Document:

1st Amend. to Loan & Sec Agmt, between Ligand and Oxford Finance

 Exhibit 10.2 
 FIRST AMENDMENT 
 TO LOAN AND SECURITY AGREEMENT 

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this
29th day of April, 2011 (the “Amendment
Date”), by and among OXFORD FINANCE LLC, successor in interest to Oxford Finance Corporation (“Oxford”), Oxford in its capacity as collateral agent on behalf of the Lenders (the “Collateral Agent”); the
Lenders including Oxford in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”); and LIGAND PHARMACEUTICALS INCORPORATED, a Delaware corporation, whose address is 11085 N. Torrey Pines Road,
Suite 300, La Jolla, CA 92037 (“Borrower”). 
 RECITALS 

A. Collateral Agent, Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of January 24,
2011 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Lenders extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. In connection with the Loan Agreement, Borrower, Collateral Agent and Lenders entered into that certain Post Closing
Obligations Letter dated January 24, 2011 (the “Post Closing Obligations Letter”). Borrower has failed to (1) timely deliver the Supplemental Documents as required under the Post Closing Obligations Letter and (2) comply
with Section 6.6 of the Loan Agreement by maintaining accounts not subject to a Control Agreement in favor of Collateral Agent. 
 D. Borrower has requested that Collateral Agent and Lenders (1) waive the Current Events of Default (defined below), and (2) amend the Loan Agreement to (i) increase the existing
collateral carve-out for Square 1 Bank and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 
 E. Collateral Agent and Lenders have agreed to waive the Current Events of Default (defined below) and amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the
terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Except as set forth herein,
capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Notwithstanding the Post Closing Obligations Letter, Borrower shall be required to deliver to Collateral Agent (A) the
Perfection Certificate (as defined below) by no later than sixty (60) days after the Amendment Date, (B) the duly executed original signatures to the Account Control Agreements for Borrower’s accounts at Comerica Bank (account numbers
ending in 2369, 2377, 0132, and 4688) (the “Comerica Account Control Agreements”) by no later than fifteen (15) days after the Amendment Date, (C) duly executed original signatures to the Account Control Agreements for
Borrower’s account at Bank of America (account number ending 9251) (the “BofA Account Control Agreement”) by no later than sixty (60) days after the Amendment Date, and (D) the Landlord Consent by no later than
fifteen (15) days after the Amendment Date. 

  
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 3. Amendments to the Loan Agreement. 

3.1 Section 6.6 (Operating Accounts). Section 6.6(a) of the Loan Agreement is amended and restated as follows:

 (a) Maintain all of such Borrower’s and all of their Subsidiaries’ operating and other
deposit accounts and securities accounts in accounts that are subject to a Control Agreement in favor of Collateral Agent, other than Certificate of Deposit account No. 60100378 maintained with Square 1 Bank (the “Cash Collateral
Account”), which shall be subject to a Control Agreement only (i) until Borrower enters into a Loan and Security Agreement between Borrower and Square 1 Bank, as amended from time to time (the “Square 1 Agreement”) and
(ii) after Borrower has repaid any amounts that remain owing thereunder or Square 1 Bank no longer has any obligation to make any credit extensions to Borrower under the Square 1 Agreement. Borrower shall cause the Cash Collateral Account to be
closed or made subject to a Control Agreement at all other times. Borrower shall not permit the balance in the Cash Collateral Account to exceed $10,000,000, nor permit the Collateral Account to secure any obligations other than those arising under
the Square 1 Agreement. 
 3.2 Section 14.1 (Definitions). Clause (f) of the defined term “Permitted
Indebtedness” in Section 14.1 of the Loan Agreement is amended and restated as follows: 
 (f)
Indebtedness of up to Ten Million Dollars ($10,000,000) secured exclusively by a security interest in a Deposit Account held with, or Certificate of Deposit issued by, the holder of such Indebtedness, and on terms reasonably acceptable to Agent;

 4. Waiver. Borrower acknowledges that there are existing and uncured Events of Default arising from Borrower’s
failure to comply with (i) the terms of the Post Closing Obligations Letter by failing to timely deliver to Collateral Agent (A) a Consent to Removal of Personal Property (11085 N. Torrey Pines Road, Suite 300, La Jolla, CA 92037) executed
by Borrower and its landlord for this location (the “Landlord Consent”); (B) duly executed original signatures to the Account Control Agreements for Borrower’s accounts at Comerica Bank, Bank of America, Payden &
Rygel/Union Bank of California, Webster Bank, and PNC Bank, or evidence that those accounts have been closed (“Account Documentation”); (C) a duly executed Perfection Certificate that is current as of such date, to include in
Section 4(b) a list of the material contracts and an indication of whether any contains a nonassignability provision requiring the counterparty’s consent to the granting of a security interest therein and a list on Exhibit E thereto of
licenses to use trademarks, patents and copyrights of others (the “Perfection Certificate”); and (D) a termination of the financing statements of General Electric Capital Corporation referred to in Section 5(b) of the
Perfection Certificate and (ii) Section 6.6 of the Loan Agreement for maintaining accounts not subject to a Control Agreement in favor of Collateral Agent (the “Current Events of Default”). Collateral Agent and Lenders
hereby waive the Current Events of Default as of the date hereof; provided that Borrower must (i) comply with Section 6.6 of the Loan Agreement, as amended herein and (ii) deliver the (A) Perfection Certificate and BofA Account
Control Agreement to Collateral Agent by no later than sixty (60) days after the Amendment Date and (B) the Comerica Account Control Agreements and Landlord Consent by no later than fifteen (15) days after the Amendment Date.

 Collateral Agent and Lenders agreement to waive the Current Events of Default shall in no way obligate Collateral Agent and Lenders to make
any other modifications to the Loan Agreement or to waive Borrower’s compliance with any other terms of the Loan Documents, and shall not limit or impair Collateral Agent and Lenders’ right to demand strict performance of all other terms
and covenants as of any date. The waiver set forth above shall not be deemed or otherwise construed to constitute a waiver of any other provisions of the Loan Agreement. 

  
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 5. Representations and Warranties. To induce Collateral Agent and Lenders to enter
into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows: 
 5.1
Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations
and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 5.2 Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The organizational documents of Borrower delivered to Collateral Agent on the Effective Date remain true, accurate and
complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 5.4
The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting
Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the
organizational documents of Borrower; 
 5.5 The execution and delivery by Borrower of this Amendment and the performance
by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental
or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

5.6 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting
creditors’ rights. 
 6. Integration. This Amendment and the Loan Documents represent the entire agreement about
this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into this Amendment and
the Loan Documents. 
 7. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall remain in full
force and effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency
between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. The amendments set forth in Section 2 above, are
effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term of condition of any Loan Document, or
(b) otherwise prejudice any right or remedy which Lenders or Collateral Agent may now have or may have in the future under or in connection with any Loan Document. 
 8. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

9. Effectiveness. This Amendment shall be deemed effective (a) upon the due execution and delivery to Collateral Agent of
this Amendment by each party hereto, and (b) upon Collateral Agent’s receipt of $25,000 and all Lender Expenses incurred through the date of this Amendment. 

  
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 10. Governing Law. This Amendment and the rights and obligations of the parties
hereto shall be governed by and construed in accordance with the laws of the State of California. 
 Signature page follows.

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

			
	BORROWER:
	
	LIGAND PHARMACEUTICALS INCORPORATED
		
	By	 	/s/ John Sharp

			
		
	Name:	 	John Sharp
		
	Title:	 	CFO
	
	LENDERS:

			
	
	OXFORD FINANCE LLC, successor in interest to Oxford Finance Corporation, for itself and as Collateral Agent
		
	By	 	/s/ John G. Henderson

			
		
	Name:	 	John G. Henderson
		
	Title:	 	Vice President & General CounselSupplemental Indenture, dated December 27, 2010.

 Exhibit 4.4 
 SUPPLEMENTAL INDENTURE 
 This Supplemental Indenture (this “Supplemental
Indenture”), dated as of December 27, 2010, among the entities listed on Exhibit A attached hereto (each a “Guaranteeing Subsidiary”), each a subsidiary of Clearwater Paper Corporation (or its permitted
successor), a Delaware corporation (the “Company”), the Company, any Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of October 22,
2010 (the “Indenture”), providing for the issuance of 7 1/8% Senior Notes due 2018 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the
Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of Holders as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof. 
 3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiaries, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 4.
NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 5. COUNTERPARTS. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

 6. EFFECT OF HEADINGS. The Section headings
herein are for convenience only and shall not affect the construction hereof. 
 7. THE TRUSTEE.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiaries and the Company. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first written above. 
 Cellu Tissue Holdings, Inc., a Delaware corporation 

Cellu Tissue Corporation–Natural Dam, a Delaware corporation 
 Cellu Tissue Corporation–Neenah, a Delaware corporation 
 Cellu Tissue LLC, a
Delaware limited liability company 
 Coastal Paper Company, a Virginia general partnership 

Menominee Acquisition Corporation, a Delaware corporation 
 Van Paper Company, a Mississippi corporation 
 Van Timber Company, a Mississippi
corporation 
 Cellu Tissue–Thomaston, LLC, a Delaware limited liability company 

Cellu Tissue–Long Island, LLC, a Delaware limited liability company 
 Cellu Tissue Corporation–Oklahoma City, a Delaware corporation 
  

			
	By:	 	 /s/ Linda K. Massman

			
	Name:	 	Linda K. Massman
	Title:	 	Vice President and Chief Financial Officer
	
	Clearwater Paper Corporation

			
		
	By:	 	 /s/ Linda K. Massman

			
	Name:	 	Linda K. Massman
	Title:	 	Vice President and Chief Financial Officer

  

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE (2010
NOTES) 

			
	U.S. Bank National Association, as Trustee
		
	By:	 	 /s/ Debby R. Wight

		 	Authorized Signatory

  

SIGNATURE PAGE TO SUPPLEMENTAL INDENTURE (2010
NOTES) 

 Exhibit A 
 Guaranteeing Subsidiaries 
  

	1.	Cellu Tissue Holdings, Inc., a Delaware corporation 

  

	2.	Cellu Tissue Corporation–Natural Dam, a Delaware corporation 

  

	3.	Cellu Tissue Corporation–Neenah, a Delaware corporation 

  

	4.	Cellu Tissue LLC, a Delaware limited liability company 

  

	5.	Coastal Paper Company, a Virginia general partnership 

  

	6.	Menominee Acquisition Corporation, a Delaware corporation 

  

	7.	Van Paper Company, a Mississippi corporation 

  

	8.	Van Timber Company, a Mississippi corporation 

  

	9.	Cellu Tissue–Thomaston, LLC, a Delaware limited liability company 

  

	10.	Cellu Tissue–Long Island, LLC, a Delaware limited liability company 

  

	11.	Cellu Tissue Corporation–Oklahoma City, a Delaware corporation

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