of time or the giving of notice, or both, would constitute an Event of Default under the Loan Agreement, has occurred and is continuing; (c) no changes have been made to its organizational documents, including its articles or certificate of incorporation or organization and its bylaws since the date of its delivery to Lender thereof in connection with the Loan Agreement prior to the date of this Amendment; and (d) the execution, delivery and performance of this Amendment have been duly authorized by all requisite corporate action on the part of each Borrower and this Amendment has been duly executed and delivered by each Borrower.  The Borrowers acknowledge and agree that Inventory at locations as to which all actions required to be taken pursuant to Section 9.2 have not been taken shall constitute Collateral, but, at the option of Lender, shall not be deemed to be Eligible Inventory 

Premix-Marbletite, DFH and Just-Rite Supply

Page 4

Amendment #8

unless and until such requirements are satisfied, which requirements shall include UCC searches, opinions of counsel and the filing of appropriate Form UCC-1 Financing Statements.

4.

Amendment Fee; Expenses.  In consideration of Lender's willingness to enter into this Amendment, Borrowers jointly and severally agree to pay to Lender an amendment fee in the amount of $15,000, which shall be deemed to have been fully earned and non-refundable on the date of this Amendment.  In addition, and in no way in limitation of the provisions of Section 9.10 of the Loan Agreement, Borrower will pay all out-of-pocket expenses incurred by Lender in connection with the preparation of this Amendment and of the other Financing Agreements, including all amendments, supplements or modifications hereafter made to any of the foregoing after the date of this Amendment, and the closing of the transactions contemplated herein and therein, including, but not limited to, the reasonable fees and expenses of counsel for Lender.  In addition, Borrower agrees to pay, and hereby indemnifies Lender for and holds Lender harmless from and against, all costs, interest, penalties, and other amounts arising out of or in connection with all documentary stamp taxes, intangible taxes, filing or recording fees required in connection with the transactions hereunder.  This provision shall survive payment of the Obligations and termination of the Financing Agreements. 

5.

Waivers.  EACH BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT, THE LOAN AGREEMENT, ALL DOCUMENTS AT ANY TIME MADE IN CONNECTION WITH THIS AMENDMENT, THE LOAN AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN.  FURTHER, EACH BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF THE LENDER NOR THE LENDER'S COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDER WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION.  FINALLY, EACH BORROWER ACKNOWLEDGES THAT THE LENDER HAS BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, INTER ALIA, THE PROVISIONS OF THIS PARAGRAPH. 

6.

Financing Agreements Binding.  Each Borrower acknowledges and stipulates that the Loan Agreement and the other Financing Agreements executed by Borrowers are legal, valid and binding obligations of each Borrower that are enforceable against each Borrower in accordance with the terms thereof.  Each Borrower agrees that it has no off-sets, defenses or counterclaims to the payment of the Obligations or the performance by it under the Loan Agreement or the other Financing Agreements.  Further, each Borrower agrees that it has no claims of any nature whatsoever against the Lender, its parent, subsidiaries, affiliates, divisions, officers, directors, employees, agents, stockholders, successors, or assigns arising out of or related to the Obligations, the Financing Agreements, or otherwise. 

7.

Liens.  Borrowers each acknowledge and confirm that all Collateral furnished in connection with the Loan Agreement continues to secure the Obligations, as hereby modified. 

Premix-Marbletite, DFH and Just-Rite Supply

Page 5

Amendment #8

Each of the Borrowers hereby grants and regrants, as applicable, the Lender all liens, security interests, assignments, and rights of setoff in and to the Collateral to secure all Obligations.

8.

Breach of Terms.  Any breach of the terms of this Amendment shall, at the option of Lender, constitute an Event of Default, entitling Lender to exercise its rights and remedies under the Financing Agreements.

9.

No Novation.  Except as amended by this Amendment, the Loan Agreement (as in effect immediately prior to the effectiveness of this Amendment) and all other Financing Agreements shall remain in full force and effect.

10.

Successors and Assigns.  All covenants, agreements, representations and warranties contained herein shall be binding upon and inure to the benefit of the parties hereto, their respective successors and assigns, except that Borrowers shall not have the right to assign their rights hereunder or any interest herein without the prior written consent of Lender.

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11.

Governing Law.  This Amendment shall be effective upon acceptance by Lender (notice of which acceptance each Borrower hereby waives), whereupon the same shall be governed by and construed in accordance with the internal laws of the State of Florida.

Very truly yours,

WACHOVIA BANK, NATIONAL ASSOCIATION

			
	By:

	/s/Gary Dixon

	 

	Name:

	Gary Dixon

	 

	Title:

	Managing Director

	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

Signature Page to Amendment #8

AGREED AND ACCEPTED:

Each of the undersigned Borrowers acknowledges and agrees to the foregoing Amendment and shall continue to be bound under the Loan Agreement and the other Financing Agreements, as hereby amended, jointly and severally.

			
	 
	PREMIX-MARBLETITE MANUFACTURING CO.

	 
	 
	 

	 
	By: 

	/s/ Howard L. Ehler, Jr

	 
	Name:

	Howard L. Ehler, Jr.

	 
	Title:

	Vice President

	 
	 
	 

	 
	DFH, INC.

	 
	 
	 

	 
	By:

	/s/ Howard L. Ehler, Jr

	 
	Name:

	Howard L. Ehler, Jr.

	 
	Title:

	Vice President

	 
	 
	 

	 
	 
	 

	 
	JUST-RITE SUPPLY, INC.

	 
	 
	 

	 
	By: 

	/s/ Howard L. Ehler, Jr

	 
	Name:

	Howard L. Ehler, Jr.

	 
	Title:

	Vice President

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

Signature Page to Amendment #8

JOINDER

The undersigned: (1) acknowledges and confirms that Lender's loans, advances and credit to Borrowers have been, are and will continue to be of direct economic benefit to the undersigned, (2) consents to all terms and provisions of the foregoing Amendment which are applicable to it, and agrees to be bound by and comply with such terms and provisions, and (3) acknowledges and confirms that its guarantee and waiver agreements in favor of Lender executed pursuant to the terms of the Loan Agreement are each valid and binding and remain in full force and effect in accordance with their respective terms (without defense, setoff or counterclaim against enforcement thereof), which include, without limitation, its guarantees in connection with the Loan Agreement, as modified by the foregoing Amendment.

			
	 
	GUARANTOR:

	 
	 
	 

	 
	IMPERIAL INDUSTRIES, INC.

	 
	 
	 

	 
	By:

	/s/ Howard L. Ehler, Jr.

	 
	Name: 

	Howard L. Ehler, Jr. 

	 
	Title:

	Chief Operating Officer

	 
	 
	 

Joinder to Amendment #8

EXHIBIT A

Certificate of Officer

(See attached.)

CERTIFICATE OF OFFICER

The undersigned hereby certifies that he is the duly elected Chief Financial Officer of Imperial Industries, Inc. (“Parent”), and Premix-Marbletite Manufacturing Co., DFH, Inc., and Just-Rite Supply, Inc. (collectively, the “Borrowers”), (Parent and Borrowers collectively referred to as “Companies”) and that as such he is familiar with the facts herein certified and is duly authorized to certify as follows:

1.

This certificate is being given in connection with the Consolidating, Amended and Restated Financing Agreement and Security Agreement dated January 28, 2000 (as amended, modified or supplemented from time to time, the “Loan Agreement”) among Borrowers and Wachovia Bank, National Association.

2.

The attached listing of daily Excess Availability sets forth 

a.

The basis for the submission of a monthly borrowing base certificate, i.e. Excess Availability of at least $1,000,000 on a daily basis.

b.

The basis for testing of the Fixed Charged Coverage Ratio not being required, i.e. Excess Availability of at least $900,000 on a daily basis.

				
	 
	 
	 
	 

	Steven M. Healy

	 
	 
	 

	Chief Financial Officer

	 
	Date

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