Document:

Exhibit 4.38

 

 

EXECUTION COPY

 

 

Date:  23 December 2003

 

 

ELAN CORPORATION, PLC.

 

ELAN PHARMA INTERNATIONAL
LIMITED

 

ELAN INTERNATIONAL SERVICES,
LTD.

 

ELAN PHARMACEUTICALS, INC.

 

MONKSLAND HOLDINGS BV

 

AND

 

AMARIN CORPORATION PLC.

 

 

AMENDMENT AGREEMENT

 

 

•                  Amended and Restated Master Agreement, 4 August 2003

•                  Amended and Restated Asset Purchase Agreement (Carnrick
products), 29 September 1999 as amended and together with Amendment Agreement,
4 August 2003

•                  Loan Agreement, 28 September 2001, as amended by Deeds
of Variation Nos. 1-4

•                  Amended and Restated Distribution, Marketing and Option
Agreement (Permax®), 28 September 2001, as amended by Deeds of Variation Nos.
1&2

 

 

INDEX

 

	
  1.

  	
  DEFINITIONS AND
  INTERPRETATION

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  AMENDMENTS TO THE
  MASTER AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  AMENDMENTS TO THE LOAN
  AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  AMENDMENT TO THE
  PERMAX AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  AMENDMENTS TO
  CARNRICK AGREEMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  LIMITED WAIVER

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  REPRESENTATIONS,
  WARRANTIES AND CERTIFICATE

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  MISCELLANEOUS

  	
   

  

 

 

 

THIS DEED is executed and delivered the 23rdDecember 2003

 

BETWEEN:

 

(1)                                 ELAN CORPORATION, PLC., a public limited company incorporated in
the Republic of Ireland, whose registered office is at Lincoln House, Lincoln
Place, Dublin 2, Ireland (“Elan Corp”)

 

(2)                                 ELAN PHARMA INTERNATIONAL
LIMITED,  a company incorporated in  the Republic of Ireland, whose registered
office is at WIL House, Shannon Business Park, Shannon, Co Clare, Ireland (“EPIL”)

 

(3)                                 ELAN INTERNATIONAL SERVICES,
LTD., a Bermuda exempted limited
liability company incorporated under the laws of Bermuda and having its
registered office at Clarendon House, 2 Church Street, Hamilton, Bermuda (“EIS”)

 

(4)                                 ELAN PHARMACEUTICALS, INC.,  a
corporation duly organized and existing under the applicable laws of the State
of Delaware, having a principal place of business in South San Francisco,
California (“EP Inc”)

 

(5)                                 MONKSLAND HOLDINGS BV, a
private company limited by shares incorporated in the Netherlands under
registered number 33265127, whose registered office is at Amsteldijk 166, 1079
Amsterdam, Netherlands (“Monksland”)

 

(6)                                 AMARIN CORPORATION PLC, a company incorporated in England and Wales
(registered no. 002353920), whose registered office is 7 Curzon Street, London,
W1J 5HG, England (“Amarin”)

 

RECITALS:

 

(A)                              Elan and
Amarin are parties to the Original Agreements, as defined below.

 

(B)                                The
Swedish Sale has been effected, the Net Proceeds thereof paid into the Proceeds
Account (as those terms are defined in the Master Agreement and the Charge) and
thence to Elan as required by the Master Agreement.

 

(C)                                Amarin
wishes to further restructure its relationship with Elan, and accordingly the
parties have agreed to do so upon the terms set out in this Amendment
Agreement, the Bridging Loan Agreement (as defined below) and the Charge
Amendment.

 

NOW IT IS
AGREED in
consideration of the mutual promises and undertakings set out herein as
follows:

 

1

 

1.                                           DEFINITIONS
AND INTERPRETATION

 

1.1.                                   Definitions:

 

In
this Amendment Agreement:

 

“this Amendment Agreement” shall mean this
amendment agreement and shall include the Recitals and Schedules hereto.

 

“Amendment Date” shall mean 23 December
2003.

 

“Bridging Loan Agreement” shall mean the
bridging loan agreement between EP Inc and Amarin of the same date as this
Amendment Agreement.

 

“Charge Amendment” shall mean the debenture
amendment agreement between Amarin and Elan Corp as trustee, of the same date
as this Amendment Agreement.

 

“Original Agreements” shall mean:

 

(i)                                     the
Amended and Restated Master Agreement dated 4 August 2003 between Elan Corp,
EPIL, EIS, EP Inc, Monksland and Amarin (“Master
Agreement”);

 

(ii)                                  the
Amended and Restated Option Agreement dated 4 August 2003 between EPIL and
Amarin (“Zelapar Agreement”);

 

(iii)                               the Loan
Agreement dated 28 September 2001 between Amarin and EPIL, as varied by (i) a
Deed of Variation dated 19 August 2002, (ii) a Deed of Variation No. 2 dated 23
December 2002, (iii) a Deed of Variation No. 3 dated 27 January 2003, and (iv)
a Deed of Variation No. 4 dated 4 August 2003 (“Loan Agreement”);

 

(iv)                              the
Amended and Restated Distribution, Marketing and Option Agreement (Permax)
dated 28 September 2001, by and between EP Inc and Amarin, as varied by (i) a
Deed of Variation dated 27 January 2003 and (ii) a Deed of Variation No. 2
dated 4 August 2003 (“Permax Agreement”);

 

(v)                                 {the
Amended and Restated Asset Purchase Agreement dated as of 29 September 1999
(which agreement concerned certain products known as the “Carnrick products”)
by and between EP Inc and Amarin, as amended up to 3 August 2003 (“Carnrick Agreement”);

 

(vi)                              the
Amendment Agreement No. 1 relating to the Carnrick Agreement, between EP Inc
and Amarin dated 4 August 2003 (“Carnrick
Amendment”); and

 

(vii)                           the
Debenture between Amarin and Elan Corp as trustee dated 4 August 2003 (“Charge”) -

 

and
“Original Agreement” shall have a corresponding meaning.

 

2

 

“Proceeds Account” shall have the same
meaning as in the Charge, as amended.

 

“Zelapar Letter” shall mean the letter
agreement between EPIL and Amarin of the same date as this Amendment Agreement
relating to Zelapar®.

 

1.2.                                   Other
Defined Terms and Interpretation:

 

Except
as expressly set out in this Amendment Agreement:

 

1.2.1                             all
defined terms shall have the same meaning as in the Master Agreement;

 

1.2.2                             references
to clause or section numbers shall be to those of the appropriate Original
Agreement; and

 

1.2.3                             this
Amendment Agreement shall otherwise be interpreted in the same manner as the
Master Agreement.

 

2.                                           AMENDMENTS TO THE MASTER
AGREEMENT

 

The
Master Agreement is hereby amended with effect from the Amendment Date as
follows:

 

2.1.                                   Each
reference to the “Carnrick Agreement”, the “Loan Agreement”, and the “Permax Agreement”
is deemed a reference to those agreements as amended (where applicable) by the
respective August 2003 Amendments (as defined in the Master Agreement) and by
this Amendment Agreement.

 

2.2.                                   The
definition of “Carnrick Amendment” is deleted and replaced by the following:

 

“ “Carnrick Amendment” shall mean the
Amendment Agreement No. 1 relating to the Carnrick Agreement, dated 4 August
2003, as amended by the Amendment Agreement dated 23 December 2003.”

 

For
the avoidance of doubt, it is hereby acknowledged that the reference in the
Master Agreement to “Amendment Agreement No. 2” was in error and was intended
to read “Amendment Agreement No. 1”.

 

2.3.                                   The
definition of “Charge” is deleted and replaced by the following:

 

“ “Charge” shall mean the debenture, being a
fixed and floating charge over the entire assets and business of Amarin, in
favour of Elan Corp as trustee for itself, EPIL, EIS, EP Inc and Monksland,
dated 4 August 2003, as amended by the debenture amendment agreement dated 23
December 2003 between the same parties.”

 

2.4.                                   The
definition of “Demandable Date” is deleted and replaced by the following:

 

“ “Demandable Date” shall mean the soonest of:

 

3

 

(a)          one (1)
business day after the receipt by Amarin of Net Proceeds of the Legacy Sale,
Swedish Sale and Further Equity Financing of not less than:

 

(i)             US$30,000,000
(thirty million dollars) if the same is prior to 31 December 2003;

 

(ii)          US$31,500,000
(thirty one million five hundred thousand dollars) if thereafter;

 

(b)         a Change
of Control; and

 

(c)          31 March
2004.”

 

2.5.                                   The
definition of “Elan Agreements” is amended by:

 

2.5.1                             the
elimination from paragraph (c) of the word “and”;

 

2.5.2                             the
addition to the end of paragraph (d) of the word “and”;

 

2.5.3                             the
addition of the following paragraph (e):

 

“the
Bridging Loan Agreement between EP Inc and Amarin dated 23 December 2003”

 

and

 

2.5.4                             the
addition before the words “and “Elan
Agreement” shall have a corresponding meaning” of the following words:

 

“(in
the case of (a) to (c) as amended by the Amendment Agreement between Elan and
Amarin dated 23 December 2003) ...”

 

2.6.                                   The
definition of “Outstanding Amounts” is deleted and replaced by the following:

 

“ “Outstanding Amounts” shall mean such of the
Deferred Payment, Loan and Total Divestiture Amount as may be outstanding at a
given time, whether or not immediately due, including the Relevant
Payments.  Solely for the purpose of
Clause 9 of this Agreement, “Outstanding Amounts” shall also include the
Bridging Loan (as that expression is defined in the Bridging Loan Agreement
between EP Inc and Amarin dated 23 December 2003), as is outstanding at any
given time, whether or not due.”

 

2.7.                                   The
definition of “Zelapar Agreement” is deleted and replaced by the following:

 

“ “Zelapar Agreement” shall mean the Amended
and Restated Option Agreement (Zelapar), between EPIL and Amarin dated 4 August
2003, as

 

4

 

amended
by a letter agreement between the same parties dated 23 December 2003.”

 

2.8.                                   In each of
Clauses 4 (Limited Waiver (Permax)), 5.1 (Moratorium), and 7 (Use of Proceeds
of Asset Sale), the date “31 December 2003” is amended to read “31 March 2004”.

 

2.9.                                   Clause 8.1
(Conditional Release) is amended by the deletion of the words “Elan receives ...”
through “... from Amarin” and the substitution therefore of the words:

 

“Elan
receives:

 

(a)          prior to
31 December 2003, a cumulative total of US$30,000,000 (thirty million dollars);
or

 

(b)         prior to
31 March 2004, a cumulative total of US$31,500,000 (thirty one million five
hundred thousand dollars) -

 

from
Amarin ...”

 

2.10.                             Clause 9.1
(Use of Proceeds of Asset Sales) is amended by the deletion of the date “30
June 2004” and the substitution therefor of the date “31 September 2004”.

 

2.11.                             A new
Clause 10.7 is added as follows:

 

“10.7                Multiple
Sales - Calculation:

 

Without
prejudice to any right Elan may have under the Charge or any other agreement,
in the event that the Legacy Sale is made in conjunction with the sale of other
assets, the Net Proceeds thereof shall be deemed to be the appropriate
proportion of the gross proceeds less the same proportion of the applicable
deductions; and the gross proceeds shall be calculated as follows:

 

10.7.1                       Elan may
make a bona fide determination of the appropriate proportion of the gross
proceeds of such sale applicable to the Legacy Sale by written notice to Amarin
at any time up to three (3) business days after Amarin notifies Elan of the
total gross proceeds;

 

10.7.2                       If Amarin
disagrees with Elan’s determination, Amarin shall provide Elan with written
notice to that effect within three (3) business days of Elan’s notice.  Amarin’s notice shall state Amarin’s
determination of the appropriate proportion;

 

10.7.3                       Thereafter
the matter shall be referred to an independent chartered accountant (the “Expert”) appointed by Elan and reasonably
acceptable to Amarin (or in default of agreement as to the Expert’s identity,
within fourteen (14) days, by a judge of the High Court of England).  The Expert shall determine which

 

5

 

determination
is closer, and such determination shall prevail in its entirety.  The Expert’s costs shall be paid by the
party whose estimate is not chosen by the Expert.

 

The
Expert shall act as an expert and not as an arbitrator.  The Expert’s decision shall be final and
binding except in the case of manifest or clerical error appearing within seven
(7) days.”

 

2.12.                             Clause
11.1 (The Conversion Option) is amended by the deletion of the date “1 January
2004” and the substitution therefor of the date “1 April 2004”.

 

3.                                           AMENDMENTS TO THE LOAN
AGREEMENT

 

The
Loan Agreement is hereby further amended with effect from the Amendment Date,
as follows:

 

3.1.                                   In Clause
1, the definition of “Master Agreement” is deleted and replaced by the
following:

 

“ “Master Agreement” shall mean that certain
Amended and Restated Master Agreement dated 4 August 2003 between Elan
Corporation, plc., Elan Pharma, Elan International Services, Ltd., Elan
Pharmaceuticals, Inc., Monksland Holdings B.V. and Amarin, as amended by that
certain Amendment Agreement dated 23 December 2003 between the same parties.”

 

3.2.                                   The
definition of “Permitted Indebtedness” is deleted and replaced by the
following:

 

“ “Permitted
Indebtedness” means:

 

(a)                                  indebtedness
arising under the Bridging Loan Agreement between EP Inc and Amarin dated 23
December 2003, which is not yet due;

 

(b)                                 indebtedness
to trade creditors arising in the ordinary course of business; and

 

(c)                                  indebtedness
incurred in association with any refinancing of the Loan.”

 

4.                                           AMENDMENT TO THE PERMAX
AGREEMENT

 

The
Permax Agreement is hereby further amended with effect from the Amendment Date,
as follows:

 

4.1.                                   In Section
1.01, the definition of “Master Agreement” is deleted and replaced by the
following:

 

“ “Master Agreement” shall mean that certain
Amended and Restated Master Agreement dated 4 August 2003 between Elan
Corporation, plc., Elan Pharma

 

 

International
Limited, Elan International Services Limited, Elan, Monksland Holdings B.V. and
Amarin, as amended by that certain Amendment Agreement dated 23 December 2003
between the same parties.”

 

5.                                           AMENDMENTS TO CARNRICK
AGREEMENTS

 

5.1.                                   The
Carnrick Amendment is hereby amended with effect from the Amendment Date as
follows:

 

5.1.1                             by each
reference to the “Master Agreement” being deemed to mean the Master Agreement
as amended by this Amendment Agreement; and

 

5.1.2                             in Section
3.1.3 (Terms of Repayment) the date “31 December 2003” is amended to read “31st
March 2004”.

 

5.2.                                   The
Carnrick Agreement is hereby amended with effect from the Amendment Date, by
the deletion of Article IV, Section 4.01(b)(ii) and the substitution therefor
of the following:

 

“(ii)
the balance of Six Million Five Hundred Thousand Dollars ($6,500,000) (the
“Deferred Payment”) in accordance with the provisions of that certain Amendment
Agreement between the Seller and the Buyer dated 4 August 2003, as amended by
that certain Amendment Agreement between Elan Corporation, plc., Elan Pharma
International Limited, Elan International Services, Ltd., the Seller, Monksland
Holdings BV and the Buyer dated 23 December 2003.”.

 

6.                                           LIMITED WAIVER

 

Subject
to due execution by Amarin of the Bridging Loan Agreement and the certification
referred to in Clause 7 being provided by Amarin, Elan hereby waives any right
it has or may have had, up to and including the Amendment Date, arising by
reason of Amarin’s failure prior to 15 December 2003 to pay the balance of the
Proceeds Account to Elan to:

 

(a)                                  claim
damages or other monetary remedy pursuant to the Master Agreement, the Loan
Agreement and/or the Charge; and/or

 

(b)                                 declare it
an “Event of Default” under the Loan Agreement.

 

Nothing
in this Amendment Agreement is a waiver by Elan of any future breach by Amarin,
nor does Elan waive any of these rights if the conditions above are not
complied with.

 

7.                                           REPRESENTATIONS,
WARRANTIES AND CERTIFICATE

 

7.1.                                   Amarin
represents and warrants to Elan that:

 

6

 

7.1.1                             it has the
right, power, capacity and authority and has taken all action necessary to
authorise it to execute and deliver and to exercise its rights and perform its
obligations under this Amendment Agreement, the Bridging Loan Agreement, the
Charge Amendment, the Zelapar Letter and any ancillary documents pertaining
thereto (together “Transaction Documents”),
and its obligations under the Transaction Documents are valid, legally binding
and enforceable according to their terms, including obtaining all necessary
approvals and consents from its shareholders and any third parties;

 

7.1.2                             there are
no agreements between Amarin and any third party that conflict with the
Transaction Documents;

 

7.1.3                             it does
not require any further consents or approvals to consummate the transaction
contemplated by the Transaction Documents including:

 

7.1.3.1                           approval
of its shareholders; or

 

7.1.3.2                           approval
of NASDAQ;

 

7.1.4                             as of the
date hereof, neither Amarin nor any of its Affiliates has any indebtedness,
secured or unsecured, outstanding to any third party other than Permitted
Indebtedness (as defined in the Loan Agreement);

 

7.1.5                             as of the
date hereof and after giving effect to Clause 6:

 

7.1.5.1                           Amarin is
not in breach of any agreement between itself on the one hand and Elan Corp or
any of its Affiliates on the other; and

 

7.1.5.2                           no Event
of Default has occurred as defined in the Loan Agreement;

 

7.1.6                             Amarin is
able to pay its debts as they fall due and no Insolvency Event, as defined in
the Master Agreement, has occurred.

 

7.1.7                             Amarin is
not, to its best knowledge, having made diligent enquiry, in breach of any
obligation under the Lilly Agreement.

 

7.2.                                   Immediately
after execution of this Agreement, Amarin shall provide to Elan certification
from a company officer that each of the warranties in Clause 7.1 is true.

 

8.                                           MISCELLANEOUS

 

8.1.                                   Confidentiality:

 

Except
as provided in or anticipated by this Amendment Agreement, each party shall at
all times during the continuance of this Amendment Agreement use its respective
best endeavours to keep the contents of this Amendment Agreement confidential
and accordingly shall not disclose

 

7

 

details
of the contents of this Amendment Agreement to any other person other than on a
confidential basis.

 

8.2.                                   Announcements:

 

Subject
to Clause 8.3, no announcement or public statement concerning the existence,
subject matter or any term of this Agreement shall be made by or on behalf of
any party hereto without the prior written approval of the other party (Elan
Corp in the case of Elan).

 

The
terms of any such announcement shall be agreed in good faith by the parties.

 

8.3.                                   Required
Disclosures:

 

A
party (the “Disclosing Party”)
will be entitled to make an announcement or public statement concerning the
existence, subject matter or any term of this Amendment Agreement, or to
disclose Confidential Information that the Disclosing Party is required to make
or disclose pursuant to:

 

8.3.1                             a valid
order of a court or Governmental Authority; or

 

8.3.2                             any other
requirement of law, regulation or any securities market or stock exchange;

 

PROVIDED THAT if the Disclosing
Party becomes legally required to make such announcement, public statement or
disclosure hereunder, the Disclosing Party shall give the other party or
parties hereto prompt notice of such fact to enable the other party or parties
hereto to seek a protective order or other appropriate remedy concerning any
such announcement, public statement or disclosure.

 

The
Disclosing Party shall fully co-operate with the other party or parties hereto
in connection with that other party’s or parties’ efforts to obtain any such
order or other remedy.

 

If
any such order or other remedy does not fully preclude announcement, public
statement or disclosure, the Disclosing Party shall make such announcement,
public statement or disclosure only to the extent that the same is legally
required.

 

8.4.                                   No
Statements on Tax Treatment:

 

The
parties acknowledge that neither has made any statement to the other, or had
such a statement made to the other on its behalf, as to the tax consequences
that may result for that other as a result of this Amendment Agreement or the
transaction constituted by it.

 

8.5.                                   Assignment:

 

8.5.1                             Elan may
assign this Amendment Agreement in whole or in part to any lawful assignee of
the Original Agreements, as amended by this Amendment Agreement.

 

8

 

8.5.2                             Amarin
shall not assign this Amendment Agreement without the prior written consent of
Elan.

 

8.6.                                   Parties
bound:

 

This
Amendment Agreement shall be binding upon and enure for the benefit of parties
hereto, their successors and permitted assigns.

 

8.7.                                   Severability:

 

If
any provision in this Amendment Agreement is deemed to be, or becomes invalid,
illegal, void or unenforceable under applicable laws:-

 

8.7.1                             such
provision will be deemed amended to conform to applicable laws so as to be
valid and enforceable; or

 

8.7.2                             if it
cannot be so amended without materially altering the intention of the parties,
it will be deleted the validity, legality and enforceability of the remaining
provisions of this Amendment Agreement shall not be impaired or affected in any
way.

 

8.8.                                   Relationship
of the parties:

 

8.8.1                             Nothing
contained in this Amendment Agreement is intended or is to be construed to
constitute any of the parties hereto as partners or members of a joint venture
or any party as an employee of another party.

 

8.8.2                             No party
hereto shall have any express or implied right or authority to assume or create
any obligations on behalf of or in the name of any other party or to bind
another party to any contract, agreement or undertaking with any third party.

 

8.9.                                   Amendments:

 

No
amendment, modification or addition hereto shall be effective or binding on any
party hereto unless set forth in writing and executed by a duly authorised
representative of all parties hereto.

 

8.10.                             Waiver:

 

No
waiver of any right under this Amendment Agreement shall be deemed effective
unless contained in a written document signed by the party charged with such
waiver, and no waiver of any breach or failure to perform shall be deemed to be
a waiver of any future breach or failure to perform or of any other right
arising under this Amendment Agreement.

 

8.11.                             Entire
agreement:

 

8.11.1                       Each of
the parties hereto hereby acknowledges that in entering into this Agreement it
has not relied on any representation or warranty except as expressly set forth
herein or in any document referred to herein.

 

9

 

8.11.2                       This
Amendment Agreement, the Bridging Loan Agreement, the Charge Amendment and the
Zelapar Letter together set forth all of the agreements and understandings
between the parties with respect to the subject matter hereof, and supersedes
and terminates all prior agreements and understandings between the parties with
respect to the subject matter hereof, but without prejudice to the Original
Agreements except as expressly amended by this Amendment Agreement, the Charge
Amendment and/or the Zelapar Letter, or except as expressly stated to any
accrued rights or obligations under the Original Agreements.  There are no agreements or understandings
with respect to the subject matter hereof, either oral or written, between the
Parties other than as set forth in this Amendment Agreement, the Bridging Loan
Agreement, the Charge Amendment and the Zelapar Letter.

 

8.11.3                       Nothing in
this Clause 8.11 shall exclude any liability which any party would otherwise
have to the other party or any right which either of them may have to rescind
this Agreement in respect of any statements made fraudulently by the other
prior to the execution of this Agreement or any rights which either of them may
have in respect of fraudulent concealment by the other.

 

8.12.                             Governing
law and jurisdiction:

 

8.12.1                       Clauses 4
and 5 of this Amendment Agreement shall be governed by and construed in
accordance with the law of the State of Delaware, without reference to its
conflicts of laws principles.

 

8.12.2                       Subject to
the foregoing, this Amendment Agreement shall be governed by and construed in
accordance with English law.

 

8.12.3                       For the
purposes of this Agreement the parties submit to the jurisdiction of the
English courts.

 

8.13.                             Notice:

 

8.13.1                       Any notice
to be given under this Agreement shall be sent in writing in English by
registered or recorded delivery post, reputable overnight courier or fax to:

 

Elan at

 

Elan International Services Ltd.

102 St. James Court

Flatts,

Smiths FL04

Bermuda

 

	
  Attention:

  	
   

  	
  Secretary

  
	
  Fax:

  	
   

  	
  +1
  441 292 2224

  

 

 

10

 

Amarin at

 

7 Curzon Street

London

W1J 5HG

England

	
  Attention:

  	
   

  	
  General
  Counsel & Company Secretary

  
	
  Fax:

  	
   

  	
  +44
  20 7499 9004

  

 

or
to such other address(es) and fax numbers as may from time to time be notified
by either party to the other hereunder.

 

8.13.2                       Any notice
sent by mail shall be deemed to have been delivered within 7 working days after
despatch or delivery to the relevant courier and any notice sent by fax shall
be deemed to have been delivered upon confirmation of receipt.  Notice of change of address shall be
effective upon receipt.

 

8.14.                             Further
assurances:

 

At
the request of any of the parties, the other party or parties shall (and shall
use reasonable efforts to procure that any other necessary third parties shall)
execute all such documents, and so all such acts and things as may reasonably
be required subsequent to the signing of this Amendment Agreement for assuring
to or vesting in the requesting party the full benefit of the terms hereof.

 

8.15.                             Counterparts:

 

This
Amendment Agreement may be executed in any number of counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute this Amendment Agreement.

 

8.16.                             Contracts
(Rights of Third Parties) Act 1999:

 

A
person who is not a party to this Agreement has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but
this does not affect any right or remedy of a third party which exists or is
available apart from that Act.

 

IN WITNESS whereof the parties
have executed and delivered this Amendment Agreement as a Deed on the date
first above written.

 

11

 

[Signature Pages: Amendment Agreement]

 

	
  The
  Common Seal of

  	
  )

  	
   

  
	
  ELAN CORPORATION, PLC.

  	
  )

  	
   

  
	
  was
  hereunto affixed in the presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Director / Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The
  Common Seal of

  	
  )

  	
   

  
	
  ELAN PHARMA INTERNATIONAL

  	
  )

  	
   

  
	
  LIMITED

  	
  )

  	
   

  
	
  was
  hereunto affixed in the presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Director / Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The
  Common Seal of

  	
  )

  	
   

  
	
  ELAN INTERNATIONAL

  	
  )

  	
   

  
	
  SERVICES, LTD.

  	
  )

  	
   

  
	
  was
  hereunto affixed in the presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Director / Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED and delivered as a
  Deed by:

  	
   

  	
   

  
	
  ELAN PHARMACEUTICALS, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
				

 

 

	
  SIGNED and delivered as a Deed

  	
  )

  	
   

  
	
  by

  	
  )

  	
   

  
	
  as
  attorney for

  	
  )

  	
   

  
	
  MONKSLAND HOLDINGS BV

  	
  )

  	
   

  
	
  in
  the presence of:

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature
  of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED and delivered as a
  Deed by:

  	
  )

  	
   

  
	
  AMARIN CORPORATION, PLC.

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting
  by:

  	
  Director  

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Director / Secretary  

  	
  )Exhibit
4.39

 

EXECUTION COPY

 

 

Date: 23
December 2003

 

 

AMARIN CORPORATION PLC.

 

AND

 

ELAN PHARMACEUTICALS, INC.

 

 

BRIDGING LOAN
AGREEMENT

 

 

INDEX

 

	
  1.

  	
  DEFINITIONS AND INTERPRETATION

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  BRIDGING LOAN

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  FACILITY FEES

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  COVENANT AND WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  EVENTS
  OF DEFAULT

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  CHARGE COVERS BRIDGING LOAN

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  TAXES

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  FURTHER
  ASSURANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  COUNTERPARTS

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  GENERAL

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  ASSIGNMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  NOTICES

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  GOVERNING LAW, JURISDICTION

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1

  	
  STATEMENTS SUPPORTING REQUEST

  	
   

  

 

 

THIS
BRIDGING LOAN AGREEMENT
is made the 23rd December 2003

 

BETWEEN:

 

(1)                                 AMARIN CORPORATION PLC, a company incorporated in England and Wales
(registered no. 002353920), whose registered office is 7 Curzon Street, London,
WIJ 5HG, England (“Amarin”); and

 

(2)                                 ELAN PHARMACEUTICALS, INC.,  a
corporation duly organized and existing under the applicable laws of the State
of Delaware, having a principal place of business in South San Francisco,
California (“Elan”).

 

The
parties agree as follows:

 

1.                                           DEFINITIONS AND INTERPRETATION

 

1.1.                                   In this
Agreement the following terms have the meanings given to them in this Clause
1.1.

 

“Affiliate” means any company or
non-corporate entity that controls, is controlled by, or is under common
control with a party.  An entity shall
be regarded as in control of another company or entity if it owns or directly
or indirectly controls more than 50 per cent. of the voting rights of the other
company or entity.

 

“this Agreement” means this Bridging Loan
Agreement.

 

“Amendment Agreement” means the amendment
agreement between Elan Corporation, plc., Elan Pharma International Limited,
Elan International Services, Ltd., Elan, Monksland Holdings B.V. and Amarin of
the same date as this Agreement.

 

“Available Facility Amount” means $6,000,000
(six million dollars), less:

 

(a)                                       such
advances referred to in Clause 2.2.1 as are not requested or not granted,
provided that this deduction shall only apply on and after the date on which
they may have been advanced; and

 

(b)                                      such
advances referred to in Clause 2.2.1 as are both drawn down by Amarin and
repaid to Elan, as from the date of their repayment.

 

“Average Outstanding Amount” shall mean the
simple average Relevant Amounts for the applicable period.

 

“Business Day” means a day (other than a
Saturday or a Sunday) on which banks are generally open for business in London.

 

“Charge Amendment” shall have the same
meaning as in the Master Agreement.

 

1

 

“Demandable Date” shall have the same
meaning as in the Master Agreement.

 

“Elan Agreement(s)” shall have the same
meaning as in the Master Agreement.

 

“First Loan Agreement” means that certain loan
agreement dated 28 September 2001 between Amarin and Elan, as varied by (i) a
Deed of Variation dated 19 August 2002, (ii) a Deed of Variation No. 2 dated 23
December 2002, (iii) a Deed of Variation No. 3 dated 27 January 2003, (iv) a
Deed of Variation No. 4 dated 4 August 2003, and (v) the Amendment Agreement.

 

“Group” means Amarin and its subsidiaries
for the time being.

 

“LIBOR” means, in relation to any amount to
be advanced to or owing by Amarin under this Agreement on which interest for a
given period is to accrue, the percentage rate per annum at which Barclays Bank
PLC was offering to prime banks in the London interbank market deposits in
dollars for such period at or about 11.00 am on the day on which quotations
would ordinarily be given by prime banks in the London interbank market for
deposits in dollars for delivery on the first day of that period, provided that, if for any such period
quotations would ordinarily be given on more than one date, the relevant date
shall be the last of those dates.

 

“Bridging Loan” means all amounts drawn down
by Amarin under Clause 2.2.

 

“Master Agreement” means that certain
Amended and Restated Master Agreement dated 4 August 2003 between Elan
Corporation, plc., Elan Pharma International Limited, Elan International
Services, Ltd., Elan, Monksland Holdings B.V. and Amarin, as amended by the
Amendment Agreement.

 

“Relevant Amounts” shall mean the sum of $31,500,000 less any
sum(s) paid to Elan (or any of its Affiliates) under Clause 7 of the Master
Agreement (including for the avoidance of doubt the sum of $11,102,071 so paid
prior to the date of this Agreement), plus the Available Facility Amount.

 

“Permitted Indebtedness” means:

 

(a)                                       indebtedness
arising under the First Loan Agreement which is not yet due;

 

(b)                                      indebtedness
to trade creditors arising in the ordinary course of business; and

 

(c)                                       indebtedness
incurred in association with any refinancing of the Bridging Loan.

 

1.2.                                   The
headings in this Agreement shall not affect its interpretation.

 

2

 

2.                                           BRIDGING LOAN

 

2.1.                                   Grant of the Bridging Loan

 

Subject
to Clause 2.2, Elan agrees to lend to Amarin the sum of US$6,000,000 (six
million dollars).

 

2.2.                                   Draw down

 

2.2.1          Amarin may
request Elan to advance any or all of the following sums:

 

2.2.1.1                                  US$2,000,000
(two million dollars) on 1 January 2004;

 

2.2.1.2                                  US$2,000,000
(two million dollars) on 1 February 2004;

 

2.2.1.3                                  US$2,000,000
(two million dollars) on 1 March 2004.

 

2.2.2          Any such
request must:

 

2.2.2.1                                  be made in
writing no less than 7 (seven) Business Days before the applicable date;

 

2.2.2.2                                  state the
purpose(s) for which Amarin proposes to use the advance in question in
reasonable detail;

 

2.2.2.3                                  summarise
Amarin’s cash position as at the date of provision, as anticipated to be at the
date of drawdown and for the following three months;

 

2.2.2.4                                  provide
supporting information so that Elan may reasonably assess the prospect of the
Relevant Amounts (together with the Bridging Loan and the proposed advance)
being repaid by 31 March 2004; and

 

2.2.2.5                                  be
accompanied by a certificate from an officer of Amarin attesting to his/her
best knowledge and belief, having made diligent enquiry, as to the statements
in Schedule 1.

 

2.2.3                             If Elan,
in its absolute discretion, determines that it is likely that the Outstanding
Amounts (including the proposed advance) will be repaid by 31 March 2004, Elan
shall, subject to Clause 2.3, advance the applicable sum in US$ by wire
transfer to Amarin’s nominated account.

 

2.2.4                             In making
its determination, Elan agrees to discuss the prospects of Amarin’s likely
ability to repay with Amarin and its professional advisers, upon reasonable
request; but the determination is at Elan’s sole discretion.  Elan shall not be obliged to provide reasons
in the case of such a refusal.

 

2.2.5                             Upon each
request, Amarin shall be deemed to represent and warrant to Elan that each of
the statements in Schedule 1 is correct.

 

For
the avoidance of doubt, this representation and warranty is additional to the
officer’s certificate referred to in Clause 2.2.2.5.

 

3

 

Each
such representation and warranty shall be deemed repeated upon the making of
the actual advance of the sum in question (if any), except to the extent that
Amarin fairly qualifies the same by written notice to Elan, before the date of
advance.  “Fairly” shall for the
purposes of this paragraph mean clearly, accurately and in such manner and
detail as would enable Elan to make an informed decision as to the matters to
which it relates.

 

2.3.                                   Draw Down Stop

 

2.3.1                             If:

 

(a)                                       there is
an Event of Default; or

 

(b)                                      Amarin
breaches any representation and/or warranty given in or pursuant to this
Agreement -

 

Elan
shall not be obliged to make any further advance to Amarin.

 

2.3.2                             Any
advance made by Elan in such circumstances will not be deemed a waiver of any
of Elan’s rights, including the right not to make further advances by reason of
the same or similar circumstances.

 

2.4.                                   Interest

 

No
interest shall be payable on the Bridging Loan before 31 March 2004.

 

Without
prejudice to any other right Elan may have under this Agreement, the period
subsequent to 31 March 2004 for which any part of the Loan is outstanding shall
be divided into successive periods (“Interest
Periods”) each of which (other than the last, which shall end on the
day the Loan is repaid) shall be one month in duration and (other than the
first, which shall begin on 1 April 2004) shall start on the last day of the
preceding such period.  The rate of
interest on the outstanding amount of the Loan for each Interest Period will be
LIBOR plus 5 per cent. per annum.  Such
interest will accrue from day to day and be calculated on the basis of actual
days elapsed and a 365 day year.  Such
interest shall be payable on demand, or in default of demand in arrears on the
last day of each Interest Period. 
Interest shall be paid in US$ in immediately available funds without any
set-off, counterclaim, withholding or deduction for any reason whatsoever
except as required by law.

 

2.5.                                   Repayment

 

The
Bridging Loan shall be repaid by Amarin to Elan (or as it may direct) on the
earlier of:

 

(a)                                       31 March
2004; and

 

(b)                                      written
demand by Elan made at any time on or after the Demandable Date –

 

4

 

in
US$ in immediately available funds, without any set-off, counterclaim,
withholding or deduction for any reason whatsoever except as required by law.

 

2.6.                                   Prepayment

 

Amarin
may prepay the whole amount or part of the Bridging Loan which is outstanding
at any time.

 

Amarin
may not pay less than US$100,000 in any prepayment of only part of the Bridging
Loan then outstanding, unless this is required by some other agreement between
Amarin and Elan.

 

3.                                           FACILITY FEES

 

3.1.                                   In consideration
of Elan entering into this Bridging Loan Agreement, Amarin shall pay to Elan
the following further non-refundable fees:

 

3.1.1                             1% (one
per cent.) of the Average Outstanding Amount in January 2004;

 

3.1.2                             1% (one
per cent.) of the Average Outstanding Amount in February 2004; and

 

3.1.3                             1% (one
per cent.) of the Average Outstanding Amount in March 2004 -

 

(the
“Facility Fees”).

 

3.2.                                   The
Facility Fees shall be payable on the day after the last day of the period they
relate to, in US$ in immediately available funds without any set-off,
counterclaim, withholding or deduction for any reason whatsoever except as
required by law.

 

Elan
shall be entitled to set off any Facility Fees owing against any amounts to be
advanced by Elan under Clause 2.2.

 

3.3.                                   In the
event of a demand for payment by Elan and/or its Affiliates of the Outstanding
Amounts on or after the Demandable Date, as each of those expressions is
defined in the Master Agreement, during a particular period referred to in
Clause 3.1:

 

3.3.1                             the period
shall be truncated to the date of demand;

 

3.3.2                             the date
for payment shall accordingly be the date of such demand;

 

3.3.3                             the
applicable percentage shall be reduced pro rata to the truncation of the period
in question; and

 

3.3.4                             no
Facility Fees for subsequent periods shall be payable.

 

3.4.                                   Payment of
the Facility Fees shall not be counted towards:

 

3.4.1                             payment of
the Bridging Loan;

 

5

 

3.4.2                             payment of
any other of the Outstanding Amounts, as defined in the Master Agreement;

 

3.4.3                             payment of
the amounts due under Clause 7 of the Master Agreement as amended; nor

 

3.4.4                             payment of
the sums of US$30,000,000 and/or US$31,500,000 referred to in the Master
Agreement and other agreements to which the Master Agreement refers -

 

or
any part thereof.

 

4.                                           COVENANT AND WARRANTIES

 

4.1.                                   Amarin
shall ensure that while any part of the Bridging Loan remains outstanding no
member of the Group shall incur any indebtedness (whether secured or unsecured)
without the prior written consent of Elan other than Permitted Indebtedness.

 

4.2.                                   Amarin
represents and warrants to Elan that:

 

4.2.1                             it has the
right, power, capacity and authority and has taken all action necessary to
authorise it to execute and deliver and to exercise its rights and perform its
obligations under this Agreement and to ensure that its obligations under this
Agreement are valid, legally binding and enforceable according to their terms,
including, without limitation, obtaining all necessary approvals and consents
from its shareholders and any third parties;

 

4.2.2                             as at the
date hereof no member of the Group has any indebtedness (whether secured or
unsecured) outstanding to any third party other than Permitted Indebtedness;
and

 

4.2.3                             its
payment obligations under this Agreement rank at least pari passu with the
claims of all its other unsecured and unsubordinated creditors, except for
obligations mandatorily preferred by law applying to companies generally.

 

5.                                           EVENTS OF DEFAULT

 

Each
of Clauses 5.1 to 5.7 below describes circumstances which constitute an event
of default (“Event of Default”)
for the purposes of this Agreement.

 

5.1.                                   Failure to Pay

 

Amarin
fails to pay on the due date for payment any sum due from it under this
Agreement, except where such failure to pay is due solely to a technical or
administrative delay and is remedied within 3 Business Days of the due date for
payment.

 

6

 

5.2.                                   Breach of Covenant

 

Amarin
fails to comply with any of the obligations expressed to be assumed by it under
Clause 4 and such failure is not remedied within 10 Business Days of receiving
notice of such failure from Elan.

 

5.3.                                   Insolvency and Rescheduling

 

Amarin
is unable to pay its debts as they fall due, commences negotiations with any
one or more of its creditors (other than Elan and/or any of its Affiliates)
with a view to the general readjustment or rescheduling of its indebtedness or
makes a general assignment for the benefit of or composition with its creditors.

 

5.4.                                   Winding Up

 

Amarin
takes any corporate action or other steps are taken or legal proceedings are
started for its winding up, dissolution, administration or re-organisation or
for the appointment of a liquidator, receiver, administrator, administrative
receiver, conservator, custodian, trustee or similar officer of it or of any or
all of its revenues and assets.

 

5.5.                                   Execution or Distress

 

Any
execution or distress is levied against, or an encumbrancer takes possession
of, the whole or any part of, the property, undertakings or assets of Amarin or
any event occurs which under the laws of any jurisdiction has a similar or
analogous effect.

 

5.6.                                   Repudiation

 

Amarin
repudiates this Agreement or evidences an intention to repudiate this
Agreement.

 

5.7.                                   Default on Other Agreement

 

Amarin
materially breaches any Elan Agreement, which breach is not remedied within 30
(thirty) days of Elan giving written notice to Amarin of such breach.

 

5.8.                                   Acceleration and Cancellation

 

Upon
the occurrence of an Event of Default, Elan may at any time thereafter by
notice to Amarin, declare the Bridging Loan to be immediately due and payable
or declare the Bridging Loan to be due and payable on demand of Elan. If Elan
declares the Bridging Loan due and payable on demand of Elan, then at any time
thereafter, Elan may by notice to Amarin require payment of the Bridging Loan
on such date as it may specify in such notice or withdraw its declaration with
effect from such date as it may specify.

 

6.                                           CHARGE COVERS BRIDGING LOAN

 

The
parties hereby acknowledge that it is their intention that all monies owing
under this Agreement are subject to the Debenture between Amarin and Elan
Corporation, plc. as trustee, dated 4 August 2003, as amended by the Charge
Amendment.

 

7

 

7.                                           TAXES

 

7.1.                                   If Amarin
is required by law to pay or withhold any income or other taxes on behalf of
Elan with respect to any monies payable to Elan under this Agreement:

 

7.1.1                             Amarin
shall deduct them from the amount of such monies due;

 

7.1.2                             any such
tax required to be paid or withheld shall be an expense of and borne solely by
Elan, but without prejudice to Clause 7.3;

 

7.1.3                             Amarin
shall promptly provide Elan with a certificate or other documentary evidence to
enable Elan to support a claim for a refund or a foreign tax credit.

 

7.2.                                   Elan and
Amarin agree to co-operate in all respects necessary to take advantage of any
double taxation agreements or similar agreements as may, from time to time, be
available in order to enable Amarin to make such payments to Elan without any
deduction or withholding.

 

7.3.                                   If Amarin
is obliged to make a deduction or withholding on account of tax, Amarin shall
pay to Elan an additional amount so as to ensure that, after making required
deductions or withholding and giving effect to any tax credit arising therefrom
from which Elan actually benefits, Elan receives the same net amount as if no
deduction or withholding had been made or required to be made.

 

8.                                           FURTHER ASSURANCE

 

Each
party shall do and execute, or arrange for the doing and executing of, each
necessary act, document and thing reasonably within its power to implement this
Agreement.

 

9.                                           COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute this Agreement.

 

10.                                    GENERAL

 

10.1.                             A
variation of this Agreement is valid only if it is in writing and signed by or
on behalf of each party.

 

10.2.                             A failure
to exercise or delay in exercising a right or remedy provided by this Agreement
or by law does not constitute a waiver of the right or remedy or a waiver of
other rights or remedies.  No single or
partial exercise of a right or remedy provided by this Agreement or by law
prevents further exercise of the right or remedy or the exercise of another
right or remedy.

 

8

 

10.3.                             If any
provision in this Agreement is deemed to be invalid, illegal, void or unenforceable
under any law that is applicable hereto:

 

10.3.1                       such
provision will be deemed amended to conform to applicable laws so as to be
valid and enforceable; or

 

10.3.2                       if it
cannot be so amended without materially altering the intention of the parties,
it will be deleted, and the validity, legality and enforceability of the
remaining provisions of this Agreement shall not be impaired or affected in any
way.

 

10.4.                             A person
who is not a party to this Agreement has no right under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Agreement, but this does
not affect any right or remedy of a third party which exists or is available
apart from that Act.

 

11.                                    ASSIGNMENT

 

11.1.                             Elan may,
at any time, assign all or any of its rights hereunder.

 

11.2.                             Amarin may
not assign any of its rights or obligations hereunder.

 

12.                                    NOTICES

 

12.1.                             A notice
under or in connection with this Agreement (a “Notice”):

 

12.1.1        shall be
in writing;

 

12.1.2        shall be
in the English language; and

 

12.1.3        may be delivered
personally or sent by first class post (and air mail if overseas) or by fax to
the party due to receive the Notice at its address set out below:

 

12.2.                             The
address referred to in Clause 12.1.3 is:

 

12.2.1        in the
case of Amarin Corporation Plc:

 

	
  Address:

  	
   

  	
  7
  Curzon Street, London, WIJ 5HG

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +44
  20 7499 9004

  

 

Marked
for the attention of :  President

 

12.2.2        in the
case of Elan Pharmaceuticals, Inc.:

 

	
  Address:

  	
   

  	
  800
  Gateway Blvd., South San Francisco, CA 94080

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +1
  650 553-7143

  

 

9

 

Marked
for the attention of : General Counsel

 

with
a copy (which shall not constitute notice) to:

 

Elan Corporation, plc.

 

	
  Address:

  	
   

  	
  Lincoln
  House, Lincoln Place, Dublin 2, Ireland

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +353
  1 709 4124

  

 

Marked for the attention of : Company Secretary

 

12.3.                             Notice is
deemed given:

 

12.3.1                       if
delivered personally, when the person delivering the notice obtains the
signature of a person at the address referred to in Clause 12.1.3;

 

12.3.2                       if sent by
post, except air mail, two Business Days after posting it;

 

12.3.3                       if sent by
air mail, six Business Days after posting it;

 

12.3.4                       if sent by
fax, when confirmation of its transmission has been recorded by the sender’s
fax machine.

 

13.                                        GOVERNING LAW, JURISDICTION

 

13.1.                             This
Agreement is governed by and shall be construed in accordance with the laws of
England

 

13.2.                             The courts
of England shall have exclusive jurisdiction to settle any dispute arising from
or connected with this Agreement (a “Dispute”).

 

13.3.                             The
parties agree that the courts of England are the most appropriate and
convenient courts to settle any Dispute, and accordingly, that they will not
argue to the contrary.

 

IN WITNESS whereof the parties
have executed this Amendment Agreement on the date first above written.

 

10

 

SCHEDULE 1   STATEMENTS SUPPORTING REQUEST

 

1)              Amarin has the right,
power, capacity and authority to make the request.

 

2)              Amarin does not
require any further consents or approvals to make the request, draw down the
advance, or consummate the transaction contemplated by this Agreement.

 

3)              Without prejudice to
the generality of the foregoing, Amarin does not require the approval of its
shareholders or approval of NASDAQ to make the request, draw down the advance
or consummate the transaction contemplated by this Agreement.

 

4)              Neither Amarin nor
any of its Affiliates has any indebtedness, secured or unsecured, outstanding
to any third party other than Permitted Indebtedness;

 

5)              Amarin is not in
breach of any agreement between itself on the one hand and Elan Corporation,
plc. or any of its Affiliates on the other.

 

6)              No other event or
circumstance is outstanding which constitutes a default under any other
agreement or instrument which is binding on it or to which its assets are
subject which might have a material adverse effect on its ability to perform
its obligations hereunder.

 

7)              No Event of Default
has occurred as defined in this Agreement or the Loan Agreement, or might
reasonably be expected to result from the making of the requested advance or
any utilisation thereof.

 

8)              No third party has
threatened legal proceedings for Amarin’s winding up, dissolution,
administration or re-organisation or for the appointment of a liquidator,
receiver, administrator, administrative receiver, conservator, custodian,
trustee or similar officer of Amarin or of any or all of Amarin’s revenues and
assets.

 

9)              No third party has
threatened the levying of any execution or distress against, or an encumbrancer
taking possession of, the whole or any part of, the property, undertakings or
assets of Amarin or any event which under the laws of any jurisdiction has a
similar or analogous effect.

 

10)        Amarin is able to pay
its debts as they fall due.

 

11)        No Insolvency Event,
as defined in the Master Agreement, has occurred.

 

12)        Amarin is not, to its
best knowledge, having made diligent enquiry, in breach of any obligation under
the Lilly Agreement.

 

13)        The information
supplied in support of the request for an advance, and in support of each
previous request, is accurate in all respects and not misleading, including by
reason of other information which is not supplied.

 

11

 

14)        Insofar as such
information supplied consists of opinions and/or of predictions as to the
future, such opinions and/or predictions are made in good faith and based on
rational grounds, taking into account all relevant facts; and accurately
represent the opinions and/or predictions of Amarin’s Board of Directors.

 

15)        The person signing
the officer’s certificate attesting as to these statements is duly authorised
by Amarin’s Board of Directors to do so.

 

12

 

[Signature Page to Bridging Loan Agreement]

 

	
  SIGNED

  
	
   

  
	
   

  
	
   

  	
   

  
	
  For
  and on behalf of

  
	
  ELAN PHARMACEUTICALS, INC.

  
	
   

  
	
   

  
	
  SIGNED

  
	
   

  
	
   

  
	
   

  	
   

  
	
  For
  and on behalf of

  
	
  AMARIN CORPORATION PLC.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]