Line of Credit Agreement and Promissory Note for up to $500,000 between the Company and TD Bank, N.A. dated August 13,
LINE OF CREDIT AGREEMENT
AND PROMISSORY NOTE
TD Bank, N.A. a national banking association with a principal place of business at One Portland Square,
P.O. Box 9540, Portland, Maine 04112-9540 (together with its successors and assigns, the “ Lender ”) commits
itself, subject to the terms of this Agreement (the “ Agreement ”) to make advances (“ Advances ”) available to
ImmuCell Corporation , a Delaware corporation with a mailing address of 56 Evergreen Drive, Portland, ME
(the “ Borrower ”), in such amounts as Borrower may request, and the Borrower agrees to accept and repay
Lender the Advances, with interest thereon at the Rate of Interest as defined herein, in accordance with the terms
hereof. In no event shall the total Advances outstanding at any one time exceed the aggregate principal amount of
Five Hundred Thousand and 00/100 Dollars ($500,000.00) (the “ Ceiling Amount ”).
The Borrower may borrow up to the Ceiling Amount in full or in part, repay in full or in part, and reborrow
in accordance with the terms of this Agreement. In no event shall the total Advances outstanding at any one time
exceed the Ceiling Amount as it may vary during various times of the year. Advances in excess of the Ceiling
Amount are “ Overadvances .”
This Line of Credit and all amendments, extensions and replacements hereof is secured by all business
assets of Borrower pursuant to a Security Agreement dated on or about even date herewith.
Lender’s commitment shall expire on the first to occur of the following: (a) the occurrence of an Event of
Default as defined herein, or (c) the Maturity Date set forth below.
In consideration of this commitment by Lender, the Borrower agrees with the Lender as follows:
1. EXPIRATION DATE / MATURITY. The availability of Advances hereunder shall terminate and