Exhibit 10.38

FIRST AMENDMENT

TO

LOAN AGREEMENT

 

This First Amendment to the Loan Agreement (defined below) (this “Amendment”),
dated as of February 7, 2018 (the “Effective Date”), is entered into by and
among TESARO, INC., a Delaware corporation (as “Borrower”), TESARO SECURITIES
CORPORATION, a Massachusetts corporation (as an additional Credit Party),
BIOPHARMA CREDIT PLC, a public limited company incorporated under the laws of
England and Wales (as “Collateral Agent” and a “Lender”) and BIOPHARMA CREDIT
INVESTMENTS IV SUB LP, a Cayman Islands limited partnership (as a “Lender”).

RECITALS

WHEREAS, Borrower and Lenders have entered into that certain Loan
Agreement dated as of November 21, 2017 (the “Loan Agreement”).  Capitalized
terms used but not defined herein shall have the meanings ascribed to such terms
in the Loan Agreement, as amended; and

WHEREAS, in accordance with Section 11.5 of the Loan Agreement, Borrower and
Lenders desire to amend the Loan Agreement on the terms and conditions set forth
herein.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and intending to be legally
bound by this Amendment, the undersigned hereby agrees and declares as follows:

SECTION 1.Amendment to Loan Agreement. 

The Loan Agreement shall be amended by deleting in its entirety the definition
of “LIBOR Rate” in Section 13.1 of the Loan Agreement and replacing it as
follows:

““LIBOR Rate” means, as of any Interest Rate Determination Date and for any
Interest Period, the rate per annum equal to (a) the rate of interest appearing
on Reuters Screen LIBOR01 Page (or any successor page) for three-month Dollar
deposits or (b) if no such rate is available, the rate of interest determined by
the Collateral Agent to be the rate or the arithmetic mean of rates at which
Dollar deposits in immediately available funds are offered to first-tier banks
in the London interbank Eurodollar market, in each case under clause (a) or (b)
above at approximately 11:00 a.m., London time, on such Interest Rate
Determination Date for a period of three months; provided,  however, that, for
purposes of calculating the Tranche A Rate or the Tranche B Rate, the LIBOR Rate
shall at all times have a floor of one percent (1.00%); provided,  further,
that, for purposes of calculating the Tranche A Rate or the Tranche B Rate, the
LIBOR Rate shall at all times be subject to a cap equal to the LIBOR Rate on the
Tranche A Funding Date plus 150 basis points.”

SECTION 2.References to and Effect on Loan Agreement.  Except as specifically
set forth herein, this Amendment shall not modify or in any way affect any of
the provisions of the Loan Agreement, which shall remain in full force and
effect and is hereby ratified and confirmed in all respects.  On and after the
Effective Date all references in the Loan Agreement to “this

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Agreement,” “hereto,” “hereof,” “hereunder,” or words of like import shall mean
the Loan Agreement as amended by this Amendment.

SECTION 3.Governing Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to the
principles of conflict of laws thereof.

[Signature Page Follows]

 

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Exhibit 10.38

IN WITNESS WHEREOF,  each of the undersigned has caused this Amendment to be
duly executed and delivered as of the date first above written.

TESARO, INC.,
as Borrower, on its own behalf and on behalf of each other Credit Party

 

 

By    /s/ Timothy R. Pearson

Name:  Timothy R. Pearson

Title:  Executive Vice President and Chief Financial Officer

 

 

Signature Page to First Amendment to Loan Agreement

 

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Exhibit 10.38

BIOPHARMA CREDIT PLC,

as Collateral Agent and a Lender

By: Pharmakon Advisors, LP,

its Investment Manager

By: Pharmakon Management I, LLC,

its General Partner

 

By   /s/ Pedro Gonzalez de Cosio
Name:  Pedro Gonzalez de Cosio
Title:  Managing Member

 

 

BIOPHARMA CREDIT INVESTMENTS IV SUB LP,

as a Lender

By: Pharmakon Advisors, LP,

its Investment Manager

By: Pharmakon Management I, LLC,

its General Partner

 

By   /s/ Pedro Gonzalez de Cosio
Name:  Pedro Gonzalez de Cosio
Title:  Managing Member

 

 

Signature Page to First Amendment to Loan Agreement

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