EX-10.1
from 8-K
1 page
Dr. Michael Flavin Chief Executive Officer Advanced Life Sciences Holdings, Inc. 1440 Davey Rd. Woodridge, Il. 60517-5037 June 17, 2010 Sincerely, /S/ John Prosia John Prosia Executive Vice President Accepted This 17th Day of June, 2010. Advanced Life Sciences Holding, Inc. By: /S/ Michael T. Flavin Michael T. Flavin, PH.D
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EX-10.1
from 8-K
2 pages
Borrower: Advanced Life Sciences, Inc. Total Facility: The Facility Reduced From $10 Million to $8.5 Million Immediately, Then to Be Reduced to $7 Million on or Before July 1, 2010 and to $6 Million on or Before April 1, 2011 Collateral: All Existing Business Assets of the Borrower Including but Not Limited to Intellectual Property Patents, Inventory and Accounts. Maturity: Extended From January 1, 2011 to January 1, 2012 Repayment: Interest Only, Monthly With the Principal Balance of the Commitment to Be Reduced by $1.5 Million on or Before 7-1-10 and $1 Million on or Before 4-1-2011. Interest Rate: The Interest Rate Shall Increase From 8.5% Fixed to 10% Fixed. Guarantees: Advanced Life Sciences Holdings, Inc. Secured by Its Assets and the Unsecured Personal Guarantee of Dr. Michael Flavin. Dr. Flavin’s Personal Guarantee Will Be Released Upon Receipt of the July 1, 2010 Principal Reduction Closing Fee: None
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