LOAN AND SECURITY AGREEMENTLoan and Security Agreement • July 29th, 2010 • Chembio Diagnostics, Inc. • Pharmaceutical preparations • New York
This LOAN AND SECURITY AGREEMENT (this "Agreement") is entered into as of _____________________, 2010, between Chembio Diagnostic Systems Inc., a Delaware corporation, with its chief executive office located at 3661 Horseblock Rd, Medford, New York11763 (the "Borrower") and HSBC Bank USA, National Association, a bank organized under the laws of the United States of America, with an address of One HSBC Center, 18th Floor, Buffalo, New York 14203 (the "Bank").
REVOLVING DEMAND NOTERevolving Demand Note • July 29th, 2010 • Chembio Diagnostics, Inc. • Pharmaceutical preparations
For value received, the undersigned Chembio Diagnostic Systems Inc., a Delaware corporation, with an address of 3661 Horseblock Rd, Medford, New York11763 (the "Borrower"), promises to pay to the order of HSBC Bank USA, National Association, a bank organized under the laws of the United States of America with an address of One HSBC Center, 18th Floor, Buffalo, New York 14203 (together with its successors and assigns, the "Bank"), ON DEMAND, the principal amount of Two Hundred Fifty Thousand Dollars and Zero Cents ($250,000.00) or, if less, such amount as may be the aggregate unpaid principal amount of all loans or advances made by the Bank to the Borrower pursuant hereto, together with interest from the date hereof on the unpaid principal balance from time to time outstanding until paid in full. The aggregate principal balance outstanding shall bear interest thereon at a per annum rate equal to One-Quarter Percent (.25%) above the Prime Rate (as hereinafter defined). All accrued and un
TERM NOTETerm Note • July 29th, 2010 • Chembio Diagnostics, Inc. • Pharmaceutical preparations
For value received, the undersigned Chembio Diagnostic Systems Inc., a Delaware corporation, with an address of 3661 Horseblock Rd, Medford, New York11763 (the "Borrower"), promises to pay to the order of HSBC Bank USA, National Association, a bank organized under the laws of the United States of America with an address of One HSBC Center, 18th Floor, Buffalo, New York 14203 (together with its successors and assigns, the "Bank"), the principal amount of Two Hundred Fifty Thousand Dollars and Zero Cents ($250,000.00) on or before 60 months from the date of this Note (the "Maturity Date"), as set forth below, together with interest from the date hereof on the unpaid principal balance from time to time outstanding until paid in full. The Borrower shall pay consecutive monthly installments of principal and interest, as follows: $4,775.29 commencing on the day which is one month from the date of this Note or if such day does not exist on the last day of such month, and the same amount (exce
