Document:

ortx-ex103_169.htm

 

Exhibit 10.3

Amendment Letter

 

7 April 2020

 

From

 

	
 
	
(1)
	
Orchard Therapeutics plc, a company incorporated in England and Wales with company number 11494381 for itself and as Obligors' Agent for and on behalf of the Obligors (the "Company")

 

To

 

	
 
	
(2)
	
Midcap Financial (Ireland) Limited as agent of the other Finance Parties (the "Agent")

 

Recitals:

 

	
 
	
(A)
	
We refer to the senior term facilities agreement dated 24 May 2019 between, amongst others, the Company, the Original Borrower, the Subsidiaries of the Company listed therein as Original Guarantors, the financial institutions listed therein as Original Lenders and Midcap Financial (Ireland) Limited as Arranger, Agent and Security Agent (each term as defined therein) (as amended from time to time) (the "Facilities Agreement").

 

	
 
	
(B)
	
The Company seeks the Lenders' consent to the amendment set out in paragraph 3 (Amendment Request) of this letter.

 

	
1.
	
Definitions and Interpretation

 

	
1.1
	
In this letter:

 

"Effective Date" means the date this letter is countersigned by the Agent.

 

	
1.2
	
Capitalised terms defined in the Facilities Agreement have, unless otherwise defined in this letter, the same meaning in this letter.

 

	
2.
	
Construction

 

The principles of construction set out in the Facilities Agreement have effect as if set out in this letter.

 

	
3.
	
Amendment Request

 

	
3.1
	
The Company requests the Lenders' consent for the following changes:

 

	
 
	
(a)
	
paragraph (b) of the definition of "Availability Period" in Clause 1.1 (Definitions) of the Facilities Agreement shall be deleted in its entirety and be replaced with the following:

 

"in relation to Facility B, the period from and including 1 July 2020 to and including 31 March 2021; and"

 

	
3.2
	
The amendment requested in paragraph 3.1 above requires the consent of all Lenders.

 

Hogan Lovells

  

 

 

	
4.
	
Consent Deadline

 

	
4.1
	
The Company hereby requests that the Agent circulate this letter to the Lenders promptly upon receipt and seeks the Lenders' consent to the amendments referred to in paragraph 3 (Amendment Request) above.

 

	
4.2
	
The Lenders are requested to provide their responses to the amendment request set out in paragraph 3 (Amendment Request) above to the Agent on or before 5pm (London time) on 9 April 2020. By so providing their responses to such amendment request, the Lenders irrevocably authorise and instruct the Agent to execute and agree (for itself and on behalf of the other Finance Parties) all documentation and/or notices (if any) that may be necessary or desirable to implement the amendments set out in paragraph 3 (Amendment Request) above (including, in each case, any consequential amendments relating thereto).

 

	
4.3
	
The Agent is requested, if the amendments in paragraph 3 (Amendment Request) above are granted by the Lenders, to countersign this letter where indicated below and return it to the Company.

 

	
5.
	
Confirmations

 

	
5.1
	
The Company (as Obligors' Agent on behalf of each Obligor and on its own behalf) represents and warrants that the Repeating Representations are true as at the Effective Date by reference to the facts and circumstances existing at the Effective Date on the basis that references in those representations to the Finance Documents include this letter.

 

	
5.2
	
Save as expressly set out in this letter, no consent, waiver or amendment is given by this letter.  The Finance Parties reserve all their rights and remedies in respect of any breach of, or Default under, the Finance Documents.

 

	
5.3
	
The Company (as Obligors' Agent on behalf of each Obligor and on its own behalf) confirms and agrees that:

 

	
 
	
(a)
	
the provisions of the Facilities Agreement and the other Finance Documents (for the avoidance of doubt, including the Transaction Security Documents) shall, save as expressly set out in this letter, continue in full force and effect; and

 

	
 
	
(b)
	
all guarantees and security given by the Obligors pursuant to the Finance Documents will: 

 

	
 
	
(i)
	
continue in full force and effect; and 

 

	
 
	
(ii)
	
extend to the obligations of the relevant Obligors to the Finance Parties under the Finance Documents as amended by this letter.

 

	
6.
	
Miscellaneous

 

	
6.1
	
This letter may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement and any party may enter into this agreement by executing any one or more of the counterparts.

 

	
6.2
	
A person who is not a party to the Facilities Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this letter.

 

  

 

	
6.3
	
The Company reserves the right to withdraw, supplement or revise the request set out in this letter at any time prior to the Effective Date, provided that, if the Company makes any such supplement or revision, it shall promptly provide the Agent with a supplement to this letter setting out such supplement or revision and shall request that the Lenders provide the requisite level of consent to that supplement or revision in addition to the amendment requested at paragraph 3 (Amendment Request) above.

 

	
6.4
	
This letter is hereby designated as a Finance Document by the Agent and the Company in accordance with the terms of the Facilities Agreement.

 

	
7.
	
Governing Law and Enforcement

 

	
7.1
	
This letter and all non-contractual obligations arising in any way whatsoever out of or in connection with it shall be governed by, construed and take effect in accordance with English law.

 

	
7.2
	
Clause 42 (Enforcement) of the Facilities Agreement shall apply to this letter as if set out in full in this letter and as if reference in those provisions to "the Finance Documents" include references to this letter. 

 

This letter has been entered into on the date stated at the beginning of this letter and executed as a deed by the Company and is intended to be and is delivered by the Company as a deed on the date specified above.  Please acknowledge your agreement to the terms of this letter by signing where indicated below.

 

 

  

 

Yours faithfully,

 

	
Executed as a deed by Orchard
Therapeutics plc acting by:
	
)

)

)

	
 
	
Signature of Director
	
  /s/ Hubert Gaspar
	
 

	
 
	
 
	
 

	
 
	
Name of Director
	
Hubert Gaspar

	
 
	
 
	
 

	
In the presence of
	
 

	
 
	
 
	
 

	
 
	
Signature of witness
	
  /s/ John Ilett
	
 

	
 
	
 
	
 

	
 
	
Name of witness
	
John Ilett

	
 
	
 
	
 

	
 
	
Address of witness
	
108 Cannon Street

London

EC4N 6EU

United Kingdom

	
 
	
 
	
 

	
 
	
Occupation of witness
	
Solicitor

 

 

[Signature Page to Amendment No. 1]

 

 

 

We confirm the Lenders have consented to the amendments requested under paragraph 3 (Amendment Request) of this letter.

 

For and on behalf of

Midcap Financial (Ireland) Limited

as Agent for the Lenders

 

By: Apollo Capital Management, L.P., its investment manager

 

By:Apollo Capital Management GP, LLC, its general partner

 

	
By:
	
  /s/ Maurice Amsellem

	
Name:
	
Maurice Amsellem

	
Title:
	
Authorized Signatory

 

 

  [Signature Page to Amendment No. 1]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SECOND
AMENDMENT 
 TO 

SENIOR SECURED REVOLVING CREDIT AGREEMENT 

This SECOND AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of May 7, 2020 (this “Amendment”),
is entered into by and among Bank of America, N.A., individually as a Lender, as administrative agent (in such capacity, “Administrative Agent”) for itself and any other financial institution which is a party hereto as a lender
(each such financial institution is referred to hereinafter individually as a “Lender” and collectively as the “Lenders”), and as collateral agent (in such capacity, “Collateral Agent”) for the
Lenders, the Lenders, PBF Holding Company LLC, a Delaware limited liability company (“Holdings”), Delaware City Refining Company LLC, a Delaware limited liability company (“Delaware City”), Paulsboro Refining
Company LLC, a Delaware limited liability company (“Paulsboro”), Toledo Refining Company LLC, a Delaware limited liability company (“Toledo”), Chalmette Refining, L.L.C., a Delaware limited liability company
(“Chalmette”), Torrance Refining Company LLC, a Delaware limited liability company (“Torrance”), and Martinez Refining Company LLC, a Delaware limited liability company (“Martinez Refining” and,
together with Holdings, Delaware City, Paulsboro, Toledo, Chalmette and Torrance, the “Borrowers” and each individually, a “Borrower”) and the other Loan Parties set forth on the signature pages hereto. 

WHEREAS, the Borrowers, the Lenders, the Administrative Agent and the Collateral Agent are parties to that certain Senior Secured
Revolving Credit Agreement, dated as of May 2, 2018 (as amended by that certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of February 18, 2020, but before giving effect to the amendments contemplated hereby,
the “Existing Credit Agreement”, and as amended by this Amendment, the “Amended Credit Agreement”); 

WHEREAS, the Borrowers have requested that the Lenders agree to amend certain provisions of the Existing Credit Agreement as set forth
herein; and 
 WHEREAS, the Lenders are desirous of amending certain provisions of the Existing Credit Agreement as set forth herein.

 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto
agree as follows: 
 SECTION 1.    DEFINED TERMS.  Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Existing Credit Agreement. 
 SECTION
2.    AMENDMENTS.  Subject only to the satisfaction of the conditions set forth in Section 3 hereof, effective as of the Second Amendment Effective Date (as
defined in Section 3 hereof), the Borrowers, the other Loan Parties and the Lenders agree that Section 6.01(bb) of the Existing Credit Agreement shall be amended and restated in its entirety as follows: “(bb)
general Indebtedness not otherwise permitted by this Section 6.01 in an aggregate amount not to exceed the greater of (x) $100,000,000 and (y) 20% of Total Assets (as determined on the date of incurrence of such
Indebtedness) outstanding at any time;”. 

 SECTION 3.    EFFECTIVENESS.  This
Amendment shall become effective as of the first date on which each of the following conditions has been satisfied or waived (the “Second Amendment Effective Date”): 

(a)    The Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear
the signatures of (i) the Borrowers, (ii) each other Loan Party and (iii) the Required Lenders. 

(b)    The reasonable and documented
out-of-pocket fees and disbursements of Winston & Strawn LLP, as legal counsel to the Administrative Agent, to the extent invoiced to the Borrower prior to the
date of this Amendment, shall be paid by the Borrowers. 
 (c)    Immediately after giving effect to this
Amendment, no Default or Event of Default shall have occurred and be continuing. 
 SECTION 4.    REPRESENTATIONS AND
WARRANTIES.  Each Loan Party hereby represents and warrants that: 
 (a)    (i) The
representations and warranties contained in the Loan Documents shall be true and correct in all material respects (except for those representations or warranties that are conditioned by materiality, which shall be true and correct in all respects)
on and as of the Second Amendment Effective Date to the same extent as though made on and as of such date, except to the extent the such representations and warranties specifically relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects (except for those representations or warranties that are conditioned by materiality, which shall have been true and correct in all respects) on and as of such earlier date; and
(ii) immediately prior to, and after giving effect to, this Amendment and the transactions contemplated hereby, no Default or Event of Default has occurred and is continuing, except the representations and warranties contained in
Section 3.04(a) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 5.01(a) or 5.01(b) of the Credit Agreement, as applicable. 

(b)    Each Loan Party has all requisite corporate or limited liability company (or equivalent) power and authority
to enter into this Amendment and to carry out the transactions contemplated hereby. The execution, delivery and performance of this Amendment have been duly authorized by all necessary corporate or limited liability company (or equivalent) action on
the part of each Loan Party that is a party hereto. The Amendment has been duly executed and delivered by each Loan Party that is a party thereto and when executed and delivered by each Loan Party, will constitute the legally valid and binding
obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 5.    EFFECTS ON LOAN
DOCUMENTS. 
 (a)    By its execution of this Amendment, Martinez Refining assumes all of the rights,
responsibilities and obligations of a Borrower under the Amended Credit Agreement and agrees to all the terms and provisions of the Amended Credit Agreement applicable to it as a Borrower thereunder. 

(b)    On and after the effectiveness of this Amendment, each reference in any Loan Document, and in any other
document or instrument incidental thereto, to the Existing Credit Agreement shall mean and be a reference to the Amended Credit Agreement, and each reference in the Existing Credit Agreement to “this Agreement”, “herein”,
“hereinafter”, “hereto”, “hereof”, and words of similar import shall mean, from and after the Second Amendment Effective Date, the Amended Credit Agreement. 

  
 2 

 (c)    Except as specifically amended herein, all Loan Documents
shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 SECTION 6.    NON-RELIANCE ON AGENTS.  Each Lender acknowledges that it has, independently and without reliance upon the Agents or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Amendment. Each Lender also acknowledges that it will, without reliance upon the Agents or any other Lender and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own credit decisions in taking or not taking action under or based upon this Amendment, the Amended Credit Agreement, any other Loan Document, any related agreement or any document furnished hereunder
or thereunder. 
 SECTION 7.    MISCELLANEOUS. 

(a)    This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed
counterpart of this Amendment. 
 (b)    If any provision of this Amendment is held to be illegal, invalid or
unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 (c)    Each of the parties hereto
hereby agrees that Sections 10.09 and 10.10 of the Existing Credit Agreement are incorporated by reference herein, mutatis mutandis, and shall have the same force and effect with respect to this Amendment as if originally set forth herein. 

[signature pages follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized,
have executed this Amendment as of the day and year first above written. 
  

			
	PBF HOLDING COMPANY LLC, as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	DELAWARE CITY REFINING COMPANY LLC, as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PAULSBORO REFINING COMPANY LLC, as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	TOLEDO REFINING COMPANY LLC, as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	CHALMETTE REFINING L.L.C., as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	TORRANCE REFINING COMPANY LLC, as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  
 [Signature Page to Second
Amendment to Senior Secured Revolving Credit Agreement] 

 
			
	MARTINEZ REFINING COMPANY LLC, as a Borrower
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PBF POWER MARKETING, LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PBF INVESTMENTS LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PBF FINANCE CORPORATION, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PBF SERVICES COMPANY LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PBF ENERGY WESTERN REGION LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  
 [Signature Page to Second
Amendment to Senior Secured Revolving Credit Agreement] 

 
			
	TORRANCE LOGISTICS COMPANY LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	PBF INTERNATIONAL INC., as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	MARTINEZ REFINING COMPANY LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  

			
	MARTINEZ TERMINAL COMPANY LLC, as a Subsidiary Guarantor
		
	By:	 	/s/ John E. Luke
		 	 Name:  John E. Luke

Title:    Treasurer

  
 [Signature Page to Second
Amendment to Senior Secured Revolving Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent, Collateral Agent and a Lender
		
	By:	 	/s/ William J. Wilson
		 	 Name:  William J. Wilson

Title:    Senior Vice President

  
 [Signature Page to Second
Amendment to Senior Secured Revolving Credit Agreement] 

 
			
	[                    ], as a Lender*
		
	By:	 	 
		 	 Name:
 Title:

 * Signatures on file with the Company 

  
 [Signature Page to Second
Amendment to Senior Secured Revolving Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]