BUSINESS LOAN AGREEMENTBusiness Loan Agreement • November 14th, 2008 • Nocopi Technologies Inc/Md/ • Games, toys & children's vehicles (no dolls & bicycles) • Pennsylvania
THIS BUSINESS LOAN AGREEMENT dated August 19, 2008, is made and executed between Nocopi Technologies, Inc. (“Borrower”) and Sovereign Bank, a federal savings bank (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
