Allonge to and Amendment of Line of Credit between the Company and Gorham Savings Bank, dated February 22, 2024
Exhibit 10.1
ALLONGE TO AND AMENDMENT OF LINE OF CREDIT LOAN NO. 8160005222
AGREEMENT made this 22nd day of February 2024, between Immucell Corporation a Maine corporation (hereinafter called “Borrower”) and GORHAM SAVINGS BANK, a Maine banking corporation with principal place of business at 10 Wentworth Drive, Gorham, Maine 04038 (the “Bank”).
Reference is hereby made to a certain Line of Credit (the “Note”) dated March 11, 2020, in the original principal amount of One Million and 00/100 Dollars ($1,000,000.00) the maker of which is the Borrower and the payee and the holder of which is the Bank.
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the Borrower and the Bank hereby mutually agree for themselves and their successors and assigns as follows:
| 1. | The Note shall be amended as follows: |
Effective even date herewith, this line of credit shall be extended with a new maturity date of September 11, 2025, unless sooner demanded.
| 2. | Except as modified hereby, the Note and all of the terms and conditions of the Note shall remain unchanged and in full force and effect, and the Bank and the Borrower hereby ratify and confirm all of the terms and conditions of the Note as amended hereby. |
| 3. | This Allonge shall be attached to the Note. |
EXECUTED as a sealed instrument on the date first above written.
| Immucell Corporation | ||
| /s/ Michael F. Brigham | ||
| By: | Michael F.Brigham Its: | |
| President & CEO | ||
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