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Amended March 22, 2007 Promissory Note

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Exhibit 10.1


PROMISSORY NOTE


Principal Loan Date Maturity Loan No Call /Coll Account Officer Initials

$750,000.00 04-22-2007 05-21-2007 600-7011175 1206 008

References in the shaded area are for Lender' s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing " ***" has been omitted due to text length limitations.


Borrower: BIOVEST INTERNATIONAL INC. Lender: PULASKI BANK 324 South Hyde Park Avenue, Suite 350 12300 OLIVE BLVD Tampa, FL 33606 ST LOUIS, MO 63141


Principal Amount: $ 750,000.00 Initial Rate: 7.750 % Date of Note: April 22, 2007

PROMISE TO PAY. BIOVEST INTERNATIONAL INC. (" Borrower" ) promises to pay to PULASKI BANK (" Lender" ), or order, in lawful money of the United States of America, the principal amount of Seven Hundred Fifty Thousand & 00/100 Dollars ($750,000.00), together with interest on the unpaid principal balance from April 21, 2007, until paid in full.

PAYMENT. Borrower will pay this loan in one principal payment of $750,000.00 plus interest on May 21, 2007. This payment due on May 21, 2007, will be for all principal and all accrued interest not yet paid. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection costs. The annual interest rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at Lender' s address shown above or at such other place as Lender may designate in writing. VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the Wall Street Journal Prime Rate of Interest. This is the base rate on corporate loans posted by at least 75% of the nation' s largest banks (the " Index" ). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower' s request. The interest rate change will not occur more often than each day. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 8.250% per annum. The interest rate to be applied to the unpaid principal balance during this Note will be at a rate of 0.500 percentage points under the Index, resulting in an initial rate of 7.750% per annum. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower' s obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked " paid in full" , " without recourse" , or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender' s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes " payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: PULASKI BANK, 12300 OLIVE BLVD, ST LOUIS, MO 63141.

LATE CHARGE. If a payment is more than 15 days late, Borrower will be charged 5.000% of the regularly scheduled payment or $5.00, whichever is less.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity, at Lender' s option, and if permitted by applicable law. Lender may add any unpaid accrued interest to principal and such sum will bear interest therefrom until paid at the rate provided in this Note (including any increased rate). Upon default, the interest rate on this Note shall be incr
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