ALLONGE (Term Revolving Note)
Exhibit 10.22
ALLONGE
THIS ALLONGE is made and entered into as of the 19th day of October, 2007, by and
between US BIO WOODBURY, LLC, a Michigan limited liability company (“Borrower”) and AGSTAR
FINANCIAL SERVICES, PCA (“Lender”).
RECITALS
A. Borrower previously executed and delivered to the Lender a Term Revolving Note in the
original principal amount of $8,000,000.00, dated November 1, 2006 (the “Note”) to which this
Allonge is attached.
B. Borrower has requested that Lender amend certain terms of the Note; and, Lender is willing
to make such modifications to the terms of the Note, all in accordance with the terms and
conditions of this Allonge.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained
in this Allonge and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by Borrower and Lender, the parties agree as follows:
1. Modification of Note. Notwithstanding any of the provisions of that certain Master
Loan Agreement dated as of November 15, 2005, as amended by that certain Amendment No.1 and Waiver
to Master Loan Agreement dated as of July 31, 2006, and as further amended by that certain
Amendment No. 2 to Master Loan Agreement dated as of October 19, 2007 (as amended, the “MLA”); or
that certain Fourth Supplement to the Master Loan Agreement dated as of November 1, 2006, as
amended by certain Amendment No. 1 to Fourth Supplement to the Master Loan Agreement effective as
of October 19, 2007 (as amended, the “Fourth Supplement”), section 6 of the Note is deleted in its
entirety.
2. Remaining Terms. All other terms and provisions of the Note shall remain in full
force and effect, enforceable by Lender against Borrower as fully as though no amendments had been
made hereby, and this Allonge shall not be deemed to hinder, compromise or lessen the
enforceability of the Note, or any mortgage, security interest, guaranty or other Loan Document
securing repayment of the Note, in any way.
IN WITNESS WHEREOF, the parties hereto have caused this Allonge to be duly executed and
delivered as of the date and year first above written.
BORROWER:
US BIO WOODBURY, LLC,
a Michigan limited liability company
a Michigan limited liability company
By:
|
/s/ Xxxxx X. Xxxxxxx | ||
| Xxxxx X. Xxxxxxx | |||
| Its: Treasurer |
