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EXHIBIT 10.30
[EXECUTION COPY]
AMENDMENT NO. 2 AND WAIVER
DATED AS OF MARCH 30, 1998
TO
LOAN AND SECURITY AGREEMENT
DATED AS OF SEPTEMBER 12, 1997
THIS AMENDMENT NO. 2 AND WAIVER dated as of March 30, 1998
(this "Amendment") is made between NABI, a Delaware corporation (the
"Borrower"), the financial institutions party from time to time to the Loan
Agreement referred to below (the "Lenders"), and NATIONSBANK, N.A., a national
banking association, as agent for the Lenders (in that capacity, together with
any successors in that capacity, the "Agent").
Preliminary Statements
----------------------
The Borrower, the Lenders, and the Agent are parties to a Loan
and Security Agreement dated as of September 12, 1997, as amended by Amendment
No. 1 and Waiver dated as of November 14, 1997 (as so amended, the "Loan
Agreement"; terms defined in the Loan Agreement and not otherwise defined herein
being used herein as therein defined).
Defaults have occurred and are continuing under the Loan
Agreement by reason of the Borrower's failure provide copies of the monthly
unaudited consolidated financial statements of the Borrower and its Consolidated
Subsidiaries for the months of January and February, 1998, as required under
Section 9.1(b) of the Loan Agreement, and the Borrower's failure to maintain (i)
a minimum consolidated Fixed Charge Coverage Ratio of at least .36 to 1 and (ii)
a Minimum Consolidated Net Worth of not less than $79,000,000, each for the
Fiscal Quarter ending on December 31, 1997, as required under Section 10.1 of
the Loan Agreement (the "Existing Defaults"), as a result of which the Lenders
are entitled to exercise the rights and remedies provided for in the Loan
Agreement.
The Borrower has requested that the Lenders provide a
temporary term loan facility to create borrowing availability under the
Revolving Credit Facility, waive the Existing Defaults, modify certain financial
covenants and amend certain other provisions of the Loan Agreement, and the
Lenders have agreed, upon and subject to the terms, conditions and provisions of
this Amendment.
Statement Of Agreement
----------------------
NOW, THEREFORE, in consideration of the Loan Agreement, the
Loans made by the Lenders and outstanding thereunder, the mutual promises
hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
Section 1. AMENDMENT TO LOAN AGREEMENT. The Loan Agreement is
hereby amended, subject to the provisions of Section 3 of this Amendment,
(a) by amending Section 1.1 DEFINITIONS thereof
(i) by amending the definition "APPLICABLE MARGIN" by deleting
the figure "0.00%" appearing therein and substituting therefor the
figure "1.00%";
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(ii) by amending the definition "COLLATERAL" by redesignating
subsection (m) appearing therein as subsection (n) and by inserting a
new subsection (m) to read in its entirety as follows:
"(m) all Real Estate,"
(iii) by amending the definition "COMMITMENT" in its entirety
to read as follows:
"COMMITMENT" means, as to each Lender, the amount set
forth opposite such Lender's name on ANNEX A hereto representing such
Lender's obligation, upon and subject to the terms and conditions of
this Agreement (including the applicable provisions of SECTION 11.1),
to make or maintain its Proportionate Share of Loans under the
Revolving Credit Facility and the Term Loan Facility or, from and after
the date hereof, as set forth in the Register representing such
Lender's obligation to make or maintain its Proportionate Share of
Loans under the Revolving Credit Facility and the Term Loan Facility.
(iv) by amending the definition "EFFECTIVE INTEREST RATE" by
deleting the phrase "Revolving Credit" appearing therein;
(v) by amending the definition "EURODOLLAR RATE LOAN" by
inserting the phrase "Revolving Credit" immediately before the term
"Loan" appearing therein;
(vi) by amending the definition "FIXED CHARGE COVERAGE RATIO"
by inserting the phrase "plus any amount received in respect of federal
or state income tax refunds," immediately after the term "EBITDA"
appearing in subsection (i) thereof;
(vii) by amending the definition "LOAN" by inserting the
phrase "or Term Loan" immediately after the phrase "Revolving Credit
Loan" appearing therein;
(viii) by amending the definition "NOTE" by inserting the
phrase "or the Term Notes" immediately after the phrase "Revolving
Credit Notes" appearing therein;
(ix) by amending the definition "PRIME RATE LOAN" by deleting
the phrase "Prime Rate Revolving Credit" appearing therein;
(x) by amending the definition "REVOLVING CREDIT FACILITY" by
deleting the figure "$50,000,000" appearing therein and substituting
therefor the figure "$45,000,000";
(xi) by amending the definition "SECURITY DOCUMENTS" by
redesignating subsections (f), (g) and (h) appearing therein as
subsections (g), (h) and (i) and by inserting a new subsection (f) to
read in its entirety as follows:
"(f) the Mortgage,"
(xii) by adding the following additional definitions to read
as follows:
"EURODOLLAR AVAILABILITY DATE" means April 1, 1999.
"MORTGAGE" means and includes any mortgage, deed of
trust, deed to secure debt, assignment or other instruments executed
and delivered by the Borrower to or for the benefit of the Agent by
which the Agent, on behalf of the Lenders, acquires a Lien on the
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Borrower's Real Estate or a collateral assignment of the Borrower's
interest under leases of Real Estate, and all amendments, modifications
and supplements thereto.
"OPERATING CASH FLOW" means, for any specified
period, the sum of the Net Income or Net Loss before provision for
interest expense, income taxes, depreciation and amortization expense,
plus any amount received in respect of federal or state income tax
refunds, minus cash outlays for income taxes, minus Maintenance Capex
and minus Other Included Expenditures of the Borrower and its
Consolidated Subsidiaries for such period. For the purposes of this
definition "Other Included Expenditures" means any expenditures during
the computation period for a Permitted Repurchase or for Excess
Permitted Capital Expenditures or for Permitted Investments listed on
Schedule 1.1A (other than the 1st, 4th and 5th items listed on such
Schedule) made after the Effective Date that are not included in the
Capital Expenditures budgeted by the Borrower for such period and
subject to the limitations of SECTION 10.5.
"TERM LOAN DATE" has the meaning set forth in SECTION
2B.6.
"TERM LOAN FACILITY" means the credit facility
providing for Term Loans described in SECTION 2B.1 in the aggregate
principal amount of $5,000,000.
"TERM LOANS" means Loans made to the Borrower
pursuant to SECTION 2B.1 outstanding on the Term Loan Date.
"TERM NOTE" means each Term Note made by the Borrower
payable to the order of a Lender evidencing the obligation of the
Borrower to pay the aggregate unpaid principal amount of the Loans made
to it by such Lender under the Term Loan Facility (and any promissory
note or notes that may be issued from time to time in substitution,
renewal, extension, replacement or exchange therefor whether payable to
such Lender or to a different Lender in connection with a Person
becoming a Lender after the Term Loan Date or otherwise) in form and
substance satisfactory to the Agent either as originally executed or as
the same may from time to time be supplemented, modified, amended,
renewed, extended or refinanced.
(b) by amending Section 2.1 REVOLVING CREDIT LOANS by inserting the
phrase "AND PROVIDED FURTHER, HOWEVER, that no Eurodollar Rate Loans shall be
requested or made prior to the Eurodollar Availability Date" immediately before
the period at the end of the first sentence thereof.
(c) by amending Section 2.2 MANNER OF BORROWING REVOLVING CREDIT LOANS
by deleting the phrase "Effective Date" appearing in subsection (a)(ii) thereof
and substituting therefor the phrase "Eurodollar Availability Date".
(d) by inserting a new Article 2B TERM LOAN FACILITY to read in its
entirety as follows:
ARTICLE 2B
TERM LOAN FACILITY
------------------
SECTION 2B.1 TERM LOAN. Upon the terms and subject to the
conditions of, and in reliance upon the representations and warranties made
under, this Agreement, each Lender agrees severally, but not jointly, to advance
to the Borrower on the Term Loan Date a Term Loan (which shall be a Prime Rate
Loan) in a principal amount equal to such Lender's Proportionate Share of the
Term Loan Facility.
SECTION 2B.2 MANNER OF BORROWING TERM LOAN. The Borrower shall
give the Agent at least two Business Days' prior written notice of the
occurrence of the Term Loan Date. Upon receipt of
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such notice, the Agent shall promptly notify each Lender thereof. Each Lender
will make an amount equal to such Lender's Proportionate Share of the Term Loan
Facility available to the Agent for the account of the Borrower, at the office
of the Agent, prior to 12:00 noon on the Term Loan Date, in funds immediately
available to the Agent. Upon the satisfaction of the conditions of SECTIONS 2B.2
and 2B.6, the Agent shall make the advance to the Borrower pursuant to SECTION
2B.1.
SECTION 2B.3 REPAYMENT OF TERM LOAN. The outstanding principal
balance of the Term Loan is due and payable, and shall be repaid in full by the
Borrower on March 31, 1999; PROVIDED, HOWEVER, that, notwithstanding the
foregoing, in the event the Termination Date shall occur before March 31, 1999,
the then unpaid principal balance of the Term Loan shall be due and payable on
said Termination Date.
SECTION 2B.4 TERM NOTE. Each Lender's Term Loans and the
obligation of the Borrower to repay such Term Loans shall also be evidenced by a
Term Note payable to the order of such Lender. Each Term Note shall be dated the
Term Loan Date (or later "effective date" under any Assignment and Acceptance)
and be duly and validly executed and delivered by the Borrower.
SECTION 2B.5 PREPAYMENT OF TERM LOAN.
(a) VOLUNTARY PREPAYMENT. The Borrower shall have the right at
any time and from time to time, upon at least 30 days' prior written notice to
the Agent in the case of a prepayment in full and upon at least five days' prior
written notice to the Agent in the case of a partial prepayment, to prepay the
Term Loan in whole or in part on any Business Day. Each partial prepayment of
the Term Loan shall be in a principal amount equal to $50,000 or any integral
multiple thereof and shall be applied to the then outstanding principal amount
of the Term Loan. On the prepayment date, the Borrower shall pay interest on the
amount prepaid, accrued to the prepayment date. Any notice of prepayment given
by the Borrower hereunder shall be irrevocable, and the amount to be prepaid
(including accrued interest and any prepayment fees) shall be due and payable on
the date designated in the notice.
(b) MANDATORY PREPAYMENT ON ASSET DISPOSITION. Any and all
amounts received by the Borrower as Net Proceeds from any Asset Disposition
(subject to such restrictions and consents as may be required in the Loan
Documents), shall be paid by the Borrower within one month following receipt
thereof to the Agent for application to the Term Loans, after first applying
such proceeds to reduce amounts outstanding under the Revolving Credit Facility
pursuant to SECTION 2.4, to the extent such Net Proceeds exceed all amounts then
outstanding under the Revolving Credit Facility. The Borrowers shall also be
obligated to prepay the Term Loan in full together with accrued and unpaid
interest thereon upon any termination of this Agreement pursuant to SECTION 3.6
or otherwise or upon any acceleration of the Term Loan pursuant to ARTICLE 13.
SECTION 2B.6 TERM LOAN DATE. The date on which the Lenders
shall advance their Proportionate Share of the Term Loan Facility (the "TERM
LOAN DATE") shall occur on the first date on or before April 30, 1998 on which
the Lenders shall have received each of the following documents, each in form
and substance satisfactory to the Lenders:
(a) the Term Notes in the form attached hereto as EXHIBIT D,
with all blanks properly completed, dated the Term Loan Date and duly
executed and delivered by the Borrower in favor of each Lender;
(b) a certificate of the Secretary of the Borrower having
attached thereto the articles or certificate of incorporation and
bylaws of the Borrower as in effect on the Term Loan Date attached
thereto (or containing the certification of such Secretary that no
amendment or modification of such articles or certificate or bylaws has
become effective since the last date on which such documents were
delivered to the Lenders pursuant to the Loan Agreement), corporate
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action, if any, taken in connection with the Term Loan Date, and to the
further effect that the incumbency certificate delivered in connection
with the occurrence of the Effective Date remains in effect, unchanged;
(c) a certificate of the president or any vice-president of
the Borrower stating that, to the best of his knowledge and based on an
examination reasonably believed by him to be sufficient to enable him
to make an informed statement,
(i) as of the Term Loan Date, all of the
representations and warranties made or deemed to be made under
the Loan Agreement are true and correct as of the date hereof,
and
(ii) as of the Term Loan Date, no Default or Event
of Default exists, and the Agent shall be satisfied as to the
truth and accuracy thereof;
(d) the Mortgage duly executed and delivered by the Borrower
and evidencing the recording of such instrument in the appropriate
jurisdiction for the recording thereof on the Real Estate subject
thereto (the Boca Raton facility) or, at the option of the Agent, in
proper form for recording in such jurisdiction;
(e) a fully paid mortgagee title insurance policy or, at the
option of the Agent, unconditional commitment for the issuance thereof
with all requirements and conditions to the issuance of the final
policy deleted or marked satisfied, issued by a title insurance company
satisfactory to the Agent, in an amount equal to not less than the fair
market value of the Real Estate subject to the Mortgage, insuring that
such Mortgage creates a valid first lien on, and security title to, all
Real Estate described therein, with no survey exceptions and no other
exceptions which the Agent shall not have approved in writing;
(f) such materials and information concerning the Real Estate
as the Agent may require, including, without limitation, (A) current
and accurate surveys satisfactory to the Agent of all of the owned Real
Estate, certified to the Agent and showing the location of the 100-year
and 50-year flood plains thereon, (B) zoning letters as to the zoning
status of all of the owned Real Estate, (C) certificates of occupancy
covering all of the Real Estate, and (D) owner's affidavits as to such
matters relating to the owned Real Estate as the Agent may request; and
(g) such other documents and instruments as the Agent or any
Lender may reasonably request.
(e) by amending Section 3.8 SETTLEMENT AMONG LENDERS by redesignating
subsection (c) appearing therein as subsection (d) and by inserting a new
subsection (c) to read in its entirety as follows:
(c) TERM LOANS. The Agent shall pay to each Lender its Ratable
Share (based on the principal amount of the Term Loans owing to such Lender) of
all payments received by the Agent hereunder in immediately available funds in
respect of the principal of, or interest on, the Term Loans, net of any amounts
payable by such Lender to the Agent, by wire transfer of same day funds, on the
same day received by the Agent, if received prior to 1:00 p.m. (Atlanta time),
otherwise on the following Business Day.
(f) by amending Section 3.13 CONVERSION OR CONTINUATION by inserting
the phrase "(other than a Term Loan)" immediately after the phrase "Prime Rate
Loan" appearing therein.
(g) by amending Section 10.1 FINANCIAL RATIOS in its entirety to read
as follows:
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SECTION 10.1 FINANCIAL RATIOS. Permit:
(a) MAXIMUM OPERATING LOSS. The negative Operating Cash Flow
of the Borrower and its Consolidated Subsidiaries for the Fiscal Quarter ending
March 31, 1998 to be greater than $(4,575,000).
(b) MINIMUM FIXED CHARGE COVERAGE. The consolidated Fixed
Charge Coverage Ratio of the Borrower and its Consolidated Subsidiaries as of
the end of any Fiscal Quarter ending during any period described below to be
less than the ratio set forth below opposite such period:
Period Ratio
------ -----
the two consecutive Fiscal Quarters ending
June 30, 1998 0.33 to 1;
the three consecutive Fiscal Quarters ending
September 30, 1998 .70 to 1;
the four consecutive Fiscal Quarters ending
December 31, 1998 .89 to 1;
each four consecutive Fiscal Quarter period
ending during Fiscal Year 1999 1.1 to 1; or
each four consecutive Fiscal Quarter period
ending thereafter 1.25 to 1.
(c) MINIMUM EBITDA Consolidated EBITDA of the Borrower and its
Consolidated Subsidiaries for each Fiscal Year set forth below to be less than
the amount set forth opposite such Fiscal Year:
Fiscal Year Amount
----------- ------
December 31, 2000 $32,000,000
December 31, 2001 $36,000,000
(d) MINIMUM CONSOLIDATED NET WORTH. Permit consolidated Net
Worth of the Borrower and its Consolidated Subsidiaries calculated at the end of
any Fiscal Quarter ending on or after December 31, 1997 to be less than an
amount equal to the sum of $62,000,000 PLUS 50% of the consolidated Net Income
(without deduction for losses) of the Borrower and its Consolidated
Subsidiaries, on a cumulative basis, for the period beginning on October 1, 1997
and ending on the last day of such Fiscal Quarter.
(h) by amending SECTION 14.2 EXPENSES by
(a) amending subsection (a) thereof in its entirety to read as
follows:
(a) the negotiation, preparation, execution,
delivery, enforcement and termination of this Agreement and each of the
other Loan Documents, whenever the same shall be executed and
delivered, including, without limitation
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(i) the out-of-pocket costs and expenses
incurred in connection with the administration and
interpretation of this Agreement and the other Loan Documents;
(ii) the costs and expenses of appraisals of
the Collateral;
(iii) the costs and expenses of lien and
title searches and title insurance;
(iv) taxes, fees and other charges for
recording the Mortgage, the Negative Pledge Agreements and
filing the Financing Statements filed in connection with the
occurrence of the Effective Date,
(b) by deleting the phrase "if a Default has occurred
and is continuing," appearing in subsection (e) thereof, and
(c) by deleting the phrase ", after the occurrence of
a Default or Event of Default," appearing in subsection (h) thereof.
Section 2. WAIVER OF DEFAULTS. On the Amendment Effective Date
(as hereinafter defined) the Lenders hereby waive the Existing Defaults.
Section 3. EFFECTIVENESS OF AMENDMENT. This Amendment shall
become effective as of the first date (the "Amendment Effective Date") on which
the Lenders shall have received each of the following documents (except that on
the Amendment Effective Date, the effectiveness of Section 2 of this Amendment
shall be retroactive to March 27, 1998:
(a) four copies of this Amendment duly executed and delivered
by the Borrower, each Lender and the Agent;
(b) the Amended and Restated Revolving Credit Notes in the
form attached hereto as ANNEX A, dated the Amendment Effective Date and
duly executed and delivered by the Borrower in favor of each Lender;
(c) a certificate of the Secretary of the Borrower having
attached thereto the articles or certificate of incorporation and
bylaws of the Borrower as in effect on the Amendment Effective Date
attached thereto (or containing the certification of such Secretary
that no amendment or modification of such articles or certificate or
bylaws has become effective since the last date on which such documents
were delivered to the Lenders pursuant to the Loan Agreement), all
corporate action, taken by the Borrower to authorize the execution,
delivery and performance of this Amendment, and to the further effect
that the incumbency certificate delivered in connection with the
occurrence of the Effective Date remains in effect, unchanged;
(d) a certificate of the president or any vice-president of
the Borrower stating that, to the best of his knowledge and based on an
examination reasonably believed by him to be sufficient to enable him
to make an informed statement,
(i) after giving effect to the waiver set forth in
Section 2 of this Amendment, all of the representations and
warranties made or deemed to be made under the Loan Agreement
are true and correct as of the date hereof, and
(ii) after giving effect to the waiver set forth in
Section 2 of this Amendment, no Default or Event of Default
exists, and the Agent shall be satisfied as to the truth and
accuracy thereof;
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(e) the Confirmation of Guarantors in the form attached hereto
as ANNEX B duly executed and delivered by each Guarantor;
(f) the payment of an amendment fee in the amount of $250,000;
and
(g) such other documents and instruments as the Agent or any
Lender may reasonably request.
Section 4. REPRESENTATIONS AND WARRANTIES. The Borrower hereby
makes the following representations and warranties to the Agent and the Lenders,
which representations and warranties shall survive the delivery of this
Amendment and the making of additional Loans under the Loan Agreement as amended
hereby:
(a) AUTHORIZATION OF AGREEMENTS. The Borrower has the right and power,
and has taken all necessary action to authorize it, to execute, deliver and
perform this Amendment and each other agreement contemplated hereby to which it
is a party in accordance with their respective terms. This Amendment and each
other agreement contemplated hereby to which it is a party have been duly
executed and delivered by the duly authorized officers of the Borrower and each
is, or each when executed and delivered in accordance with this Amendment will
be, a legal, valid and binding obligation of the Borrower, enforceable in
accordance with its terms.
(b) COMPLIANCE OF AGREEMENTS WITH LAWS. The execution, delivery and
performance of this Amendment and each other agreement contemplated hereby to
which the Borrower is a party in accordance with their respective terms do not
and will not, by the passage of time, the giving of notice or otherwise,
(i) require any Governmental Approval or violate any
Applicable Law relating to the Borrower or any of its
Subsidiaries,
(ii) conflict with, result in a breach of or constitute a
default under the articles or certificate of incorporation or
by-laws or any shareholders' agreement of the Borrower or any
of its Subsidiaries, any material provisions of any indenture,
agreement or other instrument to which the Borrower, any of
its Subsidiaries or any of Borrower's or such Subsidiaries'
property may be bound or any Governmental Approval relating to
the Borrower or any of its Subsidiaries, or
(iii) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or
hereafter acquired by the Borrower other than the Security
Interest.
Section 5. EXPENSES. The Borrower agrees to pay or reimburse
on demand all costs and expenses, including, without limitation, reasonable fees
and disbursements of counsel, incurred by the Agent in connection with the
negotiation, preparation, execution and delivery of this Amendment.
Section 6. EFFECT OF AMENDMENT. From and after the Amendment
Effective Date, all references in the Loan Agreement and in any other Loan
Document to "this Agreement," "the Loan Agreement," "hereunder," "hereof" and
words of like import referring to the Loan Agreement, shall mean and be
references to the Loan Agreement as amended by this Amendment. Except as
expressly amended hereby, the Loan Agreement and all terms, conditions and
provisions thereof remain in full force and effect and are hereby ratified and
confirmed. The execution, delivery and effectiveness of this Amendment shall
not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of the Lenders under any of the Loan Documents, nor constitute a
waiver of any provision of any of the Loan Documents.
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Section 7. COUNTERPART EXECUTION; GOVERNING LAW.
(a) EXECUTION IN COUNTERPARTS. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute but one and the same agreement.
Delivery of an executed signature page of any party hereto by facsimile
transmission shall be effective as delivery of a manually executed counterpart
thereof.
(b) GOVERNING LAW. This Amendment shall be governed by and construed in
accordance with the laws of the State of Georgia.
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IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.
BORROWER
NABI
[CORPORATE SEAL]
By: /s/ Xxxxxx X. Xxxxxxxxx
-----------------------------
Xxxxxx X. Xxxxxxxxx
Senior Vice President and
Attest: Chief Financial Officer
By:
-----------------------------
Name:
----------------------------
Title:
---------------------------
AGENT
NATIONSBANK, N.A.
By: /s/ Xxxxx X. Xxxxxx
---------------------------
Name: Xxxxx X. Xxxxxx
---------------------------
Title: Senior Vice President
---------------------------
LENDERS
NATIONSBANK, N.A.
By: /s/ Xxxxx X. Xxxxxx
---------------------------
Name: Xxxxx X. Xxxxxx
---------------------------
Title: Senior Vice President
---------------------------
BANKBOSTON, N.A.
By: /s/ Xxxxxx X. Xxxxxxx
---------------------------
Name: Xxxxxx X. Xxxxxxx
---------------------------
Title: Vice President
---------------------------
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ANNEX A
FORM OF AMENDED AND RESTATED
REVOLIVNG CREDIT NOTE
$ Atlanta, GA
------------------------- March , 1998
FOR VALUE RECEIVED, the undersigned, NABI, a Delaware corporation (the
"Borrower"), hereby unconditionally promises to pay to the order of (the
"Lender") at the offices of NationsBank, N.A., a national banking association,
as agent for the Lenders (together with its successor agents the "Agent")
located at 000 Xxxxxxxxx Xxxxxx, X.X., Xxxxxxx, Xxxxxxx, 00000, or at such other
place within the United States as shall be designated from time to time by the
Agent on the Termination Date, the principal amount of
($ ), or such lesser principal amount as may then constitute the
aggregate unpaid balance of all Revolving Credit Loans made by the Lender to the
Borrower pursuant to the Loan Agreement (as hereinafter defined), in lawful
money of the United States of America in federal or other immediately available
funds.
The Borrower also unconditionally promises to pay interest on the
unpaid principal amount of this Note outstanding from time to time for each day
from the date of disbursement until such principal amount is paid in full at the
rates per annum and on the dates specified in the Loan Agreement applicable from
time to time in accordance with the provisions thereof. Nothing contained in
this Note or in the Loan Agreement shall be deemed to establish or require the
payment of a rate of interest in excess of the maximum rate permitted by any
Applicable Law. In the event that any rate of interest required to be paid
hereunder exceeds the maximum rate permitted by Applicable Law, the provisions
of the Loan Agreement relating to the payment of interest under such
circumstances shall control.
This Amended and Restated Revolving Credit is delivered in exchange and
substitution for, but not in extinguishment of the Indebtedness outstanding
under, the Revolving Credit Note dated September 12, 1997 in the original
principal amount of $25,000,000.00 made by the Borrower in favor of the Lender.
This Note is one of the Revolving Credit Notes referred to in that
certain Loan and Security Agreement dated as of September 12, 1997 (as amended,
modified, supplemented or restated from time to time, the "Loan Agreement";
terms defined therein being used in this Note as therein defined) between the
Borrower, the financial institutions party thereto from time to time (the
"Lenders") and the Agent, is subject to, and entitled to, all provisions and
benefits of the Loan Documents, is secured by the Collateral and other property
as provided in the Loan Documents, is subject to optional and mandatory
prepayment in whole or in part and is subject to acceleration prior to maturity
upon the occurrence of one or more Events of Default, all as provided in the
Loan Documents.
Presentment for payment, demand, protest and notice of demand, notice
of dishonor, notice of non-payment and all other notices are hereby waived by
the Borrower, except to the extent expressly provided in the Loan Agreement. No
failure to exercise, and no delay in exercising, any rights hereunder on the
part of the holder hereof shall operate as a waiver of such rights.
The Borrower hereby agrees to pay on demand all costs and expenses
incurred in collecting the Secured Obligations hereunder or in enforcing or
attempting to enforce any of the Lender's rights hereunder, including, but not
limited to, reasonable attorneys' fees and expenses if collected by or through
an attorney, whether or not suit is filed, all as provided in the Loan
Agreement.
The provisions of Section 14.5 of the Loan Agreement are hereby
expressly incorporated by reference herein.
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This Revolving Credit Note shall be governed by, and construed in
accordance with, the laws of the State of Georgia without giving effect to the
conflict of laws principles thereof.
IN WITNESS WHEREOF, the undersigned has executed this Note as of the
day and year first above written.
NABI
By:
-----------------------------
Name:
---------------------------
Title:
--------------------------
(CORPORATE SEAL)
----------------
Attest:
By:
------------------------------
Name:
----------------------------
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ANNEX B
CONSENT AND CONFIRMATION OF GUARANTORS
The undersigned, each in their capacity as a Guarantor under
the Subsidiary Guaranty dated as of September 12, 1997 (as modified or amended
to date, the "Subsidiary Guaranty"), in favor of the Lenders, hereby confirms,
for the benefit of the Borrower and the Lenders, that (1) such Guarantor is a
Subsidiary of Borrower, (2) such Guarantor has received a copy of Amendment No.
2 and Waiver dated as of March 30, 1998 and consents thereto and (3) the
Subsidiary Guaranty of which such Guarantor is the maker constitutes a
continuing unconditional, guaranty of the Secured Obligations under and as
defined in the Subsidiary Guaranty. Each of the undersigned is and continues to
be liable under the Subsidiary Guaranty in accordance with the terms thereof,
notwithstanding the execution and delivery of the aforesaid Amendment.
Dated: March , 1998
BIOMUNE CORPORATION
[Corporate Seal] By:/s/ Xxxxxx X. Xxxxxxxxx
----------------------------------
Xxxxxx X. Xxxxxxxxx
Treasurer
NABI FINANCE, INC.
[Corporate Seal] By:/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
President
NABIMED, LTD.
[Corporate Seal] By:/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
Secretary
UNIVAX PLASMA, INC.
[Corporate Seal] By:/s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
Treasurer and Chief Financial Officer
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