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<SEC-DOCUMENT>0000927946-06-000169.txt : 20061229
<SEC-HEADER>0000927946-06-000169.hdr.sgml : 20061229
<ACCEPTANCE-DATETIME>20061228180112
ACCESSION NUMBER:		0000927946-06-000169
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061214
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061229
DATE AS OF CHANGE:		20061228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOANALYTICAL SYSTEMS INC
		CENTRAL INDEX KEY:			0000720154
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				351345024
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23357
		FILM NUMBER:		061303657

	BUSINESS ADDRESS:	
		STREET 1:		2701 KENT AVE
		CITY:			WEST LAFAYETT
		STATE:			IN
		ZIP:			47906-1382
		BUSINESS PHONE:		3174634527

	MAIL ADDRESS:	
		STREET 1:		2701 KENT AVENUE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>bas8k.htm
<DESCRIPTION>BIOANALYTICAL SYSTEMS, INC. - FORM 8K
<TEXT>
<HTML>
<HEAD>
<TITLE>Bioanalytical Systems, Inc. - Form 8K</TITLE>
</HEAD>
<BODY>




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FORM 8-K</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>CURRENT REPORT</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported):&nbsp;&nbsp;December 14, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="648" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="648" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><font SIZE=2>BIOANALYTICAL SYSTEMS, INC.</font></U><u></u></p> </td> </tr>
    <tr >
        <td width="648" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Exact name of registrant as specified in its charter)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="715" style='border-collapse:collapse'>
    <tr >
        <td width="216" rowspan=2 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Indiana</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction of incorporation or organization)</font></p> </td>
        <td width="237" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>0-23357 </font></u><u></u></p> </td>
        <td width="262" rowspan=2 valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>35-1345024</font></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer Identification No.)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'></p> </td> </tr>
    <tr >
        <td width="237" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission File Number)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=center>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >
        <td width="294" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2701 KENT AVENUE</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><font SIZE=2>WEST LAFAYETTE, INDIANA</font></U><u></u></p> </td>
        <td width="75" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="270" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>47906-1382</font></u><u></u></p> </td> </tr>
    <tr >
        <td width="294" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p> </td>
        <td width="75" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="270" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Registrant's telephone number, including area code: (765) 463-4527</font></p>

<PAGE>


<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive
Agreement.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On December 14, 2006, Bioanalytical Systems, Inc. (the "Company") entered into a
letter agreement (the "Amendment") which amended the Credit Facility Amended and
Restated Credit Agreement by and between the Company and National City Bank (the
"Credit Facility"). The Amendment raised our interest rate from LIBOR plus
250-300 basis point to LIBOR plus 325 basis points, or from prime plus 25 basis
points to prime plus 50 basis points, increased our fee on the unused portion of
the line from 25 basis points to 37.5 basis points, and limited capital
additions for fiscal 2007 to $1.2 million. Among other things, the Amendment
waived the breach of certain financial covenants set forth in the Credit
Facility, changed the method of calculation of the Fixed Charge Coverage Ratio
and eliminated the Senior Debt Ratio covenant.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The foregoing
description of the Amendment is qualified in its entirety by reference to the
complete terms of the document, a copy of which is attached as Exhibit 10.1 to
this Current Report on Form 8-K, and incorporated herein by
reference.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;Letter  Agreement  amending  Amended and  Restated  Credit  Agreement  by and between  Bioanalytical
Systems, Inc. and National City Bank executed December 14, 2006.
</FONT></P>

<PAGE>




<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES</B></FONT></P>
<BR>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</FONT></P>
<BR>

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<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<BR>
<BR>
<BR>
Date:&nbsp;&nbsp;December 28, 2006 </FONT></TD>
<TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bioanalytical Systems, Inc.<BR>
<BR>
<BR>
<BR>
<BR>
By:&nbsp;&nbsp;/s/&nbsp;&nbsp;Michael R. Cox<HR>
Michael R. Cox<BR>
Vice President, Finance and Chief Financial Officer<BR>
</FONT></TD>
</TR>
</TABLE>
<BR>







<PAGE>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><U>Exhibit Index</U></B></FONT></P>
<BR>


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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Exhibit No.</U><BR>
<BR>
&nbsp;&nbsp;10.1</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Description</U><BR>
<BR>
Letter Agreement amending Amended and Restated Credit Agreement by and between
Bioanalytical Systems, Inc. and National City Bank executed December 14,
2006.</FONT></TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.1</TITLE>
</HEAD>
<BODY>


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<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD>
<TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
<B>National City Bank of Indiana</B><BR>
One National City Center, Suite 200E<BR>
Indianapolis, IN 46255<BR>
<BR>
<B>Michael C. Callas</B><BR>
Vice President<BR>
Direct (317) 267-7443<BR>
Fax (317) 267-6249<BR>
mike.callas@nationalcity.com<BR>
</FONT></TD>
</TR>
</TABLE>
<BR>








<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
December 12, 2006<BR>
<BR>
Michael Cox<BR>
Chief Financial Officer<BR>
Bioanalytical Systems, Inc.<BR>
2701 Kent Avenue<BR>
West Lafayette, Indiana  47906<BR>
<BR>
<BR>
Mr. Cox:</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Pursuant to your request, the Bank has considered and hereby offers to waive and
amend the following covenants of the Loan Agreement subject to the following
terms and conditions:</FONT></P>


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Waive:</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bank hereby waives Borrower's covenant violation of its Fixed Charge Coverage
Ratio as required under Section 5.3.2 of the Current Loan Agreement for the
fiscal period ending September 30, 2006.
</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bank hereby waives Borrower's covenant violation of its Senior Debt Ratio as
required under Section 5.3.1 of the Current Loan Agreement for the fiscal period
ending September 30, 2006</FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amend:</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bank hereby amends Borrower's covenant of its Fixed Charge Coverage Ratio as
follows:</FONT></TD></TR></TABLE>

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</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Current:</B>&nbsp;&nbsp;Fixed Charge Coverage to be defined as (EBITDA &#151; Unfunded
CAPEX &#151; Taxes) / (Interest + CPLTD), tested on a rolling four-quarter basis.<BR>
</FONT></TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Proposed Change:</B>&nbsp;&nbsp;Going forward, the covenant will be calculated based on a
build-up of quarterly performance beginning with YTD 12/31/06, calculated on a
rolling four-quarter basis beginning with the 9/30/07 testing period. CPLTD is
to include Capital Lease Obligations and set at a level of 1.50.<BR>
</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bank hereby eliminates Borrower's Senior Debt ratio covenant.</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
3.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bank hereby adds a Capital Expenditure Covenant defined as follows:</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&#149;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Capital Expenditures to be tested quarterly beginning at the 12-31-06 testing
period. The covenant level shall not exceed $300,000 per quarter or $1.2MM for
the fiscal year ending 9-30-07.<BR>
</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bank hereby eliminates the remaining $300,000 of reducing term loan in the revolver.</FONT></TD>
</TR>
</TABLE>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In consideration of these covenant waivers, the Bank requires the following:</FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A one-time fee of $15,000</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
2.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Elimination of the pricing grid with pricing set at Borrowers option of LIBOR
plus 325 basis points or Prime +50 basis points. The unused fee will also be
increased to 37.5 basis points.</FONT></TD>
</TR>
</TABLE>


<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
This Letter Agreement is offered by Bank this 11th day of December, 2006, and
shall be effective and binding, if executed and returned to Bank by December
15th, 2006. Otherwise, this Letter Agreement and the offer of waiver herein
shall become null and void and of no effect.</FONT></P>

<PAGE>

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</FONT></TD>
<TD WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
<B>National City Bank of Indiana</B><BR>
One National City Center, Suite 200E<BR>
Indianapolis, IN 46255<BR>
<BR>
<B>Michael C. Callas</B><BR>
Vice President<BR>
Direct (317) 267-7443<BR>
Fax (317) 267-6249<BR>
mike.callas@nationalcity.com<BR>
</FONT></TD>
</TR>
</TABLE>
<BR>






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Sincerely,<BR>
<BR>
<BR>
/s/&nbsp;&nbsp;Michael Callas<HR width=300 align=left>
Michael Callas<BR>
Vice President<BR>
National City Bank of Indiana</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>



<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Accepted and agreed this 14th day of December, 2006, by the undersigned
duly authorized officer of Borrower.</FONT></P>


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<TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bioanalytical Systems, Inc.<BR>
<BR>
<BR>
By:&nbsp;&nbsp;/s/&nbsp;&nbsp;Michael R. Cox<HR>
<BR>
Its:&nbsp;&nbsp;Vice President-Finance<HR>
</FONT></TD>
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