Document:

Exhibit 10.3

 

INDEMNIFICATION AGREEMENT

 

THIS AGREEMENT IS MADE AND ENTERED INTO AS OF [DATE] BETWEEN

 

1.                            argenx N.V., a public limited liability company (naamloze vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands, having its corporate seat at 4811 AH Breda and its address at Willemstraat 5, registered with the trade register of the Dutch Chamber of Commerce under number 54600790 (the Company), and

 

2.                            [name], an individual, born on [date] in [city], currently residing at [address] (the Indemnitee),

 

The Company and the Indemnitee hereinafter jointly also referred to as the Parties and each individually as a Party,

 

WHEREAS

 

A.                                   The articles of association of the Company contain an indemnification for current and former Executive Directors and current and former Non-executive Directors.

 

B.                                   Both the Company and the Indemnitee recognize the increased risk of expensive and time-consuming litigation and other claims being asserted against directors and officers of companies and that highly competent and experienced persons have become more reluctant to serve or continue to serve companies as directors or officers unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of companies.

 

C.                                   The Board of Directors has determined that:

 

a.                           an increased difficulty in attracting and retaining highly competent persons, such as the Indemnitee, is detrimental to the best interests of the Company and its business;

 

b.                           the Company may not be able - now or in the future - to obtain and keep liability insurance with full and adequate coverage for directors and officers;

 

c.                            it is reasonable, prudent and in the best interests of the Company and its business to, in furtherance of the Company’s articles of association, enter into this Agreement (i) to provide for the indemnification of and advancement of expenses to the Indemnitee as set forth in this Agreement in order to provide increased certainty of protection to the Indemnitee and induce the Indemnitee to provide and continue to provide services to the Company, and (ii) stipulate additional terms, conditions and restrictions as set forth in this Agreement in relation to such indemnification.

 

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D.                                   The Indemnitee [serves/has agreed to serve/has been requested by the Company to serve] as a [Managing Director / Supervisory Director / Officer [insert title / position]].

 

THE PARTIES NOW HEREBY AGREE AS FOLLOWS

 

Art. 1.            DEFINITIONS AND INTERPRETATION

 

1.1.                           The following capitalized terms and expressions in this Agreement shall have the following meanings:

 

	
Advance
    	
 
    	
an advance as referred to in Clause 3.1;
    
	
 
    	
 
    	
 
    
	
Agreement
    	
 
    	
this indemnification agreement;
    
	
 
    	
 
    	
 
    
	
argenx Position
    	
 
    	
a Non-executive Director or a former Non-executive Director, an   Executive Director or a former Executive Director, an Officer or a former   Officer;
    
	
 
    	
 
    	
 
    
	
Board of Directors
    	
 
    	
The Company’s board of directors, including Executive Directors   and Non-executive Directors;
    
	
 
    	
 
    	
 
    
	
Business Day
    	
 
    	
a day (other than a Saturday or Sunday) on which banks are   generally open in the Netherlands for the conduct of normal business;
    
	
 
    	
 
    	
 
    
	
Clause
    	
 
    	
a clause of this Agreement;
    
	
 
    	
 
    	
 
    
	
Disinterested Director
    	
 
    	
an executive or non-executive director, as the case may be, who   is not and was not a party to the Proceeding in respect of which   indemnification is sought by the Indemnitee;
    
	
 
    	
 
    	
 
    
	
Executive Director
    	
 
    	
A member of the Board of Directors with an executive role in the   Company;
    
	
 
    	
 
    	
 
    
	
Expenses
    	
 
    	
all attorney’s fees, retainers, court costs, transcript costs,   fees of experts, witness fees, travel expenses, printing and binding costs,   telephone charges, postage and all other actual out of pocket expenses, not   including any compensation for time spent by the Indemnitee, any settlement   payments or any amount of judgments, arbitral awards or fines;
    
	
 
    	
 
    	
 
    
	
Independent Counsel
    	
 
    	
an attorney or firm of attorneys that is experienced in matters   of corporation law in the appropriate jurisdictions and neither currently is,   nor in the past three (3) years has been, retained to represent:   (i) the Company or the Indemnitee in any matter material to either such   party (other than with respect to matters concerning the Indemnitee under   this Agreement and/or the indemnification provisions of the Company’s   articles of association, or of other indemnitees under similar   indemnification
    

 

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agreements), or (ii) any other party to the Proceeding   giving rise to a claim for indemnification hereunder. Notwithstanding the   foregoing, the term “Independent Counsel” does not include any person who,   under the applicable standards of professional conduct then prevailing, would   have a conflict of interests in representing either the Company or the   Indemnitee in an action to determine the Indemnitee’s rights under this   Agreement;
    
	
 
    	
 
    	
 
    
	
Liabilities
    	
 
    	
any financial losses or damages;
    
	
 
    	
 
    	
 
    
	
Non-executive Director
    	
 
    	
a member of the Board of Directors who has no executive role in   the Company;
    
	
 
    	
 
    	
 
    
	
Officer
    	
 
    	
an officer of the Company who is not an Executive Director;
    
	
 
    	
 
    	
 
    
	
Proceeding
    	
 
    	
any threatened, pending or completed suit, claim, action or   legal proceedings, whether civil, criminal, administrative or investigative   and whether formal or informal.
    

 

1.2.                           For the purpose of this Agreement:

 

a.                           Gender and number: Words denoting the singular shall include the plural and vice versa, unless specifically defined otherwise. Words denoting one gender shall include another gender.

 

b.                           Reference to include: The words “include”, “included” or “including” are used to indicate that the matters listed are not a complete enumeration of all matters covered and will be construed as meaning including without limitation except to the extent specifically provided otherwise in this Agreement.

 

c.                            Headings: The headings are for convenience or reference only and are not to affect the construction of this Agreement or to be taken into consideration in the interpretation of this Agreement.

 

d.                           Days: Unless the context clearly indicates a contrary intention, when any number of days is prescribed in this Agreement, it must be calculated exclusively of the first and inclusively of the last day unless the last day falls on a day other than a Business Day, in which case the last day will be the next succeeding day which is a Business Day.

 

e.                            Drafting party: No provision of this Agreement shall be interpreted adversely against a Party solely because that Party was responsible for drafting that particular provision. It is acknowledged that representatives of each Party have participated in the drafting and negotiation of this Agreement.

 

f.                             Language: If there is a discrepancy between an English language word and a Dutch language word used to clarify it and then to the extent of the conflict only, the meaning of the Dutch language word shall prevail.

 

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g.                            Dutch concepts: References to any Dutch legal concept in any jurisdiction other than the Netherlands shall be deemed to include the concept which in that jurisdiction most closely approximates the Dutch legal concept.

 

h.                           No right to be retained: Nothing in this Agreement shall be construed as giving the Indemnitee any right to be retained in the employ or otherwise in the service of the Company.

 

i.                               Final and binding decisions: Any reference in this Agreement to a final and binding decision of a court or arbitral tribunal, shall mean: (a) with respect to a court, a final and binding, full or partial, decision of a court (geheel of gedeeltelijk gerechtelijk eindvonnis met gezag van gewijsde), without possibility for appeal, and (b) with respect to an arbitral tribunal, a final and binding, full or partial, decision of an arbitral tribunal (geheel of gedeeltelijk arbitraal eindvonnis met gezag van gewijsde), without possibility for arbitral appeal to the same or another arbitral tribunal.

 

Art. 2.            INDEMNIFICATION

 

2.1.                           The Company shall indemnify the Indemnitee against:

 

a.                           any Liabilities incurred by the Indemnitee; and

 

b.                           any Expenses reasonably paid or incurred by the Indemnitee in connection with any Proceeding, to the extent this directly relates to his argenx Position, in each case to the fullest extent permitted by applicable law.

 

2.2.                           Notwithstanding any other provision of this Agreement, no indemnification shall be given to the Indemnitee:

 

a.                           if a Dutch court has established, without possibility for appeal, that the acts or omissions of the Indemnitee that led to the Liabilities or Proceeding as described in Clause 2.1 result from an improper performance of his duties in his argenx Position or from an unlawful or illegal act;

 

b.                           to the extent that his Liabilities and Expenses are covered by an insurance and the insurer has settled these Liabilities and Expenses (or has indicated that it would do so);

 

c.                            proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company including any its Non-executive Directors, Executive Directors, Officers or person indemnified by the Company, unless (i) the Executive Director(s) authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) such Proceeding or part of a Proceeding is brought by the Indemnitee to interpret or enforce this Agreement or any related indemnification obligations in a Company policy of insurance or the Company’s governing documents (unless and to the extent a competent court or arbitral tribunal with jurisdiction over such action determines, in a final and binding decision, that the material assertions or defenses asserted by

 

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the Indemnitee in such action were made in bad faith or were frivolous, however the indemnification shall in any event not extend to payments to be made by the Indemnitee under any order for costs given in such Proceeding) or (iii) the Company voluntarily elects to provide the indemnification, in its sole discretion, and without any obligation to do so, if and to the extent permitted by applicable law; and

 

d.                           to the extent that his Liabilities and Expenses are paid or incurred by virtue of any other capacity of the Indemnity than referred to in Clause 2.1, including being a shareholder or stock option holder of the Company.

 

2.3.                           The exclusion of Clause 2.2(a) shall apply mutatis mutandis if (and to the extent) a similar decision has been rendered by another competent court or arbitral tribunal.

 

2.4.                           For the avoidance of doubt, unlawful acts and improper performance of duties as referred to in Clause 2.2(a) shall include willful (opzettelijk), intentionally reckless (bewust roekeloos) or seriously culpable (ernstig verwijtbaar) conduct of the Indemnitee.

 

Art. 3.            ADVANCEMENT OF EXPENSES

 

3.1.                           Notwithstanding Clause 4.7 and any other provision of this Agreement (but subject to the entirety of this Clause 3, including Clause 3.2), the Company shall advance or reimburse all Expenses reasonably paid or incurred by the Indemnitee in connection with any Proceeding to the extent this relates to his argenx Position ultimately within ten (10) Business Days after receipt by the Company of a statement or statements from the Indemnitee requesting such advance (an “Advance”) from time to time, or within such shorter period as indicated by the Indemnitee if necessary to secure the Indemnitee’s rights in such Proceedings, whether prior to or after final resolution of such Proceeding. Such statement or statements shall reasonably evidence the Expenses reasonably paid or incurred by the Indemnitee and shall include or be preceded or accompanied by a binding and irrevocable written undertaking by or on behalf of the Indemnitee to immediately repay such Advance if it is ultimately determined by a competent court or arbitral tribunal, as applicable, in a final and binding decision, that the Indemnitee is not entitled to be indemnified for such Expenses. It is understood between the Company and the Indemnitee, and the Indemnitee hereby explicitly accepts (to the extent necessary, in advance), that any future Advance pursuant to this Agreement is made to the Indemnitee under the condition that the Indemnitee shall repay any such Advance if and to the extent that it is ultimately determined by a competent court or arbitral tribunal, as applicable, in a final and binding decision, that the Indemnitee is not entitled to be indemnified by the Company for the Expense to which the Advance relates. Any Advances and undertakings to repay pursuant to this Clause 3.1 shall be unsecured and interest free.

 

3.2.                           The Indemnitee will not be entitled to any Advance in connection with any of the matters for which indemnity is excluded pursuant to Clause 2.2.

 

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Art. 4.            DETERMINATION OF ENTITLEMENT TO AND PAYMENT OF INDEMNIFICATION

 

4.1.                           The Indemnitee may deliver to the Company a written request to have the Company indemnify and hold harmless the Indemnitee in accordance with this Agreement. Subject to Clause 4.9, such request may be delivered from time to time and at such time(s) as the Indemnitee deems appropriate in his or her sole discretion. Such request shall include such relevant documentation and information as is reasonably available to the Indemnitee. Following such a written request for indemnification, the Indemnitee’s entitlement to indemnification shall be determined in accordance with Clause 4.2.

 

4.2.                           Upon written request by the Indemnitee for indemnification pursuant to Clause 4.1, an initial determination with respect to the Indemnitee’s entitlement thereto will be made by one of the following, at the election of the Company:

 

a.                           so long as there are Disinterested Directors with respect to such Proceeding, a majority vote of the Disinterested Directors,

 

b.                           so long as there are Disinterested Directors with respect to such Proceeding, a committee of such Disinterested Directors designated by a majority vote of such Disinterested Directors, or

 

c.                            Independent Counsel in a written opinion delivered to the Management Board, a copy of which will also be delivered to the Indemnitee.

 

The specific election by the Company in any given case to use the person, persons or entity enumerated above to make such determination is to be included in a written notification to the Indemnitee. The person, persons or entity chosen to make such initial determination under this Agreement of the Indemnitee’s entitlement to indemnification shall act reasonably and in good faith in making such determination.

 

4.3.                           Any determination pursuant to Clause 4.2 shall not in any way (i) preclude the Company from (a) arguing before a competent court or arbitral tribunal, as applicable, that the Indemnitee is not entitled to be indemnified by the Company hereunder, and (b) recovering any amounts paid to the Indemnitee under this Agreement (including Advances) following a determination by a competent court or arbitral tribunal, as applicable, in a final and binding decision, that the Indemnitee is not entitled to be indemnified by the Company hereunder, or (ii) limit or otherwise adversely affect any right or the position of the Company in any proceedings before a competent court or arbitral tribunal, as applicable. A competent court or arbitral tribunal, as applicable, shall not in any way be bound by the determination made pursuant to Clause 4.2.

 

4.4.                           If the determination pursuant to Clause 4.2 will be made by an Independent Counsel, the Independent Counsel will be selected by the Company and the Company will give written notice to the Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. The Indemnitee may, within five (5) Business Days after such written notice of

 

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selection is given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in this Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a competent court or arbitral tribunal, as applicable, has determined that such objection is without merit.

 

If the determination pursuant to Clause 4.2 will be made by an Independent Counsel, and within fifteen (15) Business Days after submission by Indemnitee of a written request for indemnification pursuant to Clause 4.1, no Independent Counsel is selected, or an Independent Counsel for which an objection thereto has been properly made remains unresolve, either the Company or the Indemnitee may, at the Company’s expense, petition a competent court or arbitrator, as applicable, for resolution of any objection which has been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court may designate. The Company will pay any and all reasonable and necessary fees and expenses incurred by such selected Independent Counsel in connection with the determination pursuant to Clause 4.2.

 

4.5.                           In making a determination, pursuant to Clause 4.2, the person, persons or entity making such determination will presume that the Indemnitee is entitled to indemnification under this Agreement and anyone seeking to overcome this presumption will have the burden of proof.

 

4.6.                           The Company will use all reasonable efforts to cause any determination required to be made pursuant to Clause 4.2 to be made as promptly as practicable after the Indemnitee has submitted a written request for indemnification pursuant to Clause 4.1.

 

4.7.                           All payments of Expenses and other amounts by the Company to the Indemnitee pursuant to this Agreement will be made as soon as practicable after a written request or demand therefor by the Indemnitee is received by the Company, but in no event later than ten (10) Business Days after such request or demand is received or such later date as it has been found in the initial determination pursuant to Clause 4.2 that the Indemnitee shall be indemnified under this Agreement; provided, however, that an Advance will be made within the time provided in Clause 3.1. The written request of the Indemnitee for indemnification and payments shall constitute a binding and irrevocable undertaking of the Indemnitee towards the Company providing that the Indemnitee undertakes (verplicht zich ertoe) to the fullest extent allowed by applicable law to repay any such indemnification payment if and to the extent that it is ultimately determined by a competent court or arbitral tribunal, as applicable, in a final and binding decision that the Indemnitee is not entitled to be

 

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indemnified by the Company under this Agreement. It is understood between the Company and the Indemnitee, and the Indemnitee hereby explicitly accepts (to the extent necessary, in advance), that any future indemnification payment pursuant to this Agreement is made to the Indemnitee under the condition that the Indemnitee shall repay any such indemnification payment if and to the extent that it is ultimately determined by a competent court or arbitral tribunal, as applicable, in a final and binding decision, that the Indemnitee is not entitled to be indemnified by the Company under this Agreement.

 

4.8.                           The Indemnitee will fully cooperate with the person, persons or entity making a determination pursuant to Clause 4.2, including providing to such person, persons or entity, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably relevant to such determination. Any actual and reasonable out of pocket expenses incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination will be borne by the Company, unless it is ultimately determined that by a competent court or arbitral tribunal, as applicable, in a final and binding decision, that the Indemnitee is not entitled to indemnification under this Agreement.

 

4.9.                           The Indemnitee will in any event be required to submit any request for indemnification pursuant to this Clause 4 within a reasonable time, not to exceed one (1) year, after any judgment, order, settlement, dismissal, arbitration award, conviction, or other full or partial final determination or disposition of the Proceeding. The failure to timely submit the request to the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise, unless and only to the extent that such failure or delay adversely prejudices the Company.

 

Art. 5.            NOTIFICATION AND DEFENSE OF PROCEEDINGS

 

5.1.                           The Indemnitee agrees to promptly notify the Company in writing upon receipt of a complaint, demand letter, writ of summons, or other document in relation to (or upon otherwise becoming aware of) any Proceeding against the Indemnitee for which indemnification will or could be sought under this Agreement. The failure to notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise, unless and only to the extent that such failure or delay adversely prejudices the Company.

 

5.2.                           The Company will be entitled to participate in any Proceeding notified to the Company in accordance with Clause 5.1 and any other Proceeding against the Indemnitee for which indemnification will or, in the reasonable determination of the Company, could be sought under this Agreement. Any participation of the Company in any Proceeding in accordance with the previous sentence, shall not in any way limit or otherwise adversely affect the right of the Company to dispute the Indemnitee’s right to indemnification hereunder.

 

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5.3.                           With respect to any Proceeding notified to the Company in accordance with Clause 5.1, the Company shall be entitled to assume the defense thereof, with counsel selected by the Compay and reasonably satisfactory to Indemnitee. The Company shall consult the Indemnitee on the conduct of the defense. The Company shall, however, have the right to conduct the defense as it sees fit in its sole discretion, provided that the Company shall conduct the defense in good faith and in a diligent manner. The Indemnitee shall have the right to employ its own counsel in such Proceeding, but any fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the Indemnitee’s expense, unless: (i) the employment of counsel by the Indemnitee has been authorized in writing by the Company; (ii) an actual conflict of interest arises between the Company and the Indemnitee in the conduct of such defense or representation by such counsel retained by the Company and the Company has not appointed new counsel who does not have a conflict of interest; or (iii) the Company does not continue to retain counsel and the Company has not appointed new counsel reasonably satisfactory to the Indemnitee to assume the defense of such Proceeding, in which cases the reasonable fees and expenses of counsel shall be at the expense of the Company.

 

5.4.                           The Company shall have no obligation to indemnify the Indemnitee under this Agreement for any amounts paid or expenses incurred in connection with a settlement of any Proceeding effected without the Company’s prior written consent, which consent shall not be unreasonably withheld.

 

5.5.                           The Company shall not, without the prior written consent of the Indemnitee, consent to the entry of any judgment or award against the Indemnitee or enter into any settlement or compromise which (i) contains any non-monetary remedy imposed on the Indemnitee or a Liability for which the Indemnitee is not wholly indemnified under this Agreement or (ii) with respect to any Proceeding with respect to which the Indemnitee is made a party or a participant or is otherwise entitled to seek indemnification hereunder, does not include a full and unconditional release of the Indemnitee from all liability in respect of such Proceeding. Neither the Company nor the Indemnitee will unreasonably withhold its consent to any proposed settlement.

 

5.6.                           The Indemnitee shall fully cooperate with the Company and its counsel and shall give the Company and its counsel, at the Company’s expense, all information and access to documents and files, and to the Indemnitee’s advisors and representatives, to the extent within the Indemnitee’s power, in each case as may be reasonably requested by the Company or its counsel with respect to any Proceeding that was (or should have been) notified to the Company in accordance with Clause 5.1.

 

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Art. 6.            LIABILITY INSURANCE

 

6.1.                           The Company will use its reasonable endeavors to obtain and maintain a policy or policies providing liability insurance to the Indemnitee with coverage up to such amount as will be determined by the Board of Directors for any Liabilities incurred by the Indemnitee and any expense reasonably paid or incurred by the Indemnitee in connection with any Proceeding, to the extent such Liabilities and Expenses relate to his argenx Position.

 

6.2.                           The Company undertakes to give prompt written notice of the commencement of any claim hereunder to its insurers in accordance with the procedures set forth in each of the policies providing liability insurance to the indemnitee to the extent that, in the reasonable determination of the Company, insurance coverage is available in respect of such claim. Upon written request by the Indemnitee, the Company shall provide the Indemnitee with a copy of such notice. The Company shall thereafter diligently take all actions reasonably necessary under the circumstances to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. This Clause 6.2 shall not affect the Company’s authority to freely negotiate or reach any compromise with the insurer that is reasonable in the Company’s sole discretion, provided that the Company shall act in good faith and in a diligent manner.

 

6.3.                           The Indemnitee will cooperate in all ways with the Company and its counsel and, if required by the Company, with the insurers issuing the Company’s Managing Directors’, Supervisory Directors’ and Officers’ or other relevant liability insurance, to the extent the Company deems such cooperation reasonably necessary.

 

Art. 7.            NON-EXCLUSIVITY

 

The rights and remedies of the Indemnitee hereunder shall not be deemed exclusive of any other rights or remedies the Indemnitee may at any time have under applicable law, any agreement other than this Agreement, any insurance policy or otherwise and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The exercise of any right or remedy hereunder, or otherwise, shall not prevent the concurrent exercise of any other right or remedy.

 

Art. 8.            SUBROGATION

 

8.1.                           In the event of any payment by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee with respect thereto, including rights under any policy of insurance or other indemnity agreement or obligation, and the Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to enforce such rights inside or outside of court.

 

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8.2.                           To the extent the subrogation referred to in Clause 8.1 is not possible for whatever reason, the Indemnitee shall, at the request and expense of the Company, take all reasonable steps to enforce such right of recovery in his own name (credit being given to the Company for any sum recovered by Indemnitee by reason of such right of recovery) or assign the right of recovery to the Company.

 

Art. 9.            PARTIAL INDEMNIFICATION

 

If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Liabilities or Expenses incurred by him in the investigation, defense, appeal or settlement of any Proceeding but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such Liabilities or expenses to which the Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defense of any or all claims, issues or matters relating in whole or in part to an indemnifiable event, occurrence or matter hereunder, including dismissal without prejudice, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred in connection with such specific defences on which Indemnitee prevailed.

 

Art. 10.     NO DUPLICATIVE PAYMENTS

 

10.1.                    The Company shall not be required under this Agreement to make any payment of amounts otherwise indemnifiable hereunder, if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

10.2.                    If and to the extent the Indemnitee receives a payment under any insurance policy, contract, agreement (other than this Agreement) or otherwise after the Company has indemnified the Indemnitee for a Liability or expense, the Indemnitee shall reimburse to the Company the amounts received from the Company under this Agreement in connection with such Liability or expense promptly upon receipt of such payment by the Indemnitee.

 

Art. 11.     DURATION OF AGREEMENT

 

This Agreement shall remain in effect until and terminate upon the latest of (a) the statute of limitations applicable to any claim that could be asserted against the Indemnitee with respect to which the Indemnitee is entitled to indemnification under this Agreement, (b) ten years after the date that the Indemnitee has ceased to serve as a Managing Director, Supervisory Director or Officer or (c) if, at the later of the dates referred to in (a) and (b) above, there is a pending Proceeding in respect of which the Indemnitee is granted rights of indemnification hereunder or there is a pending

 

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Proceeding in connection with this Agreement, one year after the final termination of such Proceeding (including any and all appeals).

 

Art. 12.     MISCELANEOUS PROVISIONS

 

12.1.                    Entire Agreement

 

This Agreement contains the entire agreement between the Parties relating to the subject matter covered hereby and supersedes any previous oral or written agreements, arrangements and understandings between the Parties, provided however that it is agreed that the provisions contained in this Agreement are a supplement to, and not a substitute for, any provisions regarding the same subject matter contained in the Company’s articles of association as they may read from time to time and any employment or similar agreement between the Parties.

 

12.2.                    Invalid provisions

 

In the event that a provision of this Agreement is null and void or unenforceable (either in whole or in part), the remainder of this Agreement shall continue to be effective to the extent that, given this Agreement’s substance and purpose, such remainder is not inextricably related to the null and void or unenforceable provision. The Parties shall make every effort to reach agreement on a new provision which differs as little as possible from the null and void or unenforceable provision, taking into account the substance and purpose of this Agreement.

 

12.3.                    Amendment

 

No amendment to this Agreement shall have any force or effect unless and until it is in writing and signed by the Parties.

 

12.4.                    No implied waiver, no forfeit of rights

 

1.                     Any waiver under this Agreement must be given by written notice to that effect.

 

2.                     Where a Party does not exercise any right under this Agreement (which shall include the granting by a Party to any other Party of an extension of time in which to perform its obligations under any provision hereof), this shall not be deemed to constitute a forfeit of any such rights (rechtsverwerking). The rights of each Party under this Agreement may be exercised as often as necessary and are cumulative and not exclusive of rights and remedies provided by law.

 

12.5.                    Third party stipulations

 

This Agreement does not grant any rights to any third party (derdenbedingen), including for the avoidance of doubt any insurer.

 

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12.6.                    Notice

 

1.                           Any notice or other communication under or in connection with this Agreement shall be in writing and delivered by hand or sent by registered mail or sent as an email to the relevant email address set out in Clause 12.6.2. Delivery by courier shall be regarded as delivery by hand.

 

2.                           Notices under this Agreement shall be sent to the addresses of the Parties as specified below:

 

	
if to the Company:
    
	
 
    
	
ARGENX SE
    
	
 
    
	
Attn:
    	
General Counsel
    
	
 
    	
 
    
	
E-mail address:
    	
dbeeusaert@argenx.com
    
	
 
    	
 
    
	
Address:
    	
Industriepark 7
    
	
 
    	
 
    
	
 
    	
9052 Zwijnaarde, Belgium
    
	
 
    
	
If to Indemnitee:
    
	
 
    
	
To the address set forth below   Indemnitee’s signature to this Agreement.
    
	
 
    
	
Attn:             [-]
    
	
 
    
	
E-mail address:      [-]
    
	
 
    
	
Address:      [-]
    

 

or such other address as the Party to be given notice may have notified to the other Party from time to time in accordance with this Clause for that purpose.

 

3.                           A notice shall be effective, in the absence of earlier receipt:

 

a.              if delivered by hand to the relevant address referred to in Clause 12.6.2, at the time of delivery;

 

b.              if sent by registered mail to the relevant address referred to in Clause 12.6.2 and that address is in the same country as the sender, at the expiration of two (2) Business Days after the time of posting;

 

c.               if sent by registered mail to the relevant address referred to in Clause 12.6.2 and that address is not in the same country as the sender, at the expiration of seven (7) Business Days after the time of posting;

 

d.              if sent by email to the relevant email address referred to in Clause 12.6.2, one Business Day after the time of transmission;

 

4.                           If a notice or communication would otherwise be deemed to have been delivered outside normal business hours (being 9:00 a.m. to 5:00 p.m. on a Business Day) in the time zone of the territory of the recipient under the preceding provisions of this Clause 12.6, it shall be deemed to have been delivered at the next opening of such normal business hours in the territory of the recipient.

 

13

 

5.                           In proving service of the notice or communication, it shall be sufficient to show that delivery by hand was made or that the envelope containing the notice or communication was properly addressed and posted as registered mail or that the email was recorded in the IT system of the sender as having been sent and that the sender did not receive within twelve hours of sending the email an error message indicating failure to deliver. For the avoidance of doubt, a notification that the recipient of an email is out of the office, or no longer working at an organisation, shall not constitute an error message indicating failure to deliver.

 

6.                           The provisions of this Clause 12.6 shall not apply in relation to the service of documents for the purpose of litigation.

 

12.7.                    Counterparts

 

This Agreement may be executed in two or more counterparts (including by facsimile signature), each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

 

12.8.                    Assignment; successors

 

a.                           No Party may assign this Agreement (contractsoverneming) or assign any of its rights hereunder without the prior written consent of the other Party.

 

b.                           This Agreement shall be binding upon the Company and its successors and shall inure to the benefit of the Indemnitee and the Indemnitee’s heirs, executors and administrators. The Company shall require and cause any of its successors (whether direct or indirect by merger, demerger or otherwise) in respect of this Agreement, to confirm that it has assumed the Company’s rights and obligations under this Agreement and that it agrees to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

12.9.                     Choice of law

 

This Agreement shall be exclusively governed by and construed in accordance with the laws of Belgium, without giving effect to any conflict of laws principles.

 

12.10.             Disputes

 

The Parties agree that any dispute in connection with this Agreement or any agreement resulting therefrom shall be exclusively and finally settled in accordance with the CEPANI Rules of Arbitration by arbitrators appointed in accordance with the said rules.

 

a.                           The arbitral proceedings and all documents delivered to or by the arbitrators shall be conducted in English.

 

b.                           The place of arbitration shall be Brussels, Belgium.

 

c.                            The arbitral tribunal shall comprise three arbitrators. Each Party shall appoint 1 (one) arbitrator and CEPANI shall appoint a third arbitrator who shall be the chairman of the arbitration tribunal. If a Party has not appointed an arbitrator within 30 (thirty)

 

14

 

days of having requested or received notice of the arbitration, such arbitrator shall be appointed by CEPANI.

 

d.                           The arbitral tribunal shall decide in accordance with the rules of law.

 

The Parties shall not be precluded from applying for injunctive relief in summary proceedings (kort geding) before any competent court instead of arbitrators.

 

This Agreement has been entered into on the date first written above.

 

 

For and on behalf of

 

Argenx SE

 

By:

 

Title:

 

 

For and behalf of

 

INDEMNITEE

 

 

Name:

 

Address:

 

E-mail:

 

15EX-10.12(C)

 Exhibit 10.12 

EXECUTION VERSION 
  

 
  

THIRD 
 LOAN AND SECURITY AGREEMENT
SUPPLEMENT AND AMENDMENT 
 among 

SBA PROPERTIES, LLC, 
 SBA SITES,
LLC, 
 SBA STRUCTURES, LLC, 
 SBA
INFRASTRUCTURE, LLC, 
 SBA MONARCH TOWERS III, LLC, 

SBA 2012 TC ASSETS PR, LLC, 
 SBA
2012 TC ASSETS, LLC, 
 SBA TOWERS IV, LLC, 

SBA MONARCH TOWERS I, LLC, 
 SBA
TOWERS USVI, INC., 
 SBA GC TOWERS, LLC, 

SBA TOWERS VII, LLC 
 SBA TOWERS V,
LLC 
 SBA TOWERS VI, LLC 
 as
Closing Date Borrowers, 
 and 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, 

as Servicer on behalf of Deutsche Bank Trust Company Americas, as Trustee 

dated as of April 17, 2017 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	 Page

	
	 ARTICLE I
  

DEFINITIONS AND INCORPORATION BY REFERENCE

			
	 Section 1.01
	  	 Definitions.
	  	2
	
	 ARTICLE II
  

2017-1C COMPONENT AND 2017-1R COMPONENT DETAILS

			
	 Section 2.01
	  	 2017-1C Component and 2017-1R Component Details.
	  	3
	
	 ARTICLE III
  

MORTGAGE LOAN INCREASE

			
	 Section 3.01
	  	 Loan Increase.
	  	5
	 Section 3.02
	  	 Use of Proceeds.
	  	6
	
	 ARTICLE IV
  

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS

			
	 Section 4.01
	  	 Representations and Warranties.
	  	6
	 Section 4.02
	  	 Amendments to Exhibits and Schedules to the Loan Agreement.
	  	6
	
	 ARTICLE V
  

AMENDMENTS TO THE LOAN AGREEMENT

	 Section 5.01
	  	 Definitions.
	  	7
	 Section 5.02
	  	 Interest.
	  	7
	 Section 5.03
	  	 Payment of Principal and Interest.
	  	7
	 Section 5.04
	  	 Prepayment.
	  	7
	 Section 5.05
	  	 Event of Default.
	  	8
	 Section 5.06
	  	 Cash Management Agreement.
	  	8

  
 -i- 

					
	ARTICLE VI
	
	GENERAL PROVISIONS
			
	 Section 6.01
	  	 Governing Law.
	  	8
	 Section 6.02
	  	 Severability.
	  	8
	 Section 6.03
	  	 Counterparts.
	  	8
	
	ARTICLE VII
	
	APPLICABILITY OF THE LOAN AGREEMENT
			
	 Section 7.01
	  	 Applicability.
	  	8

  
 -ii- 

 THIRD LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT 

THIRD LOAN AND SECURITY AGREEMENT SUPPLEMENT AND AMENDMENT (this “Loan
Agreement Supplement”), dated as of April 17, 2017, and entered into by and among SBA PROPERTIES, LLC (“SBA Properties”), SBA SITES, LLC, a Delaware limited liability company
(“SBA Sites”), SBA STRUCTURES, LLC, a Delaware limited liability company (“SBA Structures”), SBA INFRASTRUCTURE, LLC, a Delaware limited liability company (“SBA
Infrastructure”), SBA MONARCH TOWERS III, LLC, a Delaware limited liability company (“SBA Monarch III”), SBA 2012 TC ASSETS PR, LLC, a Delaware limited liability
company (“SBA TC PR”), SBA 2012 TC ASSETS, LLC, a Delaware limited liability company (“SBA TC”), SBA TOWERS IV, LLC, a Delaware limited liability company
(“SBA Towers IV”), SBA MONARCH TOWERS I, LLC, a Delaware limited liability company (“SBA Monarch I”), SBA TOWERS USVI, INC., a U.S. Virgin Islands corporation (“SBA
USVI”), SBA GC TOWERS, LLC, a Delaware limited liability company (“SBA GC”), SBA TOWERS VII, LLC, a Delaware limited liability company (“SBA Towers
VII”), SBA TOWERS V, LLC, a Delaware limited liability company (“SBA Towers V”) and SBA TOWERS VI, LLC, a Delaware limited liability company (“SBA Towers
VI” and, collectively with SBA Properties, SBA Sites, SBA Structures, SBA Infrastructure, SBA Monarch III, SBA TC PR, SBA TC, SBA Towers IV, SBA Monarch I, SBA USVI, SBA GC, SBA Towers VII and SBA Towers V, the “Closing Date
Borrowers” and, each individually, a “Closing Date Borrower”), and MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as servicer
(the “Servicer”), on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (the “Trustee”) under that certain Amended and Restated Trust and Servicing Agreement (as amended,
restated, supplemented or otherwise modified from time to time, the “Trust Agreement”) dated as of October 15, 2014 among SBA DEPOSITOR LLC (the “Depositor”), the Servicer and
the Trustee. 
 RECITALS 

WHEREAS, the Closing Date Borrowers are the Borrowers under a Second Amended and Restated Loan and Security Agreement, dated as of
October 15, 2014, as supplemented and amended by the First Loan and Security Agreement Supplement and Amendment, dated as of October 14, 2015 and the Second Loan and Security Agreement Supplement, dated as of July 7, 2016 (the
“Loan Agreement”), among the Closing Date Borrowers and the Servicer on behalf of the Trustee; 
 WHEREAS, pursuant
to Section 3.2 of the Loan Agreement, the Closing Date Borrowers desire to effect a Loan Increase in an amount equal to $800,000,000 (the “Third Mortgage Loan Increase”), in the form of (i) one (1) component in an
amount equal to $760,000,000 designated as the 2017-1C Component (the “2017-1C Component”) and (ii) one (1) component in an amount equal to
$40,000,000 designated as the 2017-1R Component (the “2017-1R Component”), and the Lender has agreed to the Third Mortgage Loan Increase and to advance the
amount of the Third Mortgage Loan Increase; 

  
 -1- 

 WHEREAS, each of the 2017-1C Component and the 2017-1R Component constitutes a Component as defined in the Loan Agreement; 
 WHEREAS, the Closing
Date Borrowers and the Lender have agreed to certain amendments to the Loan Agreement in accordance with Section 14.3 thereof; 

WHEREAS, the Closing Date Borrowers and the Lender intend these recitals to be a material part of this Loan Agreement Supplement; and

 WHEREAS, all things necessary to make this Loan Agreement Supplement the valid and legally binding obligation of the Closing Date
Borrowers in accordance with its terms, for the uses and purposes herein set forth, have been done and performed. 
 NOW,
THEREFORE, it is mutually covenanted and agreed as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. All defined terms used herein and not defined herein shall have the meanings ascribed to such terms in
the Loan Agreement. All words and phrases defined in the Loan Agreement shall have the same meanings in this Loan Agreement Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this
Loan Agreement Supplement unless the context clearly requires otherwise: 
 “2017-1C
Component” shall have the meaning ascribed to it in the Recitals hereto. 

“2017-1C Note” shall have the meaning ascribed to it in Section 3.01(b) hereof.

 “2017-1C Securities” shall mean the Series
2017-1C securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2017-1C Component. 

“2017-1R Component” shall have the meaning ascribed to it in the Recitals hereto.

 “2017-1R Note” shall have the meaning ascribed to it in Section 3.01(b)
hereof. 
 “2017-1R Securities” shall mean the Series 2017-1R securities issued by the SBA Tower Trust pursuant to the Trust Agreement corresponding to the 2017-1R Component. 

“Additional Closing Date” shall mean April 17, 2017. 

“Anticipated Repayment Date” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 

  
 -2- 

 “Component Rate” shall mean, for each of the
2017-1C Component and the 2017-1R Component, the applicable rate per annum set forth in respect of such Component in Section 2.01(a)(i) hereof. 

“Loan Agreement” shall have the meaning ascribed to it in the Recitals hereto. 

“Maturity Date” shall mean the date set forth in Section 2.01(a)(iii) hereof. 

“Mortgage File” shall have the meaning ascribed to it in the Trust Agreement. 

“Post-ARD Additional Interest Rate” shall have the meaning ascribed to it in
Section 2.01(a)(ii) hereof. 
 “Third Mortgage Loan Increase” shall have the meaning ascribed to it in the Recitals
hereto. 
 “Yield Maintenance” shall have the meaning ascribed to it in Section 2.01(a)(iv) hereof. 

Words importing the masculine gender include the feminine gender. Words importing persons include firms, associations and corporations. Words
importing the singular number include the plural number and vice versa. Additional terms are defined in the body of this Loan Agreement Supplement. 

In the event that any term or provision contained herein with respect to the 2017-1C Component or the 2017-1R Component shall conflict with or be inconsistent with any term or provision contained in the Loan Agreement, the terms and provisions of this Loan Agreement Supplement shall govern. 

ARTICLE II 
 2017-1C COMPONENT AND 2017-1R COMPONENT DETAILS 

Section 2.01 2017-1C Component and 2017-1R Component
Details. (a) Except as otherwise set forth below, each of the 2017-1C Component and the 2017-1R Component authenticated and delivered under this Loan Agreement
Supplement shall consist of one (1) Component having: 
 (i) The designation, the initial Component Principal Balance
and the Component Rate set forth below. 
  

									
	 Component
	  	Initial Component
Principal Balance	 	  	Component Rate	 
	 2017-1C Component
	  	$	760,000,000	 	  	 	3.168	% 
	 2017-1R Component
	  	$	40,000,000	 	  	 	4.459	% 

  
 -3- 

 (ii) With respect to the 2017-1C
Component only, Post-ARD Additional Interest Rate determined by the Servicer to be the greater of (i) five percent (5%) and (ii) the amount, if any, by which the sum of the following exceeds the
Component Rate for the 2017-1C Component: (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association) on
the Anticipated Repayment Date for the 2017-1C Component, of the United States Treasury Security having a term closest to ten (10) years plus (y) 1.30% plus (z) five percent (5%). No Post-ARD Additional Interest will accrue with respect to the 2017-1R Component. 

(iii) A Maturity Date which is the Due Date occurring in April 2047 or such earlier date on which the final payment of
principal of the Notes becomes due and payable as provided in the Loan Agreement, whether at such Maturity Date, by acceleration, or otherwise. 

(iv) With respect to the 2017-1C Component only, Yield Maintenance in an amount equal
to the excess, if any, of (i) the present value as of the date of prepayment (by acceleration or otherwise) of all future installments of principal and interest that the Closing Date Borrowers would otherwise be required to pay on the 2017-1C Component (or portion thereof) on the related Due Date from the date of such prepayment to and including the first Due Date that occurs twelve months prior to the Anticipated Repayment Date for the 2017-1C Component absent such prepayment, assuming the entire unpaid Principal Amount of the 2017-1C Component is required to be paid on such Due Date, with such present value
determined by the use of a discount rate equal to the sum of (x) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry Association), on the Due Date
relating to the date of such prepayment, of the United States Treasury Security having the maturity closest to the Distribution Date that occurs twelve months prior to the Assumed Final Distribution Date related to the Due Date in April 2022 (such
date with respect to each of the 2017-1C Component and the 2017-1R Component, the “Anticipated Repayment Date”) for the
2017-1C Component plus (y) 0.50% over (ii) the Component Principal Balance of the 2017-1C Component (or portion thereof) on the date of such prepayment. No Yield
Maintenance is payable in connection with any prepayment of the 2017-1C Component that occurs less than twelve months prior to the Anticipated Repayment Date for the
2017-1C Component. No Yield Maintenance is payable in connection with any repayment of the 2017-1R Component at any time. 

(v) Interest shall accrue on each of the (i) 2017-1C Component and the corresponding 2017-1C Note and (ii) 2017-1R Component and the corresponding 2017-1R Note, from and including the Additional Closing Date. 

  
 -4- 

 (b) There are no scheduled principal payments in respect of either the 2017-1C Component or the 2017-1R Component, and the Closing Date Borrowers shall not be required to pay any principal of the 2017-1C
Component or the 2017-1R Component prior to the Anticipated Repayment Date, other than after the occurrence and during the continuation of an Amortization Period or an Event of Default as provided in the Loan
Agreement or as otherwise required under the terms of the Loan Documents. 
 ARTICLE III 

MORTGAGE LOAN INCREASE 

Section 3.01 Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers
agree to the Third Mortgage Loan Increase corresponding to the 2017-1C Component and the 2017-1R Component. 

(b) On the Additional Closing Date, each Closing Date Borrower shall execute and deliver to the Trustee (i) a promissory note payable to
the order of the Trustee evidencing the 2017-1C Component, in the initial principal amount equal to $760,000,000 (the “2017-1C Note”) and (ii) a
promissory note payable to the order of the Trustee evidencing the 2017-1R Component, in the initial principal amount equal to $40,000,000 (the “2017-1R
Note”). Each of the 2017-1C Note and the 2017-1R Note shall bear interest on the unpaid principal amount thereof at the applicable Component Rate set forth in
respect of such Component in Section 2.01(a)(i) hereof and mature on the Maturity Date set forth in Section 2.01(a)(iii) hereof. 

(c) The Closing Date Borrowers hereby agree that they will deliver to and deposit with, or cause to be delivered to and deposited with, the
Servicer, on or before the Additional Closing Date (or, if any of the following items are not in the actual possession of the Closing Date Borrowers, as soon as reasonably practical, but in any event within 90 days after the Additional Closing
Date): (i) the documents with respect to the Third Mortgage Loan Increase required for the Mortgage File (other than the 2017-1C Note and the 2017-1R Note referred to in
Section 3.01(b) hereof) and (ii) originals or copies of all other documents, certificates and opinions in the possession or under the control of the Closing Date Borrowers with respect to the Third Mortgage Loan Increase that are necessary
for the ongoing servicing and administration of the Loan. 
 (d) The Closing Date Borrowers hereby represent and warrant to the Lender that
each condition of Section 3.2 of the Loan Agreement in respect of the Third Mortgage Loan Increase has been satisfied, as of the Additional Closing Date, including the delivery to: 

(i) the Servicer of an opinion of counsel satisfying the requirements of Section 3.2(A)(vi) of the Loan Agreement; 

(ii) the Trustee of the list required to be delivered pursuant to Section 3.2(A)(x) of the Loan Agreement of the Mortgaged
Sites encumbered by Deeds of Trust being amended in connection with the Third Mortgage Loan Increase, identified by Site number, together with such other information with respect to such Mortgaged Sites as shall have been reasonably requested by the
Trustee; and 
 (iii) the Servicer of an Officer’s Certificate dated as of the Additional Closing Date to the effect set
forth in Section 3.2(B) of the Loan Agreement. 

  
 -5- 

 (e) The parties hereto agree that the Additional Closing Date is an Allocated Loan Amount
Determination Date, pursuant to Section 11.8 of the Loan Agreement, the Servicer has determined the Allocated Loan Amounts for each Site after giving effect to the Third Mortgage Loan Increase, as described herein, based on information provided
to it by the Manager, and until any subsequent Allocated Loan Amount Determination Date, such Allocated Loan Amounts shall be as set forth on Exhibit B hereto. 

Section 3.02 Use of Proceeds. The proceeds from the sale of the 2017-1C Securities and the
2017-1R Securities shall be used to fund the Third Mortgage Loan Increase and the proceeds of the Third Mortgage Loan Increase shall be used to (i) prepay the
2012-1C Component, including accrued and unpaid interest thereon, (ii) pay all recording fees and taxes, reasonable out of pocket costs and expenses incurred by the Lender, including reasonable legal fees
and expenses of counsel to the Lender, and other costs and expenses approved by the Lender (which approval will not be unreasonably withheld or delayed) related to the 2017-1C Component and the 2017-1R Component; (iii) pay all fees and expenses incurred by the Closing Date Borrowers; and (iv) make a cash distribution to the Guarantor. 

ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BORROWERS 

Section 4.01 Representations and Warranties. (a) Each Closing Date Borrower hereby represents and warrants to the Lender
that, as to itself and its Sites, each of the representations and warranties set forth in Article IV of the Loan Agreement is true as of the Additional Closing Date. 

(b) Each of the Closing Date Borrowers hereby represents and warrants to the Lender that each condition of Section 3.2 of the Loan
Agreement and Section 3.25 of the Trust Agreement have been satisfied as of the Additional Closing Date. 
 Section 4.02
Amendments to Exhibits and Schedules to the Loan Agreement. 
 (a) The parties hereto agree that Exhibits B, C and
D of the Loan Agreement are hereby deleted in their entirety and replaced by Exhibits B, C and D hereto. 

(b) The parties hereto agree that Schedules 4.25, 4.26 and 4.27 of the Loan Agreement are hereby
deleted in their entirety and replaced by Schedules 4.25, 4.26 and 4.27, respectively, hereto. 

  
 -6- 

 ARTICLE V 

AMENDMENTS TO THE LOAN AGREEMENT 

Section 5.01 Definitions. The parties hereto agree that each of the following definitions are hereby incorporated in alphabetical
order into Section 1.1 of the Loan Agreement, and if such definition is already found in Section 1.1 of the Loan Agreement, hereby replaces it in its entirety: 

“Debt Service Coverage Ratio” or
“DSCR” as of any date of determination means the Net Cash Flow for the Sites divided by the amount of interest, Servicing Fees and Trustee Fees that the Borrowers will be required to pay over the succeeding twelve
(12) months on the Principal Amount of the Loan (excluding any Post-ARD Additional Interest, interest on the Components corresponding to any Series of Risk Retention Securities or Value Reduction Accrued
Interest), determined without giving effect to any reduction in interest due to any Value Reduction Amount. 

“Monthly Tenant Debt Service
Coverage Ratio” means, as of the last day of any calendar month, (a) the excess of (i) the Annualized Run Rate Net Cash Flow for all Sites over (ii) the
Non-Monthly Tenant Annualized Run Rate Revenue for all Non-Monthly Tenants divided by (b) the amount of interest, Servicing Fees and Trustee Fees that the Borrowers
will be required to pay over the succeeding twelve (12) months on the Principal Amount of the Loan (excluding any Post-ARD Additional Interest, interest on Components corresponding to any Series of Risk
Retention Securities or Value Reduction Accrued Interest), determined without giving effect to any reduction in interest due to any Value Reduction Amount. 

“Risk Retention Securities” has the meaning set forth in the Trust
Agreement. 
 Section 5.02 Interest. The parties hereto agree that Section 2.2(A) of the Loan Agreement is hereby amended and
restated in its entirety as follows: 
 (A) Rate of Interest. The
outstanding principal balance of each Component of the Loan shall bear interest for each Interest Accrual Period at a rate per annum equal to the lesser of (i) the Component Rate, plus, following the Anticipated Repayment Date for such
Component (other than any such Component corresponding to any Series of Risk Retention Securities), the Post-ARD Additional Interest Rate for such Component and (ii) the Maximum Rate. 

Section 5.03 Payment of Principal and Interest. The parties hereto agree that Section 2.4(A)(ii) of the Loan Agreement is
hereby amended by adding the following provision at the end of such section: 
 Notwithstanding the foregoing, no Post-ADR Additional Interest shall accrue on any Component corresponding to any Series of Risk Retention Securities. 

Section 5.04 Prepayment. The parties hereto agree that Section 2.6(A) of the Loan Agreement is hereby amended by inserting
the following new subclause (ii) into the first sentence thereof and renumbering the following subclauses accordingly: 

(ii) in respect of any Component corresponding to any Series of Risk Retention Securities, 

  
 -7- 

 Section 5.05 Event of Default. The parties hereto agree that Section 8.1(A) of
the Loan Agreement is hereby amended and restated in its entirety as follows: 
 (A) Scheduled
Payments. Failure of the Borrowers to pay any principal or interest on the Loan (other than interest on any Component corresponding to any series of Risk Retention Securities) when the same is due under this Loan Agreement, the
Notes, or any other Loan Documents; or 
 Section 5.06 Cash Management Agreement. The parties hereto agree that the reference to
“items (iii) and (x) through (xiii) of Section 3.3(a) of the Cash Management Agreement” in Sections 2.04(C), 6.01(B) and 7.01 of the Loan Agreement shall be deleted and replaced by a reference to “items (iii) and
(x) through (xvii) of Section 3.3(a) of the Cash Management Agreement.” 
 ARTICLE VI 

GENERAL PROVISIONS 

Section 6.01 Governing Law. THIS LOAN AGREEMENT SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. THE CLOSING DATE BORROWERS IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION
OR PROCEEDING ARISING OUT OF OR IN RELATION TO THE LOAN AGREEMENT, THIS LOAN AGREEMENT SUPPLEMENT OR THE OTHER LOAN DOCUMENTS. 

Section 6.02 Severability. In case any provision in this Loan Agreement Supplement shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 6.03 Counterparts. This Loan Agreement Supplement may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Loan Agreement Supplement in Portable Document Format
(PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Loan Agreement Supplement. 

ARTICLE VII 

APPLICABILITY OF THE LOAN AGREEMENT 

Section 7.01 Applicability. The provisions of the Loan Agreement are hereby ratified, approved and confirmed, as supplemented and
amended by this Loan Agreement 

  
 -8- 

 
Supplement. The representations, warranties and covenants contained in the Loan Agreement (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully
set forth herein and made again as of the Additional Closing Date. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -9- 

 IN WITNESS WHEREOF, the Closing Date Borrowers and the Servicer on behalf of the Trustee have
caused this Loan Agreement Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

													
	SBA PROPERTIES, LLC, as Closing Date Borrower	 		 	SBA SITES, LLC, as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel
			
	SBA STRUCTURES, LLC, as Closing Date Borrower	 		 	SBA INFRASTRUCTURE, LLC, as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel
			
	SBA MONARCH TOWERS III, LLC, as Closing Date Borrower	 		 	SBA 2012 TC ASSETS PR, LLC, as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel
			
	SBA 2012 TC ASSETS, LLC, as Closing Date Borrower	 		 	SBA TOWERS IV, LLC, as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel

  
 Signature Page for
Third Loan Supplement and Amendment 

													
	SBA MONARCH TOWERS I, LLC, as Closing Date Borrower	 		 	SBA TOWERS USVI, INC., as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel
			
	SBA GC TOWERS, LLC, as Closing Date Borrower	 		 	SBA TOWERS VII, LLC, as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel
			
	SBA TOWERS V, LLC, as Closing Date Borrower	 		 	SBA TOWERS VI, LLC, as Closing Date Borrower
					
	By:	 	 /s/ Thomas P. Hunt
	 		 	By:	 	 /s/ Thomas P. Hunt

		 	Name:	 	Thomas P. Hunt	 		 		 	Name:	 	Thomas P. Hunt
		 	Title:	 	Executive Vice President and General Counsel	 		 		 	Title:	 	Executive Vice President and General Counsel

  
 Signature Page for
Third Loan Supplement and Amendment 

					
	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Servicer
		
	By:	 	 /s/ David A. Eckels

		 	Name:	 	David A. Eckels
		 	Title:	 	Senior Vice President

  
 Signature Page for
Third Loan Supplement and Amendment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]