Forbearance Agreement between Harbinger Mezzanine Partners, L.P. and Accentia Biopharmaceuticals, Inc.
Harbinger Mezzanine Partners, L.P. agrees not to demand further principal or interest payments from Accentia Biopharmaceuticals, Inc. under a prior loan agreement, in exchange for a $2,000,000 payment. This forbearance lasts until the earliest of thirty days from the agreement date, the sale of Accentia's assets, or Accentia obtaining additional borrowing from Laurus Master Fund. The agreement outlines temporary relief for Accentia regarding its loan obligations.
Exhibit 10.1
618 CHURCH STREET, SUITE 500
NASHVILLE, TENNESSEE 37219
[Letterhead of Harbert Management Corporation]
TEL: 615 ###-###-####
FAX: 615 ###-###-####
Frank O’Donnell
Suite 350
324 South Hyde Park Ave.
Tampa, Florida, 33606
Dear Dr. O’Donnell,
In consideration of the payment of $2,000,000 received last week from Accentia Biopharmaceuticals, Inc (“Accentia”), Harbinger Mezzanine Partners, L.P. (“Harbinger”) hereby agrees to forebear in requiring or demanding any additional payments of principal or interest under the Loan Agreement, dated as of August 9, 2002 by and between Teamm Pharmaceuticals, Inc and the Harbinger until the first to occur of: (i) thirty days from the date hereof; (ii) the sale of assets by Accentia or (iii) an additional borrowing by Accentia from Laurus Master Fund.
| Sincerely, |
| /s/ John C. Harrison, VP |
| Harbinger Mezzanine Manager, Inc. |
