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EXHIBIT 10.8
July 22, 1992
Peter T. Kissinger, President
Bioanalytical Systems, Inc.
2701 Kent Avenue
West Lafayette, IN 47906
Dear Pete,
I am pleased to inform you that Bank One, Lafayette, NA has approved
the following credit facility subject to the terms and conditions detailed
below:
Borrower : Bioanalytical Systems, Inc.
Amount : Up to Seven Hundred Thousand Dollars ($700,000.00)
Purpose : Payoff first mortgage bonds on the 2701 Kent Avenue,
West Lafayette, Indiana commercial facility held by 1st
National Bank of Louisville.
Collateral : A first mortgage on all land, building and
improvements on the 2701 Kent Avenue, West Lafayette,
Indiana commercial property.
Term : Seven (7) years.
Interest Rate : Options as follows:
1. Bank One, Indianapolis's prime lending rate,
floating plus one and one quarter percent (1
1/4%), calculated on a 360 day basis with
interest payable monthly, or
2. A fixed rate of 8 1/2% for a term of three
years, or
3. A fixed rate of 9% for a term of five years.
During the term of this mortgage, the interest rate
will never exceed twelve (12%) percent and will
never be lower than seven (7%) percent.
Repayment : Interest Rate Option:
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Page No. 2
Bioanalytical Systems, Inc.
July 22, 1992
1. Monthly payments of $10,651.00 which include
principal and interest commencing thirty (30) days
from the date of the mortgage or annual payments
of $100,000.00 commencing one (1) year from the
date of the mortgage with interest payable monthly
commencing thirty (30) days from the date of the
mortgage, or
2. Monthly payments of $11,086.00 which include
principal and interest commencing thirty (30) days
from the date of the mortgage or annual payments
of $100,000.00 commencing one (1) year from the
date of the mortgage with interest payable monthly
commencing thirty (30) days from the date of the
mortgage, or
3. Monthly payments of $11,263.00 which include
principal and interest commencing thirty (30) days
from the date of the mortgage or annual payments
of $100,000.00 commencing one (1) year from the
date of the mortgage with interest payable monthly
commencing thirty (30) days from the date of the
mortgage.
This commitment will be supported by the enclosed Credit Agreement
which will be executed at the closing.
Pete, it is once again my pleasure to offer Bioanalytical Systems, Inc.
the above commitment on behalf of Bank One, Lafayette, NA. If the terms of this
commitment are acceptable, please acknowledge your acceptance by signing this
original below and returning it in the envelope provided. If you should have any
questions about any of the terms or conditions detailed in this commitment
letter, please feel free to contact me at 423-0321.
Very Truly Yours,
/s/ MURRAY N. MARSHALL
Murray N. Marshall
Vice President
MNM:tjd
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Page No. 3
Bioanalytical Systems, Inc.
July 22, 1992
ACCEPTANCE
The above terms and conditions are hereby accepted this 24th day of
July, 1992.
BIOANALYTICAL SYSTEMS, INC.
BY: /s/ PETER T. KISSINGER
President
Interest Rate Option: Repayment Option:
_____1. Prime + 1 1/4% __X__1. Monthly
_____2. Fixed 3 yrs @ 8 1/2% _____2. Annual
__X__3. Fixed 5 yrs @ 9%
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