LINE OF CREDIT AGREEMENT FOR THE ACQUISITION OF EQUIPMENT AND LEASEHOLD IMPROVEMENTS ($1,450,000.00 Line) June 9, 2005Line of Credit Agreement • June 15th, 2005 • Curis Inc • Biological products, (no disgnostic substances) • Massachusetts
We, Boston Private Bank & Trust Company (hereinafter “Lender”) are pleased to advise Curis, Inc. (the “Borrower”) that Lender has established a line of credit of up to One Million Four Hundred Fifty Thousand ($1,450,000.00) Dollars (subject to limitations contained herein) (hereinafter the “Credit Limit”) for Borrower to be used exclusively for the purchase of equipment, leasehold improvements, and soft costs; subject to Lender’s periodic review. This line of credit will be subject to the following terms and conditions:
BOSTON PRIVATE BANK & TRUST COMPANY SECURITY AGREEMENT (EQUIPMENT)Security Agreement • June 15th, 2005 • Curis Inc • Biological products, (no disgnostic substances) • Massachusetts
Curis, Inc., a Delaware corporation with a principal place of business at 61 Moulton Street, Cambridge, Massachusetts 02138 and locations at 25 and 45 Moulton Street (hereinafter called “Borrower”), hereby grants to Boston Private Bank & Trust Company, a Massachusetts trust company with a principal place of business at Ten Post Office Square, Boston, Massachusetts 02109 (hereinafter called “Bank”), to secure the payment of $1,450,000.00 as provided in the Borrower’s Line of Credit Agreement for the Acquisition of Equipment and Leasehold Improvements of even date, as amended from time to time, and all Notes executed pursuant thereto and all obligations of Borrower hereunder and thereunder (all hereinafter called the “Obligations”), a security interest in the following personal property of Borrower and any and all additions, substitutions, accessions and proceeds thereto or thereof including all insurance proceeds (all of the same being hereinafter called the “Collateral”):
SECURED NON-REVOLVING TIME NOTESecured Non • June 15th, 2005 • Curis Inc • Biological products, (no disgnostic substances)
Unless the entire principal balance hereunder is converted to a term note in accordance with the Agreement, for value received, on December 9, 2005, the undersigned, Curis, Inc. (the “Borrower”) promises to pay to Boston Private Bank & Trust Company (the “Bank”), or order, the principal sum of One Million Four Hundred Fifty Thousand ($1,450,000.00) Dollars, or if less, such amount as may be the aggregate unpaid principal amount of all Advances made by the Bank to the Borrower pursuant to a Line of Credit Agreement for the Acquisition of Equipment and Leasehold Improvements between the Borrower and the Bank of even date (the “Agreement”), together with interest (as provided below) on the aggregate unpaid principal balance from time to time outstanding on the first day of each calendar month, commencing on the first day of the first month next succeeding the date hereof, at a fluctuating interest rate per annum equal to the Bank’s Base Rate in effect from time to time plus one (1.0%) per
