OCTOBER 2004 CREDIT AGREEMENTOctober 2004 Credit Agreement • November 23rd, 2004 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies • Minnesota
THIS CREDIT AGREEMENT, dated as of October 29, 2004, is by and between MEDICALCV, INC., a Minnesota corporation (the “Borrower”), and PKM PROPERTIES, LLC, a Minnesota limited liability company (the “Lender”).
OCTOBER 2004 CREDIT NOTEMedicalcv Inc • November 23rd, 2004 • Orthopedic, prosthetic & surgical appliances & supplies
FOR VALUE RECEIVED, MEDICALCV, INC., a Minnesota corporation (the “Borrower”) promises to pay to the order of PKM PROPERTIES, LLC, a Minnesota limited liability company (the “Lender”) at its office in Minneapolis, Minnesota or at such other place as may be designated from time to time by the holder hereof, in lawful money of the United States of America, the principal sum of Five Hundred Thousand Dollars ($500,000) or so much thereof as has been advanced by the Lender to or for the benefit of the Borrower pursuant to that certain October 2004 Credit Agreement, dated as of the date hereof, as amended from time to time, between the Borrower and the Lender (the “Agreement”) and remains unpaid, together with interest on the unpaid principal balance hereof from the date hereof until this Note is fully paid, at an annual rate of interest, calculated on the basis of actual number of days elapsed in a 360 day year, that shall at all times be equal to ten percent (10%) per Annum. The principal
AMENDMENT NO. 3 TO FIRST AMENDED AND RESTATED SUBORDINATION AND INTERCREDITOR AGREEMENTSubordination and Intercreditor Agreement • November 23rd, 2004 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies
THIS AMENDMENT NO. 3 TO FIRST AMENDED AND RESTATED SUBORDINATION AND INTERCREDITOR AGREEMENT, dated as of October 29, 2004, is by and between PETER L. HAUSER, a resident of the State of Minnesota, and his successors heirs and permitted assigns (“Hauser”) and PKM PROPERTIES, LLC, a Minnesota limited liability company, and its endorsees, successors and assigns (“PKM”).
WAIVER AGREEMENTWaiver Agreement • November 23rd, 2004 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies
INTELLECTUAL PROPERTY SECURITY AGREEMENTIntellectual Property Security Agreement • November 23rd, 2004 • Medicalcv Inc • Orthopedic, prosthetic & surgical appliances & supplies
IN CONSIDERATION of one dollar and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
