Extension of Forbearance Agreement between Integrated BioPharma, Inc. and Imperium Advisers, LLC

Contract Categories: Business Finance › Forbearance Agreements
Summary

Integrated BioPharma, Inc. and Imperium Advisers, LLC have agreed to extend the terms of their existing Forbearance Agreement. The deadline referenced in the original agreement is changed from December 31, 2011, to January 12, 2012. Any interest payments due during this extension period will now be payable on January 13, 2012. All other terms of the original Forbearance Agreement remain unchanged. This extension is effective once signed by both parties.

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EX-10.1 2 exhibit10_1.htm exhibit10_1.htm
Exhibit 10.1
 
IMPERIUM ADVISERS, LLC
515 Madison Avenue
New York, NY 10022

January 9, 2012

Integrated BioPharma, Inc.
225 Long Avenue
Hillside, NJ 07205

Re:  Extension of Forbearance Agreement

Ladies and Gentlemen:

Reference is made to the Forbearance Agreement, dated as of October 4, 2011 (as amended, the “Forbearance Agreement”), by and between Integrated BioPharma, Inc. (the “Company”) and Imperium Advisers, LLC, in its capacity as collateral agent (in such “Collateral Agent”) for itself and the Investors referred to therein.  Capitalized terms used and not otherwise defined in this letter shall have the meanings ascribed to them in the Forbearance Agreement.

In consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby acknowledged, confirmed an agreed that all references in the Forbearance Agreement to “December 31, 2011” are hereby amended to mean “January 12, 2012”.

Furthermore, any interest payments which are due and payable to the Collateral Agent by the Company on or after the date of this letter through January 12, 2012 pursuant to terms of the 8% Senior Secured Notes of Integrated BioPharma, Inc. shall accrue and be due and payable on January 13, 2012.

Except as expressly modified pursuant hereto, no other changes or modifications to the Forbearance Agreement are intended or implied, and in all other respects, the Forbearance Agreement is hereby specifically ratified, restated and confirmed by the parties hereto as of the date hereof.

The effectiveness of this letter agreement shall be subject to the receipt by Collateral Agent of an original (or electronic copy) of this letter agreement duly executed and delivered by the Company.


 
Very truly yours,
   
 
IMPERIUM ADVISERS, LLC,
 
As Collateral Agent on behalf of Investors
   
 
By:  /s/ John Michaelson
 
Name:  John Michaelson
 
Title:  Manager

ACKNOWLEDGED, ACCEPTED AND AGREED:

INTEGRATED BIOPHARMA, INC.

By:  /s/ E. Gerald Kay
Name:  E. Gerald Kay
Title:  CEO