Document:

apls-ex101_36.htm

 

 

 

Exhibit 10.1

THIRD AMENDMENT TO LEASE

 

This THIRD AMENDMENT TO LEASE (this “Amendment”) is entered into this 25th day of September, 2019 (the “Effective Date”) by and between NWALP PHOP Property Owner LLC, a Delaware limited liability company (the “Landlord”), and Apellis Pharmaceuticals, Inc., a Delaware corporation (the “Tenant”).

 

W I T N E S S E T H:

 

WHEREAS, the Landlord and the Tenant entered into that certain Lease dated as of April 27, 2017 (the “Original Lease), regarding premises consisting of approximately 6,126 rentable square feet (the “Original Premises”) and situated in that certain building located at 200 Fifth Avenue, Waltham, Massachusetts; 

 

WHEREAS, the Landlord and the Tenant entered into that certain First Amendment to Lease dated July 25, 2018 (the “First Amendment”) pursuant to which the Landlord and the Tenant amended the Original Lease so as to relocate the Tenant from the Original Premises to certain space in the Building located at 100 Fifth Avenue, Waltham, Massachusetts on the third (3rd) floor thereof consisting of approximately 22,600 rentable square feet, as described in Exhibit A-(i) attached to this Amendment (the “New Premises”);

 

WHEREAS, the Landlord and Tenant entered into that certain Second Amendment to Lease dated June 5, 2019 (“Second Amendment”) pursuant to which the Landlord and Tenant agreed to expand the Premises so as to rent certain space located on the sixth (6th) floor of the Building consisting of 8,821 rentable square feet of space, as described in Exhibit A-(ii) attached to this Amendment (the “Expansion Premises”) (the Original Lease as amended by the First Amendment, Second Amendment this Amendment is referred to herein as the “Lease”);

 

WHEREAS, the Tenant desires to expand the Premises so as to rent (i) certain space located on the seventh (7th) floor of the Building consisting of 18,140 rentable square feet of space, and (ii) the space located on the fifth (5th) floor of the Building consisting of 11,856rentable square feet of space, as described in Exhibit A-(iii) attached to this Amendment (together, the “Second Expansion Premises”) and, upon the Second Expansion Premises Term Commencement Date (as hereinafter defined):

 

WHEREAS, the Landlord and the Tenant mutually desire to amend the Lease to provide for Tenant’s leasing of the Second Expansion Premises and to make other modifications to the terms and condition of the Lease, all as further provided for below.

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Amendment, the Lease and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Landlord and the Tenant hereby agree as follows effective as of the Effective Date:

 

 

 

	
 
	
1.
	
Rent.

 

	
 
	
(a)
	
As of the Second Premises Term Commencement Date, the Basic Rent Table set forth in the Definition of “Basic Rent” is deleted in its entirety and replaced with the following:

 

“The Basic Rent due from Tenant to Landlord pursuant to Section 3.1 for (i) the New Premises and (ii) the Expansion Premises and Second Expansion Premises, is payable as set forth in the following rent tables:

 

The New Premises Basic Rent Table:

 

	
Oct. 1, 2019-Dec. 31, 2019 
	
$44,375.00/month
	
$532,500.00/year

	
Jan. 1, 2020-Dec. 31, 2020 
	
$68,741.66/month
	
$824,900.00/year

	
Jan. 1, 2021-Dec. 31, 2021 
	
$70,625.00/month
	
$847,500.00/year

	
Jan. 1, 2022-Dec. 31, 2022 
	
$72,508.33/month
	
$870,100.00/year

	
Jan. 1, 2023-Dec. 31, 2023 
	
$74,391.66/month
	
$892,700.00/year

	
Jan. 1, 2024-Dec. 31, 2024 
	
$76,275.00/month
	
$915,300.00/year

	
Jan. 1, 2025-June 30, 2025
	
$78,158.33/month
	
$937,900.00/year

 

The Expansion Premises and the Second Expansion Premises Basic Rent Table:

 

	
Oct. 1, 2019-Sept. 30, 2020
	
$122,920.50/month
	
$1,475,046.00/year

	
Oct. 1, 2020-Sept. 30, 2021
	
$126,155.25/month
	
$1,513,863.00/year

	
Oct. 1, 2021-Sept. 30, 2022
	
$129,390.00/month
	
$1,552,680.00/year

	
Oct. 1, 2022-Sept. 30, 2023
	
$132,624.75/month
	
$1,591,497.00/year

	
Oct. 1, 2023-Sept. 30, 2024
	
$135,859.50/month
	
$1,630,314.00/year

	
Oct. 1, 2024-June 30, 2025
	
$139,094.25/month
	
$1,669,131.00/year

 

If the Second Expansion Premises Term Commencement Date occurs on a date which is not the first day of October, 2019, Base Rent for the month in which the Second Expansion Premises Term Commencement Date occurs shall be pro-rated for such month based upon the rental rate for October, 2019.”In the event that the Second Expansion Premises Term Commencement Date fails to occur on or before October 1, 2019 for any reason other than a delay caused by Tenant the Basic Rent set forth above shall be abated by the amount of Three Thousand One Hundred Eleven and 34/ 100 Dollars ($3,114.34) day for day on a pro-rated basis for each day that the Second Expansion Premises Term Commencement Date fails to occur on or before October 1, 2019. 

 

	
 
	
2.
	
Premises.  As of the Second Expansion Premises Term Commencement Date, the following definitions set forth in Section 1.1 of the Lease are deleted in their entirety and replaced with the following: 

 

	
 
	
(a)
	
Premises: Agreed to include (i) The Original Premises from the Term Commencement Date until the New Premises Substantial Completion Date, (ii) the New Premises from the New Premises Substantial Completion Date until the Expiration Date, (iii) the Expansion Premises, from the Expansion Premises Term Commencement Date to the Expiration Date, and (iv) the Second Expansion Premises, from the Second Expansion Premises Term Commencement Date to the Expiration Date.

969063.v3

 

 

	
 
	
(b)
	
Premises Rentable Area: Agreed to be (i) 6,126 rentable square feet from the Term Commencement Date until the New Premises Substantial Completion Date, (ii) 22,600 rentable square feet from the New Premises Substantial Completion Date until the Expansion Premises Term Commencement Date; (iii) 31,421 rentable square feet from the Expansion Premises Term Commencement Date to the Second Expansion Premises Term Commencement Date; and (iv) 61,417 rentable square feet from the Second Expansion Premises Term to the Expiration Date. 

 

	
 
	
(c)
	
Tenant’s Proportionate Share: Agreed to be (i) three and sixty five one hundredths percent (3.65%) from the Term Commencement Date until the New Premises Substantial Completion Date, (ii) fourteen and forty one hundredths percent (14.41%) from the New Premises Substantial Completion Date until the Expansion Premises Term Commencement Date; (iii) twenty percent (20%) from the Expansion Premises Term Commencement Date to the Second Expansion Premises Term Commencement Date; and (iv) thirty six and one half percent (36.5%) from the Second Expansion Premises Term Commencement Date until the Expiration Date (which is based on the ratio of the agreed upon (a) Premises Rentable Area to (b) Building Rentable Area).

 

	
 
	
(d)
	
Expiration Date: June 30, 2025.  

 

	
 
	
3.
	
Definitions.  In addition, the following definitions shall be added to Section 1.1 of the Lease:

 

	
 
	
(a)
	
Second Expansion Premises Term Commencement Date:  The date upon which the following shall have occurred (i) Landlord delivers possession of  the Second Expansion Premises to Tenant in the condition required by this Amendment and (ii) the mutual execution of this Amendment by the Landlord and the Tenant. 

 

	
 
	
(b)
	
Second Expansion Premises Term: The period of time commencing on the Second Expansion Premises Term Commencement Date and expiring on the Expiration Date. 

 

The definitions of “Expansion Premises Term” and “Expansion Premises Term Expiration Date” shall be deleted in its entirety from Section 1.1 of the Lease.

 

969063.v3

 

	
 
	
4.
	
Exhibits: As of the Second Expansion Premises Term Commencement Date:

 

	
 
	
(a)
	
The Enumeration of Exhibits as set forth in Section 1.2 of the Lease shall be deleted in its entirety and replaced with the following:

 

	
“Exhibit A-(i)
	
Plan of the New Premises

	
Exhibit A-(ii)
	
Plan of the Expansion Premises

	
Exhibit A-(iii)
	
Plan of the Second Expansion Premises

	
Exhibit A-1
	
Site Plan of Office Park

	
Exhibit A-2
	
Plans for Initial Work

	
Exhibit B
	
Operating Expenses

	
Exhibit C
	
Rules and Regulations of the Building

	
Exhibit D
	
Form of Notice of Lease

	
Exhibit E
	
[Intentionally Omitted] 

	
Exhibit F
	
Appraiser’s Determination of Fair Market Rent” 

 

	
 
	
(b)
	
Exhibit A of the Lease  (added thereto by paragraph 2 of the First Amendment)  and Exhibit A-2 of the Lease (added thereto by paragraph 2 of the Second Amendment) shall be removed and replaced with “Exhibit A-(i)”, “Exhibit A-(ii)” and “Exhibit A-(iii)” attached hereto.  

 

	
 
	
5.
	
Yield Up and Surrender of Expansion Premises.  Section 5 of the Second Amendment is of no further force or effect and the obligation of Tenant to yield-up and surrender the Expansion Premises (along with the remainder of the Premises) in accordance with Section 16.2 of the Lease shall occur on the Expiration Date unless the Lease is earlier terminated.

 

	
 
	
6.
	
Condition of Second Expansion Premises. Subject to the terms of this Section 6, the Second Expansion Premises are being leased by Tenant in their condition as of the Second Expansion Premises Term Commencement Date, “As Is,” without representation or warranty by Landlord. Notwithstanding the foregoing, Landlord acknowledges that Landlord will execute a termination agreement with the current tenant/occupant of the Seventh Floor Premises simultaneously with this Amendment, and Landlord agrees to deliver the Seventh Floor Premises to Tenant in broom clean condition and free of all personal property of such current occupant or Landlord. 

 

	
 
	
7.
	
Landlord Contribution.  Landlord shall provide to Tenant a contribution in the amount of $599,920.00 (the “Landlord’s Contribution”) to be used towards Tenant’s improvements to the Second Expansion Premises (including both hard and soft costs of construction, as well as the purchase and installation of Tenant’s cabling, wiring, furniture, fixtures and equipment), subject to the provisions stated in this Section 7 of this Amendment.    

 

969063.v3

 

Tenant shall prepare, at its sole cost and expense (against which the Landlord’s Contribution may be applied), plans (the “Second Expansion Plans”) for the interior finish and layout of the initial improvements (the “Second Expansion Initial Work”) which Tenant desires to have performed in the Second Expansion Premises.  The Second Expansion Plan shall be submitted to Landlord, together with a construction budget setting forth the anticipated costs for the Second Expansion Initial Work (the “Second Expansion Estimated Initial Work Budget”), and Landlord shall approve or disapprove of the Second Expansion Plans, in its reasonable discretion, within ten (10) Business Days of receiving them.  No work shall be conducted by or on behalf of Tenant until the Second Expansion Plans have been fully approved in writing by Landlord.  At Tenant’s sole cost and expense (against which the Landlord’s Contribution may be applied), Tenant shall cause the Second Expansion Plans to be revised in a manner sufficient to remedy the Landlord’s objections and/or respond to the Landlord’s concerns and for such revised Second Expansion Plans to be redelivered to Landlord, and Landlord shall approve or disapprove Tenant’s revised Second Expansion Plans within five (5) Business Days following the date of resubmission, unless such revised Second Expansion Plans involve structural alterations to the Building or the HVAC, in which case Landlord shall approve or disapprove such revised Second Expansion Plans within ten (10) Business Days.  Landlord’s failure to timely respond to Tenant’s submitted Second Expansion Plans or revised Second Expansion Plans shall be deemed to be an approval thereof.  

 

The Second Expansion Plans shall be stamped by a Massachusetts registered architect and engineer, such architect and engineer and Tenant’s  general contractor , being subject to Landlord’s prior reasonable approval, and shall comply with Applicable Law and the requirements of the Rules and Regulations and shall be in a form satisfactory to appropriate governmental authorities responsible for issuing permits, approvals and licenses required for such Second Expansion Initial Work.  

 

All of the Second Expansion Initial Work shall be completed in accordance with the requirements set forth in the Rules and Regulations.

 

Landlord shall reimburse Tenant for the costs incurred by the Tenant with respect to the design and performance of the Second Expansion Initial Work (the “Cost of Second Expansion Initial Work”) up to the amount of Landlord’s Contribution, subject to the provisions hereof.  To the extent that the Cost of Second Expansion Initial Work exceeds the Landlord’s Contribution, Tenant shall be entirely responsible for such excess.  Landlord’s Contribution shall be payable by Landlord to Tenant (or, at Landlord’s election, directly to Tenant’s general contractor or subcontractors) in installments according to Landlord’s construction disbursement procedures set forth below, as the Second Expansion Initial Work progresses.  Prior to payment of any such installment, Tenant shall deliver to Landlord a written request, to be submitted no more frequently than once every thirty (30) days, for such disbursement, which request shall be accompanied by: 

969063.v3

 

(i) invoices for the Second Expansion Initial Work covered by such requisition; (ii) copies of partial lien waivers or final lien waivers (in the case of a final installment) from all contractors and subcontractors whose work is covered by such requisition; and (iii) a certificate signed by the Architect certifying that the Second Expansion Initial Work represented by the aforementioned invoices has been completed substantially in accordance with the Second Expansion Plans.  Landlord shall make each such payment, as set forth above, within forty-five (45) days of Landlord’s receipt of the documentation described above. If at any time the amount of Landlord’s Contribution remaining is insufficient to pay for the remaining amount of the Second Expansion Initial Work, then Tenant shall pay from its own funds all amounts required to accomplish lien free completion of the Second Expansion Initial Work. In the event that Landlord fails to pay all or any portion of Landlord’s Contribution to Tenant when due, and such failure continues for thirty (30) days after written notice is delivered to Landlord from Tenant, Tenant may offset the amount of the unpaid Landlord’s Contribution against rent due until all of such unpaid Landlord’s Contribution has been recouped by Tenant. 

 

Any portion of Landlord’s Contribution which has not been applied on or before the last day of the twelfth (12th) month following the Second Expansion Premises Commencement Date  shall be deemed forfeited by Tenant and Landlord shall have no further obligation with respect thereto.

 

	
 
	
8.
	
Signage.  Notwithstanding the terms and provisions of the Lease to the contrary (including, but not limited to Section 6.2 thereof), Tenant shall be entitled, at Tenant’s sole cost and expense, to install its signage on the exterior of the Building, in a location mutually acceptable to Landlord and Tenant, provided that (a) Tenant has obtained, at Tenant’s sole cost and expense, all permits required to install such exterior sign, (b) such sign complies with all applicable law, (c) Landlord has approved such sign (such approval not to be unreasonably, conditioned or delayed) and (d) Tenant maintains any such signage in good order and repair and in compliance with all applicable law.  Upon expiration or earlier termination of the Lease, Tenant shall, at Tenant’s sole cost and expense, remove such exterior sign in accordance with the terms and provisions of Section 16.2 of the Lease. In the event that Tenant occupies less than seventy-five percent (75%) of the Premises at any time during the Term, the rights of Tenant to install and maintain signage at the Building set forth in this Section 8 shall of void and of no further force or effect.  

 

	
 
	
9.
	
Yield-Up and Surrender of Premises.  Tenant shall yield-up and surrender the New Premises, the Expansion Premises and the Second Expansion Premises on or prior to the Expiration Date in strict accordance with Article 16 of the Lease. Failure to yield-up and surrender the Expansion Premises and Second Expansion Premises in accordance with this Section 8 shall constitute a Default of Tenant under the Lease and entitle Landlord to exercise any and all of the remedies to which Landlord is entitled under the Lease, at law or in equity.

 

969063.v3

 

	
 
	
10.
	
Brokers. Each of Landlord and Tenant hereby represents that such party has not dealt with any brokers with respect to the transactions contemplated by this other than T3 Advisors and CBRE (together, the “Broker”).  Each of Landlord and Tenant hereby agrees to defend, indemnify and hold harmless the other, and its successors and assigns, against and from all claims, losses, liabilities and expenses including, without limitation, reasonable attorney’s fees, arising out of any claim by any broker, consultant, finder or like agent, which are based upon alleged dealings by such party with respect to this Amendment other than the Broker. Provided that this Amendment is executed by the Landlord and the Tenant, the Landlord shall pay to the Broker a commission fee per a separate agreement.

 

	
 
	
11.
	
Capitalized Terms.  Capitalized terms that are not otherwise defined herein shall have the meaning set forth in the Lease.

 

	
 
	
12.
	
Ratification of Existing Lease Terms.  Other than as expressly set forth herein, the terms and provisions of the Lease are hereby ratified, confirmed and shall remain unmodified and in full force and effect.

 

	
 
	
13.
	
Governing Law.  This Amendment shall be governed by the laws of the Commonwealth of Massachusetts without regard to its conflict of law provisions.

 

	
 
	
14.
	
Counterpart Signatures.  This Amendment may be executed in counterparts, each of which shall constitute an original document and all of which, together, shall constitute one and the same instrument. 

 

[Signatures Appear on the Following Page]

969063.v3

 

IN WITNESS WHEREOF, the Landlord and the Tenant have each caused this Amendment to be executed as of the date first above written.

 

LANDLORD:

 

NWALP PHOP PROPERTY OWNER LLC, a Delaware limited liability company

 

By: ALP PHOP Manager, LLC, a Massachusetts limited liability company, its appointed representative 

 

	
By:
	
  
	
Brian R. Chaisson

	
Name:
	
 
	
Brian R. Chaisson

	
Title:
	
  
	
Manager

 

TENANT:

 

APELLIS PHARMACEUTICALS, INC., a Delaware corporation

 

	
By:
	
  
	
/s/ Timothy E. Sullivan

	
Name:
	
 
	
Timothy E. Sullivan

	
Title:
	
  
	
CFO

 

969063.v3

 

EXHIBIT A-(i)

 

The New Premises

 

 

Sterra anchorline partners apellis third floor 100 fifth avenue waltham ma fit plan option 5-05/23/18

969063.v3

 

EXHIBIT A-(ii)

 

The Expansion Premises

 

 

100 fifth avenue at city point sixth floor exsisting 8,821 sf

969063.v3

 

EXHIBIT A-(iii)

 

The Second Expansion Premises

 

 

Sterra anchorline partners suite 5010 fifth floor 100 fifth avenue walk tham ma existing conditions-01/23/19 11,856 rsf

969063.v3

 

 

 

Sterra anchorline partners Suite 7010/7020 seventh floor 100 fifth avenue, Waltham, ma existing conditions- September 9, 2019 19,140 rsf

969063.v3a01hcrportolaamendmentno

                                                                         Exhibit 10.52                                                                  EXECUTION VERSION                          AMENDMENT NO. 1 TO CREDIT AGREEMENT                    THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of August 15, 2019       (this  “Amendment”), to the  Credit Agreement, dated as of February 28, 2019 (as heretofore  amended,       restated,  supplemented  or  otherwise  modified  and  in  effect immediately prior  to  the  date  hereof,  the       “Existing  Credit  Agreement”,  and  as  modified  and  amended  hereby  and  as  may  be  further  amended,       restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Portola       Pharmaceuticals, Inc., a Delaware corporation (the “Borrower”), the Guarantors from time to time party       thereto, the  Lenders  from  time  to  time  party  thereto  and HCR  Collateral  Management, LLC,  as       administrative agent (in such capacity, the “Administrative Agent”).                                          RECITALS                    WHEREAS,  the  Borrower and  the  Guarantors  have requested  that  the  Administrative       Agent and the Lenders make  certain modifications to the Existing Credit Agreement on the terms  and       subject to the conditions set forth herein; and                    WHEREAS, the Administrative Agent and the Lenders party hereto have agreed to such       modifications solely upon the terms and subject to the conditions set forth herein;                   NOW,  THEREFORE,  in  consideration of  the  premises  herein  contained  and  for  other       good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties       hereto hereby agree as follows:                    1.    Defined  Terms.   Unless  otherwise  defined  herein,  terms  defined  in  the Credit      Agreement and used herein shall have the meanings ascribed to them in the Credit Agreement.                    2.    Amendment to Section 6.22(d) of the Existing Credit Agreement. Section 6.22(d)      of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:              “(d) (i) agreements regarding the Borrower, its assets or operations or any investment therein to             which any of its equityholders is a party and by which it is bound and (ii) agreements regarding             any  Subsidiary,  its  assets  or operations  or  any  investment  therein  to  which  any  of  its             equityholders is a party or by which it is bound”.                    3.    Amendment to Section 8.18(a) of the Existing Credit Agreement. Section 8.18(a)      of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:              “(a)  Commencing with the date that is six (6) months after the Closing Date, except (i)  in the             case  of (x) a  Subsidiary  that  is  a Loan  Party (and  for  the  avoidance  of  doubt,  excluding  the             Borrower) or (y) the Dutch Holdco (as defined in Schedule 7.21 herein), directly own any Equity             Interests of a Foreign Subsidiary or (ii) in the case of the Loan Parties, own any IP Rights arising             under the laws of any jurisdiction other than the United States, any state of the United States or             the District of Columbia.”                    4.    Conditions to Effectiveness.  This Amendment shall become effective as of the      date (the “First Amendment Effective Date”) on which the following conditions precedent shall have been       satisfied:                     (a) Amendment.  The Administrative Agent shall have executed this Amendment and  shall  have  received  a  copy  of  this  Amendment,  executed  and  delivered  by  a  duly  authorized  officer  of  the  Borrower, the Guarantors and the Lenders.                                             - 1 -       USActive 53908037.6

 

                          (b) Representations and Warranties.  Each of the representations and warranties of the  Borrower and the Guarantors in Section 5 below are true and correct in all respects.                     (c) Fees.  The Administrative Agent shall have received the fees (including reasonable  fees, charges and disbursements of external counsel to the Administrative Agent) to be received on the First  Amendment Effective Date.                    5.    Representations and Warranties.  Each Loan Party represents and warrants to the       Administrative Agent and each Lender that as of the First Amendment Effective Date (before and after       giving effect to this Amendment):                     (a) such  Loan  Party has  the  requisite  power  and  authority  to  execute,  deliver  and  perform this Amendment;                     (b) each of the representations and warranties made by such Loan Party herein or in or  pursuant to the Loan Documents is true and correct in all material respects (other than any representation and  warranty expressly subject to an express Material Adverse Effect qualification or any similar qualification as to  materiality, which shall be true and correct in all respects) on and as of the First Amendment Effective Date as  if  such  representation  and  warranty  was  made  on  and  as  of  such  date,  except  to  the  extent  any  such  representation  and  warranty  relates  solely  to  a  specified  prior  date,  in  which  case  such  representation  and  warranty shall be true and correct in all material respects (other than any representation and warranty expressly  subject to an express Material Adverse Effect qualification or any similar qualification as to materiality, which  shall be true and correct in all respects) as of such specified date; and                     (c) both  before  and  after  giving  effect  to  this  Amendment,  no  Default  or  Event  of  Default has occurred and is continuing, or will result from the consummation of the transactions contemplated  by this Amendment.                    6.    Miscellaneous.                     (a) Loan Document.  Each of the parties hereto agrees that this Amendment constitutes  a “Loan Document” for all purposes under the Credit Agreement and the other Loan Documents.                     (b) Limited  Effect.   Except  as  expressly consented  to hereby,  all  of  the  terms  and  provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect  in  accordance  with  their  respective  terms; provided that,  upon  the  effectiveness  of  this  Amendment,  each  reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit  Agreement  as  amended  hereby.   The  amendments  contained  herein  shall  not  be  construed  as  a  waiver  or  amendment of any other provision of the Credit Agreement or the other Loan Documents or for any purpose  except as expressly set forth herein or a consent to any further or future action on the part of the Borrower or  any Guarantors that would require the waiver or consent of the Administrative Agent or any of the Lenders.                     (c) Severability.  In case any of the provisions of this Amendment shall for any reason  be held to be invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not affect any  other  provision  hereof,  and  this  Amendment  shall  be  construed  as  if  such  invalid,  illegal,  or  unenforceable  provision had never been contained herein.                     (d) Execution in Counterparts.  This Amendment may be executed by one or more of  the parties to this Amendment on any number of separate counterparts (including by facsimile transmission or  electronic mail transmission in portable document format of signature pages hereto), and all of said counterparts  taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature                                             - 2 -       USActive 53908037.6 

 

        page of this Amendment by facsimile transmission or by electronic mail in portable document format shall be  effective as delivery of a manually executed counterpart hereof.                       (e) GOVERNING  LAW.  THIS  AMENDMENT         AND  ANY  CLAIMS,  CONTROVERSY, DISPUTE    OR CAUSE OF ACTION    (WHETHER IN CONTRACT    OR TORT OR  OTHERWISE)  BASED  UPON,  ARISING  OUT  OF  OR RELATING  TO  THIS  AGREEMENT  AND  THE  TRANSACTIONS  CONTEMPLATED  HEREBY  SHALL  BE  GOVERNED  BY,  AND  CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.                     (f) Jurisdiction.   The  Borrower and  each  Guarantor irrevocably  and  unconditionally  agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law  or  equity,  whether  in  contract  or  in  tort  or  otherwise,  against  the  Administrative  Agent, any  Lender  or  any  Related  Party  of  the  foregoing  in  any  way  relating  to  this  Amendment or  the  Credit  Agreement or  the  transactions relating hereto or thereto, in any other forum other than the courts of the State of New York and  any United States District Court in the state of New York, and any appellate court from any thereof, and each of  the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all  claims in respect of any such action, litigation or proceeding may be heard and determined in such New York  State court or, to the fullest extent permitted by applicable law, in such federal court.  Each of the parties hereto  agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other  jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Amendment or  the Credit Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to  bring any action or proceeding relating to this Amendment or the Credit Agreement against the Borrower, any  Guarantor or their respective properties in the courts of any jurisdiction.                     (g) Waivers  of  Jury  Trial.  EACH PARTY HERETO  HEREBY  IRREVOCABLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE  LAW,  ANY  RIGHT  IT  MAY  HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING  OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN  DOCUMENT    OR  THE  TRANSACTIONS  CONTEMPLATED  HEREBY     OR  THEREBY  (WHETHER  BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES  THAT  NO  REPRESENTATIVE,  AGENT  OR  ATTORNEY  OF  ANY  OTHER  PERSON  HAS  REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE  EVENT   OF   LITIGATION,   SEEK   TO   ENFORCE    THE   FOREGOING    WAIVER    AND  (B) ACKNOWLEDGES  THAT  IT  AND  THE  OTHER  PARTIES  HERETO  HAVE  BEEN  INDUCED  TO  ENTER  INTO  THIS  AMENDMENT,  THE  CREDIT    AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS  BY,  AMONG  OTHER  THINGS,  THE  MUTUAL  WAIVERS  AND  CERTIFICATIONS  IN  THIS SECTION.                     (h) Integration.  This Amendment represents the agreement of the parties hereto with  respect  to  the  subject  matter  hereof,  and  there  are  no  promises,  undertakings,  representations  or  warranties  relative to subject matter hereof not expressly set forth or referred to herein.                     (i) Binding  Effect. The  execution  and  delivery  of  this  Amendment  by  each  party  hereto shall be binding upon each of such party’s successors and assigns.                       (j) Headings,  etc.   Section  or  other  headings  contained  in  this  Amendment  are  for  reference purposes only and shall not in any way affect the meaning or interpretation of this Amendment.                                  [SIGNATURE PAGES FOLLOW]                                              - 3 -       USActive 53908037.6 

 

               IN WITNESS WHEREOF,      the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.                                                  PORTOLA   PHARMACEUTICALS,       [NC., AS                                                   Borrower                                                  By:                                                   Name:Mardi  Dier                                                   Title: Chief Financial Officer   PORTOLA PTIARMACEUTICALS,  INC. FIRST AMENDMENT  TO CREDIT AGREEMENT

 

 GUARANTORS                                       PORTOLA EU HOLDINGS, LIMITED                                                     By                                                                   Chen                                                       Ti        ident and Treasurer   PORTOLA   PHARMACEUTICALS, INC. FIRST AMENDMENT     TO CREDIT  AGREEMENT

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