Credit Facility Modification Agreement between The Leaders Bank and Advanced Life Sciences, Inc. (June 17, 2010)
This agreement is between The Leaders Bank and Advanced Life Sciences, Inc. It modifies the terms of an existing credit facility by postponing a scheduled principal payment of $1.5 million from July 1, 2010 to October 1, 2010. Both parties agree to this change, and Advanced Life Sciences, Inc. must sign and return the agreement to confirm acceptance. The agreement is signed by representatives of both organizations.
Exhibit 10.1
Dr. Michael Flavin
Chief Executive Officer
Advanced Life Sciences Holdings, Inc.
1440 Davey Rd.
Woodridge, IL. 60517-5037
June 17, 2010
Dear Dr. Flavin:
This letter confirms and provides our commitment to modify the Credit Facility extended by The Leaders Bank to Advanced Life Sciences, Inc. as reflected below:
The scheduled principal reduction of $1.5 million due on July 1, 2010 to reduce the Credit Facility from $8,500,000 to $7,000,000 has been changed to October 1, 2010.
Please sign below to signify your acceptance of the modification and return an original signed copy to my attention.
| Sincerely, |
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| /s/ John Prosia |
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| John Prosia |
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| Executive Vice President |
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| Accepted this 17th day of June, 2010. |
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| Advanced Life Sciences Holding, Inc. |
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| By: | /s/ Michael T. Flavin |
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| Michael T. Flavin, Ph.D. |
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