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| SRLS > SEC Filings for SRLS > Form 8-K on 3-Aug-2009 | All Recent SEC Filings |
3-Aug-2009
Entry into a Material Definitive Agreement, Financial Statements and E
On July 31, 2009, SeraCare Life Sciences, Inc. (the "Company") amended its promissory note, mortgage and related loan documents on the Company's West Bridgewater facility, by entering into an Amendment to Promissory Note, Loan Agreement, Mortgage and Loan Documents and Assumption and Loan Modification Agreement (the "Loan Amendment"), by and between Commerce Bank & Trust Company (the "Lender") and the Company. The following summary of the Loan Amendment is qualified in its entirety by reference to the text of the Loan Amendment, a copy of which is furnished as Exhibits 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Under the Loan Amendment, the Company will pay monthly principal and interest payments through October 2009 to reduce the principal balance of the loan to $1.2 million and thereafter make monthly principal and interest payments based on a ten-year amortization schedule. The Company continues to market the West Bridgewater facility and land for sale. Under the Loan Amendment, if the Company reduces the market listing price of the property, the Company must reduce the principal balance of the mortgage by the amount of the reduction in the listing price. The Loan Amendment also extends the final maturity to January 31, 2011. Under the Loan Amendment, the Company must pay interest at the Lender's base rate plus 3%, with a floor of 6.25%. The Company must also maintain a minimum net worth of $18 million.
(D) Exhibits. The following exhibits are filed as part of this report:
10.1 Amendment to Promissory Note, Loan Agreement, Mortgage and Loan Documents and Assumption and Loan Modification Agreement, dated July 31, 2009, by and between Commerce Bank & Trust Company and SeraCare Life Sciences, Inc.
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