Document:

Exhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 7

 

TO

 

CREDIT AGREEMENT

 

This AMENDMENT NO. 7 to CREDIT AGREEMENT (this “Amendment”), dated as of November 1, 2016, is entered into by and among AAR CORP. (the “Borrower”), the financial institutions party hereto (the “Lenders”), BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”), Wells Fargo Bank, N.A., as Syndication Agent and Citibank, N.A. and SunTrust Bank, as Co-Documentation Agents.  Each capitalized term used herein and not otherwise defined herein shall have the meaning given to it in the below-defined Credit Agreement.

 

WITNESSETH

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of April 12, 2011 (as the same has been or may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

 

WHEREAS, the Borrower wishes to amend the Credit Agreement in certain respects and the Lenders and the Administrative Agent are willing to amend the Credit Agreement on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders hereby agree as follows:

 

SECTION 1.                            Amendment to Credit Agreement.  Effective as of the date first above written (the “Amendment No. 7 Effective Date”), and subject to the satisfaction of the conditions to effectiveness set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

 

(a)                                 In Section 1.01 of the Credit Agreement, the definitions of “Arranger”, “L/C Issuer” and “Maturity Date” are hereby amended, respectively, to read as follows:

 

“Arranger” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Citigroup Global Markets, Inc. and SunTrust Robinson Humphrey, Inc., each in its capacity as joint lead arranger.

 

 

“L/C Issuer” means Bank of America, Wells Fargo Bank, N.A., Citibank, N.A. or another Lender designated by the Borrower and approved by the Administrative Agent, in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“Maturity Date” means November 1, 2021; provided, however, that if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 

(b)                                 Section 1.01 of the Credit Agreement is hereby further amended to add a new definition immediately following the definition of “Note” as follows:

 

“Notice of Committed Loan Prepayment” means a notice of prepayment with respect to a Committed Loan, which shall be in such form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.”

 

(c)                                  Section 2.02(a) of the Credit Agreement is hereby amended to delete the word “telephone” at the end of the first sentence and substitute therefor the following:

 

“(A) telephone or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Administrative Agent of a Committed Loan Notice.”

 

(d)                                 Section 2.05(b) of the Credit Agreement is hereby amended to delete the word “telephone” at the end of the first sentence and substitute therefor the following:

 

“(A) telephone or (B) a Swing Line Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.”

 

(e)                                  Section 2.06(a) of the Credit Agreement is hereby amended to delete the first reference to “notice” and substitute therefor, “delivery of a Notice of Committed Loan Prepayment.”

 

(f)                                   Section 4.02(a) of the Credit Agreement is hereby amended (i) to delete the words “subsections (a) and (b) of Section 5.05” and to substitute therefor the following:  “subsection (a) of Section 5.04”; and (ii) to insert immediately after the reference to “Article V” the following:

 

“(other than those contained in Section 5.04(b) and Section 5.05)”

 

(g)                                  Section 5.12 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“5.12                  Solvency; Etc.  On the Closing Date, and immediately prior to and after giving effect to the issuance of each Letter of Credit and each borrowing hereunder and the use of the proceeds thereof, with respect to the Borrower and the Restricted Subsidiaries, taken as a whole, 

 

 

(a) the fair value of their assets is greater than the amount of their liabilities as such value and liabilities are established in accordance with GAAP, and (b) the present fair saleable value of their assets is not less than the amount that will be required to pay the probable liability on their debts as they become absolute and matured.”

 

(h)                                 Section 7.01(l) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(l)                               other secured Debt secured by any Lien permitted under clauses (k) or (l) of Section 7.02;”

 

(i)                                     Section 7.01 of the Credit Agreement is hereby further amended to delete the existing subsections (n) and (o) and add new subsections (n), (o) and (p) as follows:

 

“(n)                           other secured or unsecured Debt of the Borrower or any of its Restricted Subsidiaries in an aggregate unpaid principal amount not to exceed $30,000,000 at any time outstanding

 

(o)                                 other unsecured Debt incurred by the Borrower provided, that, immediately before and immediately after the incurrence of such Debt, no Event of Default or Default exists; and

 

(p)                                 other unsecured Debt incurred by any Restricted Subsidiary to Guarantee Debt incurred by the Borrower as permitted by Section 7.01(o) provided that such Subsidiary also contemporaneously Guarantees the Borrower’s Obligations under this Agreement pursuant to a Guaranty substantially identical to the Guaranty.”

 

(j)                                    Section 7.02(n) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(n)                           Liens securing Debt of the Borrower or any of its Restricted Subsidiaries that is permitted under Section 7.01(n).”

 

(k)                                 Section 7.07 of the Credit Agreement is hereby deleted in its entirety.

 

(l)                                     Section 10.17 is hereby amended to delete the language now contained therein and substitute therefor the following:

 

“The words “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the 

 

 

Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary neither the Administrative Agent, the L/C Issuer nor any Lender is under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent, the L/C Issuer or such Lender pursuant to procedures approved by it and provided further without limiting the foregoing, upon the request of any party, any electronic signature shall be promptly followed by such manually executed counterpart.”

 

(m)                             Schedule 2.01 is hereby amended by replacing the Schedule now attached to the Credit Agreement with Schedule 2.01 attached to this Amendment.

 

SECTION 2.                            Condition of Effectiveness.  This Amendment shall become effective and be deemed effective as of the date hereof, subject to the satisfaction of the conditions precedent that the Administrative Agent shall have received each of the following:

 

(a)                                 counterparts of this Amendment executed by the Borrower and the Lenders; and

 

(b)                                 a certificate of the Secretary or Assistant Secretary of the Borrower certifying as to the incumbency and specimen signature of each officer of the Borrower executing the Amendment; and

 

(c)                                  an in-house legal opinion from the Borrower, covering Borrower’s corporate power and authority, execution and delivery, legality, validity and binding effect and enforceability; and

 

(d)                                 payment of the fees prescribed in the fee letter dated September 15, 2016 between the Borrower and the Administrative Agent.

 

SECTION 3.                            Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as follows:

 

(a)                                 The Credit Agreement, as amended by this Amendment constitutes the legal, valid and binding obligation of the Borrower and is enforceable against the Borrower in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity; and

 

(b)                                 Upon the effectiveness of this Amendment, the Borrower hereby (i) represents that no Event of Default or Default exists under the terms of the Credit Agreement, and (ii) represents that the representations and warranties contained in the Credit Agreement (other than the representations and warranties set forth in Section 5.04(b) and 5.05 of the Credit Agreement) are true and correct on and as of the date hereof with the same effect as if made on and as of the date hereof except to the extent that such representations and warranties expressly relate to an earlier date and in such case as of such date.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of the Lenders or the Administrative Agent under the Credit Agreement or any related document, instrument or agreement. The Administrative Agent and the Lenders expressly 

 

 

reserve all of their rights and remedies, including the right to institute enforcement actions in consequence of any existing Events of Default or Default not waived hereunder or otherwise at any time without further notice, under the Credit Agreement, all other documents, instruments and agreements executed in connection therewith, and applicable law.

 

SECTION 4.                            Effect on the Credit Agreement.

 

(a)                                 Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended and modified hereby.

 

(b)                                 Except as specifically amended and modified above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect, and are hereby ratified and confirmed.

 

(c)                                  The execution, delivery and effectiveness of this Amendment shall neither, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or the Administrative Agent, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

SECTION 5.                            Departing Lender.  Citizens Bank, National Association (the “Departing Lender”) has agreed that it shall no longer be a Lender under the Credit Agreement as of the date hereof.  The Departing Lender shall not have a Commitment on and after the date hereof and shall cease to be a party to the Credit Agreement as of the date hereof, and shall have no rights, duties or obligations thereunder.  All amounts owing to the Departing Lender under the Loan Documents shall be paid by the Borrower as of the date hereof.  The consent of the Departing Lender is not required to give effect to the changes contemplated by this Amendment.  The Administrative Agent is hereby authorized to take such steps under the Credit Agreement as reasonably required to give effect to the departure of the Departing Lender, including, without limitation reallocating outstanding obligations among the Lenders signatory hereto as of the Amendment No. 7 Effective Date ratably based on their Commitments.

 

SECTION 6.                            Costs and Expenses.  The Borrower agrees to pay all reasonable costs, fees and out-of-pocket expenses (including reasonable attorneys’ fees, costs and expenses charged to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, arrangement and execution of this Amendment.

 

SECTION 7.                            Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of Illinois without regard to conflicts of law provisions of the State of Illinois.

 

SECTION 8.                            Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

 

SECTION 9.                            Counterparts.  This Amendment may be executed by one or more of the parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  A facsimile copy of a signature hereto shall have the same effect as the original thereof.

 

The remainder of this page is intentionally blank.

 

 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

 

	
 
    	
AAR CORP.,
    
	
 
    	
as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Jason Secore
    
	
 
    	
Name: Jason Secore
    
	
 
    	
Title: Vice President   & Treasurer
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Christine   Trotter
    
	
 
    	
Name: Christine Trotter
    
	
 
    	
Title: Assistant Vice   President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as a Lender and an L/C   Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Michael   Bergner
    
	
 
    	
Name: Michael Bergner
    
	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
WELLS FARGO BANK, N.A.,
    
	
 
    	
as Syndication Agent,   an L/C Issuer and a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Brett T. Rausch
    
	
 
    	
Name: Brett T. Rausch
    
	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
CITIBANK, N.A.,
    
	
 
    	
as Co-Documentation   Agent, a Lender and an L/C Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Susan Olsen
    
	
 
    	
Name: Susan Olsen
    
	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
SUNTRUST   BANK, as Co-Documentation Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Carlos Cruz
    
	
 
    	
Name: Carlos Cruz
    
	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
CITIZENS BANK, NATIONAL ASSOCIATION, as Departing   Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Stephen A. Maenhout
    
	
 
    	
Name: Stephen A.   Maenhout
    
	
 
    	
Title: Senior Vice   President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
U.S. BANK NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Kathleen D. Schurr
    
	
 
    	
Name: Kathleen D.   Schurr
    
	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
PNC BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Patrick Flaherty
    
	
 
    	
Name: Patrick Flaherty
    
	
 
    	
Title: Managing   Director
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
THE PRIVATEBANK AND   TRUST COMPANY,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Christopher C.   O’Hara
    
	
 
    	
Name: Christopher C.   O’Hara
    
	
 
    	
Title: Managing   Director
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

	
 
    	
ASSOCIATED BANK,   NATIONAL ASSOCIATION,
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Lisa Hufford
    
	
 
    	
Name: Lisa Hufford
    
	
 
    	
Title: Vice President
    

 

Signature Page to Amendment No. 7 to

AAR Corp. Credit Agreement

 

 

Schedule 2.01 — Commitments

 

	
Lender
    	
 
    	
Revolving Commitment
   Amount
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
$
    	
120,000,000.00
    	
 
    
	
Wells Fargo   Bank, N.A.
    	
 
    	
$
    	
120,000,000.00
    	
 
    
	
Citibank, N.A.
    	
 
    	
$
    	
75,000,000.00
    	
 
    
	
SunTrust Bank
    	
 
    	
$
    	
75,000,000.00
    	
 
    
	
U.S. Bank   National Association
    	
 
    	
$
    	
40,000,000.00
    	
 
    
	
The PrivateBank   and Trust Company
    	
 
    	
$
    	
30,000,000.00
    	
 
    
	
PNC Bank,   National Association
    	
 
    	
$
    	
20,000,000.00
    	
 
    
	
Associated Bank,   N.A.
    	
 
    	
$
    	
20,000,000.00
    	
 
    
	
TOTALS
    	
 
    	
$
    	
500,000,000.00blue-ex1035_1084.htm

 

Exhibit 10.35

CONSENT TO ASSIGNMENT

This Consent to Assignment (this “Consent”) is made as of September 30, 2016, by ARE-MA REGION NO. 50, LLC, a Delaware limited liability company, having an address of 385 East Colorado Boulevard, Suite 299, Pasadena, California 91101 (“Landlord”), to BLUEBIRD BIO, INC., a Delaware corporation, having an address of 150 Second Street, First Floor, Cambridge, MA 02141 (“Bluebird”), and FOUNDATION MEDICINE, INC., a Delaware corporation, having an address of 150 Second Street, Cambridge, MA 02141 (“Assignee”), with reference to the following Recitals.

R E C I T A L S

A.Bluebird is the holder of the tenant’s interest in, to, and under that certain Lease Agreement dated as of June 3, 2013 by and between Landlord, as landlord, and Bluebird, as tenant as amended by a First Amendment to Lease dated November 15, 2013 and a Second Amendment to Lease dated June 9, 2014 (as so amended, the “Bluebird Lease”) with respect to premises on the third floor and portions of the first floor in the building located at 150 Second Street, Cambridge, Massachusetts as such premises is more particularly described in the Bluebird Lease (the “Bluebird Premises”);

B.Bluebird desires to assign its interest in the Bluebird Lease and its interest in the premises demised thereunder to Assignee, all as more particularly described in and pursuant to the provisions of that certain Assignment and Assumption of Lease of even date herewith (the “Assignment”), a copy of which is attached hereto as Exhibit A.

C.Bluebird desires to obtain Landlord’s consent to the Assignment, as required under Article 17 of the Bluebird Lease.

NOW, THEREFORE, in consideration of the foregoing and the agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bluebird, Assignee and Landlord hereby agree as follows, and Landlord hereby consents to the assignment of the Bluebird Lease to Assignee, such consent also being subject to and upon the following terms and conditions to which Bluebird and Assignee hereby agree:

1.All initially capitalized terms not otherwise defined in this Consent shall have the meanings set forth in the Bluebird Lease unless the context clearly indicates otherwise.

 

	
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2.The consent given herein shall not be effective, nor shall Assignee take possession of the Premises, (a) until the Effective Date (as such term is defined in the Assignment), and (b) unless and until Landlord shall have received: (i) a fully executed counterpart of the Assignment, and (ii) a fully executed counterpart of this Consent.  Bluebird and Assignee represent and warrant to Landlord that the copy of the Assignment attached hereto as Exhibit A is true, correct and complete in all material respects.  Notwithstanding anything to the contrary contained herein or in the Assignment or Bluebird Lease:

(a)The assignment of the Bluebird Lease and the Effective Date hereunder and under the Assignment shall not occur until Bluebird has yielded up and surrendered the Bluebird Premises and possession thereof as required under Article 20 of the Bluebird Lease (the “Yield Up”).  Bluebird agrees that the Yield Up will occur on or before May 1, 2017.  If the Yield Up does not occur on or before May 1, 2017, Bluebird shall continue to pay to Landlord the Base Rent and Additional Rent under the Bluebird Lease as and when the same are due, and the charge for the Second 100% Amount (as defined below) shall not apply until after July 31, 2017.  If the Yield Up has not occurred by July 31, 2017, Bluebird shall: (i) continue to pay to Landlord the Base Rent and Additional Rent under the Bluebird Lease as and when the same are due; and (ii) pay to Assignee, at the times set forth below, the amounts equal to 100% of the then monthly base Rent under the Bluebird Lease (the “Second 100% Amount”), which Second 100% Amount shall be calculated on a day-for-day basis for each day in each month in the period from August 1, 2017 through the earlier of:  (I) the date that the Yield Up occurs, or (II) the date that the Assignment is terminated by Assignee pursuant to Section 1 of the Assignment (the “Overstay Charge Period”).  The monthly Base Rent due under the Bluebird Lease and the Second 100% Amount are together referred to herein as the “200% Base Rent”.  The 200% Base Rent shall be in addition to all Additional Rent as may be due under the Bluebird Lease.  Payment of the 200% Base Rent for any partial month shall be prorated on the basis of the actual number of days in that calendar month.  Any Second 100% Amount due from Bluebird to Assignee hereunder shall be paid by Bluebird to Assignee:  (A) if the Yield Up occurs on or before January 31, 2018, the Second 100% Amount shall be paid on the day of the Yield Up in full for the Overstay Charge Period, or (B) if the Yield Up does not occur on or before January 31, 2018, the Second 100% Amount shall be paid on the first day of each month in an amount equal to the aggregate amount of the Second 100% Amount owing for the immediately preceding month.  The first such monthly payment shall also include any Second 100% Amount not previously paid for the part of the Overstay Charge Period occurring prior to the date of such payment.   

 

	
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(b)In the event that Assignee exercises its right to terminate and cancel the Assignment pursuant to Section 1 of the Assignment, the Effective Date shall be deemed not to have occurred, the consent to the Assignment provided for herein shall be deemed not to have become effective and the terms and conditions of this Consent shall be deemed to be terminated and cancelled, including without limitation any covenants not to proceed against any party hereto or any releases contained herein.  Simultaneously with the sending of any notice to Bluebird of Assignee’s exercise of its right to terminate and cancel the Assignment pursuant to Section 1 of the Assignment, Assignee shall deliver a copy of such notice to Landlord. 

(c)At the request of Bluebird, Assignee or Landlord following the occurrence of the Effective Date, Bluebird, Assignee and Landlord each agrees to execute a written confirmation of the Effective Date as determined pursuant to the Assignment.

3.Except as otherwise expressly provided in this Consent, all of the terms, conditions and agreements contained in the Assignment shall be subordinate and at all times subject to all of the covenants, agreements, terms, provisions and conditions contained in the Bluebird Lease.

4.Nothing contained herein or in the Assignment shall be construed to (i) affect Assignee’s obligation to obtain any required consents for any assignments or sublettings subsequent to the Assignment, or (ii) waive any breach by Assignee of the Bluebird Lease occurring on or after the Effective Date or any breach by Bluebird of the Bluebird Lease occurring prior to the Effective Date, or (iii) waive any rights or remedies of Landlord under the Bluebird Lease against any person, firm, association or corporation liable for the performance thereof (except as otherwise expressly provided in Section 6 below as to Bluebird with respect to a breach by Assignee occurring from and after the Effective Date or as to Assignee with respect to a breach by Bluebird occurring prior to the Effective Date), or (iv) enlarge or increase Landlord’s obligations or liabilities under the Bluebird Lease. 

5.Notwithstanding anything in the Assignment or the Bluebird Lease to the contrary:

(a)As of the Effective Date, Assignee does hereby expressly assume and agree to be bound by and to perform and comply with, for the benefit of Landlord, each and every obligation of the tenant under the Bluebird Lease first arising and accruing from and after the Effective Date.  Assignee does not assume or agree to be bound by or perform any obligations of Bluebird under the Bluebird Lease first arising and accruing prior to the Effective Date.

 

	
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(b)Bluebird and Assignee agree to each of the terms and conditions of this Consent, and that, in the event of any conflict between the terms of the Assignment and this Consent, and in the event of any conflict between the terms of the Bluebird Lease and this Consent, the terms of this Consent shall control.

(c)As of the Effective Date, Section 16.1 of the Bluebird Lease (titled “Events of Default”) shall be modified to re-number Section 16.1(h) as Section 16.1(i) and to insert the following as Section 16.1(h) in the definition of a “Default” under the Bluebird Lease:

(h)“ Foundation Medicine Lease Default.  A Default (as such term is defined in the FMI Lease) shall occur under that certain Lease between Landlord (as successor-in-interest to 150 Second Street, LLC as landlord) and Foundation Medicine, Inc. as tenant, dated March 27, 2013, as amended from time to time (the “FMI Lease”).

(d)As of the Effective Date, Section 16.1(c) of the Bluebird Lease shall be deleted in its entirety and shall be replaced with the following:

“(c)[Intentionally Omitted]”

(e)As of the Effective Date, the standby letter of credit No SVBSF008113 issued by Silicon Valley Bank as amended and held by Landlord as the Security Deposit under the FMI Lease (the “FMI Letter of Credit”) shall be amended, at Assignee’s sole cost and expense, by an amendment to the FMI Letter of Credit issued by the issuing bank, which amendment shall:  (i) increase the amount of such FMI Letter of Credit to $1,771,009, (ii) modify the references in the FMI Letter of Credit to the “Lease” so that all such references to the “Lease” mean the FMI Lease or the Bluebird Lease or both the FMI Lease and the Bluebird Lease, and (iii) extend the final expiration date  of the FMI Letter of Credit (after any prior extensions) to a date that is no earlier than July 31, 2024 (the “FMI Letter of Credit Amendment”).   The Security Deposit under the Bluebird Lease and under the FMI Lease shall collectively be in the form of the FMI Letter of Credit as so amended (the “Amended FMI Letter of Credit”), which shall otherwise be in compliance with the terms of the Bluebird Lease and the FMI Lease, and which, upon the delivery of such FMI Letter of Credit Amendment by Assignee as provided below, shall be deemed to be the “Letter of Credit” referenced in both the Bluebird Lease and the FMI Lease.  Landlord shall be entitled to draw upon such Amended FMI Letter of Credit as provided in Article 27 of the FMI Lease, with respect to any Default by Assignee under the Bluebird Lease related to facts, circumstances or events first arising or occurring from and after the Effective Date, and with respect to any Default occurring under the FMI Lease.  

 

	
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(f)At least 20 days prior to May 1, 2017, Assignee shall deliver to Landlord the proposed form of the FMI Letter of Credit Amendment as provided by the issuing bank in draft form, which Landlord agrees promptly to review for conformance with the terms and conditions of this Consent and Article 27 of each of the Bluebird Lease and the FMI Lease.  At least 5 business days prior to the Effective Date, Assignee shall deliver to Landlord the original of the FMI Letter of Credit Amendment issued by the issuing bank as approved by Landlord in the form required under this Consent, the Bluebird Lease and the FMI Lease, and Assignee agrees to give Bluebird contemporaneous written notice of such delivery.  Provided that such FMI Letter of Credit Amendment is so delivered, the Amended FMI Letter of Credit shall be, as of the Effective Date, the Security Deposit under the Bluebird Lease and the FMI Lease.   

The letter of credit previously delivered by Bluebird and held by Landlord with respect to the Bluebird Lease (the “Existing Bluebird Letter of Credit”), or any balance thereof (i.e., after deducting therefrom all amounts to which Landlord is entitled under the provisions of the Bluebird Lease), shall be returned to Bluebird within 90 days after the Effective Date (which is the same number of days within which Landlord would have been required to return the Existing Bluebird Letter of Credit after the expiration or termination of the Bluebird Lease).

(g)As of the Effective Date, so long as there is no further assignment of the Bluebird Lease (other than a Permitted Assignment (as such term is defined in the Bluebird Lease)), in the event of any express conflict between the terms of the Bluebird Lease and the terms of the FMI Lease, the terms of the FMI Lease shall control with respect to the following sections:  Sections 4.5 (Operating Expense Payments), 8.1 (Utilities; Services), 9.1 (Alterations and Tenant’s Property), 12.1 (Indemnification), 16.2(b) (Late Payment Rent), 21.1 (Prohibition /Compliance/Indemnity) and Articles 13 (Insurance), 14 (Restoration) and 17 (Assignment and Subletting).

(h)As of the Effective Date, the Share of Storage Space collectively under the Bluebird Lease and the FMI Lease shall be increased to 100%, and Assignee shall have the right to lease all such Storage Space on the terms and conditions set forth in the FMI Lease.

 

	
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(i)Bluebird shall yield up and surrender the Bluebird Premises and possession thereof as required under Article 20 of the Bluebird Lease prior to the Effective Date as if the Effective Date were the day immediately following the expiration date or termination date of the Bluebird Lease, including without limitation surrender in compliance with the Surrender Plan as set forth in Article 20 of the Bluebird Lease.  The obligations of Bluebird under the Bluebird Lease that by their terms survive the expiration or earlier termination of the Bluebird Lease are those obligations of Bluebird that shall survive the assignment of the Bluebird Lease as to Bluebird as if the Effective Date were the day immediately following the date of expiration or termination of the Bluebird Lease.

6.Upon a default by Assignee under the Bluebird Lease after the Effective Date, Landlord may proceed directly against Assignee, any guarantors or anyone else liable under the Bluebird Lease or the Assignment without first exhausting Landlord’s remedies against any other person or entity liable thereon to Landlord, provided, however, that notwithstanding anything to the contrary contained in the Bluebird Lease, Landlord shall not proceed against Bluebird with respect to, and hereby releases Bluebird from, any breach of the Bluebird Lease by Assignee occurring from and after the Effective Date.  Nothing herein shall abrogate or limit the liability of Bluebird to Landlord under the Bluebird Lease with respect to matters occurring prior to the Effective Date, the responsibility for which shall survive the assignment of the Bluebird Lease.  Notwithstanding anything to the contrary contained in the Bluebird Lease, Landlord shall not proceed against Assignee with respect to, and hereby releases Assignee from, any breach of the Bluebird Lease by Bluebird occurring prior to the Effective Date.  The mention in this Consent of any particular remedy shall not preclude Landlord from any other remedy in law or in equity.

7.Bluebird shall pay any broker commissions or fees that may be payable as a result of the Assignment and/or this Consent, and Bluebird hereby indemnifies and agrees to hold Landlord harmless from and against any loss or liability arising therefrom or from any other commissions or fees payable in connection with the Assignment and/or this Consent which result from the actions of Bluebird.  Assignee hereby indemnifies and agrees to hold Landlord harmless from and against any loss or liability arising from any commissions or fees payable in connection with the Assignment and/or this Consent which result from the actions of Assignee.  Bluebird and Assignee shall not be obligated to pay brokerage commissions or fees to Transwestern/RBJ, which shall be paid by Landlord pursuant to a separate agreement between Landlord and Transwestern/RBJ and in connection with the Lease dated March 27, 2013 between Assignee and Landlord.  Landlord hereby indemnifies and agrees to hold each of Bluebird and Assignee harmless from and against any loss or liability arising from any commissions or fees to Transwestern/RBJ which result from the actions of Landlord.

 

	
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8.Bluebird and Assignee agree that the Assignment will not be modified or amended in any way without the prior written consent of Landlord.  Any modification or amendment of the Assignment without Landlord’s prior written consent shall be void and of no force or effect.

9.This Consent may not be changed orally, but only by an agreement in writing signed by Landlord, Bluebird and Assignee.

10.This Consent may be executed in any number of counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute but one and the same instrument.

11.This Consent and the legal relations between the parties hereto shall be governed by and construed and enforced in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to its principles of conflicts of law.

[remainder of page intentionally left blank] 

 

	
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IN WITNESS WHEREOF, Landlord, Bluebird and Assignee have caused their duly authorized representatives to execute this Consent as of the date first above written.

 

	
LANDLORD:
	
 
	
ARE-MA Region No. 50, LLC

	
 
	
 
	
a Delaware limited liability company

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
Alexandria Real Estate Equities, L.P.,

	
 
	
 
	
 
	
a Delaware limited partnership, managing member

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
By:
	
ARE-QRS Corp., a Maryland corporation, 
general partner

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
/s/ Eric S. Johnson

	
 
	
 
	
 
	
 
	
Its:
	
SVP, RE Legal Affairs

	
 
	
 
	
 
	
 
	
 
	
 

	
BLUEBIRD:
	
 
	
bluebird bio, Inc.,

	
 
	
 
	
a Delaware corporation

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Jason F. Cole

	
 
	
 
	
Its:
	
Chief Legal Officer

	
 
	
 
	
 
	
 
	
 
	
 

	
ASSIGNEE:
	
 
	
Foundation Medicine, Inc.,

	
 
	
 
	
a Delaware corporation

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ Steven Kafka

	
 
	
 
	
Its:
	
President & Chief Operating Officer

 

 

	
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150 Second Street,

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Exhibit A

Copy of Assignment

Exhibit 10.36 of the Company’s Quarterly Report on Form 10-Q, filed with the SEC 

on November 2, 2016 is incorporated by reference

 

 

	
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bluebird bio/Foundation Medicine

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