Document:

EXHIBIT 10.3

 Exhibit 10.3 
  

			
	 $150,000,000
	 	November 15, 2004

  
 THIS NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501 (a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) PURCHASING FOR INVESTMENT
AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO THE RECEIPT BY THE SERVICER AND THE DEAL AGENT OF A TRANSFEREE LETTER AND SUCH OTHER EVIDENCE ACCEPTABLE TO THE SERVICER AND THE DEAL AGENT THAT SUCH REOFFER,
RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES
AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY
APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT PURCHASING THIS NOTE FOR, ON BEHALF OF OR WITH THE
ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I OF ERISA AND/OR SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR A CHURCH PLAN (AS DEFINED IN SECTION 3(33) OF
ERISA FOR WHICH NO ELECTION HAS BEEN MADE UNDER SECTION 410(d) OF THE CODE) THAT IS SUBJECT TO ANY FEDERAL, STATE, OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (II) PTCE
95–60, PTCE 96–23, PTCE 91–38, PTCE 90–1, PTCE 84–14 OR SOME OTHER PROHIBITED TRANSACTION EXEMPTION IS APPLICABLE TO THE PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE BY THE ACQUIRER. 
  

 1 

 THIS NOTE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT
IN COMPLIANCE WITH THE TERMS OF THE SECOND AMENDED AND RESTATED LOAN FUNDING AND SERVICING AGREEMENT REFERRED TO HEREIN. 
  
 THE PRINCIPAL AMOUNT OF THIS NOTE WILL VARY AS ADVANCES ARE MADE AND PAID DOWN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
BE LESS THAN THE MAXIMUM AMOUNT SHOWN ON THE FACE THEREOF. 
  
 FOR
VALUE RECEIVED, ACS FUNDING TRUST I, a Delaware statutory trust (the “Borrower”), promises to pay to BANK OF AMERICA, NATIONAL ASSOCIATION a national banking association (the “Lender Agent”), as the agent for YC
SUSI TRUST, a Delaware statutory trust (the “Conduit Lender”) or its or the Conduit Lender’s successors or assigns, the principal sum of ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) or, if less, the unpaid principal amount
of the aggregate loans (“Advances”) made by the Conduit Lender to the Borrower pursuant to the Second Amended and Restated Loan Funding and Servicing Agreement (as defined below), as set forth on the attached Schedule, on the dates
specified in the Second Amended and Restated Loan Funding and Servicing Agreement, and to pay interest on the unpaid principal amount of each Advance on each day that such unpaid principal amount is outstanding at the applicable Interest Rate
related to such Advance as provided in the Second Amended and Restated Loan Funding and Servicing Agreement on each Payment Date and each other dates specified in the Second Amended and Restated Loan Funding and Servicing Agreement. 
  
 This Note is issued pursuant to the Second Amended and Restated Loan Funding
and Servicing Agreement, dated as of August 10, 2004 (as amended, modified, waived, supplemented or restated from time to time, the “Second Amended and Restated Loan Funding and Servicing Agreement”), by and among the Borrower,
American Capital Strategies, Ltd., as the servicer, the Conduit Lenders and Institutional Lenders from time to time party thereto, the Lender Agents from time to time party thereto, Wachovia Capital Markets, LLC, as the deal agent, JPMorgan Chase
Bank, as the swingline lender, and Wells Fargo Bank, National Association, as the backup servicer and as the collateral custodian. Capitalized terms used but not defined in this Note are used with the meanings ascribed to them in the Second Amended
and Restated Loan Funding and Servicing Agreement. 
  
 Notwithstanding any other provisions contained in this Note, if at any time the rate of interest payable by the Borrower under this Note, when combined with any and all other charges provided for in this Note, in the Second Amended and
Restated Loan Funding and Servicing Agreement or in any other document (to the extent such other charges would constitute interest for the purpose of any applicable law limiting interest that may be charged on this Note), exceeds the highest rate of
interest permissible under applicable law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be exceeded the rate of interest under this Note shall be equal to the Maximum Lawful Rate. If at any time
thereafter the rate of interest payable under this Note is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest under this Note at the Maximum Lawful Rate until such time as the total interest paid by the Borrower is equal
to the total interest that would have been paid had applicable law not 
  

 1 

 limited the interest rate payable under this Note. In no event shall the total interest received by the Conduit Lender
under this Note exceed the amount which the Conduit Lender could lawfully have received had the interest due under this Note been calculated since the date of this Note at the Maximum Lawful Rate. 
  
 Payments of the principal of, and interest on, Advances represented by this
Note shall be made by the Borrower to the holder hereof by wire transfer of immediately available funds in the manner and at the address specified for such purpose as provided in Article 2 of the Second Amended and Restated Loan Funding and
Servicing Agreement, or in such manner or at such other address as the holder of this Note shall have specified in writing to the Borrower for such purpose, without the presentation or surrender of this Note or the making of any notation on this
Note. 
  
 If any payment under this Note falls due on a day that
is not a Business Day, then such due date shall be extended to the next succeeding Business Day and interest shall be payable on any principal so extended at the applicable Interest Rate. 
  
 If all or a portion of (i) the principal amount hereof or (ii) any interest payable thereon or (iii) any other amounts
payable hereunder shall not be paid when due (whether at maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is equal to the Base Rate plus 1.0%, in each case from the date of such non-payment to
(but excluding) the date such amount is paid in full. 
  
 Portions
or all of the principal amount of the Note shall become due and payable at the time or times set forth in the Second Amended and Restated Loan Funding and Servicing Agreement. Any portion or all of the principal amount of this Note may be prepaid,
together with interest thereon (and as set forth in the Second Amended and Restated Loan Funding and Servicing Agreement, certain costs and expenses of the Conduit Lender) at the time and in the manner set forth in, but subject to the provisions of,
the Second Amended and Restated Loan Funding and Servicing Agreement. 
  
 Except as provided in the Second Amended and Restated Loan Funding and Servicing Agreement, the Borrower expressly waives presentment, demand, diligence, protest and all notices of any kind whatsoever with respect to this Note. 

 
 All amounts evidenced by this Note, the Conduit Lender’s making such
Advance and all payments and prepayments of the principal hereof and the respective dates and maturity dates thereof shall be endorsed by the Lender Agent on the schedule attached hereto and made a part hereof or on a continuation thereof which
shall be attached hereto and made a part hereof, or otherwise recorded by the Lender Agent in its internal records; provided, however, that the failure of the Lender Agent to make such a notation shall not in any way limit or otherwise affect the
obligations of the Borrower under this Note as provided in the Second Amended and Restated Loan Funding and Servicing Agreement. 
  
 The holder hereof may sell, assign, transfer, negotiate, grant participations in or otherwise dispose of all or any portion of any Advances made by the
Conduit Lender and represented by this Note and the indebtedness evidenced by this Note. 
  

 2 

 This Note is secured by the security interests granted pursuant to Section 8.1 of the Second
Amended and Restated Loan Funding and Servicing Agreement. The holder of this Note, as agent for the Conduit Lender, is entitled to the benefits of the Second Amended and Restated Loan Funding and Servicing Agreement and may enforce the agreements
of the Borrower contained in the Second Amended and Restated Loan Funding and Servicing Agreement and exercise the remedies provided for by, or otherwise available in respect of, the Second Amended and Restated Loan Funding and Servicing Agreement,
all in accordance with, and subject to the restrictions contained in, the terms of the Second Amended and Restated Loan Funding and Servicing Agreement. If a Termination Event shall occur and be continuing, the unpaid balance of the principal of all
Advances, together with accrued interest thereon, shall be declared, and become due and payable in the manner and with the effect provided in the Second Amended and Restated Loan Funding and Servicing Agreement. 
  
 This Note is one of the “Structured Notes” referred to in the
Second Amended and Restated Loan Funding and Servicing Agreement. This Note shall be construed in accordance with and governed by the laws of the State of New York. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 3 

 IN WITNESS WHEREOF, the undersigned has executed this Note as on the date first written above.

  

			
	ACS FUNDING TRUST I,
	as the Borrower
		
	By:	 	 /s/ Malon Wilkus

	Name:	 	Malon Wilkus
	Title:	 	Beneficiary Trustee

  

 4 

 SCHEDULE TO NOTE 
  

							
	 Date of
 Advance or
 Repayment

	 	 Principal
 Amount of
 Advance

	 	 Principal
 Amount of
 Repayment

	  	 Outstanding
 Principal
 Amount

  

 5Amendment No. 3 to the Rights Agreement

 Exhibit 4.4 
  

AMENDMENT NO. 3 TO RIGHTS AGREEMENT 
  
 This Amendment No. 3 (“Amendment No. 3”) is made as of November 16, 2004 to the Rights Agreement, dated as of February 14, 1997, by and
between Alexion Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company (the “Rights Agent”), as amended by Amendment No. 1 thereto, dated as of September
18, 2000, and Amendment No. 2 thereto, dated as of December 12, 2001 (collectively, the “Rights Agreement”). Capitalized terms not herein defined shall have the meaning ascribed thereto in the Rights Agreement. 
  
 WHEREAS, pursuant to Section 26 of the Rights Agreement, the Company may and
the Rights Agent shall, if the Company so directs, amend any provision of the Rights Agreement in any respect whatsoever at any time prior to the Stock Acquisition Date; 
  
 WHEREAS, the Stock Acquisition Date has not occurred; and 
  
 WHEREAS, the Company desires to amend the Rights Agreement to, among other things, remove its so-called “dead
hand” provisions which grant only Continuing Directors the right to redeem the Rights; 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereby agree as follows: 
  
 1. Amendment to Section 1. Each of Sections 1(k) and 1(s) of the Rights Agreement is hereby deleted in its entirety
and replaced with the following: “Intentionally Omitted”. 
  
 2. Amendment to Section 11(a)(ii). The first sentence of Section 11(a)(ii) of the Rights Agreement is hereby amended (a) by deleting the clause “who are not Acquiring Persons or representatives, nominees, Affiliates or
Associates of an Acquiring Person (the ‘Outside Directors’)” therein and (b) by replacing the defined term “Outside Directors” with “Directors” in the parenthetical clause in Section 11(a)(ii)(A) thereof.

  
 3. Amendment to Section 23. 
  
 (a) The first sentence of Section 23(a) of the Rights
Agreement is hereby amended by deleting the first parenthetical clause therein, which reads “(which resolution shall, if adopted following the Stock Acquisition Date, be effective only with the concurrence of a majority of the Continuing
Directors and only if the Continuing Directors constitute a majority of the number of directors then in office)”, in its entirety. 
  
 (b) The first sentence of Section 23(b) of the Rights Agreement is hereby amended (i) by deleting the first parenthetical clause therein,
which reads “(with, if required, the concurrence of a majority of the Continuing Directors)”, in its entirety and (ii) by deleting the clause “, with the concurrence of a majority of the Continuing Directors,” in the second
parenthetical clause therein. 
  

 - 1 - 

 4. Amendment to Section 23A(a). The first sentence of Section 23A(a) of the Rights Agreement is
hereby amended by deleting the first parenthetical clause therein, which reads “(with the concurrence of a majority of the Continuing Directors and only if the Continuing Directors constitute a majority of the number of Directors then in
office)”, in its entirety. 
  
 5. Amendment to Section
25. Section 25 of the Rights Agreement is hereby amended by (a) deleting the address “25 Science Park, New Haven, Connecticut 06511” and replacing it with “352 Knotter Drive, Cheshire, Connecticut 06410”, (b) deleting the
address “2 Broadway, 19th Floor, New York, NY 10004” and replacing it with “17 Battery Place, New
York, New York 10004” and (c) replacing “Attention: Secretary” with “Attention: General Counsel”. 
  
 6. Amendment to Section 26. Section 26 of the Rights Agreement is hereby amended (a) by deleting the first parenthetical clause in the second
sentence thereof, which reads “(which resolution shall be effective only with the concurrence of a majority of the Continuing Directors, and only if the Continuing Directors constitute a majority of the number of directors then in
office)”, in its entirety and (b) by deleting the parenthetical clause in clause (A) of the proviso to the second sentence thereof, which reads “(with, where required, the concurrence of a majority of the Continuing Directors)”, in
its entirety. 
  
 7. Amendment to Section 28. Section 28 of
the Rights Agreement is hereby amended (a) by deleting the parenthetical clause which reads “(with, where specifically provided for herein, the concurrence of the Continuing Directors or the Outside Directors)” in each instance such
parenthetical clause appears in the second and last sentences thereof in its entirety, (b) by replacing the clause “the Outside Directors or the Company” with “the Company” immediately prior to clause (i) of the last sentence
thereof and (c) by deleting the clause “, the Continuing Directors or the Outside Directors” in clause (iii) of the last sentence thereof. 
  
 8. Amendment to Section 30. The last sentence of Section 30 of the Rights Agreement is hereby amended by deleting the clause “with the
concurrence of a majority of the Continuing Directors or the Outside Directors or by the Outside Directors” therein. 
  
 9. Amendments to Exhibit C. Exhibit C (the Summary of Rights to Purchase Preferred Stock), to the Rights Agreement is hereby amended (a) by
deleting the clause “who are not Acquiring Persons or representatives or nominees of or affiliated or associated with an Acquiring Person” in the first sentence of the sixth paragraph thereof, (b) by deleting the second sentence in the
eighth paragraph thereof in its entirety and (c) by deleting the clause “, with the concurrence of a majority of the Continuing Directors,” in the ninth paragraph thereof. 
  
 10. No Further Amendment. Except as expressly amended by this Amendment No. 3, the Rights Agreement shall remain in
full force and effect as the same was in effect immediately prior to the date of this Amendment No. 3. 
  
 11. Counterparts. This Amendment No. 3 may be executed in one or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same document. 
  

 - 2 - 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment No. 3 to be executed in its
respective corporate name by one of its duly authorized officers, all as of the date first above written. 
  

			
	ALEXION PHARMACEUTICALS, INC.
		
	By:	 	 /s/ David W. Keiser

	Name:	 	David W. Keiser
	Title:	 	President
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 /s/ Roger Bernhammer

	Name:	 	Roger Bernhammer
	Title:	 	Vice President

  

 - 3 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]