August 31, 2018 Mr. Jeffrey Barocas Ocean Bio-Chem, Inc. Ft. Lauderdale, FL 33314 Dear Jeff:Ocean Bio Chem Inc • November 14th, 2018 • 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 $6,000,000 line of credit. The terms presented below will supersede any conflicting language in the Promissory Note (Note), Business Loan Agreement (BLA), and Commercial Security Agreement (Security Agreement), each to be dated August 31, 2018. Capitalized terms not defined in this letter will have the meanings ascribed to them in the Note, BLA, or the Security Agreement, as applicable.
