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Document Preview Equipment Term Note |
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Title: |
Equipment Term Note |
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Date: |
2003 |
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$38 |
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ID: |
#278741 |
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EQUIPMENT TERM NOTE
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$2,000,000 New York, New York
January 15, 2003
FOR VALUE RECEIVED, the undersigned, LIFECELL CORPORATION, a Delaware
corporation ("Borrower") promises to pay to the order of SILICON VALLEY BANK, a
California-chartered bank ("Bank"), at such place as the holder hereof may
designate, in lawful money of the United States of America, the aggregate unpaid
principal amount of all equipment advances ("Equipment Advances") made by Bank
to Borrower in accordance with the terms and conditions of the Loan and Security
Agreement among Borrower and Bank, of even date herewith (as amended from time
to time, the "Loan Agreement"), up to a maximum principal amount of Two Million
Dollars ($2,000,000) ("Principal Sum"), or so much thereof as may be advanced
and remains unpaid. Borrower may request Equipment Advances under this Note
from and until the Equipment Availability End Date. The unpaid Principal Sum,
together with interest thereon at the rate or rates provided in the Loan
Agreement, shall be payable as set forth in the Loan Agreement. Borrower shall
have the right to prepay any Equipment Advances in whole, or in part, without
penalty or premium, upon five (5) days prior notice to Bank. At the time of any
prepayment, Borrower must pay, on the date of the prepayment (A) all unpaid
accrued interest to the date of the prepayment; and (B) all other sums, if any,
that shall have become due and payable under the Loan Documents.
Borrower further agrees that, if any payment made by Borrower or any other
person is applied to this Note and is at any time annulled, set aside,
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