Document:

xoma-ex1065_341.htm

Exhibit 10.65

 

 

	
 

AMENDMENT N°3

TO THE LOAN AGREEMENT

entered into as of December 30, 2010

 

BETWEEN:

 

XOMA (US) LLC, a Delaware limited liability company having a place of business at 2910 Seventh Street, Berkeley, California 94710 (''XOMA")

 

on the one hand,

 

AND:

 

Les Laboratoires Servier, a corporation organized and existing under the laws of France, having offices at 50 rue Carnot, 92284 Suresnes, France, and Institut de Recherches Servier, a corporation organized and existing under the laws of France having offices at 3, rue de la Republique, 92150 Suresnes (these two entities jointly referred to as "SERVIER")

 

on the other hand,

 

XOMA and SERVIER are referred to herein individually as a "Party" and collectively as the "Parties".

 

WHEREAS, SERVIER and XOMA are parties to an Amended and Restated Collaboration Agreement entered into as of February 14, 2012, and amended by an Amendment N°1 thereto dated as of November 4, 2014 (as such may be further amended by the parties thereto, the "Collaboration Agreement") pursuant  to which, among other things, XOMA and SERVIER established a collaboration for the continued development, regulatory approval and commercialization  of products comprising or incorporating XOMA's monoclonal  antibody designated XOMA 052 (gevokizumab), and XOMA granted to SERVIER certain exclusive development and commercialization rights therein outside the United States and Japan;

 

WHEREAS, SERVIER and XOMA are parties to a Loan Agreement entered into as of December 30, 2010, as amended by a Consent, Transfer, Assumption and Amendment Agreement entered into as of August 12, 2013, and as further amended by an Amendment N°2 to the Loan Agreement entered into as of January 9, 2015 (as such may be further amended by the parties thereto, the "Loan Agreement") pursuant to which, among other things, SERVIER made a loan to XOMA; and

 

WHEREAS, SERVIER and XOMA have agreed to further modify the Loan Agreement.

 

 

 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, including a modification on even date herewith of the Collaboration Agreement, the Parties hereto mutually agree to amend the Loan Ag.reem. ent, as follows:

	
1.
	
Definitions. All capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement, except if they are otherwise defined in this Amendment, in which case they shall have the meaning ascribed to them in this Amendment.

	
2.
	
General. Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect and, as modified or amended, is hereby ratified, confirmed and approved. No provision of this Amendment N°3 may be modified or amended except expressly in a writing signed by both Parties nor shall any terms be waived except expressly in a writing signed by both Parties charged therewith.

 

	
ARTICLE 1
	
AMENDMENT OF THE DEFINITION OF "MATURITY DATE" SET OUT IN ARTICLE 1 OF THE LOAN AGREEMENT

 

The definition of "Maturity Date" set out in Article 1 of the Loan Agreement is hereby deleted in its entirety and replaced by the following:

 

"Maturity Date" means January 15, 2018.

 

ARTICLE 2AMENDMENT OF SECTIONS 3.2 AND 3.3 OF THE LOAN AGREEMENT

 

Section 3.2 of the Loan Agreement is hereby deleted in its entirety and replaced by the following:

 

3.2Principal Repayment. XOMA US  shall make the following principal repayment payments to SERVIER:

(a)three million euros (€3,000,000) on  January 15, 2016 (which repayment has already been received by SERVIER),

(b)five million euros (€5,000,000) on July 15, 2017, and

(c)seven million euros (€7,000,000) on the Maturity Date.

For the avoidance of doubt, notwithstanding any provision to the contrary (including Section 3.1(c) and the above terms in this Section 3.2), all outstanding principal, together with all accrued and unpaid interest, shall be due and payable by XOMA US on the Maturity Date, even if such Maturity Date (as determined according to the definition thereof set out in Article 1) occurs prior to one or more of the repayment dates set out above.

 

ARTICLE 3 OTHER PROVISIONS

 

XOMA and SERVIER hereby covenant that each will, at any time and from time to time upon request by any other, and without the assumption of any additional execute and deliver such 

 

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further documents and do such further acts as such party may reasonably request in order to fully effect the purpose of this Amendment N°3.

 

It is understood between the Parties that XOMA shall assume all costs related to any administrative registration that is reasonably required to give fully effect to this Amendment N°3.

 

This Amendment N°3 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 agreement.

 

All other terms of the Loan Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the undersigned by their duly authorised representatives have executed this Amendment Agreement on the date set forth below.

 

In Suresnes and San Francisco, on January 17th, 2017

 

LES LABORATOIRES SERVIER

 

	
By:
	
  /s/ Christian Bazantay
	
 
	
By:
	
  /s/ James R. Neal 

	
Name: 
	
Mr Christian BAZANTAY
	
 
	
Name: 
	
James R. Neal

	
Title:  
	
Proxy
	
 
	
Title:
	
Senior Vice President and COO

 

	
By:
	
  /s/ Eric Falcand
	
 
	
 
	
 

	
Name: 
	
Eric FALCAND
	
 
	
 
	
 

	
Title:  
	
Proxy
	
 
	
 
	
 

 

INSTITUT DE RECHERCHES SERVIER

 

	
By:
	
  /s/ Christian Bazantay
	
 
	
 
	
 

	
Name: 
	
Mr Christian BAZANTAY
	
 
	
 
	
 

	
Title:  
	
Proxy
	
 
	
 
	
 

 

 

3xoma-ex1066_342.htm

 

Exhibit 10.66

AMENDMENT NO. 1 

TO

LOAN AND SECURITY AGREEMENT

THIS AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT (sometimes referred to herein as this “Amendment” and also as the “First Amendment”) is dated as of December 20, 2016, and is entered into by and among XOMA CORPORATION, a Delaware corporation, XOMA (US) LLC, a Delaware limited liability company, and XOMA COMMERCIAL LLC, a Delaware limited liability company and each of their Affiliates from time to time made parties (each individually referred to as a “Borrower” and collectively referred to as the “Borrower”) to that certain Loan and Security Agreement dated as of February 27, 2015, Xoma Technology Ltd., a Bermuda exempted company (“Guarantor”), the several banks and other financial institutions or entities from time to time parties to the Agreement (collectively, referred to as “Lender”) and HERCULES CAPITAL, INC., formerly known as Hercules Technology Growth Capital, Inc., a Maryland corporation, in its capacity as administrative agent for itself and the Lender (in such capacity “Agent”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below).

RECITALS

A.Borrower, Guarantor, Agent and Lender have entered into that certain Loan and Security Agreement dated as of February 27, 2015 (as amended and may be further amended,  restated,  or otherwise modified, the “Loan Agreement”), pursuant to which Lender has agreed to extend and make available to Borrower certain advances of money.

B.Borrower has requested Lender’s consent to certain transfers of rights in connection with specific license agreements to Health Care Royalty Partners II, L.P., and Lender has agreed to provide such consent pursuant to that certain Consent to Transfers dated as of December 20, 2016, by and among Borrower, Lender and Agent.

C.Borrower, Guarantor, Agent and Lender have agreed to amend the Loan Agreement upon the terms and conditions more fully set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows:

1.AMENDMENTS.

1.1Section 2.2.  A new Section 2.2(e) is hereby inserted immediately after Section 2.2(d):

2.2(e) Special Payment. Provided that on or before January 4, 2017, Borrower consummates the transactions contemplated by that certain Consent to Transfers dated as of December 20, 2016, by and among Borrower, Lender and Agent, relating to certain Royalty Interest Acquisition Agreements between Borrower and HealthCare Royalty Partners II, L.P., Borrower shall make a special, one-time principal payment toward the outstanding principal under the Term Loan in the amount of $10,000,000 (the “Special Payment”) on January 13, 2017. 

 

 

The Special Payment shall not be subject to any Prepayment Charges pursuant to Section 2.5 hereof.

1.2Exhibits and Schedules. The exhibits and schedules previously provided to or by Agent and Lender as of June 24, 2015 are hereby updated and amended, if applicable, as of the date of the First Amendment by the exhibits and schedules attached to this First Amendment.

2.BORROWER’S REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants that:

(a)Immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Default or Event of Default has occurred and is continuing with respect to which Borrower has not been notified in writing by Lender;

(b)Borrower has the corporate power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

(c)the certificate of incorporation, bylaws and other organizational documents of Borrower delivered to Lender on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated since the Closing Date and are and continue to be in full force and effect;

(d)the execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of Borrower;

(e)this Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights; and

(f)as of the date hereof, it has no defenses against the obligations to pay any amounts under the Secured Obligations. Borrower acknowledges that Lender has acted in good faith and has conducted in a commercially reasonable manner in its relationships with Borrower in connection with this Amendment and in connection with the Loan Documents.

Borrower understands and acknowledges that Lender is entering into this Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate.

3.LIMITATION. The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Lender may now have or may have in the future under or in connection with the Loan Agreement or any instrument or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the execution and delivery of which 

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is consented to hereby, or to any waiver of any of the provisions thereof. Except as expressly amended hereby, the Loan Agreement shall continue in full force and effect.

4.EFFECTIVENESS. This Amendment shall become effective upon Agent’s receipt of a fully executed Amendment.

5.COUNTERPARTS. This Amendment may be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an original of this Amendment. This Amendment may be executed by facsimile, portable document format (.pdf) or similar technology signature, and such signature shall constitute an original for all purposes.

6.INCORPORATION BY REFERENCE. The provisions of Section 11 of the Loan Agreement shall be deemed incorporated herein by reference, mutatis mutandis.

[signature page follows]

 

 

 

3

 

IN WITNESS WHEREOF, the parties have duly authorized and caused this Amendment to be executed as of the date first written above.

BORROWER:

 

	
XOMA CORPORATION
	
 
	
XOMA (US) LLC

	
 
	
 
	
 

	
Signature:/s/ James R. Neal
	
 
	
Signature: s/ James R. Neal

	
 
	
 
	
 

	
Print Name: James R. Neal
	
 
	
Print Name: James R. Neal

	
 
	
 
	
 

	
Title: Senior Vice President and Chief Operating Officer
	
 
	
Title:Senior Vice President and Chief Operating Officer

	
 
	
 
	
 

	
XOMA COMMERCIAL LLC
	
 
	
 

	
 
	
 
	
 

	
Signature: /s/ James R. Neal
	
 
	
 

	
 
	
 
	
 

	
Print Name: James R. Neal
	
 
	
 

	
 
	
 
	
 

	
Title: Senior Vice President and Chief Operating Officer
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
GUARANTOR:
	
 
	
 

	
 
	
 
	
LENDER:

	
XOMA TECHNOLOGY LTD.
	
 
	
 

	
 
	
 
	
HERCULES TECHNOLOGY III, L.P.,

	
Signature: /s/ Tom Burns
	
 
	
a Delaware limited partnership

	
 
	
 
	
 

	
Print Name: Tom Burns
	
 
	
By: Hercules Technology SBIC Management, LLC, its General Partner

	
Title: Vice President of Finance/Chief Financial Officer
	
 
	
By: Hercules Capital, Inc., its Manager

By:  /s/   Jennifer Choe

	
 
	
 
	
Jennifer Choe, Assistant General Counsel

	
Accepted in Palo Alto, California:
	
 
	
 

	
AGENT:
	
 
	
 

	
 
	
 
	
 

	
HERCULES CAPITAL, INC.
	
 
	
 

	
 
	
 
	
 

	
By:/s/   Jennifer Choe
	
 
	
 

	
Jennifer Choe, Assistant General Counsel
	
 
	
 

 

 

 

 

Table of Exhibits and Schedules

Exhibit F:Compliance Certificate

 

 

EXHIBIT F

COMPLIANCE CERTIFICATE

Hercules Capital, Inc. (as “Agent”) 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301

Reference is made to that certain Loan and Security Agreement dated February 27, 2015 and all ancillary documents entered into in connection with such Loan and Security Agreement all as may be amended from time to time, (hereinafter referred to collectively as the “Loan Agreement”) by and among Hercules Technology Growth Capital, Inc. (the “Agent”), the several banks and other financial institutions or entities from time to time party thereto (collectively, the “Lender”), XOMA Corporation (the “Company”), XOMA (US) LLC, and XOMA Commercial LLC, as Borrower, and XOMA Technology Ltd, as Guarantor. All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement.

The undersigned is an Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide certification of information regarding the Company; hereby certifies that in accordance with the terms and conditions of the Loan Agreement, except as set forth below, the Company is in compliance for the period ending             of all covenants, conditions and terms of the Loan Agreement and, except as set forth below, hereby reaffirms that all representations and warranties contained therein are true and correct on and as of the date of this Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the above certification. The undersigned further certifies that these are prepared in accordance with GAAP (except for the absence of footnotes with respect to unaudited financial statements and subject to normal yearend adjustments) and are consistent from one period to the next except as explained below.

 

	
REPORTING REQUIREMENT
	
REQUIRED
	
CHECK IF

ATTACHED

	
Cash Balance Report
	
Monthly within 30 days
	
 

	
Interim Financial Statements (if applicable)
	
Monthly within 30 days
	
 

	
Interim Financial Statements
	
Quarterly within 45 days
	
 

	
Audited Financial Statements
	
FYE within 150 days
	
 

 

The undersigned hereby also confirms the below disclosed accounts represent all depository accounts and securities accounts presently open in the name of each Borrower or Borrower Subsidiary/Affiliate, as applicable.

 

 

 

	
 
	
Depository

AC #
	
Financial Institution
	
Account 

Type 

(Depository / 

Securities)
	
Last

Month 

Ending 

Account Balance
	
Purpose of

Account

	
BORROWER

Name/Address:
	
 

	
 
	
1
	
 
	
 
	
 
	
 
	
 

	
2
	
 
	
 
	
 
	
 
	
 

	
3
	
 
	
 
	
 
	
 
	
 

	
4
	
 
	
 
	
 
	
 
	
 

	
5
	
 
	
 
	
 
	
 
	
 

	
6
	
 
	
 
	
 
	
 
	
 

	
7
	
 
	
 
	
 
	
 
	
 

	
 

	
BORROWER SUSIDIARY/ AFFILIATE COMPANY

Name/Address
	
 

	
 
	
1
	
 
	
 
	
 
	
 
	
 

	
2
	
 
	
 
	
 
	
 
	
 

	
3
	
 
	
 
	
 
	
 
	
 

	
4
	
 
	
 
	
 
	
 
	
 

	
 

 

	
Very Truly Yours,

	
 

	
XOMA, INC.

	
 

	
By:
	
 
	
 

	
 
	
 
	
 

	
Name:
	
 
	
 

	
 
	
 
	
 

	
Its:

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