REVOLVING LINE OF CREDIT NOTECredit Note • April 11th, 2014 • Immune Pharmaceuticals Inc • Pharmaceutical preparations
FOR VALUE RECEIVED, IMMUNE PHARMACEUTICALS INC., a Delaware corporation (the “Borrower”), having offices at 708 Third Avenue, Suite 210, New York, New York 10017, promises to pay to the order of MELINI CAPITAL CORP. (the “Lender”), at the office of the Lender at ADR Tower, 8th Floor, Samuel Lewis Av. And 58th St., Obarrio Urbanization Panama City, Republic of Panama, or at such other place or places or to such other party or parties as the Lender may from time to time designate, ON THE THIRD ANNIVERSARY HEREOF (the “Maturity Date”), the principal sum of up to FIVE MILLION DOLLARS ($5,000,000), or, if less, the aggregate unpaid principal amount of all advances made by the Lender to the Borrower from time to time pursuant to this Note, together with interest on any unpaid balance at an interest rate per annum equal to twelve percent (12%). Interest shall be calculated on the basis of actual days elapsed and a 365-day year and may be paid by taking advances under this Note. Interest hereu
