BUSINESS LOAN AGREEMENT (ASSET BASED)Business Loan Agreement • March 31st, 2017 • Ocean Bio Chem Inc • Specialty cleaning, polishing and sanitation preparations • Alabama
THIS BUSINESS LOAN AGREEMENT (ASSET BASED) dated November 17, 2016, is made and executed between OCEAN BIG CHEM INC (“Borrower”) and REGIONS BANK (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
November 17, 2016 Mr. Jeffrey Barocas Ocean Bio-Chem, Inc. Ft. Lauderdale, FL 33314 Dear Jeff:Security Agreement • March 31st, 2017 • Ocean Bio Chem Inc • Specialty cleaning, polishing and sanitation preparations
The purpose of this letter is to document an agreement between Ocean Bio-Chem, Inc. and Regions Bank regarding specific terms and conditions relating to the renewal of a $4,000,000 line of credit. These terms presented below will supersede any conflicting language in the Business Loan Agreement (BLA), the Promissory Note (Note) and Commercial Security Agreement (Security Agreement), each dated November 17th, 2016. Capitalized terms not defined in this letter will have the meanings ascribed to them in the BLA, the Note or the Security Agreement, as applicable.
