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EXHIBIT 10.24
Bioanalytical Systems, Inc. Bank One Indiana, NA
West Lafayette, IN 47906 210 Main Street
Lafayette, IN 47901
35-1345024 SECURED PARTY'S NAME AND ADDRESS
DEBTOR'S NAME, ADDRESS AND SSN OR TIN ("You" means the Secured Party,
("I" means each Debtor who signs.) its successors and assigns.)
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I am entering into this security agreement with you on August 30, 1996 (date).
SECURED DEBTS. I agree that this security agreement will secure the payment and
performance of the debts, liabilities or obligations described below that
(Check one) / / /X/ (name) Bioanalytical Systems, Inc. owe(s) to you now or
in the future:
(Check one below):
/ / SPECIFIC DEBT(S). The debt(s), liability or obligations evidenced by
(describe):
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and all extensions, renewals, refinancings, modifications and
replacements of the debt, liability or obligation.
/X/ ALL DEBT(S). Except in those cases listed in the "LIMITATIONS"
paragraph on page 2, each and every debt, liability and obligation
of every type and description (whether such debt, liability or
obligation now exists or is incurred or created in the future and
whether it is or may be direct to indirect, due or to become due,
absolute or contingent, primary or secondary, liquidated or
unliquidated, or joint, several or joint and several).
SECURITY INTEREST. To secure the payment and performance of the above described
Secured Debts, liabilities and obligations, I give you a security interest
in all of the property described below that I now own and that I may own in
the future (including, but not limited to, all parts, accessories, repairs,
improvements, and accessions to the property), wherever the property is or
may be located, and all proceeds and products from the property.
/ / INVENTORY: All inventory which I hold for ultimate sale or lease, or
which has been or will be supplied under contracts of service, or which
are raw materials, work in process, or materials used or consumed in my
business.
/ / EQUIPMENT: All equipment including, but not limited to, all machinery,
vehicles, furniture, fixtures, manufacturing equipment, farm machinery
and equipment, shop equipment, office and recordkeeping equipment, and
parts and tools. All equipment described in a list or scheduled which I
give to you will also be included in the secured property, but such a
list is not necessary for a valid security interest in my equipment.
/ / FARM PRODUCTS: All farm products including, but not limited to:
(a) all poultry and livestock and their young, along with their
products, produce and replacements;
(b) all crops, annual or perennial, and all products of the crops; and
(c) all feed, seed, fertilizer, medicines, and other supplies used or
produced in my farming operations.
/ / ACCOUNTS, INSTRUMENTS, DOCUMENTS, CHATTEL PAPER AND OTHER RIGHTS TO
PAYMENT: All rights I have now and that I may have in the future to the
payment of money including, but not limited to:
(a) payment for goods and other property sold or leased or for services
rendered, whether or not I have earned such payment by performance;
and
(b) rights to payment arising out of all present and future debt
instruments, chattel paper and loans and obligations receivable.
The above include any rights and interests (including all liens and
security interests) which I may have by law or agreement against any
account debtor or obligor of mine.
/ / GENERAL INTANGIBLES: All general intangibles including, but not limited
to, tax refunds, applications for patents, patents, copyrights,
trademarks, trade secrets, good will, trade names, customer lists,
permits and franchises, and the right to use my name.
/ / GOVERNMENT PAYMENTS AND PROGRAMS: All payments, accounts, general
intangibles, or other benefits (including, but not limited to, payments
in kind, deficiency payments, letters of entitlement, warehouse
receipts, storage payments, emergency assistance payments, diversion
payments, and conservation reserve payments) in which I now have and in
the future may have any rights or interest and which arise under or as a
result of any preexisting, current or future Federal or state
governmental program (including, but not limited to, all programs
administered by the Commodity Credit Corporation and the ASCS).
/X/ THE SECURED PROPERTY INCLUDES BUT IS NOT LIMITED BY, THE FOLLOWING:
Please see the attached Exhibit "A"
If this agreement covers timber to be cut, minerals (including oil and gas),
fixtures or crops growing or to be grown, the legal description is:
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I am a(n) / / individual I AGREE TO THE TERMS SET OUT ON BOTH
--- PAGE 1 AND PAGE 2 OF THIS AGREEMENT. I
/ / partnership have received a copy of this document
--- on today's date.
/ X / corporation
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/ /
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/ / If checked, file this agreement
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in the real estate records.
Record Owner (if not me): Bioanalytical Systems, Inc.
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- --------------------------------------- (Debtor's Name)
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The property will be used for By: Lena Reeves-Kerner
/ / personal ----------------------------------
--- LKK
/ X / business
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/ / agricultural
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/ / reasons.
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Bank One, Indiana, NA Title: Vice President
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(Secured Party's Name)
By: /s/ Murray N. Marshall By:
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Murray N. Marshall
Title: Vice President Title:
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(page 1 of 2)
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EXHIBIT "A"
QUANTITY DESCRIPTION
1 TSQ 7000 Basic System
1 APCI/ESI Source
1 TSQ 7000 Extended Warranty
1 Enhanced Alpha Workstation
1 Special as outlined below
Second copy of ICIS Software
1 B480-BA Alpha Station
1 RC21-WA VRC21-WA
Bioanalytical Systems, Inc.
By: Lena L. Reeves-Kerner
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Vice President - Title
Date: 8/30/96
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