REVOLVING LOAN ACCOUNT AGREEMENT
This agreement is made and entered into on the 17th day of December 1998,
between Teleflex Inc. (Lender) and Medical Sterilization, Inc., a New York
corporation (Borrower).
Establishment of Account
Under the terms and conditions set forth in this Agreement, the Lender and
Borrower agree to the establishment of a revolving loan account (Account) under
which the Lender, at its option, will permit the Borrower to obtain advances
from time to time. The advances and the appropriate charges will be debited to
the Borrower's Account. The outstanding unpaid principal balances of the Account
will be paid by the Borrower on demand. The Borrower agrees that all advances
made under this Agreement will be made on the terms and conditions set forth in
this Agreement and in any documents that evidence the advances made under this
Agreement and that are incorporated by references into this Agreement.
Maximum Amount and Term
The advances to the Borrower may not aggregate more than the maximum
amount of $750,000 of principal indebtedness or exceed the maximum contract term
of two years. The Lender's willingness to make the advances under this Agreement
up to the maximum amount is subject to the conditions that since the execution
of this Agreement, there has been no substantial or material change in the
Borrower's business, financial condition, general credit standing, or equity
position in security.
Method of Making Advances
Advances shall be made by wire transfer of funds. At the end of each
billing cycle in which an advance is obtained or payment made, the Lender shall
provide the Borrower with a written statement disclosing the current status of
the Account.
Calculation of Charges
Interest will be charged monthly on the unpaid principal balances at a
fixed rate of 8 percent per year. Interest on the unpaid balance of this Note
shall be due and payable on demand.
Prepayment
The Borrower may pay any scheduled installment, wholly or partially, prior
to the due date. If the Account is wholly prepaid at any time, the Borrower will
be refunded a portion of the interest.
Cancellation
This Agreement may be canceled at any time by either party giving written
notice of cancellation to the other. Notice of cancellation shall not affect the
Borrower's obligation to repay any outstanding indebtedness to lender or the
Lender's right to collect the indebtedness.
MEDICAL STERILIZATION, INC.
By: /s/ D. Xxxxxxx Xxxxxxx
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Name: D. Xxxxxxx Xxxxxxx
Title: President & CEO
(12/19/98)
