ContractContinuing Security Agreement • December 6th, 2005 • Medtox Scientific Inc • Services-medical laboratories • Delaware
Exhibit 10.4 CONTINUING SECURITY AGREEMENT: RIGHTS TO PAYMENT AND INVENTORY 1. GRANT OF SECURITY INTEREST. For valuable consideration, the undersigned MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC. and MEDTOX LABORATORIES, INC., or any of them (“Debtor”), hereby grants and transfers to WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) a security interest in all accounts, deposit accounts, chattel paper (whether electronic or tangible), instruments, promissory notes, documents, general intangibles, payment intangibles, software, letter of credit rights, health-care insurance receivables and other rights to payment (collectively called “Rights to Payment”), now existing or at any time hereafter, and prior to the termination hereof, arising (whether they arise from the sale, lease or other disposition of inventory or from performance of contracts for service, manufacture, construction, repair or otherwise or from any other source whatsoever), including all securities, guaranties, warra
WELLS FARGO REVOLVING LINE OF CREDIT NOTE $8,000,000.00 Minneapolis, Minnesota December 1, 2005Medtox Scientific Inc • December 6th, 2005 • Services-medical laboratories • Minnesota
FOR VALUE RECEIVED, the undersigned MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC. and MEDTOX LABORATORIES, INC. (“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at Minneapolis RCBO, Sixth and Marquette, Minneapolis, MN 55479, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of $8,000,000.00, or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein. 1. DEFINITIONS: As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined: 1.1 “Business Day” means any day except a Saturday, Sunday or any other day on which commercial banks in Minnesota are authorized or required by law to close. 1.2 “Fixed Rat
ContractSecurity Agreement • December 6th, 2005 • Medtox Scientific Inc • Services-medical laboratories • Delaware
Exhibit 10.3 SECURITY AGREEMENT: EQUIPMENT 1. GRANT OF SECURITY INTEREST. For valuable consideration, the undersigned MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC. and MEDTOX LABORATORIES, INC., or any of them (“Debtor”), hereby grants and transfers to WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) a security interest in all goods, tools, machinery, furnishings, furniture and other equipment, now or at any time hereafter, and prior to the termination hereof, owned or acquired by Debtor, wherever located, whether in the possession of Debtor or any other person and whether located on Debtor’s property or elsewhere, and all improvements, replacements, accessions and additions thereto and embedded software included therein (collectively called “Collateral”), together with whatever is receivable or received when any of the Collateral or proceeds thereof are sold, leased, collected, exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary, including wit
ContractCredit Agreement • December 6th, 2005 • Medtox Scientific Inc • Services-medical laboratories • Minnesota
Exhibit 10.1 CREDIT AGREEMENT THIS CREDIT AGREEMENT (this “Agreement”) is entered into as of December 1, 2005, by and between MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC. and MEDTOX LABORATORIES, INC., each a Delaware corporation (each individually, a “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”). Each reference herein to “Borrower” shall mean each and every party, collectively and individually, defined above as a Borrower. RECITALS Borrower has requested that Bank extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein. NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows: ARTICLE I CREDIT TERMS SECTION 1.1. LINE OF CREDIT. (a) Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up
WELLS FARGO TERM NOTE $341,403.42 Minneapolis, Minnesota December 1, 2005Medtox Scientific Inc • December 6th, 2005 • Services-medical laboratories • Minnesota
FOR VALUE RECEIVED, the undersigned MEDTOX SCIENTIFIC, INC., MEDTOX DIAGNOSTICS, INC. and MEDTOX LABORATORIES, INC. (“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at Minneapolis RCBO, Sixth and Marquette, Minneapolis, MN 55479, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of $341,403.42, with interest thereon as set forth herein. 1. INTEREST: 1.1 Interest. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a rate per annum 0.25000% below the Prime Rate in effect from time to time. The “Prime Rate” is a base rate that Bank from time to time establishes and which serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto. Each change in the rate of interest hereunder shall beco
Contract7 Agreement and Acknowledgment of Security Interest • December 6th, 2005 • Medtox Scientific Inc • Services-medical laboratories • Minnesota
Exhibit 10.7 AGREEMENT AND ACKNOWLEDGMENT OF SECURITY INTEREST THIS AGREEMENT AND ACKNOWLEDGMENT OF SECURITY INTEREST (this “Agreement”) is entered into as of December 1, 2005, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”), MEDTOX SCIENTIFIC, INC., (“Debtor”) and NEW BRIGHTON BUSINESS CENTER, LLC (“Landlord”). WHEREAS, Bank has extended, or has agreed to extend, credit to Debtor on the condition, among others, that such credit be secured by a security interest in certain assets of Debtor (the “Collateral”) described in the Security Agreement attached hereto as Exhibit A and incorporated herein by this reference (the “Security Agreement”), and all or a portion of the Collateral is now or may hereafter be located on that certain real property owned by Landlord in Ramsey County, Minnesota, as more particularly described on Exhibit B attached hereto and incorporated herein by this reference (the “Property”); and WHEREAS, in extending or continuing to extend such credit to De
Contract6 Agreement and Acknowledgment of Security Interest • December 6th, 2005 • Medtox Scientific Inc • Services-medical laboratories • North Carolina
Exhibit 10.6 AGREEMENT AND ACKNOWLEDGMENT OF SECURITY INTEREST THIS AGREEMENT AND ACKNOWLEDGMENT OF SECURITY INTEREST (this “Agreement”) is entered into as of December 1, 2005, by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”), MEDTOX DIAGNOSTICS, INC. (“Debtor”) and POWELL ENTERPRISES, INC. (“Landlord”). WHEREAS, Bank has extended, or has agreed to extend, credit to Debtor on the condition, among others, that such credit be secured by a security interest in certain assets of Debtor (the “Collateral”) described in the Security Agreement attached hereto as Exhibit A and incorporated herein by this reference (the “Security Agreement”), and all or a portion of the Collateral is now or may hereafter be located on that certain real property owned by Landlord in Alamance County, North Carolina, as more particularly described on Exhibit B attached hereto and incorporated herein by this reference (the “Property”); and WHEREAS, in extending or continuing to extend such credit to Debt
