Document:

Exhibit 10.1

 

Certain information has been omitted
from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm
to the registrant if publicly disclosed.

 

Execution Version

 

 

SECOND
Amended and Restated CREDIT AND SECURITY AGREEMENT

 

This SECOND AMENDED AND RESTATED CREDIT
AND SECURITY AGREEMENT (this “Agreement”), dated as of February 5, 2019 (the “Closing Date”)
by and among MIDCAP FINANCIAL TRUST, a Delaware statutory trust (“MidCap”), as administrative agent,
the Lenders listed on the Credit Facility Schedule attached hereto and otherwise party hereto from time to time (each a “Lender”,
and collectively the “Lenders”), BIOCRYST PHARMACEUTICALS, INC., a Delaware corporation (“BioCryst”),
MDCP, LLC, a Delaware limited liability company (“Peramivir SPE”), and the other entities shown as signatories
hereto as a Borrower (collectively in the singular, “Borrower”), provides the terms on which Lenders agree to
lend to Borrower and Borrower shall repay the Lenders.

 

RECITALS

 

WHEREAS,
Borrower, Agent and certain Lenders are parties to that certain Credit and Security Agreement (as amended and restated by that
certain Amended and Restated Credit and Security Agreement, dated as of July 20, 2018 and as further amended, restated, supplemented
or otherwise modified prior to the date hereof, the “Existing Credit Agreement”), dated as of September 23,
2016, pursuant to which certain Lenders made certain term loans available to Borrower, including a term loan in an original principal
amount of Thirty Million Dollars ($30,000,000), all of which remains outstanding immediately prior to the Closing Date; 

 

WHEREAS,
in connection with the continued working capital and other needs of Borrower, Borrower has requested, among other things, that
Agent and Lenders (a) provide for new Credit Facilities, subject to the terms and conditions set forth herein, and (b) amend certain
other economic terms, covenants and other provisions of the Existing Credit Agreement; and

 

WHEREAS,
Agent and Lenders have agreed to the requests of Borrower and the other Credit Parties on the terms and conditions set forth herein
and in the other Financing Documents.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree to amend and restate the Existing Credit Agreement in its
entirety as follows:

 

		1.	ACCOUNTING AND OTHER TERMS

 

Accounting terms not
defined in this Agreement shall be construed in accordance with GAAP. Calculations and determinations must be made in accordance
with GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 15. All other
terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms
are defined therein. All headings numbered without a decimal point are herein referred to as “Articles,” and all paragraphs
numbered with a decimal point (and all subparagraphs or subsections thereof) are herein referred to as “Sections.”
All references herein to a merger, transfer, consolidation, amalgamation, assignment, sale
or transfer, or analogous term, will be construed to mean also a division of or by a limited liability company, as if it were a
merger, transfer, consolidation, amalgamation, assignment, sale or transfer, or similar term, as applicable. Any series of limited
liability company shall be considered a separate Person.

 

		2.	CREDIT FACILITIES AND TERMS

 

2.1               
Promise to Pay. Borrower hereby unconditionally promises to pay to each Lender, in accordance with each Lender’s
respective Pro Rata Share of each Credit Facility, the outstanding principal amount of all Credit Extensions made by the Lenders
under such Credit Facility and accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance
with this Agreement.

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

2.2               
Credit Facilities. Subject to the terms and conditions hereof, each Lender, severally, but not jointly, agrees to
make available to Borrower Credit Extensions in respect of each Credit Facility set forth opposite such Lender’s name on
the Credit Facility Schedule, in each case not to exceed such Lender’s commitment as identified on the Credit Facility Schedule
(such commitment of each Lender, as it may be amended to reflect assignments made in accordance with this Agreement or terminated
or reduced in accordance with this Agreement, its “Applicable Commitment”, and the aggregate of all such commitments
of all Lenders, the “Applicable Commitments”). For the avoidance of doubt, $30,000,000 of the principal amount
of Credit Facility #1 shall be deemed fully funded on the Closing Date by rolling over the outstanding principal amount of Credit
Facility #1 under (and as defined in) the Existing Credit Agreement, an additional $20,000,000 shall be funded on the Closing Date
and the Applicable Commitment of each Lender in respect of Credit Facility #1 shall be deemed to be $0 immediately following the
Closing Date.

 

2.3               
Credit Facilities.

 

(a)                
Nature of Credit Facility; Credit Extension Requests. Credit Extensions in respect of a Credit Facility may be requested
by Borrower during the Draw Period for such Credit Facility. For any Credit Extension requested under a Credit Facility (other
than Credit Extensions on the Closing Date), Agent must receive the completed Credit Extension Form by 12:00 noon (New York time)
[***] prior to the date the Credit Extension is to be funded (but, for the avoidance of doubt, such notice may not be sent
prior to the applicable Commitment Commencement Date for such Credit Facility). To the extent any Credit Facility proceeds are
repaid for any reason, whether voluntarily or involuntarily (including repayments from insurance or condemnation proceeds), Agent
and the Lenders shall have no obligation to re-advance such sums to Borrower.

 

(b)               
Principal Payments. Principal payable on account of a Credit Facility shall be payable by Borrower to Agent, for
the account of the applicable Lenders in accordance with their respective Pro Rata Shares, immediately upon the earliest of (i)
the date(s) set forth in the Amortization Schedule for such Credit Facility, or (ii) the Maturity Date. Except as this Agreement
may specifically provide otherwise, all prepayments of Credit Extensions under the Credit Facilities shall be applied by Agent
to the applicable Credit Facility in inverse order of maturity. Subject to the foregoing sentence, the monthly payments required
under the Amortization Schedule shall continue in the same amount (for so long as the applicable Credit Facility shall remain outstanding)
notwithstanding any partial prepayment, whether mandatory or optional, of the applicable Credit Facility.

 

(c)                
Mandatory Prepayment. If a Credit Facility is accelerated following the occurrence of an Event of Default, Borrower
shall immediately pay to Agent, for payment to each Lender in accordance with its respective Pro Rata Share, an amount equal to
the sum of: (i) all outstanding principal of the Credit Facility and all other Obligations, plus accrued and unpaid interest
thereon, (ii) any fees payable under the Fee Letters by reason of such prepayment, (iii) the Applicable Prepayment Fee as specified
in the Credit Facility Schedule for the Credit Facility being prepaid, and (iv) all other sums that shall have become due and payable,
including Protective Advances. Additionally, at the election of Agent, Borrower shall prepay the Credit Facilities (to be allocated
pro rata among the outstanding Credit Extensions under all Credit Facilities) in the following amounts: (A) on the date on which
any Credit Party (or Agent as loss payee or assignee) receives any casualty proceeds in excess of [***] in respect of assets
upon which Agent maintained a Lien, an amount equal to [***] of such proceeds (net of out-of-pocket expenses and, in the
case of personal property, repayment of any permitted purchase money debt encumbering the personal property that suffered such
casualty), or such lesser portion of such proceeds as Agent shall elect to apply to the Obligations; and (B) upon receipt by any
Credit Party of the proceeds of any asset disposition of personal property not made in the Ordinary Course of Business (other than
transfers permitted by Section 7.1) an amount equal to [***] of the net cash proceeds of such asset disposition (net of
out-of-pocket expenses and repayment of any permitted purchase money debt encumbering such asset), or such lesser portion as Agent
shall elect to apply to the Obligations. Notwithstanding the foregoing, (a) so long as no Default or Event of Default has occurred
and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to [***] (other than
with respect to losses of property comprised of Inventory and Clinical Trial Materials, as to which no dollar limit shall apply)
in the aggregate with respect to any property loss in any one (1) year, toward the replacement or repair of destroyed or damaged
property; provided that any such replaced or repaired property (x) shall be of greater, equal, or like value as the replaced
or repaired Collateral and (y) shall be deemed Collateral in which Agent and the Lenders have been granted a first priority security
interest, and (b) after the occurrence and during the continuance of a Default or Event of Default, all proceeds payable under
such casualty policy shall, at the option of Agent, be payable to Agent, for the ratable benefit of the Lenders, on account of
the Obligations.

 

    	 	2	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(d)               
Permitted Prepayment. Except as provided below, Borrower shall have no right to prepay the Credit Extensions made
in respect of a Credit Facility. For the applicable Credit Facility as specified in the Credit Facility Schedule therefor, Borrower
shall have the option to prepay such Credit Facility advanced by the Lenders under this Agreement in whole or in part, provided
that (i) each such prepayment (other than a prepayment in whole) shall be in an amount equal to $1,000,000 or a higher integral
multiple of $1,000,000, (ii) Borrower provides written notice to Agent and each Lender of its election to make such prepayment
and the amount of such prepayment on the date that is [***] prior to such prepayment and (ii) Borrower pays to Agent, for
payment to each applicable Lender in accordance with its respective Pro Rata Share, on the date of such prepayment, an amount equal
to the sum of (A) the principal amount being so prepaid, plus accrued interest thereon, (B) any fees payable under the Fee
Letters by reason of such prepayment, (C) the Applicable Prepayment Fee as specified in the Credit Facility Schedule for the Credit
Facility being prepaid, and (D) all Protective Advances. To the extent requested by Borrower, Agent shall provide, within [***]
of Borrower’s request therefor, payoff documentation, which shall be in form and substance satisfactory to Agent and Lenders,
with respect to any proposed prepayment in whole of the Credit Extensions. Any notice of prepayments given by Borrowers shall be
irrevocable unless all Lenders otherwise agree in writing.

 

2.4               
Reserved.

 

2.5               
Reserved.

 

2.6               
Interest and Payments; Administration.

 

(a)                
Interest; Computation of Interest. Each Credit Extension shall bear interest on the outstanding principal amount
thereof from the date when made until paid in full at a rate per annum equal to the Applicable Interest Rate. Each Lender may,
upon the failure of Borrower to pay any fees or interest as required herein, capitalize such interest and fees and begin to accrue
interest thereon until paid in full, which such interest shall be at a rate per annum equal to the Applicable Interest Rate unless
and until the Default Rate shall otherwise apply. All other Obligations shall bear interest on the outstanding amount thereof from
the date they first become payable by Borrower under the Financing Documents until paid in full at a rate per annum equal to the
Applicable Interest Rate unless and until the Default Rate shall otherwise apply. Interest on the Credit Extensions and all fees
payable under the Financing Documents shall be computed on the basis of a three hundred sixty (360)-day year and the actual number
of days elapsed in the period during which such interest accrues. In computing interest on any Credit Extension or other advance,
the date of the making of such Credit Extension or advance shall be included and the date of payment shall be excluded; provided,
however, that, if any Credit Extension or advance is repaid on the same day on which it is made, such day shall be included
in computing interest on such Credit Extension or advance. As of each Applicable Interest Rate Determination Date, Agent shall
determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties)
the interest rate that shall apply to the Credit Extensions.

 

(b)               
Default Rate. Upon the election of Agent following the occurrence and during the continuance of an Event of Default,
Obligations shall bear interest at a rate per annum which is [***] above the rate that is otherwise applicable thereto (the
“Default Rate”). Payment or acceptance of the increased interest rate provided in this subsection is not
a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit
any rights or remedies of Agent or the Lenders.

 

(c)                
Payments Generally. Except as otherwise provided in this Agreement, including pursuant to Section 2.6(c), or as otherwise
directed by Agent, all payments in respect of the Obligations shall be made to Agent for the account of the applicable Lenders
in accordance with their Pro Rata Share. Payments of principal and interest in respect of each Credit Facility shall be made to
each applicable Lender identified on the applicable Credit Facility Schedule. All Obligations are payable upon demand of Agent
in the absence of any other due date specified herein. All fees payable under the Financing Documents shall be deemed non-refundable
as of the date paid. Any payment required to be made to Agent or a Lender (and any servicer or trustee on behalf of a securitization
vehicle designated by either) under this Agreement may be made by debit or automated clearing house payment initiated by Agent
or such Lender (or any servicer designated or trustee on behalf of a securitization vehicle on behalf of either) from any of Borrower’s
deposit accounts, including the Designated Funding Account, and Borrower hereby authorizes Agent and each Lender (or any servicer
or trustee on behalf of a securitization vehicle designated on behalf of either) to debit any such accounts for any amounts Borrower
owes hereunder when due. Without limiting the foregoing, Borrower shall tender to Agent and the Lenders any authorization forms
as Agent or any Lender may require to implement such debit or automated clearing house payment. These debits or automated clearing
house payments shall not constitute a set-off. Payments of principal and/or interest received after 12:00 noon New York time are
considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business
Day, the payment is due the next Business Day and additional fees or interest, as applicable, shall continue to accrue until paid.
All payments to be made by Borrower under any Financing Document shall be made without set-off, recoupment or counterclaim, in
lawful money of the United States and in immediately available funds. The balance of the Obligations, as recorded in Agent’s
books and records at any time, shall be conclusive and binding evidence of the amounts due and owing to Agent and the Lenders by
each Borrower absent manifest error; provided, however, that any failure to so record or any error in so recording
shall not limit or otherwise affect Borrower’s duty to pay all amounts owing hereunder or under any Financing Document. Agent
shall endeavor to provide Borrower with a monthly statement regarding the Credit Extensions (but neither Agent nor any Lender shall
have any liability if Agent shall fail to provide any such statement). Unless Borrower notifies Agent of any objection to any such
statement (specifically describing the basis for such objection) within [***] after the date of receipt thereof, it shall
be deemed final, binding and conclusive upon Borrower in all respects as to all matters reflected therein.

 

    	 	3	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(d)               
Interest Payments; Maturity Date. Commencing on the first (1st) Payment Date following the funding of
a Credit Extension, and continuing on the Payment Date of each successive month thereafter through and including the Maturity Date,
Borrower shall make monthly payments of interest, in arrears, calculated as set forth in this Section 2.6. All unpaid principal
and accrued interest is due and payable in full on the Maturity Date or any earlier date specified herein. If the Obligations are
not paid in full on or before the Maturity Date, all interest thereafter accruing shall be payable immediately upon accrual.

 

(e)                
Fees. Borrower shall pay, as and when due and payable under the terms of the Fee Letters, to Agent and each Lender,
as applicable, for their own accounts and not for the benefit of any other Lenders, the fees set forth in the Fee Letters.

 

(f)                 
Protective Advances. Borrower shall pay to Agent for the account of the Lenders all Protective Advances (including
reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement and the other Financing Documents)
when due under any Financing Document (and in the absence of any other due date specified herein, such Protective Advances shall
be due upon demand).

 

(g)               
Maximum Lawful Rate. In no event shall the interest charged hereunder with respect to the Obligations exceed the
maximum amount permitted under the Laws of the State of Maryland. Notwithstanding anything to the contrary in any Financing Document,
if at any time the rate of interest payable hereunder (the “Stated Rate”) would exceed the highest rate of interest
permitted under any applicable Law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum
Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided, however,
that, if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall, to the extent permitted by
Law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is equal to the total interest
which would have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable. Thereafter,
the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would exceed the Maximum Lawful Rate,
in which event this provision shall again apply. In no event shall the total interest received by any Lender exceed the amount
which it could lawfully have received, had the interest been calculated for the full term hereof at the Maximum Lawful Rate. If,
notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum Lawful Rate, such excess
amount shall be applied to the reduction of the principal balance of such Lender’s Credit Extensions or to other amounts
(other than interest) payable hereunder, and, if no such Credit Extensions or other amounts are then outstanding, such excess or
part thereof remaining shall be paid to Borrower. In computing interest payable with reference to the Maximum Lawful Rate applicable
to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number
of days in the year in which such calculation is made.

 

    	 	4	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(h)               
Taxes; Additional Costs.

 

(i)                 
Any and all payments by or on account of any obligation of Borrower hereunder shall be made without deduction or withholding
for any Taxes, except as required by applicable law. For purposes of this Section 2.6(h), the term “applicable law”
shall include FATCA. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires
the deduction or withholding of any Tax from any such payment by a Withholding Agent, then Withholding Agent shall make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that
after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section 2.6(h)) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

(ii)               
Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of
Agent timely reimburse it for the payment of, any Other Taxes.

 

(iii)             
Borrower shall indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.6(h)) payable
or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to Agent),
or by Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(iv)              
Each Lender shall severally indemnify Agent, within ten (10) days after demand therefor, for (A) any Indemnified Taxes attributable
to such Lender (but only to the extent that Borrower has not already indemnified Agent for such Indemnified Taxes and without limiting
the obligation of Borrower to do so), (B) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 13.1(c) relating to the maintenance of a Participant Register and (C) any Excluded Taxes attributable to such Lender, in
each case, that are payable or paid by Agent in connection with this Agreement or any Obligation, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time owing to such Lender pursuant
to this Agreement or otherwise payable by Agent to the Lender from any other source against any amount due to Agent under this
paragraph (iv).

 

(v)               
As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 2.6(h),
Borrower shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.

 

(vi)              
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made in connection
with this Agreement or any Obligation shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower
or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower
or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or Agent as will
enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two (2) sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 2.6(h)(vii)(A), (vii)(B) and (vii)(D) below) shall not be required if in the
Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

(vii)            
Without limiting the generality of the foregoing,

 

    	 	5	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(A)              
any Lender that is a U.S. Person shall deliver to Agent on or prior to the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of IRS Form
W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)              
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Agent (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of Borrower or Agent), whichever of the following is applicable:

 

(1)               
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (I)
with respect to payments of interest under this Agreement or any Financing Document, executed copies of IRS Form W-8BEN-E or W-8BEN,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (II) with respect to any other applicable payments under this Agreement or any other Financing Document,
IRS Form W-8BEN-E or W-8BEN, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the “business profits” or “other income” article of such tax treaty;

 

(2)               
executed copies of IRS Form W-8ECI;

 

(3)               
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
IRC, (I) executed copies of IRS Form W-8BEN-E or W-8BEN, as applicable and (II) a certification to the effect that such Foreign
Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the IRC, a “10 percent shareholder”
of Borrower within the meaning of Section 881(c)(3)(B) of the IRC, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the IRC, together with such Other Tax Certification as Agent may reasonably request from time to time;
or

 

(4)               
to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN-E or W-8BEN, as applicable, IRS Form W-9, and/or such Other Tax Certification from each beneficial owner
as Agent may reasonably request, as applicable; provided that, if the Foreign Lender is a partnership and one (1) or more
direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide
such Other Tax Certification as may be reasonably required by Agent on behalf of each such direct and indirect partner;

 

(C)              
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Agent (in such number of copies as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of any other form prescribed by
applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together
with such Other Tax Certification as may be prescribed by applicable law to permit Borrower or Agent to determine the withholding
or deduction required to be made; and

 

(D)              
if a payment made to a Lender under any this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the IRC, as applicable), such Lender shall deliver to Borrower and Agent at the time or times prescribed
by law and at such time or times reasonably requested by Borrower or Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such Other Tax Certification reasonably requested by Borrower or Agent
as may be necessary for Borrower and Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for
purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

    	 	6	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

Each Lender agrees
that, if any form or certification it previously delivered pursuant to Section 2.6(h)(vi) or (vii) expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and Agent in writing of its
legal inability to do so.

 

(viii)          
If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to
which it has been indemnified pursuant to this Section 2.6(h) (including by the payment of additional amounts pursuant to this
Section 2.6(h)), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position
than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(ix)              
If any Lender shall determine in its commercially reasonable judgment that the adoption or taking effect of, or any change
in, any applicable Law regarding capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date
in the interpretation, administration or application thereof by any Governmental Authority, central bank or comparable agency charged
with the interpretation, administration or application thereof, or the compliance by any Lender or any Person controlling such
Lender with any request, guideline or directive regarding capital adequacy (whether or not having the force of law) of any such
Governmental Authority, central bank or comparable agency adopted or otherwise taking effect after the Closing Date, has or would
have the effect of reducing the rate of return on such Lender’s or such controlling Person’s capital as a consequence
of such Lender’s obligations hereunder to a level below that which such Lender or such controlling Person could have achieved
but for such adoption, taking effect, change, interpretation, administration, application or compliance (taking into consideration
such Lender’s or such controlling Person’s policies with respect to capital adequacy) then from time to time, upon
written demand by such Lender (which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation
of the amount thereof in reasonable detail, a copy of which shall be furnished to Agent), Borrower shall promptly pay to such Lender
such additional amount as will compensate such Lender or such controlling Person for such reduction, so long as such amounts have
accrued on or after the day that is two hundred seventy (270) days prior to the date on which such Lender first made demand therefor;
provided, however, that, notwithstanding anything in this Agreement to the contrary, (A) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
and (B) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to be a “change in applicable Law”, regardless of the date
enacted, adopted or issued.

 

(x)               
If any Lender requires compensation under this subsection (h), or requires Borrower to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to this subsection (h), then, upon the written request
of Borrower, such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Credit
Extensions hereunder or to assign its rights and obligations hereunder (subject to the terms of this Agreement) to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (A) would eliminate or materially
reduce amounts payable pursuant to any such subsection, as the case may be, in the future, and (B) would not subject such Lender
to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender (as determined in its sole discretion).
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment.

 

    	 	7	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(A)              
If any Lender requires compensation under this subsection (h), or requires Borrower to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to this subsection (h), and such Lender has declined
or is unable to designate a different lending office in accordance with Section 2.6(h)(x)(A), then the Borrower may, at its sole
expense and effort, upon notice to such Lender and Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in, and consents required by, Section 13.1), all of its interests, rights (other
than its existing rights to payments pursuant to this subsection (h)) and obligations under this Agreement and the related Financing
Documents to an Eligible Assignee that shall assume such obligations; provided that: (x) such Lender shall have received payment
of an amount equal to the outstanding principal of its Credit Extensions, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder and under the other Financing Documents from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts), and (y) such assignment does not conflict with
applicable law and (z) in the case of any such assignment resulting from a claim for compensation or payments required to be made
pursuant to this subsection (h), such assignment will result in a reduction in such compensation or payments thereafter. A Lender
shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

(xi)              
Each party’s obligations under this Section 2.6(h) shall survive the resignation or replacement of Agent or any assignment
of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all Obligations hereunder.

 

(i)                 
Administrative Fees and Charges.

 

(i)                 
Borrower shall pay to Agent, for its own account and not for the benefit of any other Lenders, all reasonable fees and expenses
in connection with audits and inspections of the books and records of the Credit Parties, audits, valuations or appraisals of the
Collateral, audits of Borrower’s compliance with applicable Laws and such other matters as Agent shall deem appropriate,
which shall be due and payable on the first (1st) Business Day of the month following the date of issuance by Agent
of a written request for payment thereof to Borrower; provided that, as long as no Default has occurred within the preceding
twelve (12) months, Agent shall be entitled to such reimbursement for no more than one (1) audit and inspection per calendar quarter.

 

(ii)               
If payments of principal or interest due on the Obligations, or any other amounts due hereunder or under the other Financing
Documents, are not timely made and remain overdue for a period of [***], Borrower, without notice or demand by Agent, promptly
shall pay to Agent, for its own account and not for the benefit of any other Lenders, as additional compensation to Agent in administering
the Obligations, an amount equal to [***] of each delinquent payment.

 

2.7               
Secured Promissory Notes. At the election of any Lender made as to each Credit Facility for which it has made Credit
Extensions, each Credit Facility shall be evidenced by one (1) or more secured promissory notes in form and substance reasonably
satisfactory to Agent and the Lenders (each a “Secured Promissory Note”). Upon receipt of an affidavit of an
officer of a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in
lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.

 

		3.	CONDITIONS OF CREDIT EXTENSIONS

 

3.1               
Conditions Precedent to Initial Credit Extension. Each Lender’s obligation to make the initial advance in respect
of a Credit Facility is subject to the condition precedent that Agent shall consent to or shall have received, in form and substance
reasonably satisfactory to Agent, such documents, and completion of such other matters, as Agent may reasonably deem necessary
or appropriate, including, without limitation, all items listed on the Closing Deliveries Schedule attached hereto.

 

3.2               
Conditions Precedent to all Credit Extensions. The obligation of each Lender to make each Credit Extension, including
the initial Credit Extension, is subject to the following conditions precedent:

 

    	 	8	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(a)                
satisfaction of all Applicable Funding Conditions for the applicable Credit Extension as set forth in the Credit Facility
Schedule, if any, in each case each in form and substance reasonably satisfactory to Agent and each Lender;

 

(b)               
timely receipt by Agent and each Lender of an executed Credit Extension Form in the form attached hereto;

 

(c)                
(i)for Credit Extensions made on the Closing Date, the representations and warranties in Article 5 and elsewhere in
the Financing Documents shall be true, correct and complete in all respects on the Closing Date; provided, however,
that those representations and warranties expressly referring to a specific date shall be true, correct and complete in all respects
as of such date; and

 

(ii)               
for Credit Extensions made after the Closing Date, if any, the representations and warranties in Article 5 and elsewhere
in the Financing Documents shall be true, correct and complete in all material respects on the date of the Credit Extension Form
and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and
provided, further, that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date. Each Credit Extension is Borrower’s representation and warranty
on that date that the representations and warranties in Article 5 and elsewhere in the Financing Documents remain true, accurate
and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided,
further, that those representations and warranties expressly referring to a specific date shall be true, accurate and complete
in all material respects as of such date;

 

(d)               
no Default or Event of Default shall have occurred and be continuing or result from the Credit Extension;

 

(e)                
Agent shall be satisfied with the results of any searches conducted under Section 3.5;

 

(f)                 
receipt by Agent of such evidence as Agent shall request to confirm that the deliveries made in Section 3.1 remain current,
accurate and in full force and effect, or if not, updates thereto, each in form and substance reasonably satisfactory to Agent;
and

 

(g)               
as determined in Agent’s sole discretion, there has not been any Material Adverse Change or any material adverse deviation
by Borrower from the most recent business plan of Borrower presented to and accepted by Agent.

 

3.3               
Method of Borrowing. Each Credit Extension in respect of each Credit Facility shall be in an amount at least equal
to the applicable Minimum Credit Extension Amount for such Credit Facility as set forth in the Credit Facility Schedule or such
lesser amount as shall remain undisbursed under the Applicable Commitments for such Credit Facility. The date of funding for any
requested Credit Extension shall be a Business Day. To obtain a Credit Extension, Borrower shall deliver to Agent a completed Credit
Extension Form executed by a Responsible Officer. Agent may rely on any notice given by a person whom Agent reasonably believes
is a Responsible Officer or designee thereof. Agent and the Lenders shall have no duty to verify the authenticity of any such notice.

 

3.4               
Funding of Credit Facilities. In Agent’s discretion, Credit Extensions may be funded by Agent on behalf of
the Lenders or by the Lenders directly. If Agent elects to fund any Credit Extension on behalf of the Lenders, upon the terms and
subject to the conditions set forth in this Agreement, each Lender, severally and not jointly, shall make available to Agent its
Pro Rata Share of the requested Credit Extension, in lawful money of the United States of America in immediately available funds,
prior to 11:00 a.m. (New York time) on the specified date for the Credit Extension. Agent (or if Agent elects to have each Lender
fund its Credit Extensions to Borrower directly, each Lender) shall, unless it shall have determined that one (1) of the conditions
set forth in Section 3.1 or 3.2, as applicable, has not been satisfied, by 2:00 p.m. (New York time) on the specified date for
the Credit Extension, credit the amounts received by it in like funds to Borrower by wire transfer to the Designated Funding Account
(or to the account of Borrower in respect of the Obligations, if the Credit Extension is being made to pay an Obligation of Borrower).
A Credit Extension made prior to the satisfaction of any conditions set forth in Section 3.1 or 3.2 shall not constitute a waiver
by Agent or the Lenders of Borrower’s obligation to satisfy such conditions, and any such Credit Extension made in the absence
of such satisfaction shall be made in each Lender’s discretion.

 

    	 	9	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

3.5               
Searches. Before the Closing Date, and thereafter (as and when determined by Agent in its discretion), Agent shall
have the right to perform, all at Borrower’s expense, the searches described in paragraphs (a), (b), and (c) below against
Borrower and any other Credit Party, the results of which are to be consistent with Borrower’s representations and warranties
under this Agreement and the reasonably satisfactory results of which shall be a condition precedent to all Credit Extensions requested
by Borrower: (a) title investigations, UCC searches and the equivalent thereof in any foreign jurisdiction, and fixture filings
searches; (b) judgment, pending litigation, federal tax lien, personal property tax lien, and corporate and partnership tax lien
searches, in each jurisdiction searched under paragraph (a) above; and (c) searches of applicable corporate, limited liability
company, partnership and related records to confirm the continued existence, organization and good standing of the applicable Person
and the exact legal name under which such Person is organized.

 

		4.	CREATION OF SECURITY INTEREST

 

4.1               
Grant of Security Interest. Borrower hereby grants Agent, for the ratable benefit of the Lenders, to secure the payment
and performance in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit
of the Lenders, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products
thereof. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue
to be a first priority perfected security interest in the Collateral, subject only to Permitted Liens that may have priority by
operation of applicable Law or by the terms of a written intercreditor or subordination agreement entered into by Agent.

 

4.2               
Representations and Covenants.

 

(a)                
As of the Closing Date, Borrower has no ownership interest in any Chattel Paper, letter of credit rights, commercial tort
claims, Instruments, documents or investment property (other than as disclosed on the Disclosure Schedule attached hereto).

 

(b)               
Except for tangible Chattel Paper, Instruments, and documents with an aggregate value of less than [***], Borrower
shall promptly (and in any event within [***] of acquiring any of the following) deliver to Agent all tangible Chattel Paper
and all Instruments and documents owned at any time by Borrower and constituting part of the Collateral duly endorsed and accompanied
by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to Agent. Borrower shall
provide Agent with “control” (as defined in the Code) of all electronic Chattel Paper owned by Borrower and constituting
part of the Collateral by having Agent identified as the assignee on the records pertaining to the single authoritative copy thereof
and otherwise complying with the applicable elements of control set forth in the Code. Borrower also shall deliver to Agent all
security agreements securing any such Chattel Paper and securing any such Instruments. Borrower will mark conspicuously all such
Chattel Paper and all such Instruments and Documents with a legend, in form and substance reasonably satisfactory to Agent, indicating
that such Chattel Paper and such Instruments and Documents are subject to the security interests and Liens in favor of Agent created
pursuant to this Agreement and the Financing Documents.

 

(c)                
Except for letters of credit in an aggregate amount of less than [***], Borrower shall promptly (and in any event
within [***] of acquiring any of the following) deliver to Agent all letters of credit on which Borrower is the beneficiary
and which give rise to letter of credit rights owned by Borrower which constitute part of the Collateral in each case duly endorsed
and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to Agent.
Borrower shall take any and all actions as may be necessary or desirable, or that Agent may request, from time to time, to cause
Agent to obtain exclusive “control” (as defined in the Code) of any such letter of credit rights in a manner acceptable
to Agent.

 

(d)               
Except for commercial tort claims with an aggregate value of less than [***], Borrower shall promptly (and in any
event within [***]) advise Agent upon Borrower becoming aware that it has any interests in any commercial tort claim that
constitutes part of the Collateral, which such notice shall include descriptions of the events and circumstances giving rise to
such commercial tort claim and the dates such events and circumstances occurred, the potential defendants with respect such commercial
tort claim and any court proceedings that have been instituted with respect to such commercial tort claims, and Borrower shall,
with respect to any such commercial tort claim, execute and deliver to Agent such documents as Agent shall request to perfect,
preserve or protect the Liens, rights and remedies of Agent with respect to any such commercial tort claim.

 

    	 	10	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(e)                
Except for (i) Inventory in an aggregate amount of [***], (ii) Inventory not constituting Finished Goods Inventory,
(iii) Inventory constituting Drop-Ship Inventory, and (iv) Inventory constituting Commercialization Inventory, no Inventory shall
at any time be in the possession or control of any warehouse, consignee, bailee or any of Borrower’s agents or processors
without prior written notice to Agent and the receipt by Agent, if Agent has so requested, of warehouse receipts, consignment agreements
or bailee lien waivers (as applicable) satisfactory to Agent prior to the commencement of such possession or control. Borrower
shall, upon the request of Agent, notify any such warehouse, consignee, bailee, agent or processor of the security interests and
Liens in favor of Agent created pursuant to this Agreement and the Financing Documents, instruct such Person to hold all such Collateral
for Agent’s account subject to Agent’s instructions and shall, in Agent’s discretion, obtain an Access Agreement
or other acknowledgement from such Person that such Person holds the Collateral for Agent’s benefit; provided, however,
with respect to (w) any location occupied by Borrower on the Closing Date (other than those specifically set forth on the Post-Closing
Obligations Schedule), (x) any new location first occupied by Borrower after the Closing Date with respect to which new location
an Access Agreement was not required (on the basis of the exclusions set forth in clauses (i)-(iv) above) to be delivered under
this Section 4.2(e) at the time of the initial occupancy of the same by Borrower, and (y) any new location first occupied by Borrower
after the Closing Date with respect to the commercialization of BCX7353, Borrower shall have [***] following the date on
which Borrower would otherwise be required to deliver an Access Agreement under this Section 4.2(e) to deliver the applicable Access
Agreement or to relocate all Finished Goods Inventory (other than Commercialization Inventory) maintained at each such location
to a location subject to an Access Agreement.

 

(f)                 
Except with respect to property evidenced by certificates of title with an aggregate value of less than [***], upon
request of Agent, Borrower shall promptly deliver to Agent any and all certificates of title, applications for title or similar
evidence of ownership of all such tangible personal property and shall cause Agent to be named as lienholder on any such certificate
of title or other evidence of ownership. Borrower shall not permit any such tangible personal property to become fixtures to real
estate unless such real estate is subject to a Lien in favor of Agent.

 

(g)               
As of the Closing Date and each subsequent date on which the Disclosure Schedule is required to be updated pursuant
to this Agreement, all Deposit Accounts, Securities Accounts, Commodity Accounts or other bank accounts or investment accounts
owned by Borrower, together with the purpose of such accounts and the financial institutions at which such accounts reside, are
listed on the Disclosure Schedule.

 

(h)               
Borrower hereby authorizes Agent to file without the signature of Borrower one (1) or more UCC financing statements relating
to its Liens on all or any part of the Collateral, which financing statements may list Agent as the “secured party”
and Borrower as the “debtor” and which describe and indicate the collateral covered thereby as all or any part of the
Collateral under the Financing Documents (including an indication of the collateral covered by any such financing statement as
“all assets” of Borrower now owned or hereafter acquired), in such jurisdictions as Agent from time to time determines
are appropriate, and to file without the signature of Borrower any continuations of or corrective amendments to any such financing
statements, in any such case in order for Agent to perfect, preserve or protect the Liens, rights and remedies of Agent with respect
to the Collateral. Borrower also ratifies its authorization for Agent to have filed in any jurisdiction any initial financing statements
or amendments thereto if filed prior to the date hereof. Any financing statement may include a notice that any disposition of the
Collateral in contravention of this Agreement, by either Borrower or any other Person, shall be deemed to violate the rights of
Agent and the Lenders under the Code.

 

(i)                 
As of the Closing Date, Borrower does not hold, and after the Closing Date Borrower shall promptly notify Agent in writing
upon creation or acquisition by Borrower of, any Collateral which constitutes a claim against any Governmental Authority, including,
without limitation, the federal government of the United States or any instrumentality or agency thereof, the assignment of which
claim is restricted by any applicable Law, including, without limitation, the federal Assignment of Claims Act and any other comparable
Law. Upon the request of Agent, Borrower shall take such steps as may be necessary or desirable, or that Agent may request, to
comply with any such applicable Law.

 

    	 	11	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(j)                 
Borrower shall furnish to Agent from time to time any statements and schedules further identifying or describing the Collateral
and any other information, reports or evidence concerning the Collateral as Agent may reasonably request from time to time.

 

		5.	REPRESENTATIONS AND WARRANTIES

 

Borrower represents
and warrants as follows on the Closing Date, on the date of each Credit Extension, and on such other dates when such representations
and warranties under this Agreement are made or deemed to be made:

 

5.1               
Due Organization, Authorization: Power and Authority.

 

(a)                
Each Credit Party and each Subsidiary is duly organized, validly existing and in good standing (if applicable in such entity’s
jurisdiction of formation) as a Registered Organization in its respective jurisdiction of formation. Each Credit Party and each
Subsidiary has the power to own its assets and is qualified and licensed to do business and is in good standing (if applicable
in such jurisdiction) in any jurisdiction in which the conduct of its business or its ownership of property requires that it be
qualified except where the failure to do so could not reasonably be expected to result in a Material Adverse Change. The Financing
Documents have been duly authorized, executed and delivered by each Credit Party and constitute legal, valid and binding agreements
enforceable in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other
similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. The execution,
delivery and performance by each Credit Party of each Financing Document executed or to be executed by it is in each case within
such Credit Party’s powers.

 

(b)               
The execution, delivery and performance by each Credit Party of the Financing Documents to which it is a party do not (i)
conflict with any of such Credit Party’s organizational documents; (ii) contravene, conflict with, constitute a default under
or violate any material provision of Law applicable to it; (iii) contravene, conflict or violate any applicable order, writ, judgment,
injunction, decree, determination or award of any Governmental Authority by which such Credit Party or any of its property or assets
may be bound or affected; (iv) require any material action by, filing, registration, or qualification with, or Required Permit
from, any Governmental Authority (except such Required Permits which have already been obtained and are in full force and effect);
or (v) constitute a default under or conflict with any Material Agreement. No Credit Party is in default under any agreement to
which it is a party or by which it is bound in which the default could reasonably be expected to result in a Material Adverse Change.

 

5.2               
Litigation. Except as disclosed on the Disclosure Schedule on the Closing Date or, after the Closing Date,
pursuant to Section 6.7, there are no actions, suits, proceedings or investigations pending or, to the knowledge of the Responsible
Officers, threatened in writing by or against any Credit Party or any Subsidiary thereof which involves the possibility of any
judgment or liability of more than [***] or that could reasonably be expected to result in a Material Adverse Change, or
which questions the validity of the Financing Documents, or the other documents required thereby or any action to be taken pursuant
to any of the foregoing, nor does any Credit Party have reason to believe that any such actions, suits, proceedings or investigations
are threatened.

 

5.3               
No Material Deterioration in Financial Condition; Financial Statements. All financial statements for the Credit Parties
delivered to Agent or any Lender fairly present, in conformity with GAAP, in all material respects the consolidated financial condition
and consolidated results of operations of such Credit Party. There has been no material deterioration in the consolidated financial
condition of any Credit Party from the most recent financial statements and projections submitted to Agent or any Lender. There
has been no material adverse deviation from the most recent annual operating plan of Borrower delivered to Agent and the Lenders.

 

5.4               
Solvency. The fair salable value of each Credit Party’s assets (including goodwill minus disposition
costs) exceeds the fair value of its liabilities. After giving effect to the transactions described in this Agreement and taking
into account any right of contribution between the Credit Parties (but without limiting Section 13.15), (a) no Credit Party is
left with unreasonably small capital in relation to its business as presently conducted, and (b) each Credit Party is able to pay
its debts (including trade debts) as they mature.

 

    	 	12	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

5.5               
Subsidiaries; Investments; Margin Stock. Borrower and its Restricted Subsidiaries do not own any stock, partnership
interest or other equity securities, except for Permitted Investments. Without limiting the foregoing, Borrower and its Restricted
Subsidiaries do not own or hold any Margin Stock.

 

5.6               
Tax Returns and Payments; Pension Contributions. Each Credit Party and its Restricted Subsidiaries has timely filed
all required tax returns and reports, and, except for those Taxes that are subject to a Permitted Contest, each Credit Party and
its Restricted Subsidiaries has timely paid all foreign, federal, state and material local Taxes, assessments, deposits and contributions
owed by such Credit Party or Restricted Subsidiary. Other than as disclosed to Agent in accordance with Section 6.2, Borrower is
unaware of any claims or adjustments proposed for any prior tax years of any Credit Party or any of its Restricted Subsidiaries
which could result in additional Taxes becoming due and payable by such Credit Party. No Credit Party nor any trade or business
(whether or not incorporated) that is under common control with any Credit Party within the meaning of Section 414(b) or (c) of
the IRC (and Sections 414(m) and (o) of the IRC for purposes of the provisions relating to Section 412 of the IRC) or Section 4001
of ERISA (an “ERISA Affiliate”) (a) has failed to satisfy the “minimum funding standards” (as defined
in Section 412 of or Section 302 of ERISA), whether or not waived, with respect to any Pension Plan, (b) has incurred liability
with respect to the withdrawal or partial withdrawal of any Credit Party or ERISA Affiliate from any Pension Plan or incurred a
cessation of operations that is treated as a withdrawal, (c) has incurred any liability under Title IV of ERISA (other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA), (d) has had any “reportable event” as defined in
Section 4043(c) of ERISA (or the regulations issued thereunder) (other than an event for which the thirty (30)-day notice requirement
is waived) occur with respect to any Pension Plan or (e) failed to maintain (i) each “plan” (as defined by Section
3(3) of ERISA) in all material respects with the applicable provisions of ERISA, the IRC and other federal or state laws, and (ii)
the tax qualified status of each plan (as defined above) intended to be so qualified.

 

5.7               
Intellectual Property and License Agreements. A list of all Registered Intellectual Property of each Credit Party
registered in any Registered IP Disclosure Location and all material in-bound license or sublicense agreements, exclusive out-bound
license or sublicense agreements, or other material rights of any Credit Party to use Intellectual Property (but excluding in-bound
licenses of over-the-counter software that is commercially available to the public), as of the Closing Date and, as updated pursuant
to Section 6.14, is set forth on the Intangible Assets Schedule. Such Intangible Assets Schedule shall be prepared
by Borrower in the form provided by Agent and contain all information required in such form. Except for Permitted Licenses, each
Credit Party is the sole owner of its Intellectual Property free and clear of any Liens. Each Patent is valid and enforceable and
no part of the Material Intangible Assets has been judged invalid or unenforceable, in whole or in part. To the Borrower’s
knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party, except as
could not reasonably be expected to result in a Material Adverse Change.

 

5.8               
Regulatory Status. All of Borrower’s material Products and material Regulatory Required Permits are listed
on the Products Schedule and Required Permits Schedule, respectively (as updated from time to time pursuant to Section
6.14), and Borrower has delivered to Agent a copy of all material Regulatory Required Permits requested by Agent as of the date
hereof or to the extent requested by Agent pursuant to Section 6.16. With respect to each Product, (a) Borrower and its Restricted
Subsidiaries have received, and such Product is the subject of, all Regulatory Required Permits needed in connection with the testing,
manufacture, marketing or sale of such Product as currently being conducted by or on behalf of Borrower, and have provided Agent
and each Lender with all notices and other information required by Section 6.16, (b) such Product is being tested, manufactured,
marketed or sold, as the case may be, in material compliance with all applicable Laws and Regulatory Required Permits. As of the
Closing Date, there have been no Regulatory Reporting Events.

 

5.9               
Accuracy of Schedules and Perfection Certificate. All information set forth in the Disclosure Schedule, Intangible
Assets Schedule, the Required Permits Schedule and the Products Schedule is, in all material respects, true,
accurate and complete as of the Closing Date, the date of delivery of the last Compliance Certificate and any other subsequent
date on which Borrower is requested to update such certificate. All information set forth in the Perfection Certificate is, in
all material respects, true, accurate and complete as of the Closing Date, the date of each Credit Extension and each other subsequent
date on which Borrower delivers an updated Perfection Certificate pursuant to Agent’s request.

 

    	 	13	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

5.10            
FCPA and Anti-Corruption Law. For the immediately preceding five (5) year period, neither Borrower nor any of its
Subsidiaries nor, to the knowledge of Borrower, any director, officer, agent, employee or other Person acting in such capacity
on behalf of Borrower or any of its Subsidiaries, has taken any action, directly or indirectly, that would result in a violation
by such Persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”)
or any other applicable anti-corruption law.  No part of the proceeds of the Credit Extensions shall be used, directly or
indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate
for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any
improper advantage, in violation of the FCPA. Borrower and its Subsidiaries have conducted their businesses in compliance with
applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance
with such laws.

 

		6.	AFFIRMATIVE COVENANTS

 

Borrower covenants
and agrees as follows:

 

6.1               
Organization and Existence; Government Compliance.

 

(a)                
Each Credit Party and its Restricted Subsidiaries shall maintain their respective legal existence and good standing in their
respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify could
reasonably be expected to result in a Material Adverse Change. If a Credit Party is not now a Registered Organization but later
becomes one, Borrower shall promptly notify Agent of such occurrence and provide Agent with such Credit Party’s organizational
identification number.

 

(b)               
Each Credit Party and its Restricted Subsidiaries shall comply with all Laws, ordinances and regulations to which they or
their business locations are subject, the noncompliance with which could reasonably be expected to result in a Material Adverse
Change. Each Credit Party shall obtain and keep in full force and effect and comply with all of the Required Permits, except where
failure to have or maintain compliance with or effectiveness of such Required Permit could not reasonably be expected to result
in a Material Adverse Change. Upon request of Agent or any Lender, each Credit Party shall promptly (and in any event within [***]
of such request) provide copies of any such obtained Required Permits to Agent. Borrower shall notify Agent within [***]
(but in any event prior to Borrower submitting any requests for Credit Extensions or release of any reserves) of the occurrence
of any facts, events or circumstances known to a Borrower, whether threatened, existing or pending, that could cause any Required
Permit to become limited, suspended or revoked, except where such limitation, suspension, or revocation could not reasonably be
expected to result in a Material Adverse Change. Notwithstanding the foregoing, each Credit Party shall comply with Section 6.16
as it relates to Regulatory Required Permits and to the extent that there is a conflict between this Section and Section 6.16 as
it relates to Regulatory Required Permits, Section 6.16 shall govern.

 

6.2               
Financial Statements, Reports, Certificates.

 

(a)                
Each Credit Party shall deliver to Agent and each Lender: (i) as soon as available, but no later than [***] after
the last day of each month, company prepared balance sheets, income statements, and cash flow statements for each Credit Party
covering such Credit Parties consolidated operations for such monthly certified by a Responsible Officer and in a form reasonably
acceptable to Agent; (ii) as soon as available, but no later than [***] after the last day of each of BioCryst’s fiscal
quarters, a company prepared consolidated and consolidating balance sheet, income statement and cash flow statement covering such
Credit Party’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Agent
and each Lender; (iii) as soon as available, but no later than [***] after the last day of a Credit Party’s fiscal
year, audited consolidated and consolidating financial statements prepared under GAAP, consistently applied, together with an unqualified
opinion on the financial statements from an independent certified public accounting firm acceptable to Agent and each Lender in
its reasonable discretion; (iv) as soon as available after approval thereof by such Credit Party’s governing board, but no
later than [***] after the last day of such Credit Party’s fiscal year, and as amended and/or updated, such Credit
Party’s financial projections for the current fiscal year; (v) within [***] of delivery, copies of all statements,
reports and notices made available to all of such Credit Party’s security holders or to any holders of Subordinated Debt;
(vi) in the event that such Credit Party is or becomes subject to the reporting requirements under the Securities Exchange Act
of 1934, as amended, within [***] of filing, all reports on Forms 10-K, 10-Q and 8-K filed with the Securities and Exchange
Commission (“SEC”) or a link thereto on such Credit Party’s or another website on the Internet (and, for
avoidance of doubt, any notices required to be delivered pursuant to this Article 6 may be delivered by provision of such SEC filings
or links thereto, or by other electronic means); (vii) as soon as available, but no later than [***] after the last day
of each month, copies of the month-end account statements for each Collateral Account maintained by a Credit Party, which statements
may be provided to Agent and each Lender by Borrower or directly from the applicable institution(s); (viii) promptly (and in any
event within [***] of any request therefor) such readily available budgets, sales projections, operating plans, financial
information and other information, reports or statements regarding the Credit Parties or their respective businesses, contractors
and subcontractors reasonably requested by Agent or any Lender; and (ix) within [***] after any Credit Party becomes aware
of any claim or adjustment proposed for any prior tax years of any Credit Party or any of their Restricted Subsidiaries which could
result in additional Taxes becoming due and payable by such Credit Party or Restricted Subsidiary, notice of such claim or adjustment.

 

    	 	14	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(b)               
Within [***] after the last day of each month, Borrower shall deliver to Agent and each Lender with the monthly statements
described above, a duly completed Compliance Certificate signed by a Responsible Officer.

 

(c)                
Borrower shall cause each Credit Party to keep proper books of record and account in accordance with GAAP in which full,
true and correct entries shall be made of all dealings and transactions in relation to its business and activities. Upon prior
written notice and during business hours (which such limitations shall not apply if a Default or Event of Default has occurred),
Borrower shall allow, and cause each Credit Party to allow, Agent and the Lenders to visit and inspect any properties of a Credit
Party, to examine and make abstracts or copies from any Credit Party’s books, to conduct a collateral audit and analysis
of its operations and the Collateral to verify the amount and age of the accounts, the identity and credit of the respective account
debtors, to review the billing practices of the Credit Party and to discuss its respective affairs, finances and accounts with
their respective officers, employees and independent public accountants as often as may reasonably be desired. Borrower shall reimburse
Agent and each Lender for all reasonable costs and expenses associated with such visits and inspections; provided, however,
that Borrower shall be required to reimburse Agent and each Lender for such costs and expenses for no more than one (1) such visit
and inspection per twelve (12)-month period unless a Default or Event of Default has occurred during such period.

 

(d)               
Borrower shall, and shall cause each Credit Party to, deliver to Agent and each Lender, within [***] after the same
are received, copies of all correspondence, reports, documents and other filings with any Governmental Authority that could reasonably
be expected to result in a Material Adverse Change (except that reporting related to Regulatory Required Permits and/or Regulatory
Reporting Events shall be governed by Section 6.16).

 

(e)                
Borrow shall, and shall cause each Credit Party to, promptly after the request by any Lender, provide all documentation
and other information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know
your customer” and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act.

 

6.3               
Maintenance of Property. Borrower shall cause all equipment and other tangible personal property other than Inventory
to be maintained and preserved in the same condition, repair and in working order as of the date hereof, ordinary wear and tear
excepted, and shall promptly make or cause to be made all repairs, replacements and other improvements in connection therewith
that are necessary or desirable to such end. Borrower shall cause each Credit Party to keep all Inventory in good and marketable
condition, free from material defects. Returns and allowances between a Credit Party and its Account Debtors shall follow the Credit
Party’s customary practices as they exist at the Closing Date. Borrower shall promptly notify Agent of all returns, recoveries,
disputes and claims that involve more than [***] of Inventory collectively among all Credit Parties.

 

    	 	15	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

6.4               
Taxes; Pensions. Borrower shall timely file and cause each Credit Party to timely file, all required tax returns
and reports and timely pay, and cause each Credit Party to timely pay, all foreign, federal, state, and local Taxes, assessments,
deposits and contributions owed, and shall deliver to Agent, on demand, appropriate certificates attesting to such payments; provided,
however, that a Credit Party may defer payment of any contested Taxes, so long as such Credit Party (a) in good faith contests
its obligation to pay the Taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Agent
in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps
required to prevent the Governmental Authority levying such contested Taxes from obtaining a Lien upon any of the Collateral (such
contest, a “Permitted Contest”). Borrower shall pay, and cause each Credit Party to pay, all amounts necessary
to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. Each Credit Party and
their ERISA Affiliates shall timely make all required contributions to each Pension Plan and shall maintain each “plan”
(as defined by Section 3(3) of ERISA) in material compliance with the applicable provisions of ERISA, the Internal Revenue Code
and other federal and state laws. Borrower shall give written notice to Agent and each Lender promptly (and in any event within
[***]) upon Borrower becoming aware of any (w) Credit Party’s or any ERISA Affiliate’s failure to make any contribution
required to be made with respect to any Pension Plan not having been timely made, (x) notice of the PBGC’s, any Credit Party’s
or any ERISA Affiliate’s intention to terminate or to have a trustee appointed to administer any such Pension Plan, or (y)
complete or partial withdrawal by any Credit Party or any ERISA Affiliate from any Pension Plan.

 

6.5               
Insurance. Borrower shall, and shall cause each Credit Party to, keep its business and the Collateral insured for
risks and in amounts standard for companies in Borrower’s industry and location and as Agent may reasonably request. Insurance
policies shall be in a form, with companies, and in amounts that are satisfactory to Agent. All property policies shall have a
lender’s loss payable endorsement showing Agent as primary lender’s loss payee and waive subrogation against Agent,
and all liability policies shall show, or have endorsements showing, Agent as an additional insured. No other loss payees may be
shown on the policies other than (i) loss payees showing on such policies as of the Closing Date and (ii) as Agent shall otherwise
consent in writing. If required by Agent, all policies (or the loss payable and additional insured endorsements) shall provide
that the insurer shall endeavor to give Agent at least [***] ([***] for non-payment of premium) notice before canceling,
amending, or declining to renew its policy. At Agent’s request, Borrower shall deliver certified copies of all such Credit
Party insurance policies and evidence of all premium payments. If any Credit Party fails to obtain insurance as required under
this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Agent, Agent may make
all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies
Agent deems prudent.

 

6.6               
Collateral Accounts.

 

(a)                
Borrower shall, and shall cause each Credit Party to, provide Agent [***] prior written notice before establishing
any Collateral Account at or with any bank or financial institution. In addition, for each Collateral Account that any Credit Party
at any time maintains (and in connection with any such Collateral Account established after the Closing Date, prior to opening
such Collateral Account), Borrower shall, and shall cause each Credit Party to, cause the applicable bank or financial institution
at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument
with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance with the terms hereunder,
which Control Agreement, inter alia, (a) provides that, upon written notice from Agent, such bank or financial institution
shall comply with instructions originated by Agent directing disposition of the funds in such Collateral Account without further
consent by Borrower and (b) may not be terminated without prior written consent of Agent. The provisions of the previous sentence
shall not apply to any Excluded Deposit Account; provided, however, that at all times Borrower shall maintain one
(1) or more separate Deposit Accounts to hold any and all amounts to be used for payroll, payroll taxes and other employee wage
and benefit payments, and shall not commingle any monies allocated for such purposes with funds in any other Deposit Account.

 

(b)               
So long as the ATM Facility Account remains open, Borrower shall cause all funds (if any) in excess of [***] held
in the ATM Facility Account to be transferred into a Collateral Account subject to a Control Agreement by the close of business
on the [***] after the funds held in the ATM Facility Account exceeded [***]; provided that upon the occurrence
and during the continuation of any Event of Default, upon Agent’s request, Borrower shall cause all funds on deposit in the
ATM Facility Account to be transferred into a Collateral Account subject to a Control Agreement at the end of each Business Day.

 

    	 	16	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

6.7               
Notices of Material Agreements, Litigation and Defaults; Cooperation in Litigation.

 

(a)                
Borrower shall promptly (and in any event within the time periods specified below) provide written notice to Agent and each
Lender of the following:

 

(i)                 
Within [***] of Borrower becoming aware of the existence of any Event of Default or event which, with the giving
of notice or passage of time, or both, would constitute an Event of Default and that is reasonably expected by Borrower to become
an Event of Default;

 

(ii)               
Within [***] of Borrower becoming aware of (or having reason to believe any of the following are pending or threatened
in writing) any action, suit, proceeding or investigation by or against Borrower or any Credit Party which involves the possibility
of any judgment or liability of more than [***] or that could reasonably be expected to result in a Material Adverse Change,
or which questions the validity of any of the Financing Documents, or the other documents required thereby or any action to be
taken pursuant to any of the foregoing; and

 

(iii)             
Within [***] of Borrower executing and delivering any Material Agreement or any material amendment, consent, waiver
or other modification to any Material Agreement or receiving or delivering any notice of termination or default or similar notice
in connection with any Material Agreement.

 

(b)               
Borrower shall, and shall cause each Credit Party, to provide such further information (including copies of such documentation)
as Agent or any Lender shall reasonably request with respect to any of the events or notices described in paragraph (a). From the
date hereof and continuing through the termination of this Agreement, Borrower shall, and shall cause each Credit Party to, make
available to Agent and each Lender, without expense to Agent or any Lender, each Credit Party’s officers, employees and agents
and books, to the extent that Agent or any Lender may deem them reasonably necessary to prosecute or defend any third-party suit
or proceeding instituted by or against Agent or any Lender with respect to any Collateral or relating to a Credit Party.

 

6.8               
Creation/Acquisition of Subsidiaries; Restrictions on Investments. 

 

(a)                
Borrower shall provide Agent with at least [***] (or such shorter period as Agent may accept in its sole discretion)
prior written notice of its intention to create or, to the extent permitted pursuant to this Agreement, acquire a new Subsidiary
or Permitted Joint Venture. Upon such creation or, to the extent permitted hereunder, acquisition of any Subsidiary or Permitted
Joint Venture, Borrower and such Subsidiary shall promptly (and in any event within [***] of such creation or acquisition)
take all such action as may be reasonably required by Agent or the Required Lenders to cause each such Subsidiary (other than a
Foreign Subsidiary, an Excluded Domestic Holdco or a Permitted Joint Venture) to either, in the discretion of Agent, become a co-Borrower
hereunder or to guarantee the Obligations of Borrower under the Financing Documents and, in each case, grant a continuing pledge
and security interest in and to the assets of such Subsidiary (substantially as described on Exhibit A hereto); and
Borrower shall grant and pledge to Agent, for the ratable benefit of the Lenders, a perfected security interest in the stock, units
or other evidence of ownership of each Subsidiary and Permitted Joint Venture, except to the extent constituting Excluded Property
(the foregoing collectively, the “Joinder Requirements”); provided that Borrower shall not be permitted
to make any Investment in such Subsidiary until such time as Borrower has satisfied the Joinder Requirements, if applicable.

 

(b)               
Borrower further agrees to ensure, and cause each Restricted Subsidiary to ensure, that the total amount of cash and cash
equivalents held by all Restricted Subsidiaries (other than cash and cash equivalents held by Credit Parties in Collateral Accounts
that are subject to Agent’s first priority perfected security interest), shall not, at any time, exceed [***]. Without
limiting the forgoing or the provisions of Section 7, no Credit Party may contribute or otherwise transfer any assets to any Restricted
Subsidiary other than (i) cash and cash equivalents permitted to be invested pursuant to clauses (f) and (i) of the definition
of “Permitted Investments” and (ii) with respect to any Subsidiary that is a Permitted Joint Venture, any Permitted
License permitted pursuant to clause (j) of the definition of “Permitted Investments.”

 

    	 	17	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(c)                
Following (i) the occurrence and continuation of an Event of Default and (ii) the exercise by Agent of any right, option
or remedy provided for hereunder, under any Financing Document or at law or in equity, Borrower shall cause each Foreign Subsidiary
controlled (directly or indirectly) by Borrower to declare and pay to Borrower the maximum amount of dividends and other distributions
in respect of its capital stock or other equity interest legally permitted to be paid by each such Foreign Subsidiary; provided
that such Foreign Subsidiary shall be able to retain for working capital purposes such amounts used by such Foreign Subsidiaries
in the Ordinary Course of Business and as are reasonably necessary for its operations based on its current projections, as provided
to Agent pursuant to Section 6.2.

 

6.9               
Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely for (a) payment of transaction fees
incurred in connection with the Financing Documents, (b) working capital needs of Borrower and its Subsidiaries, and (c) any other
Permitted Purpose specified in the Credit Facility Schedule for such Credit Facility. No portion of the proceeds of the Credit
Extensions will be used for family, personal, agricultural or household use or to purchase Margin Stock.

 

6.10            
Hazardous Materials; Remediation.

 

(a)                
If any release or disposal of Hazardous Materials shall occur or shall have occurred on any real property or any other assets
of Borrower or any other Credit Party, Borrower will cause, or direct the applicable Credit Party to cause, the prompt containment
and removal of such Hazardous Materials and the remediation of such real property or other assets as is necessary to comply with
all Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, Borrower
shall, and shall cause each other Credit Party to, comply with each Law requiring the performance at any real property by Borrower
or any other Credit Party of activities in response to the release or threatened release of a Hazardous Material.

 

(b)               
Borrower will provide Agent within [***] after written demand therefor with a bond, letter of credit or similar financial
assurance evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of removing, treating
and disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment which may be established
on any property as a result thereof, such demand to be made, if at all, upon Agent’s determination that the failure to remove,
treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure to discharge any such assessment
could reasonably be expected to result in a Material Adverse Change.

 

(c)                
If there is any conflict between this Section 6.10 and any environmental indemnity agreement, which is a Financing Document,
the environmental indemnity agreement shall govern and control.

 

6.11            
Power of Attorney. Each of the officers of Agent is hereby irrevocably made, constituted and appointed the true and
lawful attorney for Borrower (without requiring any of them to act as such) with full power of substitution to do the following:
(a) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral (in each
case, so long as no Default or Event of Default has occurred, other than Permitted Liens), or any judgment based thereon, or otherwise
take any action to terminate or discharge the same; (b) so long as Agent has provided not less than [***] prior written
notice to Borrower to perform the same and Borrower has failed to take such action, (i) execute in the name of any Person comprising
Borrower any schedules, assignments, instruments, documents, and statements that Borrower is obligated to give Agent under this
Agreement or that Agent or any Lender deems necessary to perfect or better perfect Agent’s security interest or Lien in any
Collateral, (ii) do such other and further acts and deeds in the name of Borrower that Agent may deem necessary or desirable to
enforce, protect or preserve any Collateral or its rights therein, including, but not limited to, to sign Borrower’s name
on any invoice or bill of lading for any Account or drafts against Account Debtors, and (iii) after the occurrence and during the
continuance of an Event of Default, (A) endorse the name of Borrower upon any and all checks, drafts, money orders, and other instruments
for the payment of money that are payable to Borrower; (B) make, settle, and adjust all claims under Borrower’s insurance
policies; (C) take any action any Credit Party is required to take under this Agreement or any other Financing Document; (D) transfer
the Collateral into the name of Agent or a third party as the Code permits; (E) exercise any rights and remedies described in this
Agreement or the other Financing Documents; and (F) do such other and further acts and deeds in the name of Borrower that Agent
may deem necessary or desirable to enforce its rights with regard to any Collateral.

 

    	 	18	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

6.12            
Further Assurances. Borrower shall, and shall cause each Credit Party and their Restricted Subsidiaries to, promptly
execute any further instruments and take further action as Agent reasonably requests to perfect or better perfect or continue Agent’s
Lien in the Collateral or to effect the purposes of this Agreement or any other Financing Document.

 

6.13            
Post-Closing Obligations. Borrower shall, and shall cause each Credit Party to, complete each of the post-closing
obligations and/or deliver to Agent each of the documents, instruments, agreements and information listed on the Post-Closing
Obligations Schedule attached hereto, on or before the date set forth for each such item thereon (as the same may be extended
by Agent in writing in its reasonable discretion), each of which shall be completed or provided in form and substance reasonably
satisfactory to Agent and the Lenders.

 

6.14            
Disclosure Schedule Updates. Borrower shall, in the event of any information in the Disclosure Schedule becoming
in any material respect outdated, inaccurate, incomplete or misleading, deliver to Agent, (x) if such event occurs on or after
March 31st and on or before September 30th of the applicable year, together with the Compliance Certificate
to be delivered under this Agreement with respect to the period ending September 30th of such year, and (y) if such
event occurs after September 30th applicable year and on or before March 31st of the following year of the,
together with the Compliance Certificate to be delivered under this Agreement with respect to the period ending March 31st
of such year, a proposed update to the Disclosure Schedule correcting all information that is outdated, inaccurate, incomplete
or misleading in any material respect; provided, however, (a) with respect to any proposed updates to the Disclosure
Schedule involving Permitted Liens, Permitted Indebtedness or Permitted Investments, Agent will replace the Disclosure Schedule
attached hereto with such proposed update only if such updated information is consistent with the definitions of and limitations
herein pertaining to Permitted Liens, Permitted Indebtedness or Permitted Investments and (b) with respect to any proposed updates
to the Disclosure Schedule involving other matters, Agent will replace the applicable portion of the Disclosure Schedule
attached hereto with such proposed update upon Agent’s approval thereof.

 

6.15            
Intellectual Property and Licensing.

 

(a)                
Together with each Compliance Certificate required to be delivered pursuant to Section 6.2(b) for the periods ending March
31st and September 30th, respectively, of each year, to the extent (i) Borrower acquires and/or develops
any new Registered Intellectual Property registered in any Registered IP Disclosure Location, or (ii) Borrower enters into or becomes
bound by any additional material in-bound license or sublicense agreement, any additional exclusive out-bound license or sublicense
agreement or other agreement with respect to material rights in Intellectual Property (other than over-the-counter software that
is commercially available to the public), or (iii) there occurs any other material change in Borrower’s Registered Intellectual
Property registered in any Registered IP Disclosure Location, in-bound licenses or sublicenses or exclusive out-bound licenses
or sublicenses from that listed on the Intangible Assets Schedule, together with such Compliance Certificate, deliver to
Agent an updated Intangible Assets Schedule reflecting such updated information.

 

(b)               
If Borrower obtains any Registered Intellectual Property (other than copyrights, mask works and related applications, which
are addressed below) registered in any Registered IP Disclosure Location, Borrower shall promptly execute such intellectual property
security agreements (which shall be filed in the United States Patent and Trademark Office) and other documents and provide such
other information (including, without limitation, copies of applications) and take such other actions as Agent shall request in
its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Agent, for the
ratable benefit of Lenders, in such property. If Borrower decides to register any copyrights or mask works in the United States
Copyright Office, Borrower shall: (i) provide Agent with at least [***] prior written notice of Borrower’s intent
to register such copyrights or mask works together with a copy of the application it intends to file with the United States Copyright
Office (excluding Exhibits thereto); (ii) execute an intellectual property security agreement and such other documents and provide
such other information and take such other actions as Agent may request in its good faith business judgment to perfect and maintain
a first priority perfected security interest in favor of Agent, for the ratable benefit of the Lenders, in the copyrights or mask
works intended to be registered with the United States Copyright Office; and (iii) record such intellectual property security agreement
with the United States Copyright Office contemporaneously with filing the copyright or mask work application(s) with the United
States Copyright Office.

 

    	 	19	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(c)                
Upon Agent’s request, Borrower shall exercise its commercially reasonable efforts to obtain the consent of, or waiver
by, any person whose consent or waiver is necessary for (i) all licenses or agreements to be deemed “Collateral” and
for Agent to have a security interest in it that might otherwise be restricted or prohibited by Law or by the terms of any such
license or agreement, whether now existing or entered into in the future, and (ii) Agent to have the ability in the event of a
liquidation of any Collateral to dispose of such Collateral in accordance with Agent’s rights and remedies under this Agreement
and the other Financing Documents; provided, that the requirements of this paragraph (c) shall not apply with respect to
the Seqirus UK License Agreement.

 

(d)               
Borrower shall own, or be licensed to use or otherwise have the right to use, all Material Intangible Assets. Borrower shall
cause all Registered Intellectual Property to be duly and properly registered, filed or issued in the appropriate office and jurisdictions
for such registrations, filings or issuances, except where the failure to do so would not reasonably be expected to result in a
Material Adverse Change. Borrower shall at all times conduct its business without infringement or claim of infringement of any
Intellectual Property rights of others. Borrower shall (i) protect, defend and maintain the validity and enforceability of its
Material Intangible Assets (ii) promptly advise Agent in writing of material infringements of its Material Intangible Assets, or
of a material claim of infringement by Borrower on the Intellectual Property rights of others; and (iii) not allow, except as permitted
under Section 7.1(j), any of Borrower’s Material Intangible Assets to be abandoned, invalidated, forfeited or dedicated to
the public or to become unenforceable. Borrower shall not become a party to, nor become bound by, any material license or other
similar material agreement with respect to which Borrower is the licensee that prohibits or otherwise restricts Borrower from granting
a security interest in Borrower’s interest in such license or agreement or other property.

 

6.16            
Regulatory Reporting and Covenants.

 

(a)                
Borrower shall notify Agent and each Lender promptly, and in any event within [***] of receiving, becoming aware
of or determining that (each, a “Regulatory Reporting Event” and collectively, the “Regulatory Reporting
Events”): (i) any Governmental Authority, specifically including the FDA is conducting or has conducted (A) if applicable,
any investigation of Borrower’s or its Subsidiaries’ manufacturing facilities and processes for any Product (or any
investigation of the facility of a contract manufacturer engaged by Borrower or is Subsidiaries in respect of a Product of which
Borrower and/or its Subsidiaries are aware), which has disclosed any material deficiencies or violations of Laws and/or the Regulatory
Required Permits related thereto or (B) an investigation or review of any Regulatory Required Permit (other than routine reviews
in the Ordinary Course of Business associated with the renewal of a Regulatory Required Permit), (ii) development, testing, and/or
manufacturing of any Product should cease, (iii) if a Product has been approved for marketing and sale, any marketing or sales
of such Product should cease or such Product should be withdrawn from the marketplace, (iv) any Regulatory Required Permit has
been revoked or withdrawn, (v) adverse clinical test results have occurred with respect to any Product, (vi) any Product recalls
or voluntary Product withdrawals from any market (other than with respect to discrete batches or lots that are not material in
quantity or amount and are not made in conjunction with a larger recall) have occurred, or (vii) any significant failures in the
manufacturing of any Product have occurred such that the amount of such Product successfully manufactured in accordance with all
specifications thereof and the required payments to be made to Borrower therefor in any month shall decrease significantly with
respect to the quantities of such Product and payments produced in the prior month, in each case of the foregoing clauses (i) –
(vii), to the extent that such event could reasonably be expected to result in a Material Adverse Change. Borrower shall provide
to Agent or any Lender such further information (including copies of such documentation) as Agent or any Lender shall reasonably
request with respect to any such Regulatory Reporting Event.

 

(b)               
Borrower shall, and shall cause each Credit Party to, obtain and, to the extent applicable, use commercially reasonable
efforts to cause all third parties to obtain, all Regulatory Required Permits necessary for compliance in all material respects
with Laws with respect to testing, manufacturing, developing, selling or marketing of Products and shall, and shall cause each
Credit Party to, maintain and comply fully and completely in all respects with all such Regulatory Required Permits, the noncompliance
with which could reasonably be expected to result in a Material Adverse Change. In the event Borrower or any Credit Party obtains
any new material Regulatory Required Permit or any information on the Required Permits Schedule becomes outdated, inaccurate,
incomplete or misleading, Borrower shall, together with the next Compliance Certificate required to be delivered under this Agreement
after such event or within [***], if earlier, provide Agent with an updated Required Permits Schedule including such
updated information.

 

    	 	20	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(c)                
If, after the Closing Date, (i) Borrower determines to manufacture, sell, develop, test or market any new material Product
(by itself or through a third party), Borrower shall deliver prior written notice to Agent of such determination (which shall include
a brief description of such Product) and (x) if such determination occurs on or after March 31st and on or before September
30th of the applicable year, together with the Compliance Certificate to be delivered under this Agreement with respect
to the period ending September 30th of such year, and (y) if such determination occurs after September 30th
applicable year and on or before March 31st of the following year of the, together with the Compliance Certificate to
be delivered under this Agreement with respect to the period ending March 31st of such year, shall provide an updated
Intangible Assets Schedule, Products Schedule and Required Permits Schedule (and copies of such Required Permits
as Agent may request) reflecting updates related to such determination.

 

6.17            
Peramivir SPE. Notwithstanding any provision to the contrary herein, the Peramivir SPE shall, and BioCryst shall
cause the Peramivir SPE to, (a) comply with each of the covenants set forth on the SPE Covenant Schedule attached hereto (the “SPE
Covenants”) and (b) include each of the covenants set forth on the SPE Covenant Schedule attached hereto in the organizational
documents of the Peramivir SPE.

 

6.18            
JPR Royalty Sub.

 

(a)                
Until discharge of the Indenture pursuant to and in accordance with Section 11.1 thereof, BioCryst hereby agrees that it
shall, to the extent required by the Indenture and other Deal Documents (as defined in the Indenture), and all agreements and documents
entered into from time to time in connection therewith (including, without limitation, any amendments or modifications thereof)
and not otherwise prohibited pursuant to the terms of the Financing Documents, perform (i) its obligations under the Royalty Hedge
Documents, (ii) such administrative activities necessary to maintain the continuing existence of JPR Royalty Sub, such as completing
required annual registration or report filings with state filing offices, and (iii) such activities in the Ordinary Course of Business
incidental to its ownership of the equity interests of JPR Royalty Sub, to the extent that failure perform any of the foregoing
activities described in clauses (a)(i), (ii) and (iii) could reasonably be expected to result in a Material Adverse Change.

 

(b)               
Until discharge of the Indenture pursuant to and in accordance with Section 11.1 thereof, it shall constitute a breach of
this Section 6.18(b) by Borrowers if JPR Royalty Sub shall (i) transact or engage in any activities, business or operations or
consummate any transactions other than the performance of its obligations and activities reasonably incidental thereto under the
Indenture and the other Deal Documents, and all agreements and documents entered into from time to time in connection therewith
(including, without limitation, any amendments or modifications thereof), (ii) amend the terms of the Indenture or the other Deal
Documents in a manner that is materially adverse to Agent or any Lender or that could reasonably be expected to result in a Material
Adverse Change, (iii) allow its organizational documents to be modified in a manner (A) that is adverse to Agent or any Lender
in any material respect, (B) that could reasonably be expected to result in a Material Adverse Change or (C) that would have the
effect of eliminating or modifying any of the “special purpose entity” restrictions set forth in such organizational
documents (iv) violate the “special purpose entity” restrictions set forth in such organizational documents in any
material respect or (v) merge or consolidate with any other entity.

 

(c)                
Following discharge of the Indenture pursuant to and accordance with Section 11.1 thereof, Borrower shall, within [***]
or, if not then permitted pursuant to the Indenture or other Deal Documents, within [***] of such first date thereafter
as may be permitted under the Indenture and such other Deal Documents, and at its election, either (a) dissolve JPR Royalty Sub
and liquidate its assets into Borrower or (b) take such actions required by Agent to cause JPR Royalty Sub to become a Borrower
or Credit Party under the Financing Documents pursuant to the Joinder Requirements set forth in Section 6.8 with respect to newly
formed or acquired Subsidiaries.

 

    	 	21	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

		7.	NEGATIVE COVENANTS

 

Borrower shall not
do, nor shall it permit any Credit Party or any of its Restricted Subsidiaries to do, any of the following without the prior written
consent of Agent:

 

7.1               
Dispositions. Convey, sell, abandon, lease, license, transfer, assign or otherwise dispose of (collectively, “Transfer”)
all or any part of its business or property, except for (a) sales, transfers or dispositions of Inventory in the Ordinary
Course of Business or that is no longer used or useful in Borrower’s business; (b) sales or abandonment of (i) worn-out
or obsolete Equipment or (ii) other Equipment that is no longer used or useful in the business of Borrower with a fair salable
value not to exceed [***] in the aggregate for all such Equipment; (c) to the extent constituting a Transfer, Permitted
Liens; (d) to the extent they may constitute a Transfer, Permitted Investments; (e) Permitted Licenses; (f) dispositions of Clinical
Trial Material that, in the good faith determination of Borrower, is no longer used or useful in the conduct of the business of
Borrower and its Subsidiaries; (g) dispositions of Inventory and Clinical Trial Material to licensees in connection with, and pursuant
to reasonable and customary terms of, a Permitted Licenses; (h) the sale, transfer, or disposition of the Patheon Inventory pursuant
to Section 3.4 of the Seqirus UK License Agreement; (i) Transfers among Borrowers; provided that no such Transfer shall
be permitted that would cause a violation of the SPE Covenants; (j) abandonment of Intellectual Property rights in the Ordinary
Course of Business that, in the good faith determination of Borrower, are obsolete, no longer used or useful in the conduct of
the business of Borrower and its Subsidiaries or the cost of maintaining such Intellectual Property would outweigh the benefit
to Borrower and its Subsidiaries of so maintaining it; (k) dispositions of accounts receivable to a third party in connection with
the compromise, settlement or collection thereof in the Ordinary Course of Business exclusive of factoring or similar arrangements;
and (l) leases of tangible personal property and real property in the Ordinary Course of Business to third parties for fair and
reasonable consideration.

 

7.2               
Changes in Business, Management, Ownership or Business Locations. (a) Engage in, or permit any of its Subsidiaries
to engage in, any business other than the businesses currently engaged in by Borrower, such Credit Party or such Subsidiary, as
applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) (i) have a change in senior management where
an interim replacement, as approved by Borrower’s or such Credit Party’s board of directors, has not been named and
hired by not later than [***] after such change, or (ii) enter into any transaction or series of related transactions which
would result in a Change in Control unless the agreements with respect to such transactions provide for either (A) the indefeasible
payment in full of the Obligations substantially concurrently therewith or (B) the consent of Agent and the Lenders as a condition
precedent to the consummation thereof; (d) add any new offices or business locations, or enter into any new leases with respect
to existing offices or business locations without first delivering a fully-executed Access Agreement to Agent (except as otherwise
provided below); (e) change its jurisdiction of organization; (f) change its organizational structure or type; (g) change
its legal name; (h) change any organizational number (if any) assigned by its jurisdiction of organization. Notwithstanding
the foregoing, in the case of subpart (d) above, provided that the applicable lease or license agreement, or applicable
law, does not grant to the landlord or licensor any Lien upon intangible assets of the tenant or licensee, subpart (d) shall not
restrict leases or licenses for (x) such new or existing offices or business locations containing less than [***] in Borrower’s
assets or property and not containing Borrower’s Books and (y) any new or existing business location constituting a warehouse,
consignee or bailee location that does not contain any of Borrower’s Books and would not otherwise require an Access Agreement
pursuant to Section 4.2(e).

 

7.3               
Mergers or Acquisitions. Merge or consolidate with any other Person, or acquire all
or substantially all of the capital stock or property of another Person, provided, however, that (a) a Credit Party may
merge or consolidate into another Credit Party, (b) a Domestic Subsidiary may merge or consolidate into another Domestic Subsidiary
that is a Credit Party, (c) a Domestic Subsidiary that is not a Credit Party may merge or consolidate into another Domestic Subsidiary,
(d) a Foreign Subsidiary may merge or consolidate into another Foreign Subsidiary and (e) a Domestic Subsidiary that is not a Credit
Party may merge or consolidate into a Credit Party, so long as, in each case, (i) Borrower has provided Agent with prior written
notice of such transaction, (ii) if a Credit Party is a party thereto, a Person already comprising a Credit Party shall be the
surviving legal entity, (iii) if the Borrower is a party thereto, the Borrower shall be the surviving legal entity, (iv) if a Credit
Party is a party thereto, the surviving Credit Party’s tangible net worth is not thereby reduced, (v) no Event of Default
has occurred and is continuing prior thereto or arises as a result therefrom provided, further, that, notwithstanding the
foregoing, Peramivir SPE shall not be entitled to enter into any such merger, consolidation or acquisition if doing so would cause
a violation of the SPE Covenants and (f) Credit Parties may dissolve or liquidate their Subsidiaries (other than any Borrower)
so long as any assets of such dissolved or liquidated Person are transferred to a Borrower.

 

    	 	22	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

7.4               
Indebtedness. (a) Create, incur, assume, or be liable for any Indebtedness other than Permitted Indebtedness or (b)
purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness
(other than with respect to the Obligations as described in Section 2.3) prior to its maturity or scheduled payment date, as applicable.

 

7.5               
Encumbrance. (a) Create, incur, allow, or suffer any Lien on any of its property, except for Permitted Liens, (b)
permit any Collateral to fail to be subject to the first priority security interest granted herein except for Permitted Liens that
may have priority by operation of applicable Law or by the terms of a written intercreditor or subordination agreement entered
into by Agent, or (c) enter into any agreement, document, instrument or other arrangement (except with or in favor of Agent) with
any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Restricted Subsidiary from assigning,
mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Restricted Subsidiary’s
Collateral, except as is otherwise permitted in the definition of “Permitted Liens” herein.

 

7.6               
Maintenance of Collateral Accounts. Maintain any Collateral Account, except pursuant to the terms of Section 6.6
hereof.

 

7.7               
Distributions; Investments; Margin Stock. (a) Pay any dividends (other than (i) dividends payable solely in common
stock and (ii) dividends paid to BioCryst by any Subsidiary thereof (or by any Subsidiary of BioCryst to its direct parent entity))
or make any distribution or payment with respect to or redeem, retire or purchase or repurchase any of its equity interests (other
than repurchases pursuant to the terms of employee stock purchase plans, employee restricted stock agreements or similar plans),
or (b) directly or indirectly make any Investment (including, without limitation, any additional Investment in any Subsidiary)
other than Permitted Investments. Without limiting the foregoing, Borrower shall not, and shall not permit any of its Restricted
Subsidiaries or any Credit Party to, purchase or carry Margin Stock.

 

7.8               
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with
any Affiliate of any Credit Party, except for (a) transactions that are in the Ordinary Course of Business, upon fair and reasonable
terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated
Person, (b) transactions permitted by Section 7.7(a) of this Agreement, and (c) transactions exclusively among Credit Parties not
otherwise prohibited by this Agreement, including with respect to the Peramivir SPE, by the SPE Covenants.

 

7.9               
Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except to the extent expressly permitted
to be made pursuant to the terms of the Subordination Agreement to which such Subordinated Debt is subject, or (b) amend any
provision in any document relating to the Subordinated Debt other than as may be expressly permitted pursuant to the terms of any
applicable Subordination Agreement to which such Subordinated Debt is subject.

 

7.10            
Compliance. Become an “investment company” or a company controlled by an “investment company”,
under the Investment Company Act of 1940, as amended or undertake as one of its important activities extending credit to purchase
or carry Margin Stock, or use the proceeds of any Credit Extension for that purpose; (a) fail, or permit any ERISA Affiliate to
fail, to meet “minimum funding standards” (as defined in Section 412 of the Internal Revenue Code or Section 302 of
ERISA), whether or not waived, (b) permit (with respect to any Credit Party, any Restricted Subsidiary of any Credit Party or any
ERISA Affiliate thereof) a “reportable event” as defined in Section 4043(c) of ERISA (or the regulations issued thereunder)
(other than an event for which the thirty (30)-day notice requirement is waived) to occur, (c) engage in any “prohibited
transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code that could result in
liability in excess of [***] in the aggregate or that could reasonably be expected to result in a Material Adverse Change;
(d) fail to comply with the Federal Fair Labor Standards Act that could result in liability in excess of [***] in the aggregate
or that could reasonably be expected to result in a Material Adverse Change; (e) permit (with respect to any Credit Party, any
Restricted Subsidiary of any Credit Party or any ERISA Affiliate thereof) the withdrawal from participation in any Pension Plan,
or (f) incur, or permit any Credit Party, any Restricted Subsidiary of any Credit Party or any ERISA Affiliate thereof to incur,
any liability under Title IV of ERISA (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA).

 

    	 	23	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

7.11            
Amendments to Organization Documents and Material Agreements. Amend, modify or waive any provision of (a) any Material
Agreement in a manner that is materially adverse to Borrower or its Restricted Subsidiaries, that is adverse to Agent or any Lender,
that pertains to rights to assign or grant a security interest in such Material Agreement or that could or could reasonably be
expected to result in a Material Adverse Change, or (b) any of its organizational documents (other than a change in registered
agents, or a change that could not adversely affect the rights of Agent or Lenders hereunder, but, for the avoidance of doubt,
under no circumstances a change of its name, type of organization or jurisdiction of organization), in each case, without the prior
written consent of Agent. Borrower shall provide to Agent copies of all amendments, waivers and modifications of any Material Agreement
or organizational documents. Without limiting the foregoing, no Borrower shall allow the Intercompany License Agreement to be terminated
without Agent’s prior written consent.

 

7.12            
Compliance with Anti-Terrorism Laws. Directly or indirectly, knowingly enter into any documents, instruments, agreements
or contracts with any Person listed on the OFAC Lists. Borrower shall immediately notify Agent if Borrower has knowledge that Borrower
or any Subsidiary, Affiliate or direct or indirect parent of a joint venture is listed on the OFAC Lists or (a) is convicted on,
(b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering
or predicate crimes to money laundering. Borrower will not, nor will Borrower permit any Subsidiary, Affiliate or direct or indirect
parent of a joint venture to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any
Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for
the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests
in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law, or (iii) engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. Agent hereby notifies Borrower that
pursuant to the requirements of Anti-Terrorism Laws, and Agent’s policies and practices, Agent is required to obtain, verify
and record certain information and documentation that identifies Borrower and its principals, which information includes the name
and address of Borrower and its principals and such other information that will allow Agent to identify such party in accordance
with Anti-Terrorism Laws.

 

7.13            
Joint Ventures.

 

(a)                
No Borrower will, nor will it permit any Subsidiary to, commingle any of its assets (including any bank accounts, cash or
cash equivalents) with the assets of any joint venture, including any Permitted Joint Venture.

 

(b)               
No Borrower will, nor will it permit any Subsidiary to, enter into or own any interest in a joint venture that is not itself
a corporation or limited liability company or other legal entity in respect of which the equity holders are not liable for the
obligations of such entity as a matter of law.

 

7.14            
Inactive Subsidiaries. Borrowers shall not permit any Inactive Subsidiary to (a) conduct any business operations
(including the operations of a holding company, other than as a holding company of other Inactive Subsidiaries), (b) have any cash
or other assets (including any licenses or permits) or any liabilities (other than de minimis assets or liabilities as required
by Applicable Law and other than certain trademarks not material to the Borrower’s business), (c) own any capital stock of
any Credit Party or any other Subsidiary of any Credit Party, or (d) operate any part of Borrowers’ business. For the avoidance
of doubt, Borrower shall not make any Investment in or any asset Transfer to any Inactive Subsidiary.

 

		8.	RESERVED

 

		9.	FINANCIAL COVENANTS

 

9.1               
Borrower Unrestricted Cash. Borrower shall, (a) at all times prior to the funding of Credit Facility #2, maintain
an aggregate amount of Borrower Unrestricted Cash of greater than or equal to Twenty-Five Million Dollars ($25,000,000) and (b)
at all times on and after the later of (1) the funding of Credit Facility #2 and (2) January 1, 2020, maintain an aggregate amount
of Borrower Unrestricted Cash of greater than or equal to Forty Million Dollars ($40,000,000).

 

    	 	24	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

9.2               
Minimum Net Revenue(a). Prior to the Lenders making a Credit Extension under Credit Facility #3, Agent, Lenders and
Borrower shall mutually agree to a minimum Net Revenue covenant to be incorporated herein by an amendment on terms and conditions
acceptable to Agent and Lenders.

 

9.3               
Evidence of Compliance(a). Borrower shall furnish to Agent, in accordance with 6.2(b), a Compliance Certificate as
evidence of Borrower compliance with the covenants in this Article 9. The Compliance Certificate shall include, without limitation,
(i) a statement and report, on a form approved by Agent, detailing Borrower’s calculations, (ii) the monthly cash and cash
equivalents of Borrower and Borrower and its consolidated Subsidiaries and, if requested by Agent, bank statements and (iii) if
requested by Agent, back-up documentation (including, without limitation, invoices, receipts and other evidence of costs incurred
during such quarter as Agent shall reasonably require) evidencing the propriety of the calculations.

 

		10.	EVENTS OF DEFAULT

 

10.1            
Events of Default. The occurrence of any of the following conditions and/or events, whether voluntary or involuntary,
by operation of law or otherwise, shall constitute an “Event of Default” and Credit Parties shall thereupon
be in default under this Agreement and each of the other Financing Documents:

 

(a)                
Borrower fails to (i) make any payment of principal or interest on any Credit Extension on its due date, or (ii) pay
any other Obligations within [***] after such Obligations are due and payable (which [***] grace period shall not
apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 10.2 hereof);

 

(b)               
any Credit Party defaults in the performance of or compliance with any term contained in this Agreement or in any other
Financing Document (other than occurrences described in other provisions of this Section 10.1 for which a different grace or cure
period is specified or for which no grace or cure period is specified and thereby constitute immediate Events of Default) and such
default is not remedied by such Credit Party or waived by Agent within [***] after the earlier of (i) the date of receipt
by Borrower of notice from Agent or the Required Lenders of such default, or (ii) the date an officer of such Credit Party becomes
aware, or through the exercise of reasonable diligence should have become aware, of such default; provided, however,
that if the default cannot by its nature be cured within the [***] period or cannot after diligent attempts by Borrower
be cured within such [***] period, and such default is likely to be cured within a reasonable time, then Borrower shall
have an additional reasonable period (which shall not in any case exceed [***] following such initial [***] period)
to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed
an Event of Default;

 

(c)                
any Credit Party defaults in the performance of or compliance with any term contained in Section 6.2, 6.4, 6.5, 6.6, 6.7(a),
6.8, 6.9, 6.10, 6.13, 6.15, 6.16, 6.18, Article 7 or Article 9;

 

(d)               
any representation, warranty, certification or written statement made by any Credit Party, and holder of Subordinated Debt
or any other Person acting for or on behalf of a Credit Party or a holder of Subordinated Debt (i) in any Financing Document or
in any certificate, financial statement or other document delivered pursuant to any Financing Document, or (ii) to induce Agent
and/or Lenders to enter into this Agreement or any Financing Document is incorrect in any respect (or in any material respect if
such representation, warranty, certification or written statement is not by its terms already qualified as to materiality) when
made (or deemed made);

 

(e)                
(i) any Credit Party or any Restricted Subsidiary thereof defaults under or breaches any Material Agreement (after any applicable
grace period contained therein), or a Material Agreement shall be terminated by a third party or parties thereto prior to the expiration
thereof, or there is a loss of a material right of a Credit Party under any Material Agreement to which it is a party, in each
case which could reasonably be expected to result in a Material Adverse Change, (ii) (A) any Credit Party or an Restricted Subsidiary
thereof fails to make (after any applicable grace period) any payment when due (whether due because of scheduled maturity, required
prepayment provisions, acceleration, demand or otherwise) on any Indebtedness (other than the Obligations) of such Credit Party
or such Restricted Subsidiary having an aggregate principal amount (including undrawn committed or available amounts and including
amounts owing to all creditors under any combined or syndicated credit arrangement) of more than [***] (“Material
Indebtedness”), (B) any other event shall occur or condition shall exist under any contractual obligation relating to
any such Material Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration of (without
regard to any subordination terms with respect thereto), the maturity of such Material Indebtedness or (C) any such Material Indebtedness
shall become or be declared to be due and payable, or be required to be prepaid, redeemed, defeased or repurchased (other than
by a regularly scheduled required prepayment), prior to the stated maturity thereof, (iii) any Credit Party defaults (beyond any
applicable grace period) under any obligation for payments due or otherwise under any lease agreement for such Credit Party’s
principal place of business or any place of business that meets the criteria for the requirement of an Access Agreement under Section
7.2 or for which an Access Agreement exists or was required to be delivered, (iv) the occurrence of any breach or default under
any terms or provisions of any Subordinated Debt Document or under any agreement subordinating the Subordinated Debt to all or
any portion of the Obligations, or the occurrence of any event requiring the prepayment of any Subordinated Debt, or the delivery
of any notice with respect to any Subordinated Debt or pursuant to any Subordination Agreement that triggers the start of any standstill
or similar period under any Subordination Agreement, or (v) Borrower makes any payment on account of any Indebtedness that has
been subordinated to any of the Obligations, other than payments specifically permitted by the terms of such subordination;

 

    	 	25	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(f)                 
(i) any Credit Party or any Restricted Subsidiary shall generally not pay its debts as such debts become due, shall admit
in writing its inability to pay its debts generally, (ii) any Credit Party or any Restricted Subsidiary shall make a general assignment
for the benefit of creditors, or shall cease doing business as a going concern, (iii) any proceeding shall be instituted by or
against any Credit Party or any Restricted Subsidiary in any jurisdiction seeking to adjudicate it a bankrupt or insolvent or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, composition of it or its debts or any similar
order, in each case under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking the entry
of an order for relief or the appointment of a custodian, receiver, trustee, conservator, liquidating agent, liquidator, other
similar official or other official with similar powers, in each case for it or for any substantial part of its property and, in
the case of any such proceedings instituted against (but not by or with the consent of) such Credit Party or Restricted Subsidiary,
either such proceedings shall remain undismissed or unstayed for a period of [***] or more or any action sought in such
proceedings shall occur or (iv) any Credit Party or any Restricted Subsidiary thereof shall take any corporate or similar action
or any other action to authorize any action described in clause (i)-(iii) above;

 

(g)               
(i) the service of process seeking to attach, execute or levy upon, seize or confiscate any Collateral Account, any Intellectual
Property, or any funds of any Credit Party on deposit with Agent, any Lender or any Affiliate of Agent or any Lender, or (ii) a
notice of lien, levy, or assessment is filed against any assets of a Credit Party by any government agency, and the same under
clauses (i) and (ii) hereof are not discharged or stayed (whether through the posting of a bond or otherwise) prior to the earlier
to occur of [***] after the occurrence thereof or such action becoming effective;

 

(h)               
(i) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business, (ii)
the institution by any Governmental Authority of criminal proceedings against any Credit Party or its Restricted Subsidiary, or
(iii) one (1) or more judgments or orders for the payment of money (not paid or fully covered by insurance and as to which the
relevant insurance company has acknowledged coverage in writing) aggregating in excess of [***] shall be rendered against
any or all Credit Parties or their Restricted Subsidiaries and either (A) enforcement proceedings shall have been commenced by
any creditor upon any such judgments or orders, or (B) there shall be any period of [***] during which a stay of enforcement
of any such judgments or orders, by reason of a pending appeal, bond or otherwise, shall not be in effect,

 

(i)                 
any Lien created by any of the Financing Documents shall at any time fail to constitute a valid and perfected Lien on all
of the Collateral purported to be encumbered thereby, subject to no prior or equal Lien except Permitted Liens, or any Credit Party
shall so assert; any provision of any Financing Document shall fail to be valid and binding on, or enforceable against, a Credit
Party, or any Credit Party shall so assert;

 

(j)                 
(i) a Change in Control occurs or (ii) any Credit Party or direct or indirect equity owner in a Credit Party shall enter
into an agreement which contemplates a Change in Control (unless such agreement is either (A) non-binding on such Credit Party
or (B) provides for, as a condition precedent to the consummation of such agreement, either (I) the indefeasible payment in full
in cash of all Obligations or (II) the consent of Agent and Lenders);

 

    	 	26	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(k)               
any Required Permit shall have been (i) revoked, rescinded, suspended, modified in a materially adverse manner or not
renewed in the Ordinary Course of Business for a full term, or (ii) subject to any decision by a Governmental Authority that
designates a hearing with respect to any applications for renewal of any of such Required Permit or that could result in the Governmental
Authority taking any of the actions described in clause (i) above, and such decision or such revocation, rescission, suspension,
modification or non-renewal results in, or could reasonably be expected to result in, a Material Adverse Change;

 

(l)                 
(i) the voluntary withdrawal or institution of any action or proceeding by the FDA or similar Governmental Authority to
order the withdrawal of the RAPIVAB Product from the market in the United States, Canada, or Europe, or to enjoin Borrower, its
Restricted Subsidiaries or any representative of Borrower or its Restricted Subsidiaries from manufacturing, marketing, selling
or distributing any RAPIVAB Product in the United States, Canada, or Europe, (ii) the voluntary withdrawal or institution of any
action or proceeding by the FDA or similar Governmental Authority to order the withdrawal of any other Product or Product category
from the market or to enjoin Borrower, its Restricted Subsidiaries or any representative of Borrower or its Restricted Subsidiaries
from manufacturing, marketing, selling or distributing such other Product or Product category, which could reasonably be expected
to result in a Material Adverse Change, (iii) the institution of any action or proceeding by any DEA, FDA, or any other Governmental
Authority to revoke, suspend, reject, withdraw, limit, or restrict any Regulatory Required Permit held by Borrower, its Restricted
Subsidiaries or any representative of Borrower or its Restricted Subsidiaries, which, in each case, has or could reasonably be
expected to result in a Material Adverse Change, (iv) the commencement of any enforcement action against Borrower, its Restricted
Subsidiaries or any representative of Borrower or its Restricted Subsidiaries (with respect to the business of Borrower or its
Subsidiaries) by DEA, FDA, or any other Governmental Authority which has or could reasonably be expected to result in a Material
Adverse Change, or (v) the occurrence of adverse test results in connection with a Product which could reasonably be expected to
result in a Material Adverse Change;

 

(m)              
if Borrower is or becomes an entity whose equity is registered with the SEC, and/or is publicly traded on and/or registered
with a public securities exchange, Borrower’s equity fails to remain registered with the SEC in good standing, and/or such
equity fails to remain publicly traded on and registered with a public securities exchange; or

 

(n)               
the occurrence of any fact, event or circumstance that could reasonably be expected to result in a Material Adverse Change.

 

All cure periods provided for in this Section
10.1 shall run concurrently with any cure period provided for in any applicable Financing Documents under which the default occurred.

 

10.2            
Rights and Remedies.

 

(a)                
Upon the occurrence and during the continuance of an Event of Default, Agent may, and at the written direction of any Lender
shall, without notice or demand, do any or all of the following: (i) deliver notice of the Event of Default to Borrower, (ii) by
notice to Borrower declare all Obligations immediately due and payable (but if an Event of Default described in Section 10.1(f)
occurs all Obligations shall be immediately due and payable without any action by Agent or the Lenders), or (iii) by notice to
Borrower suspend or terminate the obligations, if any, of the Lenders to advance money or extend credit for Borrower’s benefit
under this Agreement or under any other agreement between any Credit Party and Agent and/or the Lenders (but if an Event of Default
described in Section 10.1(f) occurs all obligations, if any, of the Lenders to advance money or extend credit for Borrower’s
benefit under this Agreement or under any other agreement between Borrower and Agent and/or the Lenders shall be immediately terminated
without any action by Agent or the Lenders).

 

(b)               
Without limiting the rights of Agent and the Lenders set forth in Section 10.2(a) above, upon the occurrence and during
the continuance of an Event of Default, Agent shall have the right, without notice or demand, to do any or all of the following:

 

    	 	27	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(i)                 
with or without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral
from the premises or store it on the premises, and foreclose upon and/or sell, lease or liquidate, the Collateral, in whole or
in part;

 

(ii)               
apply to the Obligations (A) any balances and deposits of any Credit Party that Agent or any Lender or any Affiliate of
Agent or a Lender holds or controls, or (B) any amount held or controlled by Agent or any Lender or any Affiliate of Agent or a
Lender owing to or for the credit or the account of any Credit Party;

 

(iii)             
settle, compromise or adjust and grant releases with respect to disputes and claims directly with Account Debtors for amounts
on terms and in any order that Agent considers advisable, notify any Person owing any Credit Party money of Agent’s security
interest in such funds, and verify the amount of such Account;

 

(iv)              
make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest
in the Collateral. Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates. Agent may
also render any or all of the Collateral unusable at a Credit Party’s premises and may dispose of such Collateral on such
premises without liability for rent or costs. Borrower grants Agent a license to enter and occupy any of its premises, without
charge, to exercise any of Agent’s rights or remedies;

 

(v)               
pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all
expenses incurred;

 

(vi)              
ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, and/or advertise for sale, the Collateral. Agent
is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, patents,
copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter,
or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral
(and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer
software and programs used for the compilation or printout thereof) and, in connection with Agent’s exercise of its rights
under this Article 10, Borrower’s rights under all licenses and all franchise agreements shall be deemed to inure to Agent
for the benefit of the Lenders;

 

(vii)            
place a “hold” on any account maintained with Agent or the Lenders or any Affiliate of Agent or a Lender and/or
deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement
or similar agreements providing control of any Collateral;

 

(viii)          
demand and receive possession of the Books of Borrower and the other Credit Parties; and

 

(ix)              
exercise all other rights and remedies available to Agent under the Financing Documents or at law or equity, including all
remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof).

 

10.3            
Notices. Any notice that Agent is required to give to a Credit Party under the UCC of the time and place of any public
sale or the time after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to
constitute reasonable notice if such notice is given in accordance with this Agreement at least five (5) days prior to such action.

 

10.4            
Protective Payments. If any Credit Party fails to pay or perform any covenant or obligation under this Agreement
or any other Financing Document, Agent may pay or perform such covenant or obligation, and all amounts so paid by Agent are Protective
Advances and immediately due and payable, bearing interest at the then highest applicable rate for the Credit Facilities hereunder,
and secured by the Collateral. No such payments or performance by Agent shall be construed as an agreement to make similar payments
or performance in the future or constitute Agent’s waiver of any Event of Default.

 

    	 	28	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

10.5            
Liability for Collateral No Waiver; Remedies Cumulative. So long as Agent and the Lenders comply with reasonable
banking practices regarding the safekeeping of the Collateral in the possession or under the control of Agent and the Lenders,
Agent and the Lenders shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to
the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee,
or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. Agent’s failure, at any time or
times, to require strict performance by Borrower of any provision of this Agreement or any other Financing Document shall not waive,
affect, or diminish any right of Agent thereafter to demand strict performance and compliance herewith or therewith. No waiver
hereunder shall be effective unless signed by Agent and then is only effective for the specific instance and purpose for which
it is given. Agent’s rights and remedies under this Agreement and the other Financing Documents are cumulative. Agent has
all rights and remedies provided under the Code, by Law, or in equity. Agent’s exercise of one (1) right or remedy is not
an election, and Agent’s waiver of any Event of Default is not a continuing waiver. Agent’s delay in exercising any
remedy is not a waiver, election, or acquiescence.

 

10.6            
Application of Payments and Proceeds. Notwithstanding anything to the contrary contained in this Agreement, upon
the occurrence and during the continuance of an Event of Default, (a) Borrower, for itself and the other Credit Parties, irrevocably
waives the right to direct the application of any and all payments at any time or times thereafter received by Agent from or on
behalf of Borrower of all or any part of the Obligations, and, as between Borrower and the Credit Parties on the one hand and Agent
and the Lenders on the other, Agent shall have the continuing and exclusive right to apply and to reapply any and all payments
received against the Obligations in such manner as Agent may deem advisable notwithstanding any previous application by Agent,
and (b) unless Agent and the Lenders shall agree otherwise, the proceeds of any sale of, or other realization upon all or any part
of the Collateral shall be applied: first, to the Protective Advances; second, to accrued and unpaid interest on
the Obligations (including any interest which, but for the provisions of the United States Bankruptcy Code, would have accrued
on such amounts); third, to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness
or obligations of the Credit Parties owing to Agent or any Lender under the Financing Documents. Borrower shall remain fully liable
for any deficiency. Any balance remaining shall be delivered to Borrower or to whomever may be lawfully entitled to receive such
balance or as a court of competent jurisdiction may direct. Unless Agent and the Lenders shall agree otherwise, in carrying out
the foregoing, (x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to
the next succeeding category, and (y) each of the Persons entitled to receive a payment in any particular category shall receive
an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category.

 

10.7            
Waivers.

 

(a)                
Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, each Borrower
waives: (i) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest,
default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Financing Documents and hereby
ratifies and confirms whatever Agent or the Lenders may do in this regard; (ii) all rights to notice and a hearing prior to Agent’s
or any Lender’s entry upon the premises of a Borrower, the taking possession or control of, or to Agent’s or any Lender’s
replevy, attachment or levy upon, any Collateral or any bond or security which might be required by any court prior to allowing
Agent or any Lender to exercise any of its remedies; and (iii) the benefit of all valuation, appraisal and exemption Laws. Each
Borrower acknowledges that it has been advised by counsel of its choices and decisions with respect to this Agreement, the other
Financing Documents and the transactions evidenced hereby and thereby.

 

(b)               
Each Borrower for itself and all of its successors and assigns, (i) agrees that its liability shall not be in any manner
affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by any Lender; (ii) consents
to any indulgences and all extensions of time, renewals, waivers, or modifications that may be granted by Agent or any Lender with
respect to the payment or other provisions of the Financing Documents, and to any substitution, exchange or release of the Collateral,
or any part thereof, with or without substitution, and agrees to the addition or release of Borrower, endorsers, guarantors, or
sureties, or whether primarily or secondarily liable, (without notice to any other Borrower and without affecting its liability
hereunder); (iii) agrees that its liability shall be unconditional and without regard to the liability of any other Borrower, Agent
or any Lender for any tax on the indebtedness; and (iv) to the fullest extent permitted by law, expressly waives the benefit of
any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result contrary to
or in conflict with the foregoing.

 

    	 	29	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(c)                
To the extent that Agent or any Lender may have acquiesced in any noncompliance with any requirements or conditions precedent
to the closing of the Credit Facilities or to any subsequent disbursement of Credit Extensions, such acquiescence shall not be
deemed to constitute a waiver by Agent or any Lender of such requirements with respect to any future Credit Extensions and Agent
may at any time after such acquiescence require Borrower to comply with all such requirements. Any forbearance by Agent or a Lender
in exercising any right or remedy under any of the Financing Documents, or otherwise afforded by applicable law, including any
failure to accelerate the maturity date of the Credit Facilities, shall not be a waiver of or preclude the exercise of any right
or remedy nor shall it serve as a novation of the Financing Documents or as a reinstatement of the Obligations or a waiver of such
right of acceleration or the right to insist upon strict compliance of the terms of the Financing Documents. Agent’s or any
Lender’s acceptance of payment of any sum secured by any of the Financing Documents after the due date of such payment shall
not be a waiver of Agent’s and such Lender’s right to either require prompt payment when due of all other sums so secured
or to declare a default for failure to make prompt payment. The procurement of insurance or the payment of taxes or other Liens
or charges by Agent as the result of an Event of Default shall not be a waiver of Agent’s right to accelerate the maturity
of the Obligations, nor shall Agent’s receipt of any condemnation awards, insurance proceeds, or damages under this Agreement
operate to cure or waive any Credit Party’s default in payment of sums secured by any of the Financing Documents.

 

(d)               
Without limiting the generality of anything contained in this Agreement or the other Financing Documents, each Borrower
agrees that if an Event of Default is continuing (i) Agent and the Lenders shall not be subject to any “one action”
or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies or privileges provided to Agent
or the Lenders shall remain in full force and effect until Agent or the Lenders have exhausted all remedies against the Collateral
and any other properties owned by Borrower and the Financing Documents and other security instruments or agreements securing the
Obligations have been foreclosed, sold and/or otherwise realized upon in satisfaction of Borrower’s obligations under the
Financing Documents.

 

(e)                
Neither Agent nor any Lender shall be under any obligation to marshal any assets in payment of any or all of the Obligations.
Nothing contained herein or in any other Financing Document shall be construed as requiring Agent or any Lender to resort to any
part of the Collateral for the satisfaction of any of Borrower’s obligations under the Financing Documents in preference
or priority to any other Collateral, and Agent may seek satisfaction out of all of the Collateral or any part thereof, in its absolute
discretion in respect of Borrower’s obligations under the Financing Documents. To the fullest extent permitted by law, each
Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Collateral any equitable
right otherwise available to any Credit Party which would require the separate sale of any of the Collateral or require Agent or
the Lenders to exhaust their remedies against any part of the Collateral before proceeding against any other part of the Collateral;
and further in the event of such foreclosure each Borrower does hereby expressly consent to and authorize, at the option of Agent,
the foreclosure and sale either separately or together of each part of the Collateral.

 

10.8            
Injunctive Relief. The parties acknowledge and agree that, in the event of a breach or threatened breach of any Credit
Party’s obligations under any Financing Documents, Agent and the Lenders may have no adequate remedy in money damages and,
accordingly, shall be entitled to an injunction (including, without limitation, a temporary restraining order, preliminary injunction,
writ of attachment, or order compelling an audit) against such breach or threatened breach, including, without limitation, maintaining
any cash management and collection procedure described herein. However, no specification in this Agreement of a specific legal
or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of
a breach or threatened breach of any provision of this Agreement. Each Credit Party waives, to the fullest extent permitted by
law, the requirement of the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents
as a Credit Party, each Credit Party specifically joins in this Section 10.8 as if this Section 10.8 were a part of each Financing
Document executed by such Credit Party.

 

    	 	30	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

		11.	NOTICES

 

All notices, consents,
requests, approvals, demands, or other communication by any party to this Agreement or any other Financing Document must be in
writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and five (5)
Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage
prepaid; (b) upon transmission, when sent by electronic mail (if an email address is specified herein) or facsimile transmission;
(c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered
by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address
indicated below. Any of Agent, a Lender or Borrower may change its mailing or electronic mail address or facsimile number by giving
the other party written notice thereof in accordance with the terms of this Article 11.

 

If to Borrower:

 

BioCryst Pharmaceuticals, Inc.

4505 Emperor Blvd, Suite 200

Durham, NC 27703

Attention: Thomas R. Staab, II; Alane Barnes

Fax: 919-859-1314

Email: tstaab@biocryst.com; abarnes@biocryst.com

 

If to Agent or to MidCap (or any of its
Affiliates or Approved Funds) as a Lender:

 

MidCap Financial Trust

c/o MidCap Financial Services, LLC, as servicer

7255 Woodmont Ave, Suite 200

Bethesda, MD 20814

Attn: Account Manager for BioCryst transaction

Fax: 301-941-1450

Email: notices@midcapfinancial.com

 

With a copy to:

 

MidCap Financial Trust

c/o MidCap Financial Services, LLC, as servicer

7255 Woodmont Ave, Suite 200

Bethesda, MD 20814

Attn: Legal

Fax: 301-941-1450

Email: legalnotices@midcapfinancial.com

 

If to any Lender
other than MidCap: at the address set forth on the signature pages to this Agreement or provided as a notice address for such
in connection with any assignment hereunder.

 

		12.	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER

 

12.1            
THIS AGREEMENT, EACH SECURED PROMISSORY NOTE AND EACH OTHER FINANCING DOCUMENT (EXCLUDING THOSE FINANCING DOCUMENTS THAT
BY THEIR OWN TERMS ARE EXPRESSLY GOVERNED BY THE LAWS OF ANOTHER JURISDICTION), AND THE RIGHTS, REMEDIES AND OBLIGATIONS OF THE
PARTIES HERETO AND THERETO, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR SUCH FINANCING
DOCUMENT (EXCLUDING THOSE FINANCING DOCUMENTS THAT BY THEIR OWN TERMS ARE EXPRESSLY GOVERNED BY THE LAWS OF ANOTHER JURISDICTION),
THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES AND ALL OTHER
MATTERS RELATING HERETO, THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS. NOTWITHSTANDING THE FOREGOING, AGENT AND THE LENDERS SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST
BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH AGENT AND THE LENDERS (IN ACCORDANCE WITH THE PROVISIONS
OF SECTION 12.1) DEEM NECESSARY OR APPROPRIATE TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE AGENT’S AND THE LENDERS’
RIGHTS AGAINST BORROWER OR ITS PROPERTY. BORROWER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE
TO THE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE STATE OF MARYLAND AND ANY SUCH OTHER JURISDICTION IN ANY ACTION
OR SUIT COMMENCED IN ANY SUCH COURT, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction,
improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate
by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit
and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to
Borrower at the address set forth in ARTICLE 11 of this Agreement and that service so made shall be deemed completed upon the earlier
to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mail, proper postage prepaid.

 

    	 	31	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

12.2            
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, AGENT AND THE LENDERS EACH WAIVE THEIR RIGHT TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE FINANCING DOCUMENTS OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO
THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

12.3            
Borrower, Agent and each Lender agree that each Credit Extension (including those made on the Closing Date) shall be deemed
to be made in, and the transactions contemplated hereunder and in any other Financing Document shall be deemed to have been performed
in, the State of Maryland.

 

		13.	GENERAL PROVISIONS

 

13.1            
Successors and Assigns.

 

(a)                
This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign
this Agreement or any rights or obligations under it without Agent’s prior written consent (which may be granted or withheld
in Agent’s discretion). Any Lender may at any time assign to one (1) or more Eligible Assignees all or any portion of such
Lender’s Applicable Commitment and/or Credit Extensions, together with all related obligations of such Lender hereunder.
Borrower and Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests
so assigned until Agent shall have received and accepted an effective assignment agreement in form and substance acceptable to
Agent, executed, delivered and fully completed by the applicable parties thereto, and shall have received such other information
regarding such Eligible Assignee as Agent reasonably shall require. Notwithstanding anything set forth in this Agreement to the
contrary, any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided,
however, that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto. If requested by Agent, Borrower agrees to (i) execute any documents
reasonably required to effectuate and acknowledge each assignment of an Applicable Commitment or Credit Extension to an assignee
hereunder, (ii) make Borrower’s management available to meet with Agent and prospective participants and assignees of Applicable
Commitments or Credit Extensions and (iii) assist Agent or the Lenders in the preparation of information relating to the financial
affairs of Borrower as any prospective participant or assignee of an Applicable Commitment or Credit Extension reasonably may request.

 

    	 	32	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(b)               
From and after the date on which the conditions described above have been met, (i) such Eligible Assignee shall be deemed
automatically to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant to
such assignment agreement, shall have the rights and obligations of a Lender hereunder, and (ii) the assigning Lender, to the extent
that rights and obligations hereunder have been assigned by it pursuant to such assignment agreement, shall be released from its
rights and obligations hereunder (other than those that survive termination). Upon the request of the Eligible Assignee (and, as
applicable, the assigning Lender) pursuant to an effective assignment agreement, each Borrower shall execute and deliver to Agent
for delivery to the Eligible Assignee (and, as applicable, the assigning Lender) secured notes in the aggregate principal amount
of the Eligible Assignee’s Credit Extensions or Applicable Commitments (and, as applicable, secured promissory notes in the
principal amount of that portion of the principal amount of the Credit Extensions or Applicable Commitments retained by the assigning
Lender).

 

(c)                
Agent, acting solely for this purpose as an agent of Borrower, shall maintain at its offices located in Bethesda, Maryland
a copy of each assignment agreement delivered to it and a Register for the recordation of the names and addresses of each Lender,
and the commitments of, and principal amount (and stated interest) of the Credit Extensions owing to, such Lender pursuant to the
terms hereof (the “Register”). The entries in such Register shall be conclusive, absent manifest error, and
Borrower, Agent and the Lenders may treat each Person whose name is recorded therein pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. Such Register shall be available for inspection by
Borrower and any Lender, at any reasonable time upon reasonable prior notice to Agent. Each Lender that sells a participation shall,
acting solely for this purpose as an agent of Borrower maintain a register on which it enters the name and address of each participant
and the principal amounts (and stated interest) of each participant’s interest in the Obligations (each, a “Participant
Register”). The entries in the Participant Registers shall be conclusive, absent manifest error. Each Participant Register
shall be available for inspection by Borrower and Agent at any reasonable time upon reasonable prior notice to the applicable Lender;
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any participant or any information relating to a participant’s interest in any commitments, loans, letters
of credit or its other obligations under any Financing Document) to any Person (including Borrower) except to the extent that such
disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. For the avoidance of doubt, Agent (in its capacity as Agent) shall
have no responsibility for maintaining a participant register.

 

(d)               
Notwithstanding anything to the contrary contained in this Agreement, the Credit Extensions (including any Secured Promissory
Notes evidencing such Credit Extensions) are registered obligations, the right, title and interest of the Lenders and their assignees
in and to such Credit Extensions shall be transferable only upon notation of such transfer in the Register and no assignment thereof
shall be effective until recorded therein. This Agreement shall be construed so that the Credit Extensions are at all times maintained
in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the IRC and Section 5f.103-1(c)
of the United States Treasury Regulations.

 

13.2            
Indemnification.

 

(a)                
Borrower hereby agrees to promptly pay (i) (A) all costs and expenses of Agent (including, without limitation, the costs,
expenses and reasonable fees of counsel to, and independent appraisers and consultants retained by, Agent) in connection with the
examination, review, due diligence investigation, documentation, negotiation, closing and syndication of the transactions contemplated
by the Financing Documents, and in connection with the continued administration of the Financing Documents including (1) any amendments,
modifications, consents and waivers to and/or under any and all Financing Documents, and (2) any periodic public record searches
conducted by or at the request of Agent (including, without limitation, title investigations, UCC searches, fixture filing searches,
judgment, pending litigation and tax lien searches and searches of applicable corporate, limited liability, partnership and related
records concerning the continued existence, organization and good standing of certain Persons), and (B) costs and expenses of Agent
in connection with the performance by Agent of its rights and remedies under the Financing Documents; (ii) without limitation of
the preceding clause (i), all costs and expenses of Agent in connection with the creation, perfection and maintenance of Liens
pursuant to the Financing Documents; (iii) without limitation of the preceding clause (i), all costs and expenses of Agent in connection
with (A) protecting, storing, insuring, handling, maintaining or selling any Collateral, (B) any litigation, dispute, suit or proceeding
relating to any Financing Document, and (C) any workout, collection, bankruptcy, insolvency and other enforcement proceedings under
any and all of the Financing Documents; (iv) without limitation of the preceding clause (i), all costs and expenses of Agent in
connection with Agent’s reservation of funds in anticipation of the funding of the Credit Extensions to be made hereunder;
and (v) all costs and expenses incurred by Agent or the Lenders in connection with any litigation, dispute, suit or proceeding
relating to any Financing Document and in connection with any workout, collection, bankruptcy, insolvency and other enforcement
proceedings under any and all Financing Documents, whether or not Agent or the Lenders are a party thereto. If Agent or any Lender
uses in-house counsel for any of these purposes, Borrower further agrees that the Obligations include reasonable charges for such
work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Agent or such Lender for the
work performed.

 

    	 	33	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(b)               
Borrower hereby agrees to indemnify, pay and hold harmless Agent and the Lenders and the officers, directors, employees,
trustees, agents, investment advisors, collateral managers, servicers, and counsel of Agent and the Lenders (collectively called
the “Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the disbursements and reasonable
fees of counsel for such Indemnitee) in connection with any investigative, response, remedial, administrative or judicial matter
or proceeding, whether or not such Indemnitee shall be designated a party thereto and including any such proceeding initiated by
or on behalf of a Credit Party, and the reasonable expenses of investigation by engineers, environmental consultants and similar
technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained by Agent or the
Lenders) asserting any right to payment for the transactions contemplated hereby, which may be imposed on, incurred by or asserted
against such Indemnitee as a result of or in connection with the transactions contemplated hereby and the use or intended use of
the proceeds of the Credit Facilities, except that Borrower shall have no obligation hereunder to an Indemnitee with respect to
any liability resulting from the gross negligence or willful misconduct of such Indemnitee, as determined by a final non-appealable
judgment of a court of competent jurisdiction. To the extent that the undertaking set forth in the immediately preceding sentence
may be unenforceable, Borrower shall contribute the maximum portion which it is permitted to pay and satisfy under applicable Law
to the payment and satisfaction of all such Indemnified Liabilities incurred by the Indemnitees or any of them. No Indemnitee shall
be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Financing Documents or the transactions contemplated hereby or thereby.

 

(c)                
Notwithstanding any contrary provision in this Agreement, the obligations of Borrower under this Section 13.2 shall survive
the payment in full of the Obligations and the termination of this Agreement. NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO ANY
CREDIT PARTY OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON
ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED
AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR AS
A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

 

13.3            
Time of Essence. Time is of the essence for the payment and performance of the Obligations in this Agreement.

 

13.4            
Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining
the enforceability of any provision.

 

13.5            
Correction of Financing Documents. Agent and the Lenders may correct patent errors and fill in any blanks in this
Agreement and the other Financing Documents consistent with the agreement of the parties.

 

13.6            
Integration. This Agreement and the other Financing Documents represent the entire agreement about this subject matter
and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of this Agreement and the Financing Documents merge into this Agreement and the Financing
Documents.

 

    	 	34	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

13.7            
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. Delivery of an executed
signature page of this Agreement by facsimile transmission or electronic transmission shall be as effective as delivery of a manually
executed counterpart hereof.

 

13.8            
Survival. All covenants, representations and warranties made in this Agreement continue in full force until this
Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations for which no claim
has yet been made and any other obligations which, by their terms, are to survive the termination of this Agreement) have been
satisfied. The obligation of Borrower in Section 13.2 to indemnify each Lender and Agent shall survive until the statute of limitations
with respect to such claim or cause of action shall have run. All powers of attorney and appointments of Agent or any Lender as
Borrower’s attorney in fact hereunder, and all of Agent’s and Lenders’ rights and powers in respect thereof,
are coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations for which no claim
has yet been made and any other obligations which, by their terms, are to survive the termination of this Agreement) have been
fully repaid and performed and Agent’s and the Lenders’ obligation to provide Credit Extensions terminates.

 

13.9            
Confidentiality. In handling any confidential information of Borrower, each of the Lenders and Agent shall use all
reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant
to any Financing Document and designated in writing by any Credit Party as confidential, but disclosure of information may be made:
(a) to the Lenders’ and Agent’s Subsidiaries or Affiliates; (b) to prospective transferees or purchasers of any interest
in the Credit Extensions; (c) as required by Law, regulation, subpoena, order or other legal, administrative, governmental
or regulatory request; (d) to regulators or as otherwise required in connection with an examination or audit, or to any nationally
recognized rating agency; (e) as Agent or any Lender considers appropriate in exercising remedies under the Financing Documents;
(f) to financing sources that are advised of the confidential nature of such information and are instructed to keep such information
confidential; (g) to third party service providers of the Lenders and/or Agent so long as such service providers are bound to such
Lender or Agent by obligations of confidentiality; (h) to the extent necessary or customary for inclusion in league table measurements;
and (i) in connection with any litigation or other proceeding to which such Lender or Agent or any of their Affiliates is a party
or bound, or to the extent necessary to respond to public statements or disclosures by Credit Parties or their Affiliates referring
to a Lender or Agent or any of their Affiliates. Confidential information does not include information that either: (x) is in the
public domain or in the Lenders’ and/or Agent’s possession when disclosed to the Lenders and/or Agent, or becomes part
of the public domain after disclosure to the Lenders and/or Agent; or (y) is disclosed to the Lenders and/or Agent by a third party,
if the Lenders and/or Agent does not know that the third party is prohibited from disclosing the information. Agent and/or the
Lenders may use confidential information for the development of client databases, reporting purposes, and market analysis, so long
as Agent and/or the Lenders, as applicable, do not disclose Borrower’s identity or the identity of any Person associated
with Borrower unless otherwise permitted by this Agreement. The provisions of the immediately preceding sentence shall survive
the termination of this Agreement. The agreements provided under this Section 13.9 supersede all prior agreements, understanding,
representations, warranties, and negotiations between the parties about the subject matter of this Section 13.9.

 

13.10        
Right of Set-off. Borrower hereby grants to Agent and to each Lender, a lien, security interest and right of set-off
as security for all Obligations to Agent and each Lender hereunder, whether now existing or hereafter arising upon and against
all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Agent or
the Lenders or any entity under the control of Agent or the Lenders (including an Agent or Lender Affiliate) or in transit to any
of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Agent or
the Lenders may set-off the same or any part thereof and apply the same to any liability or obligation of Borrower even though
unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE AGENT
TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS
RIGHT OF SET-OFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY
WAIVED.

 

13.11        
Publicity. Borrower will not directly or indirectly publish, disclose or otherwise use in any public disclosure,
advertising material, promotional material, press release or interview, any reference to the name, logo or any trademark of Agent
or any Lender or any of their Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case except
as required by applicable Law, subpoena or judicial or similar order, in which case Borrower shall endeavor to give Agent prior
written notice of such publication or other disclosure. Each Lender and Borrower hereby authorize each Lender to publish the name
of such Lender and Borrower, the existence of the financing arrangements referenced under this Agreement, the primary purpose and/or
structure of those arrangements, the amount of credit extended under each facility, the title and role of each party to this Agreement,
and the total amount of the financing evidenced hereby in any “tombstone”, comparable advertisement or press release
which such Lender elects to submit for publication. In addition, each Lender and Borrower agree that each Lender may provide lending
industry trade organizations with information necessary and customary for inclusion in league table measurements after the Closing
Date. With respect to any of the foregoing, such authorization shall be subject to such Lender providing Borrower and the other
Lenders with an opportunity to review and confer with such Lender regarding, and approve, the contents of any such tombstone, advertisement
or information, as applicable, prior to its initial submission for publication, but subsequent publications of the same tombstone,
advertisement or information shall not require Borrower’s approval.

 

    	 	35	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

13.12        
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any provisions of this Agreement.

 

13.13        
Approvals. Unless expressly provided herein to the contrary, any approval, consent, waiver or satisfaction of Agent
or the Lenders with respect to any matter that is the subject of this Agreement or the other Financing Documents may be granted
or withheld by Agent and the Lenders in their sole and absolute discretion and credit judgment.

 

13.14        
Amendments; Required Lenders; Inter-Lender Matters.

 

(a)                
No amendment, modification, termination or waiver of any provision of this Agreement or any other Financing Document, no
approval or consent thereunder, or any consent to any departure by Borrower therefrom (in each case, other than amendments, waivers,
approvals or consents deemed ministerial by Agent), shall in any event be effective unless the same shall be in writing and signed
by Borrower, Agent and the Required Lenders. Except as set forth in paragraph (b) below, all such amendments, modifications, terminations
or waivers requiring the consent of the “Lenders” shall require the written consent of Required Lenders.

 

(b)               
No amendment, modification, termination or waiver of any provision of this Agreement or any other Financing Document shall,
unless in writing and signed by Agent and by each Lender directly affected thereby: (i) increase or decrease the Applicable Commitment
of any Lender (which shall be deemed to affect all Lenders), (ii) reduce the principal of or rate of interest on any Obligation
or the amount of any fees payable hereunder, (iii) postpone the date fixed for or waive any payment of principal of or interest
on any Credit Extension, or any fees or reimbursement obligation hereunder, (iv) release all or substantially all of the Collateral,
or consent to a transfer of any of the Intellectual Property, in each case, except as otherwise expressly permitted in the Financing
Documents (which shall be deemed to affect all Lenders), (v) subordinate the lien granted in favor of Agent securing the Obligations
(which shall be deemed to affect all Lenders, except as otherwise provided below), (vi) release a Credit Party from, or consent
to a Credit Party’s assignment or delegation of, such Credit Party’s obligations hereunder and under the other Financing
Documents or any Guarantor from its guaranty of the Obligations (which shall be deemed to affect all Lenders) or (vii) amend, modify,
terminate or waive this Section 13.14(b) or the definition of “Required Lenders” or “Pro Rata Share” or
any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights
hereunder or make any determination or grant any consent hereunder, without the consent of each Lender. For purposes of the foregoing,
no Lender shall be deemed affected by (i) waiver of the imposition of the Default Rate or imposition of the Default Rate to only
a portion of the Obligations, (ii) waiver of the accrual of late charges, (iii) waiver of any fee solely payable to Agent under
the Financing Documents, (iv) subordination of a lien granted in favor of Agent, provided that such subordination is limited
to equipment being financed by a third party providing Permitted Indebtedness. Notwithstanding any provision in this Section 13.14
to the contrary, no amendment, modification, termination or waiver affecting or modifying the rights or obligations of Agent hereunder
shall be effective unless signed by Agent and Required Lenders.

 

    	 	36	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(c)                
Agent shall not grant its written consent to any deviation or departure by Borrower or any Credit Party from the provisions
of Article 7 without the prior written consent of the Required Lenders. The Required Lenders shall have the right to direct Agent
to take any action described in Section 10.2(b). Upon the occurrence of any Event of Default, Agent shall have the right to exercise
any and all remedies referenced in Section 10.2 without the written consent of Required Lenders following the occurrence of an
“Exigent Circumstance” (as defined below). All matters requiring the satisfaction or acceptance of Agent in the definition
of Subordinated Debt shall further require the satisfaction and acceptance of each Required Lender. Any reference in this Agreement
to an allocation between or sharing by the Lenders of any right, interest or obligation “ratably,” “proportionally”
or in similar terms shall refer to Pro Rata Share unless expressly provided otherwise. As used in this Section, “Exigent
Circumstance” means any event or circumstance that, in the reasonable judgment of Agent, imminently threatens the ability
of Agent to realize upon all or any material portion of the Collateral, such as, without limitation, fraudulent removal, concealment,
or abscondment thereof, destruction or material waste thereof, or failure of Borrower after reasonable demand to maintain or reinstate
adequate casualty insurance coverage, or which, in the judgment of Agent, could reasonably be expected to result in a material
diminution in value of the Collateral.

 

(d)               
In the event that (i) Borrower or Agent has requested that the Lenders consent to a departure or waiver of any provisions
of the Financing Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement
of each affected Lender or all the Lenders and (iii) the Required Lenders have agreed to such consent, waiver or amendment, then
any Lender who does not agree to such consent, waiver or amendment shall be deemed a “Non-Consenting Lender,” then
the Borrower may, at its sole expense and effort, upon notice to such Non-Consenting Lender and Agent, require such Non-Consenting
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 13.1), all of its interests, rights (other than its existing rights to payments pursuant to this subsection
(h)) and obligations under this Agreement and the related Financing Documents to an Eligible Assignee that shall assume such obligations;
provided that: (x) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal of its
Credit Extensions, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Financing
Documents from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the
case of all other amounts), (y) such assignment does not conflict with applicable law; and (z) in the case of any assignment resulting
from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver
or consent. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

13.15        
Borrower Liability. If there is more than one (1) entity comprising Borrower, then (a) Borrower may request Credit
Extensions hereunder, ((b) Borrower hereby appoints the other as agent for the other for all purposes hereunder, including with
respect to requesting Credit Extensions hereunder, (c) each Borrower shall be jointly and severally obligated to pay and perform
all obligations under the Financing Documents, including, but not limited to, the obligation to repay all Credit Extensions made
hereunder and all other Obligations, regardless of which Borrower actually receives said Credit Extensions, as if each Borrower
directly received all Credit Extensions, and (d) each Borrower waives (1) any suretyship defenses available to it under the
Code or any other applicable law, and (2) any right to require the Lenders or Agent to: (A) proceed against Borrower or any
other person; (B) proceed against or exhaust any security; or (C) pursue any other remedy.)  The Lenders or Agent may
exercise or not exercise any right or remedy they have against any Credit Party or any security (including the right to foreclose
by judicial or non-judicial sale) without affecting any other Credit Party’s liability or any Lien against any other Credit
Party’s assets.  Notwithstanding any other provision of this Agreement or other related document, until the indefeasible
payment in cash in full of the Obligations (other than inchoate indemnity obligations for which no claim has yet been made) and
termination of the Applicable Commitments, Borrower irrevocably waives all rights that it may have at law or in equity (including,
without limitation, any law subrogating Borrower to the rights of the Lenders and Agent under this Agreement) to seek contribution,
indemnification or any other form of reimbursement from any other Credit Party, or any other Person now or hereafter primarily
or secondarily liable for any of the Obligations, for any payment made by any Credit Party with respect to the Obligations in connection
with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the
Obligations as a result of any payment made by a Credit Party with respect to the Obligations in connection with this Agreement
or otherwise.  Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section
shall be null and void.  If any payment is made to a Credit Party in contravention of this Section, such Credit Party shall
hold such payment in trust for the Lenders and Agent and such payment shall be promptly delivered to Agent for application to the
Obligations, whether matured or unmatured.

 

    	 	37	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

13.16        
Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition
or other proceeding be filed by or against any Credit Party for liquidation or reorganization, should any Credit Party become insolvent
or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver and manager
or trustee be appointed for all or any significant part of any Credit Party’s assets, and shall continue to be effective
or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant
to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations,
whether as a fraudulent preference reviewable transaction or otherwise, all as though such payment or performance had not been
made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

13.17        
USA PATRIOT Act Notification. Agent (for itself and not on behalf of any Lender) and each Lender hereby notifies
each Borrower that, pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information
and documentation that identifies Borrower, which information includes the name and address of Borrower and such other information
that will allow Agent or such Lender, as applicable, to identify Borrower in accordance with the USA PATRIOT Act.

 

13.18        
Effect on the Existing Credit Agreement Exhibits and Schedules.

 

(a)                
The Existing Credit Agreement, including the schedules thereto, is superseded by this Agreement, including the schedules
hereto, which has been executed in amendment, restatement and modification of, but not in novation or extinguishment of, the obligations
under the Existing Credit Agreement. It is the express intention of the parties hereto to reaffirm the indebtedness created under
the Existing Credit Agreement, which is evidenced by the notes provided for therein and secured by the Collateral. Any and all
outstanding amounts under the Existing Credit Agreement, including, but not limited to principal, accrued interest, fees and other
charges, including without limitation all amounts outstanding in respect of Credit Facility #1 (under and as defined in the Existing
Credit Agreement) as of the Closing Date shall be carried over and deemed outstanding under this Agreement.

 

(b)               
Each Credit Party reaffirms its obligations under each Financing Document to which
it is a party, including but not limited to the Security Documents and the schedules thereto. 

 

(c)                
Each Credit Party acknowledges and confirms that (i) the Liens and security interests
granted pursuant to the Financing Documents secure the indebtedness, liabilities and obligations of the Credit Parties to Agent
and the Lenders under the Existing Credit Agreement, as amended and restated hereby,
and that the term “Obligations” as used in the Financing Documents (or any other term used therein to describe or refer
to the indebtedness, liabilities and obligations of the Borrowers and the other Credit Parties to Agent and the Lenders) includes,
without limitation, the indebtedness, liabilities and obligations of the Borrower under this Agreement and the Secured Promissory
Notes to be delivered hereunder, if any, and under the Existing Credit Agreement,
as amended and restated hereby, as the same further may be amended, restated, supplemented and/or modified from time to time, and
(ii) the grants of Liens under and pursuant to the Financing Documents shall continue unaltered, and each other Financing Document
shall continue in full force and effect in accordance with its terms unless otherwise amended by the parties thereto, and the parties
hereto hereby ratify and confirm the terms thereof as being in full force and effect and unaltered by this Agreement and all references
in the any of the Financing Documents to the “Credit Agreement” shall be deemed to refer to this Agreement.

 

		14.	AGENT

 

14.1            
Appointment and Authorization of Agent. Each Lender hereby irrevocably appoints, designates and authorizes Agent
to take such action on its behalf under the provisions of this Agreement and each other Financing Document and to exercise such
powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Financing Document,
together with such powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of Agent
and the Lenders and none of Credit Parties nor any other Person shall have any rights as a third party beneficiary of any of the
provisions hereof. The duties of Agent shall be mechanical and administrative in nature. Notwithstanding any provision to the contrary
contained elsewhere herein or in any other Financing Document, Agent shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or participant,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any other Financing Document or otherwise exist against Agent. Without limiting the generality of the foregoing sentence, the use
of the term “agent” herein and in the other Financing Documents with reference to Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term
is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. Without limiting the generality of the foregoing, Agent shall have the sole and exclusive right and authority
(to the exclusion of the Lenders), and is hereby authorized, to (a) act as collateral agent for Agent and each Lender for purposes
of the perfection of all liens created by the Financing Documents and all other purposes stated therein, (b) manage, supervise
and otherwise deal with the Collateral, (c) take such other action as is necessary or desirable to maintain the perfection and
priority of the liens created or purported to be created by the Financing Documents, (d) except as may be otherwise specified in
any Financing Document, exercise all remedies given to Agent and the other Lenders with respect to the Collateral, whether under
the Financing Documents, applicable law or otherwise and (e) execute any amendment, consent or waiver under the Financing Documents
on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that
Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for Agent and the Lenders for purposes
of the perfection of all liens with respect to the Collateral, including any deposit account maintained by a Credit Party with,
and cash and cash equivalents held by, such Lender, and may further authorize and direct the Lenders to take further actions as
collateral sub-agents for purposes of enforcing such liens or otherwise to transfer the Collateral subject thereto to Agent, and
each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.

 

    	 	38	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

14.2            
Successor Agent.

 

(a)                
Agent may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender or an Affiliate of
Agent or any Lender or any Approved Fund, or (ii) any Person to whom Agent, in its capacity as a Lender, has assigned (or will
assign, in conjunction with such assignment of agency rights hereunder) fifty percent (50%) or more of the Credit Extensions or
Applicable Commitments then held by Agent (in its capacity as a Lender), in each case without the consent of the Lenders or Borrower.
Following any such assignment, Agent shall give notice to the Lenders and Borrower. An assignment by Agent pursuant to this paragraph
(a) shall not be deemed a resignation by Agent for purposes of paragraph (b) below.

 

(b)               
Without limiting the rights of Agent to designate an assignee pursuant to subsection (a) above, Agent may at any time give
notice of its resignation to the Lenders and Borrower. Upon receipt of any such notice of resignation, Required Lenders shall have
the right to appoint a successor Agent. If no such successor shall have been so appointed by Required Lenders and shall have accepted
such appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent
may, on behalf of the Lenders, appoint a successor Agent; provided, however, that, if Agent shall notify Borrower and the
Lenders that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with
such notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and (ii) all payments,
communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly,
until such time as Required Lenders appoint a successor Agent as provided for above in this paragraph (b).

 

(c)                
Upon (i) an assignment permitted by paragraph (a) above, or (ii) the acceptance of a successor’s appointment as Agent
pursuant to paragraph (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder
and under the other Financing Documents (if not already discharged therefrom as provided above in this paragraph (c)). The fees
payable by Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between
Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Financing Documents, the
provisions of this Article shall continue in effect for the benefit of such retiring Agent and its sub-agents in respect of any
actions taken or omitted to be taken by any of them while the retiring Agent was acting or was continuing to act as Agent.

 

    	 	39	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

14.3            
Delegation of Duties. Agent may execute any of its duties under this Agreement or any other Financing Document by
or through its, or its Affiliates’, agents, employees or attorneys-in-fact and shall be entitled to obtain and rely upon
the advice of counsel and other consultants or experts concerning all matters pertaining to such duties. Agent shall not be responsible
for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct. Any such Person to whom Agent delegates a duty shall benefit from this Article 14 to the extent provided by Agent.

 

14.4            
Liability of Agent. Except as otherwise provided herein, no “Agent-Related Person” (as defined below)
shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any
other Financing Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct in
connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any
recital, statement, representation or warranty made by any Credit Party or any officer thereof, contained herein or in any other
Financing Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent
under or in connection with, this Agreement or any other Financing Document, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Financing Document, or for any failure of any Credit Party or any other party to
any Financing Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation
to any Lender or participant to ascertain or to inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Financing Document, or to inspect the Collateral, other properties or books or
records of any Credit Party or any Affiliate thereof. The term “Agent-Related Person” means Agent, together
with its Affiliates, and the officers, directors, employees, agents, advisors, auditors and attorneys-in-fact of such Persons;
provided, however, that no Agent-Related Person shall be an Affiliate of Borrower.

 

14.5            
Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone
message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to
Borrower), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to
take any action under any Financing Document (a) if such action would, in the opinion of Agent, be contrary to law or any Financing
Document, (b) if such action would, in the opinion of Agent, expose Agent to any potential liability under any law, statute or
regulation or (c) if Agent shall not first have received such advice or concurrence of all Lenders as it deems appropriate and,
if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any other Financing Document in accordance with a request or consent
of all Lenders (or Required Lenders where authorized herein) and such request and any action taken or failure to act pursuant thereto
shall be binding upon all of the Lenders.

 

14.6            
Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default and/or
Event of Default, unless Agent shall have received written notice from a Lender or Borrower, describing such default or Event of
Default. Agent will notify the Lenders of its receipt of any such notice. While an Event of Default has occurred and is continuing,
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default
as Agent shall deem advisable or in the best interests of the Lenders, including without limitation, satisfaction of other security
interests, liens or encumbrances on the Collateral not permitted under the Financing Documents, payment of taxes on behalf of Borrower
or any other Credit Party, payments to landlords, warehouseman, bailees and other Persons in possession of the Collateral and other
actions to protect and safeguard the Collateral, and actions with respect to insurance claims for casualty events affecting a Credit
Party and/or the Collateral.

 

    	 	40	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

14.7            
Credit Decision; Disclosure of Information by Agent. Each Lender acknowledges that no Agent-Related Person has made
any representation or warranty to it, and that no act by Agent hereafter taken, including any consent to and acceptance of any
assignment or review of the affairs of Borrower or any Affiliate thereof, shall be deemed to constitute any representation or warranty
by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information
in their possession. Each Lender represents to Agent that it has, independently and without reliance upon any Agent-Related Person
and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the
business, prospects, operations, property, financial and other condition and creditworthiness of the Credit Parties, and all applicable
bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement
and to extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Financing Documents,
and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of Borrower. Except for notices, reports and other documents expressly required to be
furnished to the Lenders by Agent herein, Agent shall not have any duty or responsibility to provide any Lender with any credit
or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any Credit Party which may come into the possession of any Agent-Related Person.

 

14.8            
Indemnification of Agent. Whether or not the transactions contemplated hereby are consummated, each Lender shall,
severally and pro rata based on its respective Pro Rata Share, indemnify upon demand each Agent-Related Person (to the extent not
reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), and hold harmless each Agent-Related
Person from and against any and all Indemnified Liabilities (which shall not include legal expenses of Agent incurred in connection
with the closing of the transactions contemplated by this Agreement) incurred by it; provided, however, that no Lender shall
be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in
a judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person’s own gross negligence or
willful misconduct; provided, however, that no action taken in accordance with the directions of the Required Lenders shall
be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing,
each Lender shall, severally and pro rata based on its respective Pro Rata Share, reimburse Agent upon demand for its ratable share
of any costs or out-of-pocket expenses (including Protective Advances incurred after the closing of the transactions contemplated
by this Agreement) incurred by Agent (in its capacity as Agent, and not as a Lender) in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise)
of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Financing Document, or any document
contemplated by or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower.
The undertaking in this Section shall survive the payment in full of the Obligations, the termination of this Agreement and the
resignation of Agent. The term “Indemnified Liabilities” means those liabilities described in Section 13.2(a) and Section
13.2(b).

 

14.9            
Agent in its Individual Capacity. With respect to its Credit Extensions, MidCap shall have the same rights and powers
under this Agreement as any other Lender and may exercise such rights and powers as though it were not Agent, and the terms “Lender”
and “Lenders” include MidCap in its individual capacity. MidCap and its Affiliates may lend money to, invest in, and
generally engage in any kind of business with, any Credit Party and any of their Affiliates and any person who may do business
with or own securities of any Credit Party or any of their Affiliates, all as if MidCap were not Agent and without any duty to
account therefor to Lenders. MidCap and its Affiliates may accept fees and other consideration from a Credit Party for services
in connection with this Agreement or otherwise without having to account for the same to the Lenders. Each Lender acknowledges
the potential conflict of interest between MidCap as a Lender holding disproportionate interests in the Credit Extensions and MidCap
as Agent, and expressly consents to, and waives, any claim based upon, such conflict of interest.

 

14.10        
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Credit Party, Agent (irrespective
of whether the principal of any Credit Extension, shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether Agent shall have made any demand on such Credit Party) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

    	 	41	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

(a)                
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Credit Extensions
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and Agent and their respective agents and counsel and all other amounts due the Lenders and Agent allowed in such
judicial proceeding); and

 

(b)               
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly
to the Lenders, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent and
its agents and counsel, including Protective Advances. To the extent that Agent fails timely to do so, each Lender may file a claim
relating to such Lender’s claim.

 

14.11        
Collateral and Guaranty Matters. The Lenders irrevocably authorize Agent, at its option and in its discretion, to
release (a) any Credit Party and any Lien on any Collateral granted to or held by Agent under any Financing Document upon the date
that all Obligations (other than inchoate indemnity obligations for which no claim has yet been made and any other obligations
which, by their terms, are to survive the termination of this Agreement) due hereunder have been fully and indefeasibly paid in
full and no Applicable Commitments or other obligations of any Lender to provide funds to Borrower under this Agreement remain
outstanding, and (b) any Lien on any Collateral that is transferred or to be transferred as part of or in connection with any transfer
permitted hereunder or under any other Financing Document. Upon request by Agent at any time, all Lenders will confirm in writing
Agent’s authority to release its interest in particular types or items of Collateral pursuant to this Section 14.11.

 

14.12        
Advances; Payments; Non-Funding Lenders.

 

(a)                
Advances; Payments. If Agent receives any payment for the account of the Lenders on or prior to 11:00 a.m. (New York
time) on any Business Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on such
Business Day. If Agent receives any payment for the account of the Lenders after 11:00 a.m. (New York time) on any Business
Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on the next Business Day. To
the extent that any Lender has failed to fund any Credit Extension (a “Non-Funding Lender”), Agent shall be
entitled to set-off the funding short-fall against that Non-Funding Lender’s Pro Rata Share of all payments received
from Borrower.

 

(b)               
Return of Payments.

 

(i)                 
If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or
will be received by Agent from a Credit Party and such related payment is not received by Agent, then Agent will be entitled to
recover such amount (including interest accruing on such amount at the Federal Funds Rate for the first Business Day and thereafter,
at the rate otherwise applicable to such Obligation) from such Lender on demand without set-off, counterclaim or deduction of any
kind.

 

(ii)               
If Agent determines at any time that any amount received by Agent under this Agreement must be returned to a Credit Party
or paid to any other person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this
Agreement or any other Financing Document, Agent will not be required to distribute any portion thereof to any Lender. In addition,
each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest
at such rate, if any, as Agent is required to pay to a Credit Party or such other person, without set-off, counterclaim or deduction
of any kind.

 

    	 	42	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

14.13        
Miscellaneous.

 

(a)                
Neither Agent nor any Lender shall be responsible for the failure of any Non-Funding Lender to make a Credit Extension or
make any other advance required hereunder. The failure of any Non-Funding Lender to make any Credit Extension or any payment
required by it hereunder shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its
obligations to make the Credit Extension or payment required by it, but neither any Other Lender nor Agent shall be responsible
for the failure of any Non-Funding Lender to make a Credit Extension or make any other payment required hereunder. Notwithstanding
anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect
to any Financing Document or constitute a “Lender” (or be included in the calculation of “Required Lender”
hereunder) for any voting or consent rights under or with respect to any Financing Document. At Borrower’s request, Agent
or a person reasonably acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole discretion
(but shall have no obligation) to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s
request, sell and assign to Agent or such person, all of the Applicable Commitments and all of the outstanding Credit Extensions
of that Non-Funding Lender for an amount equal to the principal balance of the Credit Extensions held by such Non-Funding Lender
and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant
to an executed assignment agreement reasonably acceptable to Agent.

 

(b)               
Each Lender shall promptly remit to the other Lenders such sums as may be necessary to ensure the ratable repayment of each
Lender’s portion of any Credit Extension and the ratable distribution of interest, fees and reimbursements paid or made by
any Credit Party. Notwithstanding the foregoing, if this Agreement requires payments of principal and interest to be made directly
to the Lenders, a Lender receiving a scheduled payment shall not be responsible for determining whether the other Lenders also
received their scheduled payment on such date; provided, however, if it is determined that a Lender received more than its
ratable share of scheduled payments made on any date or dates, then such Lender shall remit to Agent (for Agent to redistribute
to itself and the Lenders in a manner to ensure the payment to Agent of any sums due Agent hereunder and the ratable repayment
of each Lender’s portion of any Credit Extension and the ratable distribution of interest, fees and reimbursements) such
sums as may be necessary to ensure the ratable payment of such scheduled payments, as instructed by Agent. If any payment or distribution
of any kind or character, whether in cash, properties or securities and whether voluntary, involuntary, through the exercise of
any right of set-off, or otherwise, shall be received by a Lender in excess of its ratable share, then (i) the portion of such
payment or distribution in excess of such Lender’s ratable share shall be received by such Lender in trust for application
to the payments of amounts due on the other Lender’s claims, or, in the case of Collateral, shall hold such Collateral for
itself and as agent and bailee for Agent and other Lenders and (ii) such Lender shall promptly advise Agent of the receipt of such
payment, and, within five (5) Business Days of such receipt and, in the case of payments and distributions, such Lender shall purchase
(for cash at face value) from the other Lenders (through Agent), without recourse, such participations in the Credit Extension
made by the other Lenders as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of
them in accordance with the respective Pro Rata Shares of the Lenders; provided, however, that, if all or any portion
of such excess payment is thereafter recovered by or on behalf of a Credit Party from such purchasing Lender, the purchase shall
be rescinded and the purchase price restored to the extent of such recovery, but without interest; provided, further,
that the provisions of this Section shall not be construed to apply to (x) any payment made by a Credit Party pursuant to and in
accordance with the express terms of this Agreement or the other Financing Documents, or (y) any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Applicable Commitment pursuant to Section 13.1. Borrower
agrees that any Lender so purchasing a participation from another Lender pursuant to this Section may exercise all of its rights
of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor
of Borrower in the amount of such participation. No documentation other than notices and the like shall be required to implement
the terms of this Section. Agent shall keep records (which shall be conclusive and binding in the absence of manifest error) of
participations purchased pursuant to this Section and shall in each case notify the Lenders following any such purchases.

 

    	 	43	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

		15.	DEFINITIONS

 

In addition to any
terms defined elsewhere in this Agreement, or in any schedule or exhibit attached hereto, as used in this Agreement, the following
terms have the following meanings:

 

“Access Agreement”
means a landlord consent, bailee letter or warehouseman’s letter, in form and substance reasonably satisfactory to Agent,
in favor of Agent executed by such landlord, bailee or warehouseman, as applicable, for any third party location.

 

“Account”
means any “account”, as defined in the Code, with such additions to such term as may hereafter be made, and includes,
without limitation, all accounts receivable and other sums owing to Borrower.

 

“Account Debtor”
means any “account debtor”, as defined in the Code, with such additions to such term as may hereafter be made.

 

“Affiliate”
means, with respect to any Person, a Person that owns or controls directly or indirectly the Person, any Person that controls or
is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors,
partners and, for any Person that is a limited liability company, that Person’s managers and members.

 

“Agent”
means, MidCap, not in its individual capacity, but solely in its capacity as agent on behalf of and for the benefit of the Lenders,
together with its successors and assigns.

 

“Agreement”
has the meaning given it in the preamble of this Agreement.

 

“Anti-Terrorism
Laws” means any Laws relating to terrorism or money laundering, including Executive Order No. 13224 (effective September
24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by OFAC.

 

“Applicable
Commitment” has the meaning given it in Section 2.2

 

“Applicable
Floor” means for each Credit Facility the per annum rate of interest specified on the Credit Facility Schedule; provided,
however, that, for the Applicable Prime Rate, the Applicable Floor is a per annum rate that is three hundred (300) basis
points above the Applicable Floor for the Applicable Libor Rate.

 

“Applicable
Index Rate” means, for any Applicable Interest Period, the rate per annum determined by Agent equal to the Applicable
Libor Rate; provided, however, that, in the event that any change in market conditions or any law, regulation, treaty,
or directive, or any change therein or in the interpretation of application thereof, shall at any time after the date hereof, in
the reasonable opinion of Agent or any Lender, make it unlawful or impractical for Agent or such Lender to fund or maintain Obligations
bearing interest based upon the Applicable Libor Rate, Agent or such Lender shall give notice of such changed circumstances to
Agent and Borrower and the Applicable Index Rate for Obligations outstanding or thereafter extended or made by Agent or such Lender
shall thereafter be the Applicable Prime Rate until Agent or such Lender determines (as to the portion of the Credit Extensions
or Obligations owed to it) that it would no longer be unlawful or impractical to fund or maintain such Obligations or Credit Extensions
at the Applicable Libor Rate. In the event that Agent shall have determined (which determination shall be final and conclusive
and binding upon all parties hereto), as of any Applicable Interest Rate Determination Date, that adequate and fair means do not
exist for ascertaining the interest rate applicable to any Credit Facility on the basis provided for herein, then Agent may select
a comparable replacement index and corresponding margin.

 

“Applicable
Interest Period” for each Credit Facility has the meaning specified for that Credit Facility in the Credit Facility Schedule;
provided, however, that, at any time that the Applicable Prime Rate is the Applicable Index Rate, Applicable Interest
Period shall mean the period commencing as of the most recent Applicable Interest Rate Determination Date and continuing until
the next Applicable Interest Rate Determination Date or such earlier date as the Applicable Prime Rate shall no longer be the Applicable
Index Rate; and provided, further, that, at any time the Libor Rate Index is adjusted as set forth in the definition
thereof, or re-implemented following invocation of the Applicable Prime Rate as permitted herein, the Applicable Interest Period
shall mean the period commencing as of such adjustment or re-implementation and continuing until the next Applicable Interest Rate
Determination Date, if any.

 

    	 	44	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Applicable
Interest Rate” means a per annum rate of interest equal to the Applicable Index Rate plus the Applicable Margin.

 

“Applicable
Interest Rate Determination Date” means the second (2nd) Business Day prior to the first (1st)
day of the related Applicable Interest Period; provided, however, that, at any time that the Applicable Prime Rate
is the Applicable Index Rate, Applicable Interest Rate Determination Date means the date of any change in the Base Rate Index;
and provided, further, that, at any time the Libor Rate Index is adjusted as set forth in the definition thereof,
the Applicable Interest Rate Determination Date shall mean the date of such adjustment or the second (2nd) Business
Day prior to the first (1st) day of the related Applicable Interest Period, as elected by Agent.

 

“Applicable
Libor Rate” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%), equal to the greater of (a) the Applicable Floor and (b) the Libor Rate Index.

 

“Applicable
Margin” for each Credit Facility has the meaning specified for that Credit Facility in the Credit Facility Schedule.

 

“Applicable
Prepayment Fee”, for each Credit Facility, has the meaning given it in the Credit Facility Schedule for such Credit Facility.

 

“Applicable
Prime Rate” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%), equal to the greater of (a) the Applicable Floor and (b) the Base Rate Index.

 

“Approved
Fund” means any (a) investment company, fund, trust, securitization vehicle or conduit that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course
of Business, or (b) any Person (other than a natural person) which temporarily warehouses loans for any Lender or any entity
described in the preceding clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered
or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) a Person (other than a natural person) or an
Affiliate of a Person (other than a natural person) that administers or manages a Lender.

 

“ATM Facility
Account” means a Deposit Account of BioCryst established and maintained at JPMorgan Chase Bank, N.A. on or about the
Closing Date for the sole purpose of collecting direct proceeds from sales of equity by BioCryst in connection with its at-the-market
facility in accordance with the terms of the Financing Documents.

 

“Base Rate
Index” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%) as being the rate of interest announced, from time to time, within Wells Fargo Bank, N.A. (“Wells
Fargo”) at its principal office in San Francisco as its “prime rate,” with the understanding that the “prime
rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which
effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after
its announcement in such internal publications as Wells Fargo may designate; provided, however, that Agent may, upon
prior written notice to Borrower, choose a reasonably comparable index or source to use as the basis for the Base Rate Index.

 

“BioCryst”
has the meaning given it in the preamble.

 

“Blocked Person”
means: (a) any Person listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (b) a Person
owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No. 13224, (c) a Person with whom any Lender is prohibited from dealing or otherwise engaging in
any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism”
as defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked
person” on the most current list published by OFAC or other similar list.

 

    	 	45	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Books”
means all books and records of a Person, including ledgers, federal and state tax returns, records regarding the Person’s
assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any
equipment containing such information.

 

“Borrower”
mean the entity(ies) described in the first paragraph of this Agreement and each of their successors and permitted assigns. The
term “each Borrower” shall refer to each Person comprising the Borrower if there is more than one (1) such Person,
or the sole Borrower if there is only one (1) such Person. The term “Borrower” shall refer to any Person comprising
the Borrower if there is more than one (1) such Person, or the sole Borrower if there is only one (1) such Person.

 

“Borrowing
Resolutions” means, with respect to any Person, those resolutions, in form and substance reasonably satisfactory to Agent,
adopted by such Person’s Board of Directors or other appropriate governing body and delivered by such Person to Agent approving
the Financing Documents to which such Person is a party and the transactions contemplated thereby, as well as any other approvals
as may be necessary or desired to approve the entering into the Financing Documents or the consummation of the transactions contemplated
thereby or in connection therewith.

 

“Borrower
Unrestricted Cash” means, as of any date of calculation, unrestricted cash and cash equivalents of Borrower that (a)
are subject to Agent’s first priority perfected lien and held in the name of Borrower in a Deposit Account or Securities
Account that is subject to a Control Agreement in favor of Agent at a bank or financial institution located in the United States,
(b) is not subject to any Lien (other than a Lien in favor of Agent), and (c) are not funds for the payment of a drawn or committed
but unpaid draft, ACH or EFT transaction, in each case as of such date.

 

“Business
Day” means any day that is not (a) a Saturday or Sunday or (b) a day on which Agent is closed.

 

“Change in
Control” means any event, transaction, or occurrence as a result of which (a) any “person” (as such term
is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a trustee or other fiduciary holding securities under
an employee benefit plan of Borrower, is or becomes a beneficial owner (within the meaning Rule 13d-3 promulgated under the Exchange
Act), directly or indirectly, of securities of Borrower, representing forty percent (40%) or more of the combined voting power
of Borrower then outstanding securities; (b) during any period of twelve (12) consecutive calendar months, individuals who at the
beginning of such period constituted the board of directors or board of managers or similar governing Person(s) of Borrower (together
with any new directors or managers whose election by the board of directors or board of managers or similar governing Person(s)
of Borrower was approved by a vote of not less than two-thirds (2/3) of the directors or managers then still in office who either
were directors or managers at the beginning of such period or whose election or nomination for election was previously so approved)
cease for any reason other than death or disability to constitute a majority of the directors or managers then in office; (c) Borrower
ceases to own and control, directly or indirectly, all of the economic and voting rights associated with the outstanding securities
of each of its Restricted Subsidiaries except to the extent otherwise permitted pursuant to the terms of this Agreement; or (d)
the occurrence of any “change in control” or any term or provision of similar effect under any Subordinated Debt Document
or Borrower’s Operating Documents.

 

“Clinical
Trial Material” means any raw materials, parts, or supplies used in the ordinary course of development of a Product for
which regulatory approval has not yet been obtained and that are used exclusively for purposes of supporting clinical and preclinical
research.

 

“Closing Date”
has the meaning given it in the preamble of this Agreement.

 

“Code”
means the Uniform Commercial Code in effect on the date hereof, as the same may, from time to time, be enacted and in effect in
the State of Maryland; provided, however, that to the extent that the Code is used to define any term herein or in any Financing
Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained
in Article or Division 9 shall govern; and provided, further, that in the event that, by reason of mandatory provisions
of Law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Agent’s Lien on any Collateral
is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of Maryland, the term “Code”
shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions
thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.

 

    	 	46	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Collateral”
means all property (other than Excluded Property), now existing or hereafter acquired, mortgaged or pledged to, or purported to
be subjected to a Lien in favor of, Agent, for the benefit of Agent and the Lenders, pursuant to this Agreement and the other Financing
Documents, including, without limitation, all of the property described in Exhibit A hereto.

 

“Collateral
Account” means any Deposit Account, Securities Account or Commodity Account, other than Excluded Deposit Accounts.

 

“Commercialization
Inventory” means Finished Goods Inventory with respect to BCX7353 in the possession or control of a warehouse, consignee,
bailee or any other agent or processor of Borrower (a) material to the commercialization and/or sale of BCX7353 and (b) with
respect to which Borrower was unable, despite its reasonable best efforts, to obtain an Access Agreement within the [***]
period provided in the proviso in Section 4.2(e).

 

“Commitment
Commencement Date” has the meaning given it in the Credit Facility Schedule.

 

“Commitment
Termination Date” has the meaning given it in the Credit Facility Schedule.

 

“Commodity
Account” means any “commodity account”, as defined in the Code, with such additions to such term as may hereafter
be made.

 

“Compliance
Certificate” means a certificate, duly executed by an authorized officer of Borrower, appropriately completed and substantially
in the form of Exhibit B.

 

“Contingent
Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness,
lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any
obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency
or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person
against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does
not include endorsements in the Ordinary Course of Business. The amount of a Contingent Obligation is the stated or determined
amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated
liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any
guarantee or other support arrangement.

 

“Control Agreement”
means any control agreement, each of which shall be in form and substance reasonably satisfactory to Agent, entered into among
the depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary
at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Agent pursuant to which Agent obtains control
(within the meaning of the Code) for the benefit of the Lenders over such Deposit Account, Securities Account or Commodity Account.

 

“Credit Extension”
means an advance or disbursement of proceeds to or for the account of Borrower in respect of a Credit Facility.

 

    	 	47	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Credit Extension
Form” means that certain form attached hereto as Exhibit C, as the same may be from time to time revised by Agent.

 

“Credit Facility”
means the term loan credit facilities specified on the Credit Facility Schedule, including Credit Facility #1, Credit Facility
#2 and Credit Facility #3.

 

“Credit Party”
means Borrower, any Guarantor under a guarantee of the Obligations or any part thereof, and any other Person (other than Agent,
a Lender or a participant of a Lender), whether now existing or hereafter acquired or formed, that becomes obligated as a borrower,
guarantor, surety, indemnitor, pledgor, assignor or other obligor under any Financing Document, and any Person all of whose equity
interests have been pledged or hypothecated to Agent under any Financing Document; and “Credit Parties” means
all such Persons, collectively. Notwithstanding the foregoing, unless the parties shall otherwise agree in writing, the term “Credit
Party” and “Credit Parties” shall not include any Foreign Subsidiary, Excluded Domestic Holdco or
Permitted Joint Venture.

 

“DEA”
means the Drug Enforcement Administration of the United States of America, any comparable state or local Government Authority,
any comparable Government Authority in any non-United States jurisdiction, and any successor agency of any of the foregoing.

 

“Default”
means any fact, event or circumstance which with notice or passage of time or both, could constitute an Event of Default.

 

“Default Rate”
has the meaning given it in Section 2.6(b).

 

“Deposit Account”
means any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

 

“Designated
Funding Account” is Borrower’s Deposit Account, account number [***], maintained with Wells Fargo Bank,
National Association, and over which Agent has been granted control for the ratable benefit of all Lenders.

 

“Disqualified
Institution” mean any Person that is a pharmaceutical, medical, biomedical, or life sciences company or any Affiliate
thereof (other than any Affiliate that is (i) a financial investor in such competitor and is not an operating company or an Affiliate
of an operating company (other than such competitor) and (ii) a bona fide diversified debt fund), in each case as reasonably determined
by Agent.

 

“Dollars,”
“dollars” and “$” each means lawful money of the United States.

 

“Domestic
Subsidiary” means each direct or indirect Subsidiary of the Borrower that is organized under the laws of the United States,
a state thereof, or the District of Columbia.

 

“Draw Period”
means, for each Credit Facility, the period commencing on the Commitment Commencement Date and ending on the Commitment Termination
Date.

 

“Drop-Ship
Inventory” means Inventory not to exceed $[***] in value comprised solely
of goods (a) manufactured by [***] (“Supplier”) to fulfill an order
placed by Green Cross Corporation (“Customer”) and held at Supplier’s premises at [***],
(b) sold to Borrower upon completion of the amount necessary to fulfill the Customer’s order (at which time title to such
goods is transferred to Borrower), and (c) drop-shipped to Customer by Supplier within 5 Business Days of Borrower taking title
thereto.

 

“Drug Application”
means a new drug application, an abbreviated drug application, or a product license application for any Product, as appropriate,
as those terms are defined in the FDCA.

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than
a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, “Eligible Assignee”
shall not include any (i) Credit Party or any Subsidiary of a Credit Party or (ii) so long as no Event of Default has occurred
and is continuing, any Disqualified Institution. Notwithstanding the foregoing, in connection with assignments by a Lender due
to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Eligible
Assignee shall mean any Person or party becoming an assignee incident to such forced divestiture, other than a Disqualified Institution.

 

    	 	48	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Environmental
Law” means each present and future law (statutory or common), ordinance, treaty, rule, regulation, order, policy, other
legal requirement or determination of an arbitrator or of a Governmental Authority and/or Required Permits imposing liability or
standards of conduct for or relating to the regulation and protection of human health, safety, the workplace, the environment and
natural resources, and including public notification requirements and environmental transfer of ownership, notification or approval
statutes.

 

“Equipment”
means all “equipment”, as defined in the Code, with such additions to such term as may hereafter be made, and includes
without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of
the foregoing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and all regulations promulgated thereunder.

 

“Event of
Default” has the meaning given it in Section 10.1.

 

“Excluded
Deposit Account” means any deposit account or securities account used exclusively as (a) payroll and other employee
wage and benefit accounts, (b) zero balance accounts, (c) the HSBC Cash Collateral Accounts, (d) the Royalty Hedge Collateral Accounts,
(e) the ATM Facility Account, provided that (i) such ATM Facility Account is not subject to any Lien other than Permitted
Liens permitted pursuant to clause (f) of the definition thereof and (ii) no funds are deposited or maintained in such ATM Facility
Account other than the direct proceeds from sales of equity by BioCryst in connection with its at-the-market facility, and (f)
the funds or other property held in or maintained in any such account identified in clauses (a) through (d) in accordance
with the terms of this Agreement.

 

“Excluded
Domestic Holdco” means a Subsidiary of the Borrower substantially all of the assets of which consist of capital stock
or other equity interests of a Foreign Subsidiary held directly or indirectly by such Subsidiary and that does not engage in any
business operations or activities other than that of a holding company.

 

“Excluded
Property” has the meaning given it on Schedule 9.1.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Credit Extension or Applicable
Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Credit Extension or Applicable
Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.6(h)(i)
or 2.6(h)(iii), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such
Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Recipient’s failure to comply with Sections 2.6(h)(vi) and (vii) and (d) any U.S. federal withholding Taxes imposed under
FATCA.

 

“Exigent Circumstance”
has the meaning given it in Section 13.14.

 

“FATCA”
means Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any intergovernmental
agreement between the United States Internal Revenue Service, the U.S. Government and any governmental or taxation authority under
any other jurisdiction which agreement’s principal purposes deals with the implementation of such sections of the IRC.

 

    	 	49	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“FCPA”
has the meaning given it in Section 5.10.

 

“FDA”
means the Food and Drug Administration of the United States of America, any comparable state or local Government Authority, any
comparable Government Authority in any non-United States jurisdiction, including without limitation the United Kingdom, and any
successor agency of any of the foregoing.

 

“FDCA”
means the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 301 et seq., and all regulations promulgated thereunder.

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day, provided that, if no such rate is so published on such next succeeding
Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Agent on such day on such transactions as
determined by Agent in a commercially reasonable manner.

 

“Fee Letters”
means, collectively, the fee letter agreements among Borrower and Agent and Borrower and each Lender.

 

“Financing
Documents” means, collectively, this Agreement, the Perfection Certificate, the Security Documents, each Subordination
Agreement and any subordination or intercreditor agreement pursuant to which any Indebtedness and/or any Liens securing such Indebtedness
is subordinated to all or any portion of the Obligations, the Fee Letter(s), each note and guarantee executed by one (1) or more
Credit Parties in connection with the indebtedness governed by this Agreement, and each other present or future agreement executed
by one (1) or more Credit Parties and, or for the benefit of, the Lenders and/or Agent in connection with this Agreement, all as
amended, restated, or otherwise modified from time to time.

 

“Finished
Goods Inventory” means all Inventory constituting finished goods under GAAP.

 

“Foreign Lender”
means a Lender that is not a U.S. Person.

 

“Foreign Subsidiary”
means (a) BioCryst UK Limited, (b) BioCryst Ireland Limited, and (c) each other direct or indirect Subsidiary of the Borrower not
organized under the laws of the United States, a state thereof, or the District of Columbia.

 

“Funding Date”
means any date on which a Credit Extension is made to or on account of Borrower which shall be a Business Day.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession
in the United States, which are applicable to the circumstances as of the date of determination.

 

“General Intangibles”
means all “general intangibles”, as defined in the Code, with such additions to such term as may hereafter be made,
and includes without limitation all copyright rights, copyright applications, copyright registrations and like protections in each
work of authorship and derivative work, whether published or unpublished, any patents, trademarks, service marks and, to the extent
permitted under applicable Law, any applications therefor, whether registered or not, any trade secret rights, including any rights
to unpatented inventions, payment intangibles, royalties, contract rights, goodwill, franchise agreements, purchase orders, customer
lists, route lists, telephone numbers, domain names, claims, income and other tax refunds, security and other deposits, options
to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort
or otherwise), insurance policies (including, without limitation, key man, property damage, and business interruption insurance),
payments of insurance and rights to payment of any kind.

 

    	 	50	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
functions of or pertaining to government, any securities exchange and any self-regulatory organization.

 

“Guarantor”
means any present or future guarantor of the Obligations.

 

“Hazardous
Materials” means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and
oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and
lead-based paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty or containing
any substance; any substance the presence of which is prohibited by any Laws; toxic mold, any substance that requires special handling;
and any other material or substance now or in the future defined as a “hazardous substance,” “hazardous material,”
“hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,” “pollutant”
or other words of similar import within the meaning of any Environmental Law, including: (a) any “hazardous substance”
defined as such in (or for purposes of) CERCLA, or any so-called “superfund” or “superlien” Law, including
the judicial interpretation thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33);
(c) any material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum by-products,
including crude oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable
for fuel; (f) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any toxic or harmful substances,
wastes, materials, pollutants or contaminants (including, without limitation, asbestos, polychlorinated biphenyls, flammable explosives,
radioactive materials, infectious substances, materials containing lead-based paint or raw materials which include hazardous constituents);
and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or other past or present requirement
of any Governmental Authority.

 

“Hazardous
Materials Contamination” means contamination (whether now existing or hereafter occurring) of the improvements, buildings,
facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any
derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives thereof, generated on,
emanating from or disposed of in connection with the relevant property.

 

“HSBC Cash
Collateral Accounts” means, collectively, Deposit Account #[***] and Deposit Account #[***] of BioCryst
established and maintained at HSBC Bank for the sole purpose of securing BioCryst’s obligations under the HSBC Letter of
Credit; provided that (a) no such Deposit Account shall hold an aggregate of cash and cash equivalents in excess of [***]
of the aggregate value of the letters of credit it is securing and (b) with respect to all such Deposit Accounts, the aggregate
amount deposited there in at any time does not exceed [***].

 

“HSBC Letter
of Credit” means the letter of credit issued by HSBC Bank in favor of the landlord with respect to BioCryst’s leased
real property located at 2100 Riverchase Center, Ste. 200 / Building 200, Birmingham, AL 35244, in an aggregate face amount equal
to One Million Four Hundred Thousand Dollars ($1,400,000).

 

“Indebtedness”
means, without duplication of amounts described by more than one of the following, (a) indebtedness for borrowed money (including
the Obligations) or the deferred price of, or payment for, property or services, such as reimbursement and other obligations for
surety bonds and letters of credit (other than trade accounts payable in the Ordinary Course of Business and liabilities associated
with customer prepayments and deposits), (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, (d) non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid
under a letter of credit, banker’s acceptance or similar instrument, (e) equity securities of such Person subject to repurchase
or redemption other than at the sole option of such Person, (f) obligations secured by a Lien on any asset of such Person, whether
or not such obligation is otherwise an obligation of such Person, (g) “earnouts”, purchase price adjustments, profit
sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of
such Person arising out of purchase and sale contracts, (h) all Indebtedness of others guaranteed by such Person, (i) off-balance
sheet liabilities and/or pension plan or multiemployer plan liabilities of such Person, (j) obligations arising under non-compete
agreements, (k) obligations arising under bonus, deferred compensation, incentive compensation or similar arrangements, other than
those arising in the Ordinary Course of Business, and (l) Contingent Obligations.

 

    	 	51	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Indemnified
Liabilities” has the meaning given it in Section 14.8.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of Borrower under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitees”
has the meaning given it in Section 13.2(b).

 

“Indenture”
means that certain Indenture, dated as of March 9, 2011, by and between JPR Royalty Sub and U.S. Bank, National Association, as
in effect on the date hereof.

 

“Insolvency
Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency Law, including without limitation the laws of the United Kingdom, and including assignments for the benefit of creditors,
compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual
Property” means all copyright rights, copyright applications, copyright registrations and like protections in each work
of authorship and derivative work, whether published or unpublished, any patents, patent applications and like protections, including
improvements, divisions, continuations, renewals, reissues, extensions, and continuations-in-part of the same, trademarks, trade
names, service marks, mask works, rights of use of any name, domain names, or any other similar rights, any applications therefor,
whether registered or not, know-how, operating manuals, trade secret rights, clinical and non-clinical data, rights to unpatented
inventions, and any claims for damage by way of any past, present, or future infringement of any of the foregoing.

 

“Inventory”
means all “inventory”, as defined in the Code, with such additions to such term as may hereafter be made, and includes
without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished
products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit
and including any returned goods and any documents of title representing any of the above.

 

“Investment”
means, with respect to any Person, directly or indirectly, (a) to purchase or acquire any stock or stock equivalents, or any obligations
or other securities of, or any interest in, any Person, including the establishment or creation of a Subsidiary or a joint venture,
(b) to make or commit to make any acquisition (including through licensing) of (i) of all or substantially all of the assets of
another Person, or (ii) any business, Product, business line or product line, division or other unit operation of any Person or
(c) to make or purchase any advance, loan, extension of credit or capital contribution to, or any other investment in, any Person.

 

“IP Security
Agreement” means any security agreement executed by Borrower that grants (or is prepared as a notice filing or recording
with respect to) a Lien or security interest in favor of Agent and/or Lenders on Intellectual Property, each as amended, restated,
or otherwise modified from time to time.

 

“Inactive
Subsidiaries” means collectively, Nautilus Holdco, Inc., Boat Merger Sub, Inc., and Island Merger Sub, Inc.

 

“IRC”
means the Internal Revenue Code of 1986, as amended, and any successor provisions.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joinder Requirements”
has the meaning given it in Section 6.8(a).

 

    	 	52	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“JPR Royalty
Sub” means JPR Royalty Sub LLC, a Delaware limited liability company.

 

“Laws”
means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions, regulations, guidance,
guidelines, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises,
governmental agreements and governmental restrictions, whether now or hereafter in effect, which are applicable to any Credit Party
in any particular circumstance.

 

“Lenders”
means each of the Persons identified on the Credit Facility Schedule, as amended from time to time to reflect assignments made
in accordance with this Agreement, that holds an Applicable Commitment.

 

“Libor Rate
Index” means, for any Applicable Interest Period, the rate per annum, determined by Agent (rounded upwards, if necessary,
to the next 1/100th%) by dividing (a) the rate per annum, determined by Agent in accordance with its customary procedures, and
utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary, to the next 1/100%),
to be the rate at which Dollar deposits (for delivery on the first (1st) day of such Applicable Interest Period or,
if such day is not a Business Day, on the preceding Business Day) in the amount of One Million Dollars ($1,000,000) are offered
to major banks in the London interbank market on or about 11:00 a.m. (New York time) on the Applicable Interest Rate Determination
Date, for a period of thirty (30) days, which determination shall be conclusive in the absence of manifest error, by (b) one hundred
percent (100%) minus the Reserve Percentage; provided, however, that Agent may, upon prior written notice
to Borrower, choose a reasonably comparable index or source to use as the basis for the Libor Rate Index. The Libor Rate Index
may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional or increased costs
to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable
Law occurring subsequent to the commencement of the then Applicable Interest Period, including changes in tax laws (except changes
of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors
of the Federal Reserve System (or any successor), which additional or increased costs would increase the cost of funding loans
bearing interest based upon the Libor Rate Index; provided, however, that, notwithstanding anything in this Agreement
to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “change in applicable
Law”, regardless of the date enacted, adopted or issued. In any such event, the affected Lender shall give Borrower and Agent
notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its receipt
of the notice from the affected Lender, Borrower may, by notice to such affected Lender require such Lender to furnish to Borrower
a statement setting forth the basis for adjusting such Libor Rate Index and the method for determining the amount of such adjustment.

 

“Lien”
means a claim, mortgage, deed of trust, lien, levy, charge, pledge, security interest or other encumbrance of any kind, whether
voluntarily incurred or arising by operation of Law or otherwise against any property.

 

“Margin Stock”
means “margin stock” as such term is defined in Regulation T, U, or X of the Board of Governors of the Federal Reserve
System.

 

“Material
Adverse Change” means (a) a material impairment in the perfection or priority of Agent’s Lien (or any Lender’s
Lien therein to the extent provided for in the Financing Documents) in the Collateral; (b) a material impairment in the value of
the Collateral; (c) a material adverse change in the business, operations, or condition (financial or otherwise) or prospects of
the Credit Parties, taken as a whole; or (d) a material impairment of the prospect of repayment of any portion of the Obligations.

 

“Material
Agreement” means (a) each Royalty Hedge Document, (b) the Seqirus UK License Agreement, (c) the License and Services
Agreement between BioCryst and MDCP, LLC, dated as of September 23, 2016, as amended restated or otherwise modified from time to
time in accordance with the terms of this Agreement (the “Intercompany License Agreement”), (d) the agreements
listed in the Disclosure Schedule under the heading “Material Agreements”, (e) each agreement or contract to
which a Credit Party is a party relating to Material Intangible Assets or development of Products or Intellectual Property and
that is material to the business of the Credit Parties, (f) any agreement with respect to any material Product, the loss of which
would materially impair Borrower’s ability to sell or market such Product, and (g) any agreement or contract to which such
Credit Party or its Restricted Subsidiaries is a party, the termination of which could reasonably be expected to result in a Material
Adverse Change.

 

    	 	53	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Material
Indebtedness” has the meaning given it in Section 10.1(e).

 

“Material
Intangible Assets” means (a) all of Borrower’s Intellectual Property and (b) each license or sublicense agreements
or other agreements with respect to rights in Intellectual Property, that, in the case of each of clauses (a) and (b), is material
to the condition (financial or other), business or operations of Borrower.

 

“Maturity
Date” means December 1, 2022.

 

“Maximum Lawful
Rate” has the meaning given it in Section 2.6(g).

 

“MidCap”
has the meaning given it in the preamble of this Agreement.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) or ERISA, to which any Credit Party
or any ERISA Affiliate has at any time (whether presently or in the past) sponsored, maintained, contributed to, or had an obligation
to make contributions to or to which any Credit Party or any ERISA Affiliate has any liability, contingent or otherwise.

 

“Net
Revenue” means, for any period, (a) the gross revenues of Borrowers generated solely through the commercial sale of Products
by Borrowers during such period, less (b)(i) trade, quantity and cash discounts allowed by Borrower, (ii) discounts, refunds, rebates,
charge backs, retroactive price adjustments and any other allowances which effectively reduce net selling price, (iii) product
returns and allowances, (iv) allowances for shipping or other distribution expenses, (iv) set-offs and counterclaims, and (v) any
other similar and customary deductions used by Borrower in determining net revenues, all, in respect of (a) and (b), as determined
in accordance with GAAP and in the Ordinary Course of Business. 

 

“Non-Consenting
Lender” has the meaning given it in Section 13.14(d).

 

“Obligations”
means all of Borrower’s obligations to pay when due any debts, principal, interest, Protective Advances, fees, indemnities
and other amounts Borrower owes Agent or the Lenders now or later, under this Agreement or the other Financing Documents, including,
without limitation, interest accruing after Insolvency Proceedings begin (whether or not allowed) and debts, liabilities, or obligations
of Borrower assigned to the Lenders and/or Agent, and the payment and performance of each other Credit Party’s covenants
and obligations under the Financing Documents. “Obligations” does not include obligations under any warrants issued
to Agent or a Lender.

 

“OFAC”
means the U.S. Department of Treasury Office of Foreign Assets Control.

 

“OFAC Lists”
means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order
No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant
to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

“Operating
Documents” means, for any Person, such Person’s formation documents, as certified with the Secretary of State (or
other appropriate Governmental Authority) of such Person’s jurisdiction of formation on a date that is no earlier than thirty
(30) days prior to the Closing Date, and (a) if such Person is a corporation, its bylaws and articles of incorporation, articles
of association, articles of amalgamation or articles of amendment (as applicable) in current form, (b) if such Person is a limited
liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto.

 

    	 	54	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Credit Party, the ordinary course of business
of such Credit Party, as conducted by such Credit Party in accordance with past practices or then current business practices set
forth in the most recent operating plan of Borrower to the extent approved by Agent, which shall in any event be at arms-length.

 

“Other Connection
Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced this Agreement, or sold or assigned an interest in any Obligation hereunder).

 

“Other Tax
Certification” means such certification or evidence, in each case in form and substance reasonably satisfactory to Agent,
that any Lender or prospective Lender is exempt from, or eligible for a reduction in, U.S. federal withholding tax or backup withholding
tax, including evidence supporting the basis for such exemption or reduction.

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, this Agreement, except any such Taxes that are Other Connection Taxes imposed with
respect to an assignment.

 

“Participant
Register” has the meaning given it in Section 13.1(c).

 

“Patheon Inventory”
means that Inventory of the Credit Parties to be sold to Seqirus UK Limited pursuant to Section 3.4 of the Seqirus UK License Agreement.

 

“Payment Date”
means the first calendar day of each calendar month.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor entity thereto.

 

“Pension Plan”
means any employee benefit pension plan that is subject to the minimum funding standards under Section 412 of the IRC or is covered
by Title IV of ERISA (including a Multiemployer Plan) that any Credit Party or any ERISA Affiliate has, at any time (whether presently
or in the past) sponsored, maintained, contributed to, or had an obligation to make contributions to or to which any Credit Party
or any ERISA Affiliate has any liability (contingent or otherwise).

 

“Peramivir
IP” means the BioCryst Patents (as defined in the Seqirus UK License Agreement), the BioCryst Know-How (as defined in
the Seqirus UK License Agreement) and any other Intellectual Property necessary to perform Borrower’s obligations under the
Seqirus UK License Agreement.

 

“Peramivir
SPE” has the meaning given it in the preamble.

 

“Perfection
Certificate” means the Perfection Certificate delivered to Agent as of the Closing Date, together with any amendments
thereto required under this Agreement.

 

“Permitted
Contest” has the meaning given it in Section 6.4.

 

“Permitted
Contingent Obligations” means (a) Contingent Obligations resulting from endorsements for collection or deposit in the
Ordinary Course of Business; (b) Contingent Obligations incurred in the Ordinary Course of Business with respect to surety and
appeal bonds, performance bonds and other similar obligations not to exceed [***] in the aggregate at any time outstanding;
(c) Contingent Obligations arising under indemnity agreements with title insurers; (d) Contingent Obligations arising with respect
to customary indemnification obligations in favor of purchasers in connection with dispositions of personal property assets permitted
under Article 7; (e) Contingent Obligations arising under the Financing Documents; (f) so long as there exists no Event of Default
both immediately before and immediately after giving effect to any such transaction, Contingent Obligations existing or arising
under any swap contract, provided, however, that such obligations are (or were) entered into by Borrower or an Affiliate
in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments, investments,
assets, or property held or reasonably anticipated by such Person and not for purposes of speculation; (g) Contingent Obligations
existing or arising in connection with any security deposit or letter of credit obtained for the sole purpose of securing a lease
of real property, or in connection with ancillary bank services such as a corporate credit card facility, provided that
the aggregate face amount of all such security deposits, letters of credit and ancillary bank services does not at any time exceed
[***]; (h) Contingent Obligations arising in connection with the HSBC Letters of Credit secured solely by Liens permitted
pursuant to clause (m) of the definition of Permitted Liens; (i) Contingent Obligations not to exceed Three Million Nine Hundred
Thousand Dollars ($3,900,000) arising in connection with the Royalty Hedges; and (j) other Contingent Obligations not permitted
by clauses (a) through (h) above, not to exceed [***] in the aggregate at any time outstanding; provided, however, that,
notwithstanding the foregoing, the Peramivir SPE shall not be entitled to incur any Contingent Obligations if doing so would cause
a violation of the SPE Covenants.

 

    	 	55	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Permitted
Indebtedness” means: (a) Borrower’s Indebtedness to the Lenders and Agent under this Agreement and the other Financing
Documents; (b) Indebtedness existing on the Closing Date and described on the Disclosure Schedule; (c) Indebtedness secured
by Permitted Liens permitted pursuant to clause (b) of the definition thereof; (d) Subordinated Debt; (e) unsecured Indebtedness
to trade creditors incurred in the Ordinary Course of Business; (f) Permitted Contingent Obligations; (g) extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness set forth in (b) and (c) above, provided,
however, that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome
terms upon the obligors thereunder; (h) intercompany Indebtedness owed by a Foreign Subsidiary to a Credit Party that does not
exceed [***] outstanding in the aggregate at any one time and solely to the extent that such Indebtedness constitutes a
“Permitted Investment” of such Credit Party; and (i) Indebtedness consisting of intercompany loans and advances made
by any Credit Party to any other Credit Party, provided that (1) the obligations of the Credit Parties under such intercompany
loan shall be subordinated at all times to the Obligations of the Credit Parties hereunder or under the other Financing Documents
in a manner satisfactory to Agent, and (2) to the extent that such Indebtedness is evidenced by a promissory note or other written
instrument, Borrower shall pledge and deliver to Agent, for the benefit of itself and the Lenders, the original promissory note
or instrument, as applicable, along with an endorsement in blank in form and substance reasonably satisfactory to Agent; provided,
further, that, notwithstanding the foregoing, the Peramivir SPE shall not be entitled to incur any Indebtedness if doing so
would cause a violation of the SPE Covenants.

 

“Permitted
Investments” means: (a) Investments (i) existing on the Closing Date and described on the Disclosure Schedule
and (ii) in Subsidiaries made prior to the Closing Date; (b) Investments consisting of cash equivalents; (c) any Investments permitted
by Borrower’s investment policy, as amended from time to time, provided that such investment policy (and any material
amendment thereto) has been approved in writing by Agent, it being acknowledged and agreed that the investment policy provided
to Agent on or prior to the Closing Date has been approved (provided that under no circumstances shall Borrower be permitted
to invest in or hold Margin Stock); (d) Investments consisting of the endorsement of negotiable instruments for deposit or collection
or similar transactions in the ordinary course of any Credit Party; (e) Investments consisting of deposit accounts or securities
accounts in which Agent has a first priority perfected security interest; (f) Investments of cash and cash equivalents in (x) Restricted
Subsidiaries that are Foreign Subsidiaries, but solely to the extent that the aggregate amount of such Investments does not exceed
[***] for the twelve (12)-month period immediately preceding the making of any such Investment, and (y) Restricted Subsidiaries
that are Domestic Subsidiaries but solely to the extent that the aggregate amount of such Investments does not exceed [***]
for the twelve (12)-month period immediately preceding the making of any such Investment; provided, however, that the aggregate
amount of such Investments made in any Restricted Subsidiary shall not, in any event, exceed the amount necessary to fund the current
operating expenses of such Restricted Subsidiary (taking into account their revenue from other sources); (g) Investments consisting
of (i) travel advances and employee relocation loans and other employee loans and advances in the Ordinary Course of Business,
and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries
pursuant to employee stock purchase plans or agreements approved by Borrower’s board of directors; (h) Investments (including
debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent
obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of Business; (i) Investments by
one Borrower in another Borrower; and (j) to the extent constituting Investments, Investments consisting of Permitted Licenses;
provided, however, that, notwithstanding the foregoing, no Borrower shall be entitled to make any Investment if doing so
would cause a violation of the SPE Covenants.

 

    	 	56	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Permitted
Joint Venture” means any joint venture formed or entered into by a Credit Party for the sole purposes of entering into
Permitted License with a Credit Party and undertaking activities directly related thereto to the extent such activities are not
otherwise prohibited pursuant to the terms of this Agreement or any other Financing Document.

 

“Permitted
License” means:

 

(a)                
the licenses set forth on the Disclosure Schedules as of the Closing Date, as such licenses are in effect on the
Closing Date and without giving effect to any material amendments or other modifications thereto,

 

(b)               
the license of Intellectual Property rights granted by Peramivir SPE pursuant to the Seqirus UK License Agreement,

 

(c)                
the Intercompany License Agreement,

 

(d)               
any non-exclusive license of Intellectual Property rights of Borrower (other than the Peramivir SPE) or its Subsidiaries
to a third party or Permitted Joint Venture,

 

(e)                
any exclusive license of Intellectual Property rights of Borrower (other than the Peramivir SPE) or its Subsidiaries to
a third party or a Permitted Joint Venture so long as such Permitted Licenses are exclusive solely as to [***],

 

(f)                 
[reserved];

 

(g)               
any exclusive license of Intellectual Property rights of Borrower (other than the Peramivir SPE) to a third party or a Permitted
Joint Venture to the extent such Intellectual Property rights relate solely to (i) [***] or (ii) [***]; provided
that no such license shall be permitted pursuant to this clause (g) unless, at the time such license is entered into, Borrower
is [***];

 

provided, however,
no license shall be permitted pursuant to clauses (d)-(g) above unless such license (x) has been approved by Borrower’s Board
of Directors, (y) does not result in a legal transfer of title to the licensed property, and (z) is granted in exchange for fair
consideration and pursuant to commercially reasonable arms’ length terms.

 

“Permitted
Liens” means: (a) Liens existing on the Closing Date and shown on the Disclosure Schedule or arising under this
Agreement and the other Financing Documents; (b) purchase money Liens or capital leases securing no more than [***] in the
aggregate amount outstanding (in addition to any Liens permitted pursuant to subsection (a) above) (i) on Equipment acquired or
held by a Credit Party incurred for financing the acquisition of the Equipment, or (ii) existing on Equipment when acquired, if
the Lien is confined to the property and improvements and the proceeds of the Equipment; (c) Liens for taxes, fees, assessments
or other government charges or levies, either not delinquent or being contested in good faith and for which adequate reserves are
maintained on the Books of the Credit Party against whose asset such Lien exists, provided that no notice of any such Lien
has been filed or recorded under any applicable law, including, without limitation, the IRC and the treasury regulations adopted
thereunder; (d) statutory Liens securing claims or demands of materialmen, mechanics, carriers, warehousemen, landlords and
other Persons imposed without action of such parties, provided that they have no priority over any of Agent’s Liens
and the aggregate amount of such Liens for all Credit Parties does not at any time exceed [***]; (e) leases or subleases
of real property granted in the Ordinary Course of Business, and leases, subleases, non-exclusive licenses or sublicenses of property
(other than real property or Intellectual Property) granted in the Ordinary Course of Business, if the leases, subleases,
licenses and sublicenses do not prohibit granting Agent a security interest; (f) banker’s liens, rights of set-off and Liens
in favor of financial institutions incurred made in the Ordinary Course of Business arising in connection with a Credit Party’s
Collateral Accounts provided that such Collateral Accounts are subject to a Control Agreement to the extent required hereunder;
(g) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like
obligations incurred in the Ordinary Course of Business (other than Liens imposed by ERISA); (h) Liens arising from judgments,
decrees or attachments in circumstances not constituting an Event of Default; (i) easements, reservations, rights-of-way, restrictions,
minor defects or irregularities in title and similar charges or encumbrances affecting real property not constituting a Material
Adverse Change; (j) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a)
and (b) above, but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing
Lien and the principal amount of the Indebtedness may not increase; (k) [reserved]; (l) solely with respect to BioCryst, the pledge
of its membership interests in JPR Royalty Sub pursuant to the “Pledge and Security Agreement” (as defined in the Indenture);
(m) Liens in favor of HSBC Bank on the HSBC Cash Collateral Accounts to the extent securing obligations of Borrowers permitted
pursuant to clause (h) of the definition of Permitted Contingent Obligations; and (n) Liens in favor of Morgan Stanley Capital
Services, Inc. on the Royalty Hedge Collateral Account to the extent securing obligations of Borrowers permitted pursuant to clause
(i) of the definition of Permitted Contingent Obligations; provided, however, that, notwithstanding the foregoing, the Peramivir
SPE shall not be entitled grant or suffer to exist any Lien if doing so would cause a violation of the SPE Covenant.

 

    	 	57	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government
agency.

 

“Pledge Agreement”
means that certain Pledge Agreement, dated as of the date hereof, executed by Borrower in favor of Agent, for the benefit of the
Lenders, covering all the equity interests respectively owned by the Credit Parties, as amended, restated, or otherwise modified
from time to time.

 

“Pro Rata
Share” means, as determined by Agent, with respect to each Credit Facility and Lender holding an Applicable Commitment
or Credit Extensions in respect of such Credit Facility, a percentage (expressed as a decimal, rounded to the ninth decimal place)
determined by dividing (a) in the case of fully-funded Credit Facilities, the amount of Credit Extensions held by such Lender
in such Credit Facility by the aggregate amount of all outstanding Credit Extensions for such Credit Facility, and (b) in
the case of Credit Facilities that are not fully-funded, the amount of Credit Extensions and unfunded Applicable Commitments held
by such Lender in such Credit Facility by the aggregate amount of all outstanding Credit Extensions and unfunded Applicable
Commitments for such Credit Facility.

 

“Products”
means any products manufactured, sold, developed, tested or marketed by Borrower or any of its Subsidiaries, including without
limitation, those products set forth on the Products Schedule (as updated from time to time in accordance with Section 6);
provided that, for the avoidance of doubt, any new Product not disclosed on the Products Schedule shall still constitute
a “Product” as herein defined.

 

“Protective
Advances” means all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
of Agent and the Lenders for preparing, amending, negotiating, administering, defending and enforcing the Financing Documents (including,
without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred by Agent or the
Lenders in connection with the Financing Documents.

 

“Reaffirmation
Agreement” means that certain Reaffirmation Agreement, dated as of the date hereof, executed by the Borrower in favor
of Agent, in form and substance satisfactory to Agent. 

 

“Recipient”
means Agent and any Lender, as applicable.

 

“Register”
has the meaning given it in Section 13.1(c).

 

“Registered
Intellectual Property” means any patent, registered trademark or servicemark, registered copyright, registered mask work,
or any pending application for any of the foregoing.

 

“Registered
IP Disclosure Location” means Canada, France, Germany, Japan, the United Kingdom and the United States.

 

    	 	58	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Registered
Organization” means any “registered organization” as defined in the Code, with such additions to such term
as may hereafter be made.

 

“Regulatory
Reporting Event” has the meaning given it in Section 6.16(a).

 

“Regulatory
Required Permit” means any and all licenses, approvals and permits issued by the FDA, DEA or any other applicable Governmental
Authority, including without limitation Drug Applications, necessary for the testing, manufacture, marketing or sale of any Product
by any applicable Borrower(s) and its Restricted Subsidiaries as such activities are being conducted by such Borrower and its Restricted
Subsidiaries with respect to such Product at such time and any drug listings and drug establishment registrations under 21 U.S.C.
Section 510, registrations issued by DEA under 21 U.S.C. Section 823 (if applicable to any Product), and those issued by State
governments for the conduct of Borrower’s or any Restricted Subsidiary’s business.

 

“Required
Lenders” means, unless all of the Lenders and Agent agree otherwise in writing, Lenders having (a) more than fifty-one
percent (51%) of the Applicable Commitments of all Lenders, or (b) if such Applicable Commitments have expired or been terminated,
more than fifty-one percent (51%) of the aggregate outstanding principal amount of the Credit Extensions.

 

“Required
Permit” means all licenses, certificates, accreditations, product clearances or approvals, provider numbers or provider
authorizations, supplier numbers, provider numbers, marketing authorizations, other authorizations, registrations, permits, consents
and approvals of a Credit Party issued or required under Laws applicable to the business of Borrower or any of its Restricted Subsidiaries
or necessary in the manufacturing, importing, exporting, possession, ownership, warehousing, marketing, promoting, sale, labeling,
furnishing, distribution or delivery of goods or services under Laws applicable to the business of Borrower or any of its Restricted
Subsidiaries. Without limiting the generality of the foregoing, “Required Permits” includes any Regulatory Required
Permit.

 

“Reserve Percentage”
means, on any day, for any Lender, the maximum percentage prescribed by the Board of Governors of the Federal Reserve System (or
any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or
emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently referred to as “eurocurrency
liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain
such reserves, the Reserve Percentage shall be zero.

 

“Responsible
Officer” means any of the President and Chief Executive Officer or Chief Financial Officer of Borrower.

 

“Restricted
Subsidiary” means (i) to the extent constituting a Subsidiary, each Permitted Joint Venture, (ii) each Excluded Domestic
Holdco, (iii) each Foreign Subsidiary, and (iv) any other Subsidiary that is not an Unrestricted Subsidiary.

 

“Royalty Hedge
Collateral Account” means Deposit Account #[***] of BioCryst established and maintained at Morgan Stanley Capital
Services Inc. for the sole purpose of securing BioCryst’s obligations under the Royalty Hedge; provided, that (a)
the aggregate amount deposited therein at any time does not exceed Three Million Nine Hundred Thousand Dollars ($3,900,000) and
(b) Borrower shall not deposit any amounts therein in excess of the maximum amount required to be deposited therein at the time
of such deposit.

 

“Royalty Hedge”
means the Confirmation of terms and conditions of ISDA Master Agreement, dated as of March 7, 2011, between Morgan Stanley Capital
Services Inc. and BioCryst Pharmaceuticals, Inc. dated as of March 9, 2011, in an aggregate notional amount equal to Three Million
Nine Hundred Thousand Dollars ($3,900,000).

 

“Royalty Hedge
Documents” means the Royalty Hedge and all agreements and documents entered into from time to time by a Credit Party
in connection therewith.

 

“Secretary’s
Certificate” means, with respect to any Person, a certificate, in form and substance reasonably satisfactory to Agent,
executed by such Person’s secretary (or other appropriate officer acceptable to Agent in its sole but reasonable discretion)
on behalf of such Person certifying (a) that such Person has the authority to execute, deliver, and perform its obligations under
each of the Financing Documents to which it is a party, (b) that attached to such certificate is a true, correct, and complete
copy of the Borrowing Resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance
by such Person of the Financing Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Financing
Documents on behalf of such Person, together with a sample of the true signature(s) of such Person(s), (d) that attached to such
certificate are true, correct, and complete copies of the Operating Documents of such Person (or the equivalent thereof in the
relevant jurisdiction of organization of such Credit Party) and good standing certificates of such Person certified by the Secretary
of State of the state(s) of organization of such Person (or the equivalent thereof in the relevant jurisdiction of organization
of such Credit Party) as of a date no earlier than thirty (30) days prior to the Closing Date, (e) that attached to such certificate
is true, correct, and complete copy of the Registration Rights Agreement/Investors’ Rights Agreement of such Person, voting
agreements or other agreements among shareholders and any amendments to the foregoing, and (f) that Agent and the Lenders may conclusively
rely on such certificate unless and until such Person shall have delivered to Agent a further certificate canceling or amending
such prior certificate.

 

    	 	59	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“Secured Promissory
Note” has the meaning given it in Section 2.7.

 

“Securities
Account” means any “securities account”, as defined in the Code, with such additions to such term as may
hereafter be made.

 

“Security
Documents” means, collectively, the Pledge Agreement, each IP Security Agreement, each Control Agreement, the Reaffirmation
Agreement, and each other agreement, document or instrument executed concurrently herewith or at any time hereafter pursuant to
which one (1) or more Credit Parties or any other Person provides, as security for all or any portion of the Obligations, a Lien
on any of its assets in favor of Agent for its own benefit and the benefit of the Lenders, as any or all of the same may be amended,
supplemented, restated or otherwise modified from time to time.

 

“Seqirus UK
License Agreement” means that certain License Agreement, by and among BioCryst Pharmaceuticals, Inc. and Seqirus UK Limited,
dated as of June 16, 2015, as in effect on the date hereof.

 

“Stated Rate”
has the meaning given it in Section 2.6(g).

 

“Subordinated
Debt” means indebtedness incurred by Borrower which shall be (a) in an amount satisfactory to Agent, (b) made pursuant
to documents in form and substance reasonably satisfactory to Agent (the “Subordinated Debt Documents”), and
(c) subordinated to all of Borrower’s now or hereafter indebtedness to Agent and the Lenders pursuant to a Subordination
Agreement.

 

“Subordination
Agreement” means a subordination, intercreditor, or other similar agreement in form and substance, and on terms, approved
by Agent in writing.

 

“Subsidiary”
means, with respect to any Person, any Person of which more than fifty percent (50.0%) of the voting stock or other equity interests
(in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person. Unless the context
otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of Borrower.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Transfer”
has the meaning given it in Section 7.1.

 

“Unrestricted
Subsidiary” means (a) JPR Royalty Sub and (b) any other any Subsidiary of Borrower which Agent may agree from time to
time, in its sole discretion, that Borrower may designate as an Unrestricted Subsidiary for purposes of this Agreement.

 

    	 	60	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the IRC.

 

“Withholding
Agent” means Borrower and Agent.

 

[SIGNATURES APPEAR ON FOLLOWING PAGES]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	61	 

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

IN WITNESS WHEREOF,
intending that this instrument constitute an instrument executed and delivered under seal, the parties hereto have caused this
Agreement to be executed as of the Closing Date.

 

	 	BORROWER:	 
	 	 	 
	 	BIOCRYST PHARMACEUTICALS, INC.
	 	 
	 	By: 	/s/ Alane Barnes	(SEAL)
	 	Name: Alane Barnes	 
	 	Title: Sr. VP, CLO	 
	 	 	 
	 	 	 
	 	MDCP, LLC 	 
	 	 	 
	 	 	 
	 	By: 	/s/ Alane Barnes	(SEAL)
	 	Name: Alane Barnes	 
	 	Title: Sr. VP, CLO	 

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

	 	AGENT:	 	 
	 	 	 
	 	MIDCAP FINANCIAL TRUST	 
	 	 	 
	 	By: 	Apollo Capital Management, L.P.,
	 	its investment manager	 
	 	 	 
	 	By:	Apollo Capital Management GP, LLC,
	 	its general partner	 
	 	 	 
	 	By:	/s/ Maurice Amsellem	(SEAL)
	 	Name: Maurice Amsellem	 
	 	Title: Authorized Signatory	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

 

	 	LENDERS:	 
	 	 	 
	 	MIDCAP FINANCIAL TRUST	 
	 	 	 
	 	By: 	Apollo Capital Management, L.P.,
	 	its investment manager	 
	 	 	 
	 	By:	Apollo Capital Management GP, LLC,
	 	its general partner	 
	 	 	 
	 	By: 	/s/ Maurice Amsellem	(SEAL)
	 	Name: Maurice Amsellem	 
	 	Title: Authorized Signatory	 
	 	 	 	 
	 	MIDCAP FUNDING XIII TRUST	 
	 	 	 
	 	By: 	Apollo Capital Management, L.P.,
	 	its investment manager	 
	 	 	 
	 	By:	Apollo Capital Management GP, LLC,
	 	its general partner	 
	 	 	 
	 	By: 	/s/ Maurice Amsellem	(SEAL)
	 	Name: Maurice Amsellem	 
	 	Title: Authorized Signatory	 

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

	 	LENDERS:	 
	 	 	 
	 	ELM 2016-1 TRUST	 
	 	 	 
	 	By: 	MidCap Financial Services Capital Management, LLC, as Servicer
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ John O’Dea	(SEAL)
	 	Name: John O’Dea	 
	 	Title: Authorized Signatory	 
	 	 	 	 
	 	 	 	 
	 	ELM 2018-2 TRUST	 
	 	 	 
	 	By: 	MidCap Financial Services Capital Management, LLC, as Servicer
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ John O’Dea	(SEAL)
	 	Name: John O’Dea	 
	 	Title: Authorized Signatory	 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

	 	 LENDERS:	 
	 	 	 
	 	FLEXPOINT MCLS SPV LLC	 
	 	 	 
	 	 	 
	 	By: 	/s/ Daniel Edelman	(SEAL)
	 	Name: Daniel Edelman	 
	 	Title: Vice President	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Address:	 
	 	 	 	 
	 	Flexpoint MCLS SPV, LLC	 
	 	c/o MidCap Financial Services, LLC, as servicer
	 	7255 Woodmont Avenue, Suite 200
	 	Bethesda, Maryland 20814
	 	Attn:  Account Manager for BioCryst transaction
	 	Facsimile:  301-941-1450	 
	 	E-mail:  notices@midcapfinancial.com
	 	 	 	 
	 	with a copy to:	 
	 	 	 	 
	 	Flexpoint MCLS SPV, LLC	 
	 	c/o MidCap Financial Services, LLC, as servicer
	 	7255 Woodmont Avenue, Suite 200
	 	Bethesda, Maryland 20814	 
	 	Attn:  General Counsel	 
	 	Facsimile:  301-941-1450	 
	 	E-mail:  legalnotices@midcapfinancial.com

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

EXHIBITS AND SCHEDULES

 

EXHIBITS

 

	Exhibit A		Collateral

	Exhibit B		Form of Compliance Certificate

	Exhibit C		Credit Extension Form

 

SCHEDULES

 

Credit Facility Schedule

Amortization
Schedule (for each Credit Facility)

Post-Closing
Obligations Schedule

Closing
Deliveries Schedule

Disclosure
Schedule

Intangible
Assets Schedule

Products
Schedule

Required Permits Schedule

SPE Covenant Schedule

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

EXHIBIT A

 

COLLATERAL

 

The Collateral consists
of all assets of Borrower, including all of Borrower’s right, title and interest in and to the following personal property:

 

(a)       all
goods, Accounts (including health-care insurance receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including
any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, investment accounts, commodity accounts
and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit
is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether
now owned or hereafter acquired, wherever located; and

 

(b)       all
Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions
for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds
of any or all of the foregoing.

 

Pursuant to the terms
of a certain negative pledge arrangement with Agent and the Lenders, Borrower has agreed not to encumber any of its Intellectual
Property without Agent’s and the Lenders’ prior written consent.

 

Notwithstanding the
foregoing, in no event shall Collateral include any of the following: (a) any license or contract as in effect on the date hereof,
but only to the extent that the granting of a security interest therein is prohibited by or would constitute a default under such
license or contract as in effect on the date hereof, and only to the extent that such prohibition or default is not terminated
or rendered unenforceable or otherwise deemed ineffective by the UCC (including, without limitation, Sections 9-406, 9-407 and
9-408 of the UCC) or any other applicable law, provided that, upon the termination or expiration of any such prohibition
or default, such license or contract shall automatically be subject to the security interest granted in favor of Agent hereunder
and shall become part of the “Collateral”, (b) the equity interests in JPR Royalty Sub to the extent that Borrower
is prohibited from pledging such interests pursuant to the terms of the Pledge and Security Agreement (as defined in the Indenture),
provided that, upon the termination or expiration of such prohibition or termination of, or payment in full of the “Secured
Obligations” under the Indenture, the equity interests in JPR Royalty Sub shall automatically be subject to the security
interest granted in favor of Agent hereunder and shall become part of the “Collateral,” (c) any United States intent-to-use
trademark applications to the extent that, and solely during the period in which the grant of a security interest therein would
impair the validity or enforceability of or render void or result in the cancellation of, any registration issued as a result of
such intent-to-use trademark applications under applicable law, provided that upon submission and acceptance by the United States
Patent and Trademark Office of an amendment to allege use pursuant to 15 U.S.C. Section 1051(c) or any successor provision, such
intent-to-use trademark application shall be considered Collateral, (d) any equity interests in any Subsidiary that is a Foreign
Subsidiary that is not a Credit Party or Excluded Domestic Holdco, in each case in excess of 65% of all of the issued and outstanding
voting shares of capital stock of such Foreign Subsidiary or Excluded Domestic Holdco, (e) any Excluded Deposit Accounts, and (f)
the Patheon Inventory, but only to the extent that the granting of a security interest therein is prohibited by the Seqirus UK
License Agreement; provided that, upon the termination or expiration of any such prohibition, the Patheon Inventory, to
the extent Borrower has a right, title or interest therein, then shall automatically be subject to the security interest granted
in favor of Agent hereunder and shall become part of the “Collateral” (collectively, all of the foregoing exclusions
in clauses (a)-(f), “Excluded Property”); provided, however, that Excluded Property shall not
include any proceeds, products, substitutions, receivables or replacements of Excluded Property (unless such proceeds, products,
substitutions, receivables or replacements would otherwise constitute Excluded Property).

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

EXHIBIT B

 

COMPLIANCE CERTIFICATE

 

TO:                        MidCap Financial Trust, as Agent

FROM:                  __________________________________

DATE:                  ________________, 201__

 

The undersigned authorized
officer of BIOCRYST PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), certifies that, under
the terms and conditions of the Credit and Security Agreement between Borrower, Agent and the Lenders (as amended, restated, supplemented,
replaced or otherwise modified from time to time, the “Agreement”):

 

(1)        Borrower
is in complete compliance with all required covenants for the month ending _______________, 201__, except as noted below;

 

(2)        there
are no Events of Default;

 

(3)       
all representations and warranties in the Agreement are true and correct in all material respects on this date except as
noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further, that
those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all
material respects as of such date;

 

(4)        each
of Borrower and the other Credit Parties and Restricted Subsidiaries has timely filed all required Tax returns and reports, and
has timely paid all foreign, federal, state and local Taxes, assessments, deposits and contributions owed except as otherwise permitted
pursuant to the terms of the Agreement;

 

(5)        no
Liens have been levied or claims made against Borrower or any of its Restricted Subsidiaries relating to unpaid employee payroll
or benefits of which Borrower has not previously provided written notification to Agent; and

 

(6)       [attached
hereto is an updated [Disclosure Schedule][Required Permits Schedule][Products Schedule][Intangible Assets Schedule][INSERT AS
APPROPRIATE] as required to be updated pursuant to the terms of the Credit and Security Agreement.]1

 

Attached are the required
documents supporting the certifications set forth in this Compliance Certificate. The undersigned certifies, in his/her capacity
as an officer of Borrower, that these are prepared in accordance with GAAP consistently applied from one period to the next except
as explained in an accompanying letter or footnotes. The undersigned acknowledges, in his/her capacity as an officer of Borrower,
that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms
of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used
but not otherwise defined herein shall have the meanings given them in the Agreement.

 

Please indicate
compliance status by circling Yes/No under “Complies” column.

 

	Reporting Covenant	Required	Complies
	Monthly Financial Statements	Monthly within [***]	Yes	No

 

 

___________________

1 To
be included only with financial statements delivered for periods ending March 31st and September 30th, respectively.

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

	Audited Financial Statements	Annually within [***] after FYE	Yes	No
	Board Approved Projections	Annually within [***] after FYE	Yes	No
	Compliance Certificate	Monthly within [***]	Yes	No
	Borrower Unrestricted Cash (per Section 9.1) equal to or greater than $25,000,000	Monthly within [***]	Yes	No

 

The following are the exceptions with respect
to the certification above: (If no exceptions exist, state “No exceptions to note.”)

 

	 
	 
	 

 

 

 

	BIOCRYST PHARMACEUTICALS, INC.	AGENT USE ONLY	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Received by:	 	 
	By:	 	 	 	authorized signer	 
	Name:	 	 	Date:	 	 	 
	Title:	 	 	 	 	 	 
	 	 	 	 	Verified:	 	 
	 	 	 	 	authorized signer	 
	 	 	 	 	Date:	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Compliance Status:                Yes             No

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

EXHIBIT C

 

CREDIT
EXTENSION Form

 

Deadline
is Noon New York Time

 

 

Date: __________________,
201__

 

	 	Loan Advance:	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.	 
	 	 	 	 	 	 	 	 
	 	From Account #	 	 	 	To Account #	 	 
	 	(Loan Account #)	 	 	 	(Deposit Account #)	 
	 	 	 	 	 	 	 	 
	 	Amount of Advance $	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Requested Date of Advance (subject to requirements of Credit and Security Agreement): ___________________________	 
	 	 	 	 	 	 	 	 
	All of Borrower’s representations and warranties in the Credit and Security Agreement are true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further, that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:	 
	 	 	 	 	 	 	 	 
	 	Authorized Signature:	 	 	Phone Number:	 	 
	 	Print Name/Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

	 	Outgoing Wire Request:	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Complete only if all or a portion of funds from the loan advance above is to be wired.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Beneficiary Name: 	 	 	Amount of Wire:	$	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Beneficiary Lender: 	 	 	Account Number:	 	 	 	 	 	 
	 	City and State:	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Beneficiary Lender Transit (ABA) #: _______	 	 	Beneficiary Lender Code (Swift, Sort, Chip, etc.):  ________	 
	 	(For International Wire Only)	 	 	 	 	 	 	 	 	 
	 	Intermediary Lender: 	 	 	 	Transit (ABA) #:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	For Further Credit to:	 	 	 	 	 	 	 	 	 	 
	 	Special Instruction:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	By signing below, I (we) acknowledge and agree that my (our) funds transfer
    request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering
    funds transfer service(s), which agreements(s) were previously received and executed by me.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Authorized Signature: 	 	 	 	2nd Signature (if required):	 	 	 	 
	 	Print Name/Title:	 	 	 	Print Name/Title: 	 	 	 	 	 
	 	Telephone #: 	 	 	 	 	Telephone #:	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

CREDIT FACILITY SCHEDULE

 

Credit Facility #1:

 

Credit Facility and Type:Term,
Tranche 1

 

Lenders for and their respective Applicable
Commitments to this Credit Facility:

 

	Lender	Rolled Over Term Loans Outstanding	Closing Date Funding Commitment	Total Applicable Term Loans / Commitment
	MidCap Financial Trust	Zero Dollars ($0)	Thirteen Million Dollars ($13,000,000)	Thirteen Million Dollars ($13,000,000)
	Elm 2016-1 Trust	Eight Million Five Hundred Thousand Dollars ($8,500,000)	Zero Dollars ($0)	Eight Million Five Hundred Thousand Dollars ($8,500,000)
	Elm 2018-2 Trust	Ten Million Five Hundred Thousand Dollars ($10,500,000)	Zero Dollars ($0)	Ten Million Five Hundred Thousand Dollars ($10,500,000)
	MidCap Funding XIII Trust	Eight Million Dollars ($8,000,000)	Seven Million Dollars ($7,000,000)	Fifteen Million Dollars ($15,000,000)
	Flexpoint MCLS SPV LLC	Three Million Dollars ($3,000,000)	Zero Dollars ($0)	Three Million Dollars ($3,000,000)
	Total:	Thirty Million Dollars ($30,000,000)	Twenty Million Dollars ($20,000,000)	Fifty Million Dollars ($50,000,000)

 

 

The following defined terms apply to
this Credit Facility:

 

Applicable Interest Period: means
the one (1)-month period starting on the first (1st) day of each month and ending on the last day of such month; provided, however,
that the first (1st) Applicable Interest Period for each Credit Extension under this Credit Facility shall commence on the date
that the applicable Credit Extension is made and end on the last day of such month.

 

Applicable Floor: means one half
of one percent (0.5%) per annum for the Applicable Libor Rate.

 

Applicable Funding Conditions: Not
applicable.

 

Applicable Margin: a rate of interest
equal to eight percent (8.0%) per annum.

 

Applicable Prepayment Fee: means
the following amount, calculated as of the date (the “Accrual Date”) that the Applicable Prepayment Fee becomes
payable in the case of prepayments required under the Financing Documents or the date that any voluntary prepayment is made: (a)
for an Accrual Date on or after the Closing Date through and including the date that is twelve (12) months after the Closing Date,
three percent (3.0%) multiplied by the amount of the outstanding principal of the Credit Extension prepaid or required to
be prepaid (whichever is greater); (b) for an Accrual Date after the date that is twelve (12) months after the Closing Date through
and including the date that is twenty-four (24) months after the Closing Date, two percent (2.0%) multiplied by the amount
of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater); or (c) for an Accrual
Date after the date that is twenty-four (24) months after the Closing Date, zero percent (0.0%) multiplied by the amount
of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater).

 

Closed Period: Not applicable.

 

Commitment Commencement Date: Closing
Date.

 

Commitment Termination Date:the
close of the Business Day following the Closing Date.

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

Credit Extension Amount on the Closing
Date: $20,000,000.

 

Permitted Purpose: Not
applicable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

Credit Facility #2:

 

Credit Facility and Type:                           Term,
Tranche 2

 

Lenders for and their respective Applicable
Commitments to this Credit Facility:

 

	Lender	Applicable Commitment
	MidCap Financial Trust	Thirty Million Dollars ($30,000,000)
	Total: 	Thirty Million Dollars ($30,000,000)

 

 

The following defined terms apply to
this Credit Facility:

 

Applicable Funding Conditions: means
BioCryst has publicly announced positive clinical data on the APeX-2, Phase 3 trial for BCX7353 that meets at least the primary
endpoint on one dose level such that the clinical trial is sufficient for filing a new Drug Application for FDA approval and BioCryst
publicly states in its press release reporting the data that it definitively intends to file such a new Drug Application.

 

Applicable Interest Period: means
the one (1)-month period starting on the first (1st) day of each month and ending on the last day of such month; provided, however,
that the first (1st) Applicable Interest Period for each Credit Extension under this Credit Facility shall commence on the date
that the applicable Credit Extension is made and end on the last day of such month.

 

Applicable Floor: means one half
of one percent (0.5%) per annum for the Applicable Libor Rate.

 

Applicable Margin: a rate of interest
equal to eight percent (8.0%) per annum.

 

Applicable Prepayment Fee: means
the following amount, calculated as of the date (the “Accrual Date”) that the Applicable Prepayment Fee becomes
payable in the case of prepayments required under the Financing Documents or the date that any voluntary prepayment is made: (a)
for an Accrual Date on or after the Closing Date through and including the date that is twelve (12) months after the Closing Date,
three percent (3.0%) multiplied by the amount of the outstanding principal of the Credit Extension prepaid or required to
be prepaid (whichever is greater); (b) for an Accrual Date after the date that is twelve (12) months after the Closing Date through
and including the date that is twenty-four (24) months after the Closing Date, two percent (2.0%) multiplied by the amount
of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater); or (c) for an Accrual
Date after the date that is twenty-four (24) months after the Closing Date, zero percent (0.0%) multiplied by the amount
of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater).

 

Closed Period: Not applicable.

 

Commitment Commencement Date: The
date on which the Applicable Funding Conditions for this Credit Facility have been satisfied.

 

Commitment Termination Date:upon
the earliest to occur of: (a) the date that is one hundred and twenty (120) days following the occurrence of the conditions specified
in the Applicable Funding Conditions and (b) the date that is one hundred and eighty (180) days prior to the Maturity Date.

 

Minimum Credit Extension Amount:
$30,000,000.

 

Permitted Purpose: Not applicable.

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

Credit Facility #3:

 

Credit Facility and Type:                          Term,
Tranche 3

 

Lenders for and their respective Applicable
Commitments to this Credit Facility:

 

	Lender	Applicable Commitment
	MidCap Financial Trust	Twenty Million Dollars ($20,000,000)
	
Total:	Twenty Million Dollars ($20,000,000)

 

 

The following defined terms apply to
this Credit Facility:

 

Applicable Funding Conditions: means
each of the following:

 

(a)          
BioCryst has publicly announced FDA approval of BioCryst’s Drug Application for the testing, manufacturing, marketing,
and commercial sale in the United States of BCX7353 for the prevention of angioedema attacks in patients with hereditary angioedema;

 

(b)         
Agent, Lenders and Borrower shall have entered into an amendment to this Credit Agreement, incorporating a minimum Net Revenue
covenant in accordance with Section 9.2; and

 

(c)          
Borrower has provided to Agent and Lenders evidence that Borrower has Borrower Unrestricted Cash, immediately prior to the
funding of Credit Facility #3, in a minimum amount to be mutually agreed by Borrower and Agent prior to the funding of Credit Facility
#3.  

 

Applicable Interest Period: means
the one (1)-month period starting on the first (1st) day of each month and ending on the last day of such month; provided, however,
that the first (1st) Applicable Interest Period for each Credit Extension under this Credit Facility shall commence on the date
that the applicable Credit Extension is made and end on the last day of such month.

 

Applicable Floor: means one half
of one percent (0.5%) per annum for the Applicable Libor Rate.

 

Applicable Margin: a rate of interest
equal to eight percent (8.0%) per annum.

 

Applicable Prepayment Fee: means
the following amount, calculated as of the date (the “Accrual Date”) that the Applicable Prepayment Fee becomes
payable in the case of prepayments required under the Financing Documents or the date that any voluntary prepayment is made: (a)
for an Accrual Date on or after the Closing Date through and including the date that is twelve (12) months after the Closing Date,
three percent (3.0%) multiplied by the amount of the outstanding principal of the Credit Extension prepaid or required to
be prepaid (whichever is greater); (b) for an Accrual Date after the date that is twelve (12) months after the Closing Date through
and including the date that is twenty-four (24) months after the Closing Date, two percent (2.0%) multiplied by the amount
of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater); or (c) for an Accrual
Date after the date that is twenty-four (24) months after the Closing Date, zero percent (0.0%) multiplied by the amount
of the outstanding principal of the Credit Extension prepaid or required to be prepaid (whichever is greater).

 

Closed Period: Not applicable.

 

Commitment Commencement Date: The
date on which the Applicable Funding Conditions for this Credit Facility have been satisfied.

 

Commitment Termination Date:upon
the earliest to occur of: (a) the date that is one hundred and twenty (120) days following the occurrence of the conditions specified
in clause (a) of the Applicable Funding Conditions and (b) the date that is one hundred and eighty (180) days prior to the Maturity
Date.

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

Minimum Credit Extension Amount:
$20,000,000.

 

Permitted Purpose: Not applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

AMORTIZATION
SCHEDULE

 

Credit Facility #1:

 

Commencing on the first day of July 1,
2020 (the “Initial Amortization Start Date”), and continuing on the first day of each calendar month thereafter,
an amount equal to the aggregate principal amount advanced under Credit Facility #1 divided by thirty (30). Without limiting
the foregoing, Agent and each Lender agrees to consider, in good faith, a request by Borrower to delay the Initial Amortization
Start Date by six (6) months (to January 1, 2021) to the extent that Borrower has raised additional working capital through the
sale of its equity interests following the Closing Date and has had significant clinical success with respect to its Products;
provided that no Lender or Agent shall be required to consent to such extension and Agent and Lenders may refuse to consent
to such an extension in their sole and absolute discretion.

 

Credit Facility #2:

 

Commencing on the later of (a) the Initial
Amortization Start Date and (b) the first day of the first full calendar month immediately following such Credit Extension and,
in each case, continuing on the first day of each calendar month thereafter, an amount equal the outstanding Credit Extension in
respect of Credit Facility #2 divided by the number of full calendar months remaining (including such first full calendar month)
before the occurrence of the Maturity Date.

 

Credit Facility #3:

 

Commencing on the later of (a) the Initial
Amortization Start Date and (b) the first day of the first full calendar month immediately following such Credit Extension and,
in each case, continuing on the first day of each calendar month thereafter, an amount equal the outstanding Credit Extension in
respect of Credit Facility #3 divided by the number of full calendar months remaining (including such first full calendar month)
before the occurrence of the Maturity Date.

 

Notwithstanding anything to the contrary contained in the foregoing,
the entire remaining outstanding principal balance under all Credit Extensions shall mature and be due and payable upon the Maturity
Date.

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

POST CLOSING OBLIGATIONS SCHEDULE

 

Borrower shall satisfy
and complete each of the following obligations, or provide Agent with each of the items listed below, as applicable, on or before
the date indicated below, all to the satisfaction of Agent in its sole and absolute discretion:

 

		1.	None.

 

 

Borrower’s failure
to complete and satisfy any of the above obligations on or before the date indicated above, or Borrower’s failure to deliver
any of the above listed items on or before the date indicated above, shall constitute an immediate and automatic Event of Default.

 

 

 

 

 

 

 

 

 

 

 

     

     
	Certain information has been omitted from this exhibit in places marked “[***]” because it is both not material and would likely cause competitive harm to the registrant if publicly disclosed.

    

 

CLOSING
DELIVERIES SCHEDULE

 

		1.	duly executed signatures to the Financing Documents to which Borrower is a party;

		2.	[reserved];

		3.	the Operating Documents of Borrower and good standing certificates of Borrower (or the equivalent
thereof in the relevant jurisdiction of organization of Borrower) certified by the Secretary of State or similar entity of the
jurisdiction of organization of Borrower as of a date no earlier than thirty (30) days prior to the Closing Date;

		4.	good standing certificates (or the equivalent thereof in the relevant jurisdiction of organization
of Borrower) dated as of a date no earlier than thirty (30) days prior to the Closing Date to the effect that Borrower is qualified
to transact business in all states in which the nature of Borrower’s business so requires;

		5.	duly executed signatures to the completed Borrowing Resolutions for Borrower;

		6.	certified copies, dated as of a recent date, of Lien, bankruptcy, insolvency, judgment, copyright,
patent and trademark searches in each jurisdiction reasonably requested by Agent with respect to the Credit Parties, as Agent shall
request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing
statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated
or released;

		7.	the Perfection Certificate executed by Borrower;

		8.	a legal opinion of Borrower’s counsel dated as of the Closing Date together with the duly
executed signatures thereto;

		9.	payment of the fees and expenses of Agent and the Lenders then accrued, including pursuant to the
Fee Letters;

		10.	a duly executed Secretary’s Certificate dated as of the Closing Date which includes copies
of the completed Borrowing Resolutions for Borrower;

		11.	timely receipt by Agent of an executed disbursement letter; and

		12.	a certificate executed by a Responsible Officer of Borrower, in form and substance reasonably satisfactory
to Agent, which shall certify as to certain conditions to the funding of the Credit Extensions on the Closing Date.EX-4.5

 Exhibit 4.5 

Cytokinetics, Incorporated, 

Issuer 
 AND 

[TRUSTEE], 
 Trustee

  
  

INDENTURE 
 Dated as of
[●], 20     
  

 
 Debt
Securities 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	PAGE	 
			
	ARTICLE 1	 	   DEFINITIONS
	  	 	1	 
		
	
            Section 1.01
    Definitions of Terms
	  	 	1	 
			
	ARTICLE 2	 	   ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES
	  	 	5	 
		
	
            Section 2.01
    Designation and Terms of Securities
	  	 	5	 
		
	
            Section 2.02
    Form of Securities and Trustee’s Certificate
	  	 	8	 
		
	
            Section 2.03
    Denominations: Provisions for Payment
	  	 	8	 
		
	
            Section 2.04
    Execution and Authentications
	  	 	10	 
		
	
            Section 2.05
    Registration of Transfer and Exchange
	  	 	11	 
		
	
            Section 2.06
    Temporary Securities
	  	 	12	 
		
	
            Section 2.07
    Mutilated, Destroyed, Lost or Stolen Securities
	  	 	12	 
		
	
            Section 2.08
    Cancellation
	  	 	13	 
		
	
            Section 2.09
    Benefits of Indenture
	  	 	13	 
		
	
            Section 2.10
    Authenticating Agent
	  	 	14	 
		
	
            Section 2.11
    Global Securities
	  	 	14	 
		
	
            Section 2.12
    CUSIP Numbers
	  	 	15	 
			
	ARTICLE 3	 	   REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	16	 
		
	
            Section 3.01
    Redemption
	  	 	16	 
		
	
            Section 3.02
    Notice of Redemption
	  	 	16	 
		
	
            Section 3.03
    Payment Upon Redemption
	  	 	17	 
		
	
            Section 3.04
    Sinking Fund
	  	 	17	 
		
	
            Section 3.05
    Satisfaction of Sinking Fund Payments with Securities
	  	 	18	 
		
	
            Section 3.06
    Redemption of Securities for Sinking Fund
	  	 	18	 
			
	ARTICLE 4	 	   COVENANTS
	  	 	18	 
		
	
            Section 4.01
    Payment of Principal, Premium and Interest
	  	 	18	 
		
	
            Section 4.02
    Maintenance of Office or Agency
	  	 	19	 
		
	
            Section 4.03
    Paying Agents
	  	 	19	 
		
	
            Section 4.04
    Appointment to Fill Vacancy in Office of Trustee
	  	 	20	 

  
 i 

 TABLE OF CONTENTS 

(CONTINUED) 
  

									
	 	 	 	  	 	  	PAGE	 
			
	ARTICLE 5	 	   SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND
THE TRUSTEE
	  	 	20	 
		
	
            Section 5.01
    Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	20	 
		
	
            Section 5.02
    Preservation Of Information; Communications With Securityholders
	  	 	21	 
		
	
            Section 5.03
    Reports by the Company
	  	 	21	 
		
	
            Section 5.04
    Reports by the Trustee
	  	 	22	 
			
	ARTICLE 6	 	   REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	22	 
		
	
            Section 6.01
    Events of Default
	  	 	22	 
		
	
            Section 6.02
    Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	24	 
		
	
            Section 6.03
    Application of Moneys Collected
	  	 	25	 
		
	
            Section 6.04
    Limitation on Suits
	  	 	26	 
		
	
            Section 6.05
    Rights and Remedies Cumulative; Delay or Omission Not Waiver
	  	 	26	 
		
	
            Section 6.06
    Control by Securityholders
	  	 	27	 
		
	
            Section 6.07
    Undertaking to Pay Costs
	  	 	27	 
			
	ARTICLE 7	 	   CONCERNING THE TRUSTEE
	  	 	28	 
		
	
            Section 7.01
    Certain Duties and Responsibilities of Trustee
	  	 	28	 
		
	
            Section 7.02
    Certain Rights of Trustee
	  	 	29	 
		
	
            Section 7.03
    Trustee Not Responsible for Recitals or Issuance or Securities
	  	 	31	 
		
	
            Section 7.04
    May Hold Securities
	  	 	32	 
		
	
            Section 7.05
    Moneys Held in Trust
	  	 	32	 
		
	
            Section 7.06
    Compensation and Reimbursement
	  	 	32	 
		
	
            Section 7.07
    Reliance on Officer’s Certificate
	  	 	33	 
		
	
            Section 7.08
    Disqualification; Conflicting Interests
	  	 	33	 
		
	
            Section 7.09
    Corporate Trustee Required; Eligibility
	  	 	33	 
		
	
            Section 7.10
    Resignation and Removal; Appointment of Successor
	  	 	33	 
		
	
            Section 7.11
    Acceptance of Appointment By Successor
	  	 	35	 
		
	
            Section 7.12
    Merger, Conversion, Consolidation or Succession to Business
	  	 	36	 

  
 ii 

 TABLE OF CONTENTS 

(CONTINUED) 
  

									
	 	 	 	  	 	  	PAGE	 
		
	
            Section 7.13
    Preferential Collection of Claims Against the Company
	  	 	36	 
		
	
            Section 7.14
    Notice of Default.
	  	 	36	 
			
	ARTICLE 8	 	   CONCERNING THE SECURITYHOLDERS
	  	 	37	 
		
	
            Section 8.01
    Evidence of Action by Securityholders
	  	 	37	 
		
	
            Section 8.02
    Proof of Execution by Securityholders
	  	 	37	 
		
	
            Section 8.03
    Who May be Deemed Owners
	  	 	38	 
		
	
            Section 8.04
    Certain Securities Owned by Company Disregarded
	  	 	38	 
		
	
            Section 8.05
    Actions Binding on Future Securityholders
	  	 	38	 
			
	ARTICLE 9	 	   SUPPLEMENTAL INDENTURES
	  	 	39	 
		
	
            Section 9.01
    Supplemental Indentures Without the Consent of Securityholders
	  	 	39	 
		
	
            Section 9.02
    Supplemental Indentures With Consent of Securityholders
	  	 	40	 
		
	
            Section 9.03
    Effect of Supplemental Indentures
	  	 	40	 
		
	
            Section 9.04
    Securities Affected by Supplemental Indentures
	  	 	40	 
		
	
            Section 9.05
    Execution of Supplemental Indentures
	  	 	41	 
			
	ARTICLE 10	 	   SUCCESSOR ENTITY
	  	 	41	 
		
	
            Section 10.01
    Company May Consolidate, Etc.
	  	 	41	 
		
	
            Section 10.02
    Successor Entity Substituted
	  	 	42	 
			
	ARTICLE 11	 	   SATISFACTION AND DISCHARGE
	  	 	42	 
		
	
            Section 11.01
    Satisfaction and Discharge of Indenture
	  	 	42	 
		
	
            Section 11.02
    Discharge of Obligations
	  	 	43	 
		
	
            Section 11.03
    Deposited Moneys to be Held in Trust
	  	 	43	 
		
	
            Section 11.04
    Payment of Moneys Held by Paying Agents
	  	 	43	 
		
	
            Section 11.05
    Repayment to Company
	  	 	44	 
			
	ARTICLE 12	 	   IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	44	 
		
	
            Section 12.01
    No Recourse
	  	 	44	 
			
	ARTICLE 13	 	   MISCELLANEOUS PROVISIONS
	  	 	45	 
		
	
            Section 13.01
    Effect on Successors and Assigns
	  	 	45	 
		
	
            Section 13.02
    Actions by Successor
	  	 	45	 
		
	
            Section 13.03
    Surrender of Company Powers
	  	 	45	 

  
 iii 

 TABLE OF CONTENTS 

(CONTINUED) 
  

									
	 	 	 	  	 	  	PAGE	 
		
	
            Section 13.04
    Notices
	  	 	45	 
		
	
            Section 13.05
    Governing Law; Jury Trial Waiver
	  	 	45	 
		
	
            Section 13.06
    Treatment of Securities as Debt
	  	 	46	 
		
	
            Section 13.07
    Certificates and Opinions as to Conditions Precedent
	  	 	46	 
		
	
            Section 13.08
    Payments on Business Days
	  	 	46	 
		
	
            Section 13.09
    Conflict with Trust Indenture Act
	  	 	47	 
		
	
            Section 13.10
    Counterparts
	  	 	47	 
		
	
            Section 13.11
    Separability
	  	 	47	 
		
	
            Section 13.12
    Compliance Certificates
	  	 	47	 
		
	
            Section 13.13
    U.S.A Patriot Act
	  	 	47	 
		
	
            Section 13.14
    Force Majeure
	  	 	48	 
		
	
            Section 13.15
    Table of Contents; Headings
	  	 	48	 

  
 iv 

 INDENTURE 

INDENTURE, dated as of [●], 20    , among CYTOKINETICS,
INCORPORATED, a Delaware corporation (the “Company”), and [TRUSTEE], as trustee (the “Trustee”): 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as
registered Securities without coupons, to be authenticated by the certificate of the Trustee; 

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued
and delivered, the Company has duly authorized the execution of this Indenture; and 
 WHEREAS, all
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the
holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 

ARTICLE 1 
 DEFINITIONS

 Section 1.01    Definitions of Terms. 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. 

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the series of
Securities appointed by the Trustee pursuant to Section 2.10. 
 “Bankruptcy Law” means Title 11, U.S. Code, or
any similar federal or state law for the relief of debtors. 
 “Board of Directors” means the Board of Directors (or
the functional equivalent thereof) of the Company or any duly authorized committee of such Board. 

 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification. 

“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state
banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Company” means CYTOKINETICS, INCORPORATED, a corporation duly
organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article Ten, shall also include its successors and assigns. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the date hereof is located at                 
                            
                    . 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Defaulted Interest” has the meaning set forth in Section 2.03. 

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such
Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to either Section 2.01 or 2.11. 
 “Event of Default” means, with respect to
Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated. 

“Exchange Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 The term “given”, “mailed”,
“notify” or “sent” with respect to any notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Holder by first class mail, postage
prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this
Indenture. 

  
 2 

 “Global Security” means a Security issued to evidence all or a part
of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the
name of the Depositary or its nominee. 
 “Governmental Obligations” means securities that are (a) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of
the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by
such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“herein”, “hereof” and “hereunder”, and other words of similar
import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01. 

“Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series,
means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 “Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer,
a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or
any assistant secretary. 
 “Officer’s Certificate” means a certificate signed by any Officer. Each such
certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 

  
 3 

 “Opinion of Counsel” means an opinion in writing subject to
customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if
and to the extent required by the provisions thereof. 
 “Outstanding”, when used with reference to Securities of
any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled
by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying
agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision satisfactory to the
Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07. 

“Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability
company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security. 
 “Responsible Officer” when used with respect to the Trustee means
any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for
the administration of this Indenture. 
 “Securities” has the meaning stated in the first recital of this Indenture
and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Securityholder”, “holder of Securities”,
“registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.

  
 4 

 “Security Register” and “Security Registrar”
shall have the meanings as set forth in Section 2.05. 
 “Subsidiary” means, with respect to any Person, any
corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person;
or (iii) one or more Subsidiaries of such Person. 
 “Trustee” means
                                         
   , and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person.
The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND 
 EXCHANGE OF SECURITIES 

Section 2.01    Designation and Terms of Securities. 

(a)    The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental
hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

(1)    the title of the Securities of the series (which shall distinguish the Securities of that series from all
other Securities); 
 (2)    any limit upon the aggregate principal amount of the Securities of that series that
may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 

  
 5 

 (3)    the maturity date or dates on which the principal of the
Securities of the series is payable; 
 (4)    the form of the Securities of the series including the form of
the certificate of authentication for such series; 
 (5)    the applicability of any guarantees; 

(6)    whether or not the Securities will be secured or unsecured, and the terms of any secured debt; 

(7)    whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination
thereof, and the terms of any subordination; 
 (8)    if the price (expressed as a percentage of the aggregate
principal amount thereof) at which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the
portion of the principal amount of such Securities that is convertible into another security or the method by which any such portion shall be determined; 

(9)    the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the
date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining such dates; 

(10)    the Company’s right, if any, to defer the payment of interest and the maximum length of any such
deferral period; 
 (11)    if applicable, the date or dates after which, or the period or periods during which,
and the price or prices at which, the Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions; 

(12)    the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant
to any mandatory sinking fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable; 

(13)    the denominations in which the Securities of the series shall be issuable, if other than denominations of
one thousand U.S. dollars ($1,000) or any integral multiple thereof; 
 (14)    any and all terms, if
applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of
Securities of that series; 

  
 6 

 (15)    whether the Securities of the series shall be issued in
whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global
Security or Securities; 
 (16)    if applicable, the provisions relating to conversion or exchange of any
Securities of the series and the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or
optional (at the Company’s option or the holders’ option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the
payment of cash as well as the delivery of securities; 
 (17)    if other than the full principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01; 

(18)    additions to or changes in the covenants applicable to the series of Securities being issued, including,
among others, the consolidation, merger or sale covenant; 
 (19)    additions to or changes in the Events of
Default with respect to the Securities and any change in the right of the Trustee or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable; 

(20)    additions to or changes in or deletions of the provisions relating to covenant defeasance and legal
defeasance; 
 (21)    additions to or changes in the provisions relating to satisfaction and discharge of this
Indenture; 
 (22)    additions to or changes in the provisions relating to the modification of this Indenture
both with and without the consent of Securityholders of Securities issued under this Indenture; 
 (23)    the
currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars; 

(24)    whether interest will be payable in cash or additional Securities at the Company’s or the
Securityholders’ option and the terms and conditions upon which the election may be made; 
 (25)    the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for
federal tax purposes; 

  
 7 

 (26)    any restrictions on transfer, sale or assignment of the
Securities of the series; and 
 (27)    any other specific terms, preferences, rights or limitations of,
or restrictions on, the Securities, any other additions or changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations. 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a
Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with different
dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with
different redemption dates. 
 Section 2.02    Form of Securities and Trustee’s Certificate. 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the
tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

Section 2.03    Denominations: Provisions for Payment. 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and
the interest on the Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the
United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall
be computed on the basis of a 360-day year composed of twelve 30-day months. 

  
 8 

 The interest installment on any Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such
interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such
Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03. 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of
the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the
Company, at its election, as provided in clause (1) or clause (2) below: 
 (1)    The Company may make
payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the Security Register at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such
Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be sent, to each Securityholder not less than
10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered in the Security Register on such special record date. 

(2)    The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee. 
 Unless otherwise set forth in a Board Resolution or one
or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest

  
 9 

 
Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to
Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such
Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 
 Subject to the foregoing provisions of
this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by
such other Security. 
 Section 2.04    Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature. 
 The Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution),
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 
 A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such
Securities. 
 Upon the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of
Securities under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and
(2) an Officer’s Certificate stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

  
 10 

 Section 2.05    Registration of Transfer and Exchange. 

(a)    Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company
designated for such purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as
provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series
that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 

(b)    The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register
or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and
which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution or Supplemental
Indenture (the “Security Registrar”). 
 Upon surrender for transfer of any Security at the office or agency of the Company
designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for
a like aggregate principal amount. 
 The Company initially appoints the Trustee as initial Security Registrar for each series of Securities

 All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if
so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing. 
 (c)    Except as provided pursuant to Section 2.01 pursuant to a Board Resolution,
and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case
of partial redemption of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 

(d)    The Company and the Security Registrar shall not be required (i) to issue, exchange or register the
transfer of any Securities during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the
day of such sending, nor (ii) to register the transfer of or exchange any Securities of any series or portions 

  
 11 

 
thereof called for redemption or surrendered for repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for
repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 Section 2.06    Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions
and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor (without charge to the Securityholders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver
in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

Section 2.07    Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any 

  
 12 

 
officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 In case any Security that
has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a
mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the
Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
 Every replacement Security
issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing
provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.08    Cancellation. 

All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if
surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the
Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.09    Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the
sole benefit of the parties hereto and of the holders of the Securities. 

  
 13 

 Section 2.10    Authenticating Agent. 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion
thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of
Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most
recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of
any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 

Section 2.11    Global Securities. 

(a)    If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are
to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to
the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 

(b)    Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in
whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor
Depositary. 

  
 14 

 (c)    If at any time the Depositary for a series of the
Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable
statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04,
the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer
apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver
the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.
Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in
exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 

Section 2.12    CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the “CUSIP” numbers. 

  
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 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.01    Redemption. 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.01 hereof. 
 Section 3.02    Notice of Redemption. 

(a)    In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of
the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of
such series to be redeemed by mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail in accordance with the applicable procedures of the Depositary), a notice of such redemption not
less than 30 days and not more than 90 days before the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in
part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 

Each such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for
redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation
and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is
the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 

In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount
thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(b)    If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least
45 days’ notice (unless a shorter notice shall be satisfactory to the 

  
 16 

 
Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Securities to be redeemed shall be
selected, by lot, on a pro rata basis, or in such other manner as the Company shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any
integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in
whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for
redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to
be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or
suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section. 

Section 3.03    Payment Upon Redemption. 

(a)    If the giving of notice of redemption shall have been completed as above provided, the Securities or portions
of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed
for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to
any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption
price for such series, together with interest accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the
registered holder at the close of business on the applicable record date pursuant to Section 2.03). 

(b)    Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall
execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in
principal amount equal to the unredeemed portion of the Security so presented. 
 Section 3.04    Sinking Fund.

 The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise specified as contemplated by Section 2.01 for Securities of such series. 

  
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 The minimum amount of any sinking fund payment provided for by the terms of Securities of
any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund
payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such series. 

Section 3.05    Satisfaction of Sinking Fund Payments with Securities. 

The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part
of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited.
Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. 
 Section 3.06    Redemption of Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to
the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less
than 30 days before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the Company shall cause notice of the redemption thereof to
be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 ARTICLE 4 

COVENANTS 

Section 4.01    Payment of Principal, Premium and Interest. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that
series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S.
dollar check drawn on and mailed to the address of the Securityholder entitled 

  
 18 

 
thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee
no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no
later than 15 days prior to the relevant payment date. 
 Section 4.02    Maintenance of Office or Agency.

 So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each
such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein
above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any
time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities. 

Section 4.03    Paying Agents. 

(a)    If the Company shall appoint one or more paying agents for all or any series of the Securities, other than
the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section: 

(1)    that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if
any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto; 

(2)    that it will give the Trustee notice of any failure by the Company (or by any other obligor of such
Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 

(3)    that it will, at any time during the continuance of any failure referred to in the preceding paragraph
(a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 

  
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 (4)    that it will perform all other duties of paying agent as
set forth in this Indenture. 
 (b)    If the Company shall act as its own paying agent with respect to any
series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient
to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or
any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or
interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 

(c)    Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as
provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying
agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon
such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 

Section 4.04    Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10,
a Trustee, so that there shall at all times be a Trustee hereunder. 
 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01    Company to Furnish Trustee Names and Addresses of Securityholders. 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or
cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request

  
 20 

 
in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar. 

Section 5.02    Preservation Of Information; Communications With Securityholders. 

(a)    The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the
names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security
Registrar (if acting in such capacity). 
 (b)    The Trustee may destroy any list furnished to it as provided in
Section 5.01 upon receipt of a new list so furnished. 
 (c)    Securityholders may communicate as provided
in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under
Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 

Section 5.03    Reports by the Company. 

(a)    The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company
covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; provided, however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and provided
further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the Trustee
for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed thereof by the
Commission shall not be deemed a breach of this Section 5.03. 
 (b)    Delivery of reports, information and
documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable
from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine any
such reports, information or 

  
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documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information
or the statements contained therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings with the Commission on EDGAR (or any successor system) has occurred. 

Section 5.04    Reports by the Trustee. 

(a)    If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after
each May 1, shall send to the Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act. 

(b)    The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

(c)    A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the
Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 

ARTICLE 6 
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 6.01    Events of Default. 

(a)    Whenever used herein with respect to Securities of a particular series, “Event of Default” means
any one or more of the following events that has occurred and is continuing: 
 (1)    the Company defaults in
the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 

(2)    the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of
that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however,
that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any; 

(3)    the Company fails to observe or perform any other of its covenants or agreements with respect to that
series contained in this Indenture or otherwise established 

  
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with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one
or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall
have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 

(4)    the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case,
(ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the
benefit of its creditors; or 
 (5)    a court of competent jurisdiction enters an order under any Bankruptcy
Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree
remains unstayed and in effect for 90 days. 
 (b)    In each and every such case (other than an Event of Default
specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the
Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the
Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the
principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c)    At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the
Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal
amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum
sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such
payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and
accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 

  
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 No such rescission and annulment shall extend to or shall affect any subsequent default or
impair any right consequent thereon. 
 (d)    In case the Trustee shall have proceeded to enforce any right with
respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and
in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall
continue as though no such proceedings had been taken. 
 Section 6.02    Collection of Indebtedness and Suits
for Enforcement by Trustee. 
 (a)    The Company covenants that (i) in case it shall default in the
payment of any installment of interest on any of the Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default
shall have continued for a period of 90 days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity
of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then
shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such
interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, and the amount payable to the Trustee under Section 7.06. 
 (b)    If the Company
shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so
due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or
decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated. 

(c)    In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement,
composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be
otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the 

  
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holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount
that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee
under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall
consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06. 

(d)    All rights of action and of asserting claims under this Indenture, or under any of the terms established
with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the
Securities of such series. 
 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the
rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder
in any such proceeding. 
 Section 6.03    Application of Moneys Collected. 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the
payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses of collection and
of all amounts payable to the Trustee under Section 7.06; 
 SECOND: To the payment of the amounts then due and unpaid upon Securities
of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal (and premium, if any) and interest, respectively; and 

  
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 THIRD: To the payment of the remainder, if any, to the Company or any other Person lawfully
entitled thereto. 
 Section 6.04    Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such Securityholder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal
amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such Securityholder or Securityholders shall have
offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall
have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any
Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to
institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood,
intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue
or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right
under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Section 6.05    Rights and Remedies Cumulative; Delay or Omission Not Waiver. 

(a)    Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the
Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to
enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

  
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 (b)    No delay or omission of the Trustee or of any holder of
any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein;
and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Securityholders. 
 Section 6.06    Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would
involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected
thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to
Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of
such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 6.07    Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses 

  
 27 

 
made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders,
holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security
of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture. 
 ARTICLE 7

 CONCERNING THE TRUSTEE 

Section 7.01    Certain Duties and Responsibilities of Trustee. 

(a)    The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and
after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth
in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise
with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his
or her own affairs. 
 (b)    No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i)    prior to the occurrence of an Event of Default with respect to the Securities of a series and after the
curing or waiving of all such Events of Default with respect to that series that may have occurred: 
 (A)    the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for
the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(B)    in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of
such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case
of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Indenture; 

  
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 (ii)    the Trustee shall not be liable to any Securityholder or
to any other Person for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; 

(iv)    none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it; 

(v)    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or
duties hereunder; 
 (vi)    The permissive right of the Trustee to do things enumerated in this Indenture shall
not be construed as a duty of the Trustee; and 
 (vii)    No Trustee shall have any duty or responsibility for
any act or omission of any other Trustee appointed with respect to a series of Securities hereunder. 

Section 7.02    Certain Rights of Trustee. 

Except as otherwise provided in Section 7.01: 

(a)    The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 (b)    Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced
by a Board Resolution or an instrument signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c)    The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any
Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 

  
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 (d)    The Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity
reasonably acceptable to the Trustee against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with
respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs; 

(e)    The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(f)    The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire as to the performance by the Company of one of its covenants under this Indenture, unless
requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination
shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 
 (g)    
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; 
 (h)    In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; 

(i)    In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss
or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

  
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 (j)    The Trustee agrees to accept and act upon instructions or
directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed by
an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method)
and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume
all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by
third parties. The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company
Orders and any other matters or directions pursuant to this Indenture. 
 (k)    The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Securities, and each
agent, custodian or other person employed to act under this Indenture. 
 (l)    The Trustee shall not be deemed
to have knowledge of any Default or Event of Default (other than an Event of Default constituting the failure to pay the interest on, or the principal of, the Securities if the Trustee also serves the paying agent for such Securities) until the
Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. 

Section 7.03    Trustee Not Responsible for Recitals or Issuance or Securities. 

(a)    The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in connection with the sale of Securities. The Trustee shall
not be responsible for any rating on the Securities or any action or omission of any rating agency. 
 (b)    The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 

(c)    The Trustee shall not be accountable for the use or application by the Company of any of the Securities or
of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys
received by any paying agent other than the Trustee. 

  
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 Section 7.04    May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 

Section 7.05    Moneys Held in Trust. 

Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may
agree with the Company to pay thereon. 
 Section 7.06    Compensation and Reimbursement. 

(a)     The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for
its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and
counsel. 
 (b)    The Company shall indemnify each of the Trustee in each of its capacities hereunder against
any loss, liability or expense (including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or
performance of its powers, rights or duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in
the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 

(c)    The Company need not reimburse any expense or indemnify against any loss or liability incurred by the
Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 

(d)    To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the
Securities on all funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law. The
provisions of this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

  
 32 

 Section 7.07    Reliance on Officer’s Certificate. 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 

Section 7.08    Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 7.09    Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

Section 7.10    Resignation and Removal; Appointment of Successor. 

(a)    The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one
or more series by giving written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by
written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and
have accepted appointment within 30 days 

  
 33 

 
after the sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of
such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

(b)    In case at any time any one of the following shall occur: 

(i)    the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by
the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 

(ii)    the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall
fail to resign after written request therefor by the Company or by any such Securityholder; or 
 (iii)    the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then,
in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to
the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 (c)    The holders of a majority in aggregate principal amount of the Securities of any series at the time
Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company. 

(d)    Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the
Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e)    Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of
one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 

  
 34 

 Section 7.11    Acceptance of Appointment By Successor. 

(a)    In case of the appointment hereunder of a successor trustee with respect to all Securities, every such
successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee
shall, upon payment of any amounts due to it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder. 

(b)    In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more
(but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee
shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the
performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee
relates. 
 (c)    Upon request of any such successor trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

  
 35 

 (d)    No successor trustee shall accept its appointment unless
at the time of such acceptance such successor trustee shall be qualified and eligible under this Article. 

(e)    Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall send
notice of the succession of such trustee hereunder to the Securityholders. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company. 
 Section 7.12    Merger, Conversion, Consolidation or Succession to
Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, including the administration of the trust created by
this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 7.13    Preferential Collection of Claims Against the Company. 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in
Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein. 

Section 7.14    Notice of Default. 

If any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee
shall send to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible
Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or
interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders. 

  
 36 

 ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01    Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 
 If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice,
consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be
given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date. 
 Section 8.02    Proof of Execution by Securityholders. 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require
notarization) or his or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a)    The fact and date of the execution by any such Person of any instrument may be proved in any reasonable
manner acceptable to the Trustee. 
 (b)    The ownership of Securities shall be proved by the Security Register
of such Securities or by a certificate of the Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this
Section as it shall deem necessary. 

  
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 Section 8.03    Who May be Deemed Owners. 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other
purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 

Section 8.04    Certain Securities Owned by Company Disregarded. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any
direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee. 
 Section 8.05    Actions Binding on Future Securityholders. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be
included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as
aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer
thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01    Supplemental Indentures Without the Consent of Securityholders. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a)    to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b)    to comply with Article Ten; 

(c)    to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d)    to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of
the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are
expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to
surrender any right or power herein conferred upon the Company; 
 (e)    to add to, delete from, or revise the
conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 

(f)    to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 (g)    to provide for the issuance of and establish the form and terms and conditions of the Securities of any
series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;

 (h)    to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or 

(i)    to comply with any requirements of the Commission or any successor in connection with the qualification of
this Indenture under the Trust Indenture Act. 

  
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 The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be
executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02    Supplemental Indentures With Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 9.03    Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.04    Securities Affected by Supplemental Indentures. 

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets 

  
 40 

 
the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Securities of that series then Outstanding. 
 Section 9.05    Execution of Supplemental
Indentures. 
 Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to
the provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this
Article and that all conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of
a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof. 
 Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture. 
 ARTICLE 10 

SUCCESSOR ENTITY 

Section 10.01    Company May Consolidate, Etc. 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon
any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the
Company), the due and punctual payment of the 

  
 41 

 
principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such property. 

Section 10.02    Successor Entity Substituted. 

(a)    In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the
assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding,
such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Securities. 
 (b)    In case of any such consolidation, merger, sale, conveyance, transfer or
other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

(c)    Nothing contained in this Article shall require any action by the Company in the case of a consolidation or
merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the
Company). 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01    Satisfaction and Discharge of Indenture. 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities
of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the 

  
 42 

 
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.10, 11.5 and 13.04, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on
demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series. 

Section 11.02    Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10, 11.05 and 13.04 hereof that shall survive until such Securities
shall mature and be paid. 
 Thereafter, Sections 7.06 and 11.05 shall survive. 

Section 11.03    Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be
available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee. 
 Section 11.04    Payment of Moneys Held by
Paying Agents. 
 In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by
any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

  
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 Section 11.05    Repayment to Company. 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of
principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any)
or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon
the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01    No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and
that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 

  
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 ARTICLE 13 

MISCELLANEOUS PROVISIONS 

Section 13.01    Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not. 
 Section 13.02    Actions by Successor. 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of
the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

Section 13.03    Surrender of Company Powers. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

Section 13.04    Notices. 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows:
                                         
                           . Any notice, election, request or demand by the Company or any Securityholder or by any
other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 

Section 13.05    Governing Law; Jury Trial Waiver. 

This Indenture and each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to
the extent that the Trust Indenture Act is applicable. 
 EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

  
 45 

 Section 13.06    Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention. 
 Section 13.07    Certificates and Opinions as to
Conditions Precedent. 
 (a)    Upon any application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to
Section 13.12) relating to the proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b)    Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the
Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion
are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been
complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

Section 13.08    Payments on Business Days. 

Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal
(and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date. 

  
 46 

 Section 13.09    Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, such imposed duties shall control. 
 Section 13.10    Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.11    Separability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 13.12    Compliance Certificates. 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were
outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal
financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and
covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such
certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status. 

Section 13.13    U.S.A Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 47 

 Section 13.14    Force Majeure. 

In no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for
any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar,
any paying agent or any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 13.15    Table of Contents; Headings. 

The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof. 

  
 48 

 IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed all as of the day and year first above written. 
  

			
	CYTOKINETICS, INCORPORATED

 
			
		
	By:	 	  

 
			
		
	Name:	 	  

 
			
		
	Title:	 	  

 

			
	
	[TRUSTEE], as Trustee

 
			
		
	By:	 	  

 
			
		
	Name:	 	  

 
			
		
	Title:	 	  

  
 49 

 CROSS-REFERENCE TABLE (1) 
  

			
	 Section of Trust Indenture Act of 1939, as Amended
	  	Section of Indenture
	 310(a)
	  	7.09
	 310(b)
	  	7.08
		  	7.10
	 310(c)
	  	Inapplicable
	 311(a)
	  	7.13
	 311(b)
	  	7.13
	 311(c)
	  	Inapplicable
	 312(a)
	  	5.01
		  	5.02(a)
	 312(b)
	  	5.02(c)
	 312(c)
	  	5.02(c)
	 313(a)
	  	5.04(a)
	 313(b)
	  	5.04(b)
	 313(c)
	  	5.04(a)
		  	5.04(b)
	 313(d)
	  	5.04(c)
	 314(a)
	  	5.03
		  	13.12
	 314(b)
	  	Inapplicable
	 314(c)
	  	13.07(a)
	 314(d)
	  	Inapplicable
	 314(e)
	  	13.07(b)
	 314(f)
	  	Inapplicable
	 315(a)
	  	7.01(a)
		  	7.01(b)
	 315(b)
	  	7.14
	 315(c)
	  	7.01
	 315(d)
	  	7.01(b)
	 315(e)
	  	6.07
	 316(a)
	  	6.06
		  	8.04
	 316(b)
	  	6.04
	 316(c)
	  	8.01
	 317(a)
	  	6.02
	 317(b)
	  	4.03
	 318(a)
	  	13.09

  

	(1)	 This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the
interpretation of any of its terms or provisions. 

  
 50

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