Document:

Exhibit 10.2

    

     

    

    CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN
      OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”.

     

    

     

    

     

    

     

    

     

    

    
      
 

    
      

      

    

    Amendment #1 to the

    

    

    Exclusive License and Collaboration Agreement

     

    

    
      

      

      

    

    
      

      

    

    – by and between –

     

    

     

    

     

    

     

    

     

    

    

    

    PharmaEngine, Inc.

     

    

    

    

    - and -

     

    

    

    

    Nanobiotix S.A.

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

    

    October 07, 2014

     

    

     

    

    
      
        

      - 1 - of - 3

    

    
    

    

    THIS FIRST AMENDMENT TO THE EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT (AMENDMENT #1) IS ENTERED INTO EFFECT AS OF OCTOBER 07, 2014 (THE “FIRST AMENDMENT EFFECTIVE DATE”) BY AND BETWEEN:

    

    

    	(1)	
            Nanobiotix S.A. a French joint-stock company having its registered office located at 60 Rue de Wattignies 75 012, Paris, France, Paris Companies’ Register No SIRET:  RCS 447 521 600 (“Licensor”);

              and

          

    

    

    	(2)	
            PharmaEngine, Inc. a Taiwanese corporation having its registered office at 16F, 237 Sung-Chiang Road, Taipei 104, Taiwan, Republic of China, Companies’ Register Reg. No. 80264691, (“Licensee”).

          

    

    

    RECITALS:

    

    

    	(A)	
            Licensor and Licensee have entered into an Exclusive License and Collaboration Agreement as of August 06, 2014 (the “License Agreement”);

          

    

    

    	(B)	
            In order to expedite the development of NBTXR3 in the Territory, Licensee intends to join the global pivotal study of soft tissue sarcoma initiated by Licensor (the “First Global Study”) in the Territory, including the MRA Territory in
              accordance with Section 4.4 of the License Agreement and the terms of this Amendment #1;

          

    

    

    	(C)	
            Licensee has also agreed, in accordance with the terms of this Amendment # 1, to make an advance milestone payment to Licensor although such payment is not yet required under the License Agreement; and

          

    

    

    NOW, THEREFORE, in consideration of the mutual covenants, agreements and stipulations set forth herein, the receipt and legal sufficiency
      of which are hereby mutually acknowledged, Licensor and Licensee hereby agree as follows:

    

    

    	1.	
            Development Milestone Payments.  Although such payment is not yet due under the License Agreement, Licensee will pay to
              Licensor the milestone due under Section 7.2(i)(1) of the License Agreement in the amount of One Million US-Dollars (USD 1,000,000) no later than October 30, 2014.  Such payment shall be treated for purposes of the License Agreement in the
              same way as if Licensee had reached the applicable milestone and had made the required milestone payment.  Without limiting the generality of the foregoing, Licensee shall have no obligation to make such milestone payment again should
              Licensee later achieve the milestone set forth in Section 7.2(i)(1) of the License Agreement.

          

    

    

    	2.	
            Global Study Support

          

    

    

    	2.1	
            Licensee will provide support in conducting the First Global Study in the Territory, including the MRA Territory, as more fully described in Exhibit A attached to this Amendment #1.

          

    

    

    	2.2	
            Licensor acknowledges that the support provided by Licensee under Section 2.1 of this Amendment #1 and the early payment of the milestone under Section 1 of this Amendment #1 are linked to activities that have and will be performed by
              Licensee in the MRA Territory.  Therefore, in accordance with Section 7.6 of the License Agreement, Licensor will be obligated to compensate Licensee in accordance with

          

    

    

    Section 7.6 of the License Agreement if Licensor terminates Licensee’s rights in the MRA Territory in accordance with Section 2.3 of the License Agreement.

    
      
        

      - 2 - of - 3

    

    

    

    
      
        	
                3.            

                

              	
                Press Releases

              

      

    

    

    

    Upon execution of this Amendment #1, the Parties shall coordinate closely and each separately issue press releases announcing the execution of this Amendment #1, in substantially the form of Exhibit B and Exhibit C attached hereto, respectively.  Notwithstanding anything to the contrary in the foregoing, if either Party is restricted by applicable Laws and
      Regulations (including, but not limited to, applicable securities laws) from making a press release as described in this Section 3, then such Party will be deemed to have fulfilled its obligations under this Section 3 by making such public statement,
      if any, as is permitted under such applicable Law and Regulations.

    

    

    	4.	
            Miscellaneous

          

    

    

    Except as expressly stated in this Amendment #1, the License Agreement remains unchanged and full force and effect.  All  capitalized words and expressions used or referred to in this Amendment #1
      and not otherwise defined in this Amendment #1 shall have the meanings set forth in the License Agreement.

    

    

    	5.	
            Exhibits

          

    

    

    Exhibit A          Co-Sponsorship Memorandum for the First Global Study

    

    

    Exhibit B          Licensor Press Release

    

    

    Exhibit C          Licensee Press Release

     

    

     

    

     

    

    

    

    – Signature pages follow –

    

    

    

    

    
      
        

      - 3 - of - 3

    

    IN WITNESS WHEREOF, this Agreement has been signed by the Parties hereto, effective as of the First Amendment Effective Date, in two (2) counterpart originals.

    	
            Licensor

             

             

          	 	
            Licensee

             

             

          
	
            /s/ Bernd Mühlenweg

          	 	
            /s/ C. Grace Yeh

          
	
             

             

            Name:  Bernd Mühlenweg

          	 	
             

             

            Name:  C. Grace Yeh, Ph.D.

          
	
            Title:    Chief Business Officer

          	 	
            Title:    President and Chief Executive Officer

          
	 	 	 
	 	 	 
	
            Nanobiotix S.A.

          	 	
            PharmaEngine, Inc.

          

    

    

    

    

    
      
        

      - A-1 -

    

    
    

    

    Exhibit A:  Co-Sponsorship Memorandum for the First Global Study

     

    

    
      
        

    

    
    

    

    Memorandum

    

    

    Regarding the Parties’ Rights and Obligations in the Territory with Regard to the First Global

    Study according to the License Agreement between PharmaEngine and Nanobiotix signed

    August 06, 2012

    

    

    	1.	
            Background

          

    

    

    	

          	(1)	
            Nanobiotix has initiated a pivotal study entitled “A MULTICENTER RANDOMIZED, OPEN-LABEL PHASE ll/lll STUDY, TO COMPARE THE EFFICACY OF NBTXR3, IMPLANTED AS INTRATUMOR INJECTION AND ACTIVATED BY RADIOTHERAPY, VERSUS RADIOTHERAPY ALONE IN
              PATIENTS WITH LOCALLY ADVANCED SOFT TISSUE SARCOMA OF THE EXTREMITY AND TRUNK WALL” (the “Study,” also known as “Study NBTXR3-301”).  The protocol for the Study as of the Effective Date (as amended from time to time, the “Protocol”) is
              attached hereto as Schedule 1; and

          

    

    

    	

          	(2)	
            In accordance with Section 4.4(ii) of the License Agreement, PharmaEngine wishes to participate in such Study as sponsor in the Territory in coordination with Nanobiotix, who shall be responsible for such Study outside the Territory.

          

    

    

    	

          	(3)	
            The Parties shall discuss coordination of efforts for the Study and shall agree on cost-sharing for certain costs for the Study that are not clearly attributable solely to either the Territory or the areas outside the Territory.

          

    

    

    	

          	(4)	
            This Memorandum outlines the general and also some detailed principles on which the parties agree in respect to the conduct of the Study.

          

    

    

    	2.	
            Relationship between Parties.

          

    

    

    	

          	(1)	
            Nanobiotix will be the Sponsor of the Study outside the Territory and PharmaEngine will be the Sponsor of the Study in the Territory in accordance with Section 4.4(ii) of the License Agreement.  The demarcation of responsibilities of each
              Party with respect to the management of the Study is attached hereto as Schedule 2.  Each Party shall cooperate with the other party with regard to the Study as required under the License Agreement and agrees to fulfil its obligations and
              responsibilities in accordance with this Memorandum.

          

    

    

    	

          	(2)	
            Nanobiotix shall be solely responsible for all submissions to, communications and interactions with Regulatory Authorities outside the Territory regarding the Study, and PharmaEngine shall be responsible for submissions to, communications
              and interactions with Regulatory Authorities in the Territory regarding the Study.  Notwithstanding anything to the contrary in the foregoing, the Parties agree that PharmaEngine together with its designated CRO will prepare the regulatory
              documentation for use in the Territory.  Prior to the initial submission to Regulatory Authorities, PharmaEngine will provide to Nanobiotix for review any significant documents that are to be filed with Regulatory Authorities that are created
              by PharmaEngine (as opposed to documents that are provided by Nanobiotix to PharmaEngine and unchanged versions are used by PharmaEngine for filing purposes, such as, for example only, investigator’s brochure, Study protocol, ICF, application
              forms and their translated versions).  Nanobiotix shall review such documentation and provide PharmaEngine with its feedback within three (3) business days unless a shorter timeline is required in accordance with applicable law.  PharmaEngine
              shall consider any comments from Nanobiotix on such documents in good faith, but PharmaEngine will have final decision-making authority regarding all such documents.  The submission to the Regulatory Authorities in the Territory will be done
              by the CRO on behalf of PharmaEngine.  The final version of submission documentation and the related correspondence incurred after the initial submission will be part of the electronic trial master file of the Study.  It is therefore
              explicitly agreed between PharmaEngine and Nanobiotix that these documents do not need to be uploaded to the Electronic Data Platform by PharmaEngine.  Nanobiotix shall assist PharmaEngine as required under the License Agreement in the
              regulatory documentation and submission if requested by PharmaEngine.
              

              

            

          

    

    

    
      Page 1 of 8

      
        

    

    	

          	(3)	
            The Parties shall implement the Study in accordance with the Protocol as approved by the applicable Regulatory Authorities and with any subsequent amendments approved by the applicable Regulatory Authorities, and in compliance with the ISO
              14155, the Guideline for Good Clinical Practice set forth by the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (as amended and/or restated from time to time, “GCP”) and
              any applicable laws, regulations, guidelines and rules.  Without limiting the foregoing, PharmaEngine shall ensure that all activities in the Territory comply materially with the applicable requirements for medical devices, including the risk
              management based on the last updated version of ISO 14971.

          

    

    

    	

          	(4)	
            PharmaEngine is responsible for selecting the countries, investigators, hospitals and CRO who will be responsible for regulatory submissions and clinical monitoring in the countries where PharmaEngine is the sponsor of the Study. 
              PharmaEngine will inform Nanobiotix through the regular project calls (see clause 5(3)) of its decisions regarding such countries, investigators, hospitals and CROs.  Such selections and decisions will be discussed in such project calls, if
              necessary, but PEI shall have final decision-making authority with regard to such matters.

          

    

    

    	

          	(5)	
            Quality assurance of the Study will be performed on a global basis and will be coordinated by Nanobiotix.  Nanobiotix shall provide such quality assurance plan for PharmaEngine’s review and comments.  PharmaEngine shall bear the costs for
              the quality assurance auditing activities in the Territory.  The auditing activities shall be delineated in the quality assurance plan.

          

     

    

    	

          	(6)	
            PharmaEngine is responsible for the implementation of its own quality management system in accordance with ISO 13485.

          

    

    

    	

          	(7)	
            Each Party shall be responsible for negotiating, executing and entering into Study Agreements (“SAs”) with the investigators and hospitals in the countries where it is the sponsor.  Each Party shall be responsible for the performance of
              all of its obligations under such SAs.

          

    

    

    	

          	(8)	
            Each Party shall procure reasonable and customary clinical trial insurance with respect to the conduct of the Study in the countries where it is the sponsor in accordance with all applicable laws, regulations and rules.

          

    

    

    
      Page 2 of 8

      
        

    

    	

          	(9)	
            Neither Party shall bear any responsibility or liability for any payment, expenses or damages under any SA signed by the other Party.

          

    

    

    	

          	(10)	
            In performing their respective responsibilities, the Parties shall at all times comply with all applicable terms and conditions of the License Agreement and the SAs and this Memorandum.  For the avoidance of doubt, nothing in this
              Memorandum shall be construed to relieve either Party of any of its obligations under the License Agreement.

          

    

    

    	

          	(11)	
            The Parties agree to follow Nanobiotix’s standard operating procedures (SOPs) in the conduct of the Study in the Territory, including such SOPs for Pre-study site visit (Site selection visit), Initiation visit, Monitoring visit, Closeout
              visit, Trial Master File, Investigation Site File and Audit visit as well as all other appropriate documents needed to conduct the Study in the Territory.

          

    

    

    	

          	(12)	
            Both Nanobiotix and PharmaEngine shall have the right to access eCRF database without the prior consent of the other party.  The Parties will discuss the exact privileges to access the eCRF database to be granted to their respective
              employees and agents, but such privileges shall include, at a minimum, PharmaEngine’s project manager having the same access rights and operational permits to such eCRF database for data collected in the Territory as the Nanobiotix project
              manager for data collected outside the Territory, and PharmaEngine having appropriate access to create reports that include data collected outside the Territory.

          

    

    

    	

          	(13)	
            In case there is an aspect of the collaboration between the Parties needed for the conduct of the Study that is not covered by this Memorandum, then the Parties agree to reasonably and cooperatively work together on that aspect in a way
              that is in the best interest of the conduct of the Study on a global level.

          

    

    

    	

          	(14)	
            The parties shall update the study status and the project plan in the Territory with each other in the scheduled global project calls during all phases of the conduct of the Study and provide the required documentation and updates, if any,
              before such calls.  During these calls the details of the global Study (inside and outside the Territory) shall be discussed, and PharmaEngine’s CRO shall participate in such calls as well.  The topics shall further include, but not be
              limited to, (a) status of each country, (b) questions from the investigators or site staff, (c) change of design of the Study, (d) change of timeline affecting the sites, (e) requests from any of the Regulatory Authorities of the Study (f)
              requests from any other Regulatory Authorities that might reasonably impact the Study and (g) responses by Nanobiotix or PharmaEngine to the requests referenced in clauses (e) and (f).

          

    

    

    
      Page 3 of 8

      
        

    

    	3.	
            Clinical Supply of the Licensed Product

          

    

    

    	

          	(1)	
            Nanobiotix shall supply PharmaEngine with the Licensed Product for the conduct of the Study in accordance with the Development Supply Agreement signed by the parties on August 06, 2013 (the “Supply Agreement”).  In addition to the
              activities described in the Supply Agreement Nanobiotix shall be responsible for the secondary packaging and labeling of the Licensed Product for use in the Study in compliance with applicable laws and regulations, the License Agreement and
              the Supply Agreement.  PharmaEngine shall pay Nanobiotix for such secondary packaging and labeling a price equal to [***].

          

    

    

    	

          	(2)	
            PharmaEngine shall provide Nanobiotix with the label content required by the countries in the Territory to perform the labelling of the Licensed Product promptly upon selection of a particular jurisdiction for conduct of the Study and in a
              timely manner to prevent delays in the timelines of submissions to Regulatory Authorities.

          

    

    

    	

          	(3)	
            Nanobiotix is responsible for the pharmaceutical release (CMC portion) and shipment of the Licensed Product to the warehouse(s) designated by PharmaEngine.  Subsequently PharmaEngine is responsible for the clinical release of the Licensed
              Product and the transfer from the warehouse to the clinical sites in the Territory.

          

    

    

    	4.	
            Responsibilities of Nanobiotix

          

    

    

    	

          	(1)	
            Nanobiotix shall provide PharmaEngine with all documents required for Study regulatory submissions in English, including but not limited to the Protocol and any subsequent amendments, Investigator’s brochures, electronic case report forms
              (paper copy of the electronic version), master informed consent form, statistical analysis plan, data monitoring plan, data verification plan and central laboratories information.  PharmaEngine shall be responsible for any necessary
              translation of any such documents for the sites in the Territory and for the specific adaptation of the documents required for the submission in the Territory.  Nanobiotix shall provide all such documentation to PharmaEngine in a timely
              manner to prevent delays in the timelines of submissions to Regulatory Authorities in the Territory.
              

              

            

          

    

    

    	

          	(2)	
            Nanobiotix shall be responsible for the pharmacovigilance, data management, central image review, body kinetics study, statistics and IWRS, quality of the study conduct, as well as final Study report writing.  The following CROs have been
              selected by Nanobiotix to provide such services.  Nanobiotix will use commercial reasonable efforts to obtain the consent from its CROs to share the CRO agreements and potential amendments with PharmaEngine.

          

    

    

    	

          	●	
            [***]

          

    

    

    	

          	●	
            [***]

          

    

    

    	

          	●	
            [***]

          

    

    

    	

          	●	
            [***]

          

    

    

    	

          	●	
            [***]

          

    

    

    	

          	●	
            [***]

          

    

    

    
      Page 4 of 8

      
        

    

    	

          	(3)	
            Nanobiotix shall provide PharmaEngine with all the relevant SOPs in Section 2(10) of this Memorandum, and all templates for reports and forms for the Study.

          

    

    

    	

          	(4)	
            Prior to making any material change in the design of the Study Nanobiotix and PharmaEngine will discuss such suggested material change via either email or telephone.  Nanobiotix shall provide PharmaEngine with a full description of all
              proposed changes after such discussion.  PharmaEngine shall review and provide comments to Nanobiotix within ten (10) days after receiving all information relating to the changes in case these material study changes are of strategic nature,
              e.g. to increase the enrollment rate.  In case the material study changes are an emergency, e.g. to react on side effects, then PharmaEngine shall review and provide comments to Nanobiotix within three (3) days after receiving all information
              relating to the changes.  Nanobiotix will have final decision-making authority regarding all such documents.  Nanobiotix shall reasonably consider PharmaEngine’s comments and modifications regarding such proposed changes.  Nanobiotix shall
              provide PharmaEngine with all the relevant instructions for the Study including, but not limited to, injection instructions, EDC instructions, lab manuals, Investigator Site File filing manual, and the paper and electronic versions of the
              trial master file.

          

    

    

    	

          	(5)	
            PharmaEngine will invite Prof. Sylvie Bonvalot (or any other investigator skilled to perform the intratumoral injection) to attend the first regional Investigators’ meeting in the Territory at PharmaEngine’s expense.  Nanobiotix will
              support PharmaEngine in making the contact to Prof. Sylvie Bonvalot or any other skilled investigator.  Furthermore, PharmaEngine may, but shall not be required to, send investigators from the Territory for training at Prof. Bonvalot’s
              center, also at PharmaEngine’s expense.  The contractual relationship to accomplish these tasks between Prof. Sylvie Bonvalot or any other skilled investigator or their respective employers is the sole responsibility of PharmaEngine. 
              Additionally, either Party may elect to participate in the other Party’s meetings with investigators at the expense of the Party that is not holding the meeting.
              

              

            

          

    

    

    	5.	
            Responsibilities of PharmaEngine

          

    

    

    	

          	(1)	
            PharmaEngine shall establish a project plan, which shall be updated during the regular project calls.

          

    

    

    	

          	(2)	
            PharmaEngine shall cooperate with the CROs which have been contracted by Nanobiotix as described in Section 4(2) of this Memorandum.

          

    

    

    	

          	(3)	
            PharmaEngine plans, but does not guarantee to recruit, approximately [***] subjects to be randomized in this Study, representing roughly [***] of all subjects recruited.

          

    

    

    	6.	
            Cost Sharing

          

    

    

    	

          	(1)	
            Subject to clauses 6(2) of this Memorandum, each party shall separately bear all the costs and expenses incurred as a result of the activities performed in the countries where it is the Sponsor for the Study, including CRO services,
              clinical trial insurance, clinical monitoring in its Territory, delivery of samples, (including, but not limited to, samples collected at the investigational sites to the central lab for body kinetics analysis).

          

    

    

    	

          	(2)	
            Notwithstanding anything to the contrary in Clause 6(1) above, PharmaEngine shall initially be responsible for [***] of the fees and expenses incurred for the CRO services as identified in Section 4(2) of this Memorandum.  After the Study
              has been completed, the Parties will calculate the actual percentage of randomized subjects enrolled by PharmaEngine in the Study in the Territory out of the total number of randomized subjects enrolled in the entire Study.  PharmaEngine’s
              share of the fees and expenses incurred for the CRO services in identified in Section 4(2) of this Memorandum shall then be adjusted to reflect the actual percentage of the total number of subjects enrolled in the Study that were enrolled by
              PharmaEngine in the Study in the Territory.  For example, in case 170 subjects were randomized in the entire Study and PharmaEngine contributed 20 subjects, then PharmaEngine shall pay 11.8% of the applicable costs.  PharmaEngine’s cost
              contribution shall not drop below [***] even in case PharmaEngine has enrolled less than [***] of the patients in the Study.

          

    

    

    	

          	(3)	
            PharmaEngine will pay all costs for which it is responsible under Section 6(2) to Cmed (or any successor CRO identified by Nanobiotix), regardless of whether such costs relate to activities conducted by Cmed or another CRO.  As long as
              PharmaEngine makes its required payments to Cmed, PharmaEngine shall have no liability to Nanobiotix or any third party for any further payments.  PharmaEngine and Nanobiotix will enter into a three-way agreement with CMed (or any successor
              CRO identified by Nanobiotix) to reflect this payment arrangement.

          

    

    

    
      Page 5 of 8

      
        

    

    	7.	
            Intellectual Property

          

    

    

    Notwithstanding anything to the contrary In the License Agreement, Nanobiotix shall own all Development Data generated in the countries where it is Sponsor of the Study, and PharmaEngine will own all Development Data
      generated in the countries where it is Sponsor of the Study.  Each Party shall have the right to access the other Party’s Development Data from the Study in accordance with the License Agreement.

    

    

    	8.	
            Miscellaneous

          

    

    

    	

          	(1)	
            Except as expressly stated in this Memorandum, In the event of any inconsistency between this Memorandum and the License Agreement, the License Agreement shall prevail.

          

    

    

    	

          	(2)	
            All capitalized terms used in this Memorandum and not otherwise defined in this Memorandum have the meanings assigned them in the License Agreement.

          

    

    

    	

          	(3)	
            Schedules

          

    

    

    	

          	

          	
            Schedule 1 – Study Protocol

          

    

    

    	

          	

          	
            Schedule 2 – Roles and Responsibilities in the Territory

          

     

    

     

    

     

    

    	/s/ B. Mϋhlenweg	 	/s/ Grace Yeh.
	
            Name:  Dr. Bernd Mühlenweg

          	 	
            Name:  C. Grace Yeh, Ph.D.

          
	
            Title:    Chief Business Officer

          	 	
            Title:    President and Chief Executive Officer

          
	 	 	 
	 	 	 
	
            Nanobiotix S.A.

          	 	
            PharmaEngine, Inc.

          

    

    

    

    

    
      Page 6 of 8

      
        

    

    Schedule 1 – Study Protocol

     

    

     [Omitted] 

    

    

    
      Page 7 of 8

      
        

    

    Schedule 2 - Roles and Responsibilities in the Territory

    

    

     [***] 

     

    

    
      Page 8 of 8

      
        

      - B-1 -

    

    
    Exhibit B:  Licensor Press Release

    

    

     [Omitted] 

     

    

    
      
        

      - C-1 -

    

    
    Exhibit C:  Licensee Press Release

    

    

     [Omitted]EXHIBIT 10.3

      

       

      

       CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.  INFORMATION THAT HAS BEEN
          OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK "[***]". 

       

      

      Contract number (FI No): 

      89427

      

      

      Contract number (FI No): 

      89987

      

      

      Serapis No: 

      2018-0245

    

    Nanobiotix EGFF

    

    

    Finance Contract

    

    

    between the

    

    

    European Investment Bank

    

    

    and

    

    

    Nanobiotix

    

    

    Luxembourg and Paris on 26 July 2018

    
      
        

    

    
    	
            ARTICLE 1

          	
            6

          
	 	 	 
	
            1.1

          	
            INTERPRETATION

          	
            6

          
	 	 	 
	
            1.2

          	
            DEFINITIONS

          	
            6

          
	 	 	 
	
            ARTICLE 2

          	
            13

          
	 	 	 
	
            2.1

          	
            AMOUNT OF CREDIT

          	
            13

          
	 	 	 
	
            2.2

          	
            DISBURSEMENT PROCEDURE

          	
            13

          
	 	 	 
	
            2.3

          	
            DISBURSEMENT ACCOUNT

          	
            14

          
	 	 	 
	
            2.4

          	
            CURRENCY OF DISBURSEMENT

          	
            14

          
	 	 	 
	
            2.5

          	
            CONDITIONS OF DISBURSEMENT

          	
            14

          
	 	 	 
	
            2.6

          	
            CANCELLATION

          	
            16

          
	 	 	 
	
            2.7

          	
            FEE FOR CANCELLATION OF AN ACCEPTED TRANCHE

          	
            16

          
	 	 	 
	
            2.8

          	
            CANCELLATION AFTER EXPIRY OF THE CREDIT

          	
            16

          
	 	 	 
	
            2.9

          	
            NON-UTILISATION FEE

          	
            17

          
	 	 	 
	
            2.10

          	
            SUMS DUE UNDER ARTICLE 2

          	
            17

          
	 	 	 
	
            ARTICLE 3

          	
            17

          
	 	 	 
	
            3.1

          	
            AMOUNT OF LOAN

          	
            17

          
	 	 	 
	
            3.2

          	
            CURRENCY OF REPAYMENT, INTEREST AND OTHER CHARGES

          	
            17

          
	 	 	 
	
            ARTICLE 4

          	
            17

          
	 	 	 
	
            4.1

          	
            FIRST TRANCHE INTEREST

          	
            17

          
	 	 	 
	
            4.2

          	
            SECOND AND THIRD TRANCHES INTEREST

          	
            17

          
	 	 	 
	
            4.3

          	
            ROYALTY AGREEMENT

          	
            18

          
	 	 	 
	
            4.4

          	
            INTEREST ON OVERDUE SUMS

          	
            18

          
	 	 	 
	
            4.5

          	
            EFFECTIVE GLOBAL RATE

          	
            18

          
	 	 	

          
	
            ARTICLE 5

          	
            19

          
	 	 	 
	
            5.1

          	
            NORMAL REPAYMENT

          	
            19

          
	 	 	 
	
            5.2

          	
            VOLUNTARY PREPAYMENT

          	
            19

          
	 	 	 
	
            5.3

          	
            COMPULSORY PREPAYMENT

          	
            20

            

          
	 	 	 
	
            5.4

          	
            GENERAL

          	
            21

            

          
	 	 	 
	
            ARTICLE 6

          	
            21

            

          
	 	 	 
	
            6.1

          	
            DAY COUNT CONVENTION

          	
            21

            

          
	 	 	 
	
            6.2

          	
            TIME AND PLACE OF PAYMENT

          	
            22

            

          
	 	 	 
	
            6.3

          	
            NO SET-OFF BY THE BORROWER

          	
            22

            

          
	 	 	 
	
            6.4

          	
            DISRUPTION TO PAYMENT SYSTEMS

          	
            22

            

          
	 	 	

          
	
            6.5

          	
            APPLICATION OF SUMS RECEIVED

          	23

          
	 	 	 
	
            ARTICLE 7

          	
            23

          
	 	 	 
	
            ARTICLE 8

          	
            24

          
	 	 	 
	
            8.1

          	
            TAXES, DUTIES AND FEES

          	
            24

          
	 	 	 
	
            8.2

          	
            OTHER CHARGES

          	
            24

          
	 	 	 
	
            8.3

          	
            INCREASED COSTS, INDEMNITY AND SET-OFF

          	
            24

          

    

    

    
      2

      
        

    

    

    

    	
            ARTICLE 9

             	
            25

          
	 	 	 
	
            9.1

          	
            RIGHT TO DEMAND REPAYMENT

          	
            25

          
	 	 	 
	
            9.2

          	
            OTHER RIGHTS AT LAW

          	
            27

          
	 	 	 
	
            9.3

          	
            PREPAYMENT FEE

          	
            27

          
	 	 	 
	
            9.4

          	
            NON-WAIVER

          	
            27

          
	 	 	 
	
            9.5

          	
            NO HARDSHIP

          	
            27

          
	 	 	 
	
            ARTICLE 10

          	
            27

          
	 	 	 
	
            10.1

          	
            GOVERNING LAW

          	
            27

          
	 	 	 
	
            10.2

          	
            JURISDICTION

          	
            27

          
	 	 	 
	
            10.3

          	
            PLACE OF PERFORMANCE

          	
            27

          
	 	 	 
	
            10.4

          	
            EVIDENCE OF SUMS DUE

          	
            27

          
	 	 	 
	
            10.5

          	
            ENTIRE AGREEMENT

          	
            27

          
	 	 	 
	
            10.6

          	
            INVALIDITY

          	
            28

          
	 	 	 
	
            10.7

          	
            AMENDMENTS

          	
            28

          
	 	 	 
	
            ARTICLE 11

          	
            28

          
	 	 	 
	
            11.1

          	
            NOTICES

          	
            28

          
	 	 	 
	
            11.2

          	
            ENGLISH LANGUAGE

          	
            29

          
	 	 	 
	
            SCHEDULE A

          	
            31

            

          
	 	 	 
	
            INVESTMENT SPECIFICATION AND REPORTING

          	
            31

            

          
	 	 	 
	
            SCHEDULE B

          	
            34

          
	 	 	 
	
            DEFINITION OF EURIBOR

          	
            34

          
	 	 	 
	
            SCHEDULE C

          	
            35.

          
	 	 	 
	
            FORM OF DISBURSEMENT OFFER/ACCEPTANCE

          	
            35

          
	 	 	 
	
            SCHEDULE D

          	
            37

          
	 	 	 
	
            FORM OF CERTIFICATE (ARTICLE 2.5.5)

          	
            37

          
	 	 	 
	
            SCHEDULE E

          	
            38

          
	 	 	 
	
            INITIAL DOCUMENTARY CONDITIONS PRECEDENT

          	
            38

          
	 	 	 
	
            SCHEDULE F

          	
            39

          
	 	 	 
	
            REPRESENTATIONS AND WARRANTIES

          	
            39

          
	 	 	 
	
            SCHEDULE G

          	
            42

            

          
	 	 	 
	
            EXISTING INDEBTEDNESS AND EXISTING OFF BALANCE SHEETS COMMITMENTS

          	
            42

            

          
	 	 	 
	
            SCHEDULE H

          	
            43

          
	 	 	 
	
            GENERAL UNDERTAKINGS

          	
            43

          
	 	 	 
	
            SCHEDULE I

          	
            52

            

          
	 	 	 
	
            INFORMATION AND VISITS

          	
            52

            

          

    
      3

      
        

    

    THIS CONTRACT IS MADE ON 26 JULY 2018 BETWEEN:

    

    

    	 	
            The European Investment Bank having its seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by Barbara Boos (Head of Division ) and Charlotte Hill (Legal Officer)

          	
            (the "Bank")

          
	 	 	 
	 	
            and

          	 
	 	
            Nanobiotix, a company incorporated in France, having its registered office at 60 rue de Wattignies, 75012 Paris, and registered under number 447 521 600 RCS Paris, represented by Philippe Mauberna (Chief Financial Officer) 

            

          	
            (the "Borrower")

          

    
      4

      
        

    

    WHEREAS:

    

    

    
      
        	

              	(a)	
                The Borrower has stated that it is undertaking a research and development project relating to activities required to bring NBTXR3 (a nanoparticle radio-enhancer product) to the market as more particularly described in the technical
                  description (the "Technical Description") set out in Schedule A (the "Investment"). The total cost of the Investment, as estimated by the Bank, is EUR
                  94,700,000.

              

      

    

    

    

    
      
        	

              	(b)	
                The Bank, considering that the financing of the Investment falls within the scope of its functions, agreed to provide the Borrower with a credit in an amount of EUR 40,000,000 under this Finance Contract (the "Contract") to finance the Investment; provided that the amount of the loan hereunder shall not, in any case, exceed 50% of the cost of the Investment.

              

      

    

    

    

    
      
        	

              	(c)	
                This operation benefits from a guarantee from the European Union under the European Fund for Strategic Investments ("EFSI").

              

      

    

    

    

    
      
        	

              	(d)	
                The statute of the Bank provides that the Bank shall ensure that its funds are used as rationally as possible in the interests of the European Union; and, accordingly, the terms and conditions of the Bank's loan operations must be
                  consistent with relevant policies of the European Union.

              

      

    

    

    

    
      
        	

              	(e)	
                The Bank considers that access to information plays an essential role in the reduction of environmental and social risks, including human rights violations, linked to the projects it finances and has therefore established its
                  Transparency Policy, the purpose of which is to enhance the accountability of the EIB group towards its stakeholders and the citizens of the European Union in general.

              

      

    

    

    

    
      
        	

              	(f)	
                The processing of personal data shall be carried out by the Bank in accordance with applicable European Union legislation on the protection of individuals with regard to the processing of personal data by the European Union
                  institutions and bodies and on the free movement of such data.

              

      

    

    

    

    
      
        	

              	(g)	
                The EIB places great emphasis on integrity and good governance and has therefore established policies and procedures to avoid misuse of its funds for purposes of tax fraud, tax evasion, money laundering and financing of terrorism, and
                  with a view to protect against its operations financing artificial arrangements aimed at tax avoidance. Such policies and procedures are designed to be in line with the principles and standards of applicable EU Law, and European Union or
                  internationally agreed tax standards on transparency and exchange of information.

              

      

    

    
      5

      
        

    

    It is hereby agreed as follows:

    

    

    ARTICLE 1

    Interpretation and definitions

    

    

    
      
        	1.1	
                Interpretation

              

      

    

    

    

    In this Contract:

    

    

    
      
        	

              	(a)	
                references to Articles, Recitals, Schedules and Paragraphs are, save if explicitly stipulated otherwise, references respectively to articles of, and recitals, schedules and paragraphs of schedules to, this Contract. All Recitals and
                  Schedules form part of this Contract;

              

      

    

    

    

    
      
        	

              	(b)	
                references to “law" or “laws” mean (a) any applicable law and any applicable treaty, constitution, statute, legislation, decree, normative act, rule, regulation, judgement, order, writ, injunction, determination, award or other
                  legislative or administrative measure or judicial or arbitral decision in any jurisdiction which is binding or applicable case law, and (b) EU Law;

              

      

    

    

    

    
      
        	

              	(c)	
                references to applicable law, applicable laws or applicable jurisdiction means (a) a law or jurisdiction applicable to the Borrower, its rights and/or obligations (in each case arising out of or in connection with the Finance
                  Documents), its capacity and/or assets and/or the Investment; and/or, as applicable, (b) a law or jurisdiction (including in each case the Bank’s Statute) applicable to the Bank, its rights, obligations, capacity and/or assets;

              

      

    

    

    

    
      
        	

              	(d)	
                references to a provision of law are references to that provision as amended or re-enacted;

              

      

    

    

    

    
      
        	

              	(e)	
                references to any other agreement or instrument are references to that other agreement or instrument as amended, novated, supplemented, extended or restated; and

              

      

    

    

    

    
      
        	

              	(f)	
                words and expressions in plural shall include singular and vice versa.

              

      

    

    

    

    
      
        	1.2	
                Definitions

              

      

    

    

    

    In this Contract:

    

    

    "Accepted Tranche" means a Tranche in respect of a Disbursement Offer which has been duly accepted by the Borrower in accordance with its terms on or before
      the Disbursement Acceptance Deadline

    

    

    "acting in concert" means acting together pursuant to an agreement or understanding (whether formal or informal).

    

    

    "Authorisation" means an authorisation, permit, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

    

    

    "Authorised Signatory" means a person authorised to sign individually or jointly (as the case may be) Disbursement Acceptances on behalf of the Borrower and
      named in the most recent List of Authorised Signatories and Accounts received by the Bank prior to the receipt of the relevant Disbursement Acceptance.

    

    

    "Business Day" means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Paris and in Luxembourg.

    
      6

      
        

    

    “Cancellation Fee” means, in relation to the cancellation of an Accepted Tranche by the Borrower, under Article 2.7(a), or in relation to an amount cancelled
      by the Bank under Articles 2.7(b) and 2.7(c) (Fee for cancellation of an Accepted Tranche), a fee of 2% of the cancelled amount.

    

    

    "Change-of-Control Event" means:

    

    

    
      
        	

              	(a)	
                any person or group of persons acting in concert gains control of the Borrower or of any entity directly or ultimately controlling the Borrower; or

              

      

    

    

    

    
      
        	

              	(b)	
                Laurent Levy ceases to hold at least the Minimum Shareholding in the Borrower.

              

      

    

    

    

    "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the
      application or official interpretation of any law, rule or regulation) that occurs after the date of this Contract and which, in the opinion of the Bank, would materially impair an Obligor's ability to perform its obligations under the Finance
      Documents.

    

    

    "Contract Number" shall mean the Bank generated number identifying this Contract and indicated on the cover page of this Contract after the letters "FI N°".

    

    

    "Credit" has the meaning given to it in Article 2.1 (Amount of Credit).

    

    

    "Disbursement Acceptance" means a copy of the Disbursement Offer duly countersigned by the Borrower.

    

    

    "Disbursement Acceptance Deadline" means the date and time of expiry of a Disbursement Offer as specified therein.

    

    

    "Disbursement Account" means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

    

    

    "Disbursement Date" means the date on which disbursement of a Tranche is made by the Bank.

    

    

    "Disbursement Offer" means a letter substantially in the form set out in Error! Reference source not found..

    

    

    "Dispute" has the meaning given to it in Article 10.2.

    

    

    "Disruption Event" means either or both of:

    

    

    
      
        	

              	(a)	
                a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with this Contract; or

              

      

    

    

    

    
      
        	

              	(b)	
                the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of either the Bank or the Borrower, preventing that party from:

              

      

    

    

    

    
      
        	

              	(i)	
                performing its payment obligations under this Contract; or

              

      

    

    

    

    
      
        	

              	(ii)	
                communicating with other parties in accordance with the terms of this Contract,

              

      

    

    

    

    and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the party whose operations are disrupted.

    

    

    "EFSI" has the meaning given in Recital C.

    
      7

      
        

    

    "EFSI Regulation" means the Regulation 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the European Fund for Strategic Investments
      as amended, supplemented or restated.

    

    

    "Environment" means the following, in so far as they affect human health or social well-being:

    

    

    
      
        	

              	(a)	
                fauna and flora;

              

      

    

    

    

    
      
        	

              	(b)	
                soil, water, air, climate and the landscape; and

              

      

    

    

    

    
      
        	

              	(c)	
                cultural heritage and the built environment,

              

      

    

    

    

    and includes, without limitation, occupational and community health and safety.

    

    

    "Environmental Approval" means any Authorisation required by Environmental Law.

    

    

    "Environmental Claim" means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

    

    

    "Environmental Law" means EU Law including principles and standards, and national laws and regulations, of which a principal objective is the preservation,
      protection or improvement of the Environment.

    

    

    "Existing Indebtedness" means the Indebtedness listed in Schedule G.

    

    

    "Existing Off Balance Sheet Commitments" means the off-balance sheet commitments listed in Schedule G.

    

    

    “EU Law” means the acquis communautaire of the European Union as expressed through the Treaties of the European Union, the regulations, directives, delegated
      acts, implementing acts, and the case law of the Court of Justice of the European Union.

    

    

    "EUR" or "euro" means the lawful currency of the Member States of the European Union which adopt or have adopted it
      as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.

    

    

    "EURIBOR" has the meaning given to it in Schedule B (Definition of EURIBOR).

    

    

    "Event of Default" means any of the circumstances, events or occurrences specified in Article 9 (Events of Default).

    

    

    "Fee Letter" means the letter from the Bank to the Borrower dated 14 March 2018.

    

    

    "Final Availability Date" means the day falling 24 months after the signature of this Contract.

    

    

    "Finance Documents" means this Contract, the Guarantee Agreement, the Royalty Agreement and the Fee Letter.

    

    

    "Finance Lease" means any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease.

    

    

    "First Tranche" has the meaning given to that term in Article 2.2.1 (Tranches).

    
      8

      
        

    

    "Fixed Rate" means:

    

    

    
      
        	

              	(a)	
                in relation to the Second Tranche, 5% (five per cent); and

              

      

    

    

    

    
      
        	

              	(b)	
                in relation to the Third Tranche, 4% (four per cent).

              

      

    

    

    

    "GAAP" means generally accepted accounting principles in France, including IFRS.

    

    

    "Group" means the Group Companies, taken together as a whole.

    

    

    "Group Company" means the Borrower and its Subsidiaries.

    

    

    "Guarantee Agreement" means a first demand guarantee in form and substance satisfactory to the Bank to be entered into by a Guarantor as guarantor and the
      Bank as beneficiary.

    

    

    "Guarantor" means any Material Subsidiaries, if legally feasible under its law of incorporation.

    

    

    "IFRS" means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

    

    

    "Illegal Activities" means any of the following illegal activities or activities carried out for illegal purposes: tax evasion, tax fraud, fraud, corruption,
      coercion, collusion, obstruction, money laundering, financing of terrorism or any illegal activity that may affect the financial interests of the EU, according to applicable laws.

    

    

    "Indebtedness" means any:

    

    

    
      
        	

              	(a)	
                obligations for borrowed money;

              

      

    

    

    

    
      
        	

              	(b)	
                indebtedness under any acceptance credit;

              

      

    

    

    

    
      
        	

              	(c)	
                indebtedness under any bond, debenture, note or similar instrument;

              

      

    

    

    

    
      
        	

              	(d)	
                instrument under any bill of exchange;

              

      

    

    

    

    
      
        	

              	(e)	
                indebtedness in respect of any interest rate or currency swap or forward currency sale or purchase or other form of interest or currency hedging transaction (including without limit caps, collars and floors);

              

      

    

    

    

    
      
        	

              	(f)	
                indebtedness under any Finance Lease;

              

      

    

    

    

    
      
        	

              	(g)	
                indebtedness (actual or contingent) under any guarantee, bond security, indemnity or other agreement;

              

      

    

    

    

    
      
        	

              	(h)	
                indebtedness (actual or contingent) under any instrument entered into for the purpose of raising finance;

              

      

    

    

    

    
      
        	

              	(i)	
                indebtedness in respect of a liability to reimburse a purchaser of any receivables sold or discounted in the event that any amount of those receivables is not paid;

              

      

    

    

    

    
      
        	

              	(j)	
                indebtedness arising under a securitisation; or

              

      

    

    

    

    
      
        	

              	(k)	
                other transaction which has the commercial effect of borrowing.

              

      

    

    

    

    "Intellectual Property Rights" means intellectual property of every designation (including, without limitation, patents, utility patents, copyrights, design
      rights, trademarks, service marks and know how) whether capable of registration or not.

    
      9

      
        

    

    "Investment" has the meaning given to that term in Recital (A).

    

    

    "Joint Venture" means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other
      entity.

    

    

    "Lead Organisation" means the European Union, the United Nations, the International Monetary Fund, the Financial Stability Board, the Financial Action Task
      Force and the Organisation for Economic Cooperation and Development.

    

    

    "List of Authorised Signatories and Accounts" means a list, in form and substance satisfactory to the Bank, setting out: (i) the Authorised Signatories,
      accompanied by evidence of signing authority of the persons named on the list and specifying if they have individual or joint signing authority, (ii) the specimen signatures of such persons, and (iii) the bank account(s) to which disbursements may be
      made under this Contract (specified by IBAN code if the country is included in the IBAN Registry published by SWIFT, or in the appropriate account format in line with the local banking practice), BIC/SWIFT code of the bank and the name of the bank
      account(s) beneficiary.

    

    

    "Loan" means the aggregate of the amounts disbursed from time to time by the Bank under this Contract.

    

    

    "Loan Outstanding" means the aggregate of the amounts disbursed from time to time by the Bank under this Contract that remains outstanding.

    

    

    "Material Adverse Change" means, any event or change of condition, which, in the opinion of the Bank has a material adverse effect on:

    

    

    
      
        	

              	(a)	
                the ability of the Borrower or the Group taken as a whole to perform its obligations under the Finance Documents;

              

      

    

    

    

    
      
        	

              	(b)	
                the business, operations, property, condition (financial or otherwise) or prospects of the Borrower or the Group as a whole; or

              

      

    

    

    

    
      
        	

              	(c)	
                the legality, validity or enforceability of, the rights or remedies of the Bank under the Finance Documents.

              

      

    

    

    

    "Material Subsidiary" means any Subsidiary of the Borrower from time to time, whose gross revenues, total assets or EBITDA represents not less than 5% of (i)
      the consolidated gross revenues of the Group or, (ii) the consolidated total assets of the Group or, (iii) as the case may be, the consolidated EBITDA of the Group, as calculated based on the then latest consolidated audited accounts of the Group.

    

    

    "Maturity Date" means

    

    

    
      
        	

              	(a)	
                for the First Tranche, the sole Repayment Date of that Tranche as specified in the relevant Disbursement Offer, being the date falling 5 (five) years from the Disbursement Date of that Tranche;

              

      

    

    

    

    
      
        	

              	(b)	
                for the Second Tranche and the Third Tranche, the last Repayment Date of that Tranche as specified in the relevant Disbursement Offer, being the date falling 5 (five) years from the Disbursement Date of the relevant Tranche.

              

      

    

    

    

    “Minimum Shareholding” means 50,000 shares, or in the case of a share split following the date of signature of the Finance Contract, a number of shares
      representing the same proportion of shares to the fully diluted shareholding of the Borrower following such share split as at the date of signature of the Finance Contract.

    
      10

      
        

    

    "New Shareholder Injections" means the aggregate amount subscribed for by any person (other than a Group Company) for ordinary shares in the Borrower or for
      subordinated loan notes or other subordinated debt instruments in the Borrower on terms acceptable to the Bank.

    

    

    "Non-EIB Financing" includes any loan (save for the Loan and any other direct loans from the Bank to the Borrower (or any other Group Company)), credit bond
      or other form of financial indebtedness or any obligation for the payment or repayment of money originally granted to the Borrower (or any other Group Company)) for a term of more than 3 (three) years.

    

    

    "Obligor" means the Borrower and each Guarantor.

    

    

    "Party" means a party to this Agreement.

    

    

    "Payment Date" means the annual or semi-annual dates specified in the Disbursement Offer until and including the Maturity Date, save that, in case any such
      date is not a Relevant Business Day, it means: the following Relevant Business Day, without adjustment to the interest due under Article 4.2 (Second and Third Tranches Interest) except for those cases where a
      payment is made as a single instalment in accordance with Article 5.1.1 (First Tranche), and to the final interest payment only, when it shall mean the preceding Relevant Business Day, with adjustment to the
      interest due under Article 4.1 (First Tranche Interest).

    

    

    "Permitted Disposal" means any disposal of assets which is permitted in accordance with Paragraph 8 of Schedule H.

    

    

    "Permitted Guarantees" means each and every guarantee permitted in accordance with Paragraph 17 of Schedule H.

    

    

    "Permitted Hedging" has the meaning given to such term in Paragraph 18 of Schedule H.

    

    

    "Permitted Indebtedness" means Indebtedness of the Borrower and/or any Group Company which is permitted in accordance with Paragraph 16 of Schedule H.

    

    

    "Permitted Security" means Security of the Borrower and/or any Group Company which is permitted in accordance with Paragraph 23(c) of Schedule H.

    

    

    "PIK Interest Rate" means, in relation to the First Tranche, 6% (six per cent).

    

    

    "Prepayment Amount" means the amount of a Tranche to be prepaid by the Borrower in accordance with Articles 5.2 (Voluntary
        prepayment), 5.3 (Compulsory prepayment) or 9.1 (Right to demand repayment).

    

    

    "Prepayment Date" means the date on which the Borrower proposes or is requested by the Bank, as applicable, to effect prepayment of a Prepayment Amount.

    

    

    "Prepayment Event" means any of the events described in Article 5.3 (Compulsory Prepayment).

    

    

    "Prepayment Fee" means, in relation to a Prepayment Amount in respect of a Tranche, a fee as follows:

    

    

    
      
        	

              	(a)	
                a fee of 5% of the Prepayment Amount if the Prepayment Date is after the relevant Disbursement Date but before or on the first anniversary of such Disbursement Date;

              

      

    

    

    

    
      
        	

              	(b)	
                a fee of 4% of the Prepayment Amount if the Prepayment Date is after the first anniversary of the relevant Disbursement Date but before or on the second anniversary of such Disbursement Date;

              

      

    

    
      11

      
        

    

    
      
        	

              	(c)	
                a fee of 3% of the Prepayment Amount if the Prepayment Date is after the second anniversary of the relevant Disbursement Date but before or on the third anniversary of such Disbursement Date;

              

      

    

    

    

    
      
        	

              	(d)	
                a fee of 2% of the Prepayment Amount if the Prepayment Date is after the third anniversary of the relevant Disbursement Date but before or on the Maturity Date,

              

      

    

    

    

    with such fee being payable on the applicable Prepayment Date.

    

    

    "Prepayment Notice" means a written notice from the Bank to the Borrower in accordance with Article 5.2.3.

    

    

    "Prepayment Request" means a written request from the Borrower to the Bank to prepay all or part of the Loan Outstanding, in accordance with Article 5.2.1.

    

    

    "Relevant Business Day" means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single
      shared platform and which was launched on 19 November 2007 (TARGET2) is open for the settlement of payments in EUR.

    

    

    "Repayment Date" shall mean each Payment Date specified in the Disbursement Offer for the repayment of a Tranche in accordance with Article 5.1.

    

    

    "Repeating Representations" means each of the representations set out in Schedule F (Representations and Warranties)
      other than in Paragraphs 2(a), 3(b), 3(c), 4, 7(c)(a), 7(g), 8 and 9 thereof, those Paragraphs thereof which are identified with the words "(Non-repeating)" at the end of the Paragraphs.

    

    

    "Royalty Agreement" means the royalty agreement entered into between the Borrower and the Bank dated on or about the date hereof.

    

    

    "Second Tranche" has the meaning given to that term in Article 2.2.1 (Tranches).

    

    

    "Security" means any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing any obligation of any person or any other
      agreement or arrangement having a similar effect.

    

    

    "Senior Management Change" means that the Senior Management Personnel has ceased to be the Chief Executive Officer of the Borrower without the Bank having
      given its prior written consent to such a change.

    

    

    "Senior Management Personnel" means Dr Laurent Levy.

    

    

    "Subsidiary" means an entity of which the Borrower has direct or indirect control or owns directly or indirectly more than 50% of the voting capital or
      similar right of ownership and "control" for this purpose means the power to direct the management and the policies of the entity, whether through the ownership of voting capital, by contract or otherwise.

    

    

    "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
      failure to pay or any delay in paying any of the same).

    

    

    "Technical Description" has the meaning given to it in Recital (A).

    

    

    "Third Tranche" has the meaning given to that term in Article 2.2.1 (Tranches).

    

    

    "Tranche" means each disbursement made or to be made under this Contract. In the event that no Disbursement Acceptance has been received, Tranche shall mean
      a Tranche as offered under Article 2.2.2.

    
      12

      
        

    

    "Voluntary Non EIB Prepayment" means a voluntary prepayment by any Group Company) (for the avoidance of doubt, prepayment shall include a repurchase,
      redemption or cancellation where applicable) of a part or the whole of any Non-EIB Financing where:

    

    

    
      
        	

              	(a)	
                such prepayment is not made within a revolving credit facility (save for the cancellation of the revolving credit facility); or

              

      

    

    

    

    
      
        	

              	(b)	
                such prepayment is not made out of the proceeds of a loan or other indebtedness having a term at least equal to the unexpired term of the Non-EIB Financing prepaid.

              

      

    

    

    

    ARTICLE 2

    Credit and Disbursements

    

    

    
      
        	2.1	
                Amount of Credit

              

      

    

    

    

    By this Contract, the Bank establishes in favour of the Borrower, and the Borrower accepts, a credit in an amount of EUR 40,000,000 for the financing of the Investment (the "Credit").

    

    

    
      
        	2.2	
                Disbursement procedure

              

      

    

    

    

    
      
        	2.2.1	
                Tranches

              

      

    

    

    

    The Bank shall disburse the Credit in Euros in up to 3 (three) Tranches as follows:

    

    

    
      
        	

              	(a)	
                The first Tranche shall be EUR 16,000,000 (sixteen million euros) (the "First Tranche");

              

      

    

    

    

    
      
        	

              	(b)	
                The second Tranche shall be EUR 14,000,000 (fourteen million euros) (the "Second Tranche");

              

      

    

    

    

    
      
        	

              	(c)	
                The third Tranche shall be EUR 10,000,000 (ten million euros) (the "Third Tranche");

              

      

    

    

    

    
      
        	2.2.2	
                Disbursement Offer

              

      

    

    

    

    Upon request by the Borrower and subject to Article 2.5, provided that no event mentioned in Article 2.6(b) has occurred and is continuing, the Bank shall send to the Borrower a Disbursement Offer
      for the disbursement of a Tranche. The latest time for receipt by the Borrower of a Disbursement Offer is 10 (ten) days before the Final Availability Date. The Disbursement Offer shall specify:

    

    

    
      
        	

              	(a)	
                whether the Tranche is the First Tranche, the Second Tranche or the Third Tranche;

              

      

    

    

    

    
      
        	

              	(b)	
                the amount of the Tranche;

              

      

    

    

    

    
      
        	

              	(c)	
                the Disbursement Date, which shall be a Relevant Business Day, falling at least 10 (ten) days after the date of the Disbursement Offer and on or before the Final Availability Date;

              

      

    

    

    

    
      
        	

              	(d)	
                the interest rate basis of the Tranche, namely:

              

      

    

    

    

    
      
        	

              	(i)	
                in respect of the First Tranche, the PIK Interest Rate; and

              

      

    

    

    

    
      
        	

              	(ii)	
                in respect of the Second Tranche and the Third Tranche, the Fixed Rate applicable to such Tranche; and

              

      

    

    
      13

      
        

    

    
      
        	

              	(e)	
                the Payment Dates and interest periods;

              

      

    

    

    

    
      
        	

              	(f)	
                the terms and frequency for repayment of principal;

              

      

    

    

    

    
      
        	

              	(g)	
                first Repayment Date and/or Maturity Date;

              

      

    

    

    

    
      
        	

              	(h)	
                the Disbursement Acceptance Deadline.

              

      

    

    

    

    
      
        	2.2.3	
                Disbursement Acceptance

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower may accept a Disbursement Offer by delivering a Disbursement Acceptance to the Bank no later than the Disbursement Acceptance Deadline. The Disbursement Acceptance shall be signed by an Authorised Signatory with individual
                  representation right or two or more Authorised Signatories with joint representation right and shall specify the Disbursement Account to which disbursement of the Tranche should be made in accordance with Article 2.3 (Disbursement Account);

              

      

    

    

    

    
      
        	

              	(b)	
                If a Disbursement Offer is duly accepted by the Borrower in accordance with its terms on or before the Disbursement Acceptance Deadline, and provided the conditions in Article 2.5.6 are met, the Bank shall make the Accepted Tranche
                  available to the Borrower in accordance with the relevant Disbursement Offer and subject to the terms and conditions of this Contract.

              

      

    

    

    

    
      
        	

              	(c)	
                The Borrower shall be deemed to have refused any Disbursement Offer which has not been duly accepted in accordance with its terms on or before the Disbursement Acceptance Deadline, in which case the Tranche shall not be made available
                  to the Borrower by the Bank, and the Credit shall not be affected.

              

      

    

    

    

    
      
        	2.3	
                Disbursement Account

              

      

    

    

    

    
      
        	

              	(a)	
                Disbursement shall be made to the Disbursement Account specified in the relevant Disbursement Acceptance, provided that such Disbursement Account is acceptable to the Bank.

              

      

    

    

    

    
      
        	

              	(b)	
                Only one Disbursement Account may be specified for each Tranche.

              

      

    

    

    

    
      
        	2.4	
                Currency of disbursement

              

      

    

    

    

    The Bank shall disburse each Tranche in EUR.

    

    

    
      
        	2.5	
                Conditions of Disbursement

              

      

    

    

    

    
      
        	2.5.1	
                Initial Documentary Conditions Precedent

              

      

    

    

    

    No Disbursement Offer will be provided by the Bank under this Contract unless the Bank has confirmed that it has received all of the documents and other evidence listed in Schedule F (Initial Documentary Conditions Precedent) in form and substance satisfactory to it.

    

    

    
      
        	2.5.2	
                First Tranche – Documentary Conditions Precedent

              

      

    

    

    

    No Disbursement Offer, in relation to the First Tranche, will be provided by the Bank under this Contract unless the Bank has confirmed that it has received, in form and substance satisfactory to
      it evidence that expenditures matching the amount of the First Tranche to be disbursed have been incurred or are committed to the project.

    
      14

      
        

    

    
      
        	2.5.3	
                Second Tranche – Documentary Conditions Precedent

              

      

    

    

    

    No Disbursement Offer, in relation to the Second Tranche, will be provided by the Bank under this Contract unless:

    

    

    
      
        	

              	(a)	
                the First Tranche has been fully disbursed; and

              

      

    

    

    

    
      
        	

              	(b)	
                the Bank has confirmed that it has received, in form and substance satisfactory to it, evidence of a positive Clinical Evaluation Assessment Report (as defined in MEDDEV 2.7/1 revision 4) from Laboratoire National de Métrologie et
                  d’Essais for the CE mark application for NBTXR3 and the successful identification of the dosage for the use of NBTXR3 in Head and Neck clinical studies.

              

      

    

    

    

    
      
        	2.5.4	
                Third Tranche – Documentary Conditions Precedent

              

      

    

    

    

    No Disbursement Offer, in relation to the Third Tranche, will be provided by the Bank under this Contract unless

    

    

    
      
        	

              	(a)	
                the Second Tranche has been fully disbursed; and

              

      

    

    

    

    
      
        	

              	(b)	
                the Bank has confirmed that it has received, in form and substance satisfactory to it:

              

      

    

    

    

    
      
        	

              	(i)	
                evidence, that the CE mark for NBTXR3 has been obtained and that the primary clinical endpoint of the pivotal phase III trial for the use of NBTXR3 in the treatment of Head and Neck cancer has been achieved;

              

      

    

    

    

    
      
        	

              	(ii)	
                evidence that the Borrower has received a fully paid capital increase of at least EUR 20,000,000 (twenty million euros) in new equity financing.

              

      

    

    

    

    
      
        	2.5.5	
                All Tranches - Documentary Conditions Precedent

              

      

    

    

    

    No Disbursement Offer, including the first Disbursement Offer, will be provided by the Bank under this Contract unless the Bank has confirmed that it has received, in form and substance
      satisfactory to it:

    

    

    
      
        	

              	(a)	
                a certificate from the Borrower in the form of Schedule D, signed by an authorised representative of the Borrower and dated no earlier than the date falling 10 (ten) days before the Disbursement Date; and

              

      

    

    

    

    
      
        	

              	(b)	
                A progress report in relation to the Investment in the form as set out in Part 0 of Schedule A.

              

      

    

    

    

    
      
        	2.5.6	
                All Tranches – Other Conditions

              

      

    

    

    

    The Bank will only be obliged to make any Accepted Tranche available to the Borrower if on the Disbursement Date for the proposed Tranche:

    

    

    
      
        	

              	(b)	
                the representations and warranties which are repeated pursuant to Article 7(b) are correct in all respects; and

              

      

    

    

    

    
      
        	

              	(c)	
                no event or circumstance has occurred and is continuing which constitutes or would with the expiry of a grace period and/or the giving of notice under this Contract constitute:

              

      

    

    

    

    
      
        	

              	(i)	
                an Event of Default; or

              

      

    

    

    

    
      
        	

              	(ii)	
                a Prepayment Event other than pursuant to Article 5.3.1 (Cost Reduction),

              

      

    

    

    

    or would, in each case, result from the disbursement of the proposed Tranche.

    
      15

      
        

    

    
      
        	2.5.7	
                Conditions precedent for the sole benefit of the Bank

              

      

    

    

    

    The conditions precedent provided for in this Article 2.5 (Conditions of Disbursement) are stipulated for the sole benefit of the Bank.

    

    

    
      
        	2.6	
                Cancellation

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower may send a written notice to the Bank requesting the cancellation of the undisbursed portion of the Credit. The written notice:

              

      

    

    

    

    
      
        	

              	(i)	
                must specify whether the Borrower would like to cancel the undisbursed portion of the Credit in whole or in part and, if in part, the amount of the Credit the Borrower would like to cancel; and

              

      

    

    

    

    
      
        	

              	(ii)	
                must not relate to an Accepted Tranche which has a Disbursement Date falling within 5 (five) Business Days of the date of the written notice.

              

      

    

    

    

    Upon receipt of such written notice, the Bank shall cancel the requested undisbursed portion of the Credit with immediate effect.

    

    

    
      
        	

              	(b)	
                At any time upon the occurrence of the following events, the Bank may notify the Borrower in writing that the undisbursed portion of the Credit shall be cancelled in whole or in part:

              

      

    

    

    

    
      
        	

              	(i)	
                a Prepayment Event;

              

      

    

    

    

    
      
        	

              	(ii)	
                an Event of Default;

              

      

    

    

    

    
      
        	

              	(iii)	
                an event or circumstance which would with the passage of time or giving of notice under this Contract constitute a Prepayment Event other than pursuant to Article 5.3.1 (Cost reduction) or an
                  Event of Default; or

              

      

    

    

    

    
      
        	

              	(iv)	
                by an amount equal to the amount by which it is entitled to cancel the Credit pursuant to Article 5.3.1 (Cost reduction).

              

      

    

    

    

    On the date of such written notification the relevant undisbursed portion of the Credit shall be cancelled with immediate effect.

    

    

    
      
        	2.7	
                Fee for cancellation of an Accepted Tranche

              

      

    

    

    

    
      
        	

              	(a)	
                If pursuant to Article 2.6(a) the Borrower cancels an Accepted Tranche, the Borrower shall pay to the Bank the Cancellation Fee.

              

      

    

    

    

    
      
        	

              	(b)	
                If the Bank cancels an Accepted Tranche upon an Event of Default, the Borrower shall pay to the Bank the Cancellation Fee.

              

      

    

    

    

    
      
        	

              	(c)	
                If an Accepted Tranche is not disbursed on the Disbursement Date because the conditions precedent set out in Article 2.5.6 (All Tranches – Other Conditions) are not satisfied on such date, such
                  Tranche shall be cancelled and the Borrower shall pay to the Bank the relevant Cancellation Fee.

              

      

    

    

    

    
      
        	2.8	
                Cancellation after expiry of the Credit

              

      

    

    

    

    On the day following the Final Availability Date, and unless otherwise specifically agreed to in writing by the Bank, any part of the Credit in respect of which no Disbursement Acceptance has been
      received in accordance with Article 2.2.3 shall be automatically cancelled, without any notice being served by the Bank to the Borrower.

    
      16

      
        

    

    
      
        	2.9	
                Non-utilisation fee

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall pay to the Bank a non-utilisation fee for an amount of 1% of the Credit if no disbursement has occurred under the Contract within 6 (six) months of the date of signature of the Contract.

              

      

    

    

    

    
      
        	

              	(b)	
                If the date on which the non-utilisation fee is due to be paid is not a Relevant Business Day, payment shall be made on the next day, if any, of that calendar month that is a Relevant Business Day or, failing that, the nearest
                  preceding day that is a Relevant Business Day.

              

      

    

    

    

    
      
        	2.10	
                Sums due under Article 2

              

      

    

    

    

    Sums due under Article 2.6 (Cancellation) shall be payable in EUR. Sums due under Article 2.6 (Cancellation) shall
      be payable within 15 (fifteen) days of the Borrower's receipt of the Bank's demand or within any longer period specified in the Bank's demand.

    

    

    ARTICLE 3

    

    

    The Loan

    

    

    
      
        	3.1	
                Amount of Loan

              

      

    

    

    

    The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit.

    

    

    
      
        	3.2	
                Currency of repayment, interest and other charges

              

      

    

    

    

    
      
        	

              	(a)	
                Interest, repayments and other charges payable in respect of each Tranche shall be made by the Borrower in EUR.

              

      

    

    

    

    
      
        	

              	(b)	
                Any other payment shall be made in the currency specified by the Bank having regard to the currency of the expenditure to be reimbursed by means of that payment.

              

      

    

    

    

    ARTICLE 4

    

    

    Interest

    

    

    
      
        	4.1	
                First Tranche Interest

              

      

    

    

    

    Interest shall accrue on the outstanding balance of the First Tranche at the PIK Interest Rate annually, and calculated on the basis of Article 6.10 (Day count
        convention). Such interest shall be capitalised on each Payment Date and added to the outstanding principal amount of the Loan. Any such accrued interest shall, after being so capitalised, be treated as part of the principal amount of that
      Loan, shall bear all interest in accordance with this Article 4 and shall be payable on the Maturity Date or, where a Tranche is prepaid, on the date of Prepayment Date.

    

    

    Interest to be paid at the PIK Interest Rate will be compounded only, if, within the meaning of article 1343-2 of the French code civil, such interest is
      due for a period of at least one year.

    

    

    
      
        	4.2	
                Second and Third Tranches Interest

              

      

    

    

    

    The Borrower shall pay interest on the outstanding balance of the Second Tranche and the Third Tranche at the Fixed Rate semi-annually in arrear on the relevant Payment Dates specified in the
      Disbursement Offer, and calculated on the basis of Article 6.10 (Day count convention). If the period from the Disbursement Date to the first Payment Date is fifteen (15) days or less then the payment of
      interest accrued during such period shall be postponed to the following Payment Date.

    
      17

      
        

    

    
      
        	4.3	
                Royalty Agreement

              

      

    

    

    

    In addition to the interest payable pursuant to Articles 4.1 to 4.2 above, the Bank shall be entitled to receive any amounts due in connection with the Royalty Agreement.

    

    

    
      
        	4.4	
                Interest on overdue sums

              

      

    

    

    

    Without prejudice to Article 9 and by way of exception to Articles 4.1 and 4.2, if the Borrower fails to pay any amount payable by it under the Contract on its due date, interest shall accrue on
      any overdue amount from the due date to the date of actual payment at an annual rate equal to:

    

    

    
      
        	

              	(a)	
                for overdue sums related to the First Tranche, the higher of (a) the applicable PIK Interest Rate, plus 2% (200 basis points) or (b) EURIBOR plus 2% (200 basis points);

              

      

    

    

    

    
      
        	

              	(b)	
                for overdue sums related to the Second Tranche and the Third Tranche, the higher of (a) the applicable Fixed Rate plus 2% (200 basis points) or (b) EURIBOR plus 2% (200 basis points);

              

      

    

    

    

    
      
        	

              	(c)	
                for overdue sums other than under Article 4.4(a) above, the EURIBOR plus 2% (200 basis points),

              

      

    

    

    

    and shall be payable in accordance with the demand of the Bank. For the purpose of determining EURIBOR in relation to this Article 4.4, the relevant periods within the meaning of Schedule B shall
      be successive periods of one month commencing on the due date.

    

    

    If the overdue sum is in a currency other than the currency of the Loan, the relevant interbank rate that is generally retained by the Bank for transactions in that currency plus 2% (200 basis
      points) shall apply, calculated in accordance with the market practice for such rate.

    

    

    Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount only if, within the meaning of article 1343-2 of the French Code civil, such interest is due for
      a period of at least one year, but will remain immediately due and payable.

    

    

    
      
        	4.5	
                Effective global rate

              

      

    

    

    

    The parties to this Contract acknowledge, as indicated to the Borrower in the TEG letter dated on the date hereof (the "TEG Letter"), that the effective global rate applicable to the Credit shall
      be determined in accordance with article L.314-1 to L.314-5 and R.314-1 et seq. of the French Monetary and Financial Code (Code monétaire et financier) and article L.313-4 of the French Code monétaire et financier of the French Consumer Code (Code de
      la consommation) and the terms of such TEG Letter. The Parties agree that this TEG Letter forms an integral part of this Contract.

    
      18

      
        

    

    ARTICLE 5

    Repayment

    

    

    
      
        	5.1	
                Normal repayment

              

      

    

    

    

    
      
        	5.1.1	
                First Tranche

              

      

    

    

    

    The Borrower shall repay the First Tranche, together with all other amounts outstanding under this Contract in relation to that Tranche in a single instalment on the Maturity Date.

    

    

    
      
        	5.1.2	
                Second Tranche

              

      

    

    

    

    The Borrower shall repay the Second Tranche, by equal semi-annual instalments of principal together with all other amounts outstanding under this Contract in relation to that Tranche on the
      Repayment Date(s) specified in the relevant Disbursement Offer.

    

    

    The first Repayment Date of the Second Tranche shall be the date falling on the Repayment Date immediately following the second anniversary of the Disbursement Date.

    

    

    The last Repayment Date of the Second Tranche shall be the date falling 5 (five) years from its Disbursement Date.

    

    

    
      
        	5.1.3	
                Third Tranche

              

      

    

    

    

    The Borrower shall repay the Third Tranche, by equal semi-annual instalments of principal together with all other amounts outstanding under this Contract in relation to that Tranche on the
      Repayment Date(s) specified in the relevant Disbursement Offer.

    

    

    The first Repayment Date of the Third Tranche shall be the date falling on the Repayment Date immediately following the first anniversary of the Disbursement Date.

    

    

    The last Repayment Date of the Third Tranche shall be the date falling 5 (five) years from its Disbursement Date.

    

    

    
      
        	5.2	
                Voluntary prepayment

              

      

    

    

    

    
      
        	5.2.1	
                Prepayment option

              

      

    

    

    

    
      
        	

              	(a)	
                Subject to Articles 5.2.2 and 5.4 (General), the Borrower may prepay all or part of any Tranche, together with accrued interest (including any interest under Article 4.1 and 4.2), any Prepayment
                  Fee, upon giving a Prepayment Request with at least 30 (thirty) calendar days prior notice specifying

              

      

    

    

    

    
      
        	

              	(i)	
                the Prepayment Amount;

              

      

    

    

    

    
      
        	

              	(ii)	
                the Prepayment Date;

              

      

    

    

    

    
      
        	

              	(iii)	
                if applicable, the choice of application method of the Prepayment Amount in line with paragraph (a)(i) of Article 6.5.3; and

              

      

    

    

    

    
      
        	

              	(iv)	
                the Contract Number.

              

      

    

    

    

    
      
        	

              	(b)	
                The Prepayment Request shall be irrevocable.

              

      

    

    

    

    
      
        	5.2.2	
                Prepayment Fee

              

      

    

    

    

    If the Borrower prepays a Tranche, the Borrower shall pay the relevant Prepayment Fee on the Prepayment Date.

    
      19

      
        

    

    
      
        	5.2.3	
                Prepayment mechanics

              

      

    

    

    

    Upon presentation by the Borrower to the Bank of a Prepayment Request, the Bank shall issue a Prepayment Notice to the Borrower, not later than 15 (fifteen) days prior to the Prepayment Date. The
      Prepayment Notice shall specify the Prepayment Amount, the accrued interest due thereon, the Prepayment Fee and the method of application of the Prepayment Amount. If the Prepayment Notice specifies Prepayment Fee, it shall also specify the deadline
      by which the Borrower may accept the Prepayment Notice, and the Borrower must accept the Prepayment Notice no later than such deadline as a condition to prepayment.

    

    

    The Borrower shall make a prepayment in accordance with the Prepayment Notice and shall accompany the prepayment by the payment of accrued interest (including any interest under Article 4.1 and
      Article 4.1 and Prepayment Fee, due on the Prepayment Amount, as specified in the Prepayment Notice, and shall identify the Contract Number in the prepayment transfer.

    

    

    
      
        	5.3	
                Compulsory prepayment

              

      

    

    

    

    
      
        	5.3.1	
                Cost Reduction

              

      

    

    

    

    If the total cost of the Investment at completion by the final date specified in the Technical Description falls below the figure stated in Recital (A) so that the amount of the Credit exceeds 50%
      of such total cost, the Bank may forthwith, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding up to the amount by which the Credit exceeds 50% of the total cost of the Investment.

    

    

    
      
        	5.3.2	
                Pari passu to Non-EIB Financing

              

      

    

    

    

    In the event of a Voluntary Non-EIB Prepayment, the Bank may, by notice to the Borrower, cancel the undisbursed portion of the Credit and demand prepayment of the Loan. The proportion of the Loan
      that the Bank may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate outstanding amount of all Non-EIB Financing.

    

    

    
      
        	5.3.3	
                Change Events

              

      

    

    

    

    The Borrower shall promptly inform the Bank if:

    

    

    
      
        	

              	(a)	
                a Change-of-Control Event has occurred or is likely to occur in respect of itself ;

              

      

    

    

    

    
      
        	

              	(b)	
                a Change-of-Law Event has occurred or is likely to occur; or

              

      

    

    

    

    
      
        	

              	(c)	
                a Senior Management Change has occurred or is likely to occur.

              

      

    

    

    

    In such case, or if the Bank has reasonable cause to believe that such an event has occurred or is likely to occur, the Borrower shall, on request of the Bank, consult with the Bank as to the
      impact of such event. If 30 (thirty) days have passed since the date of such request and the Bank is of the opinion that the event will occur and the effects of such event cannot be mitigated to its satisfaction, or in any event if a
      Change-of-Control Event, Change-of-Law Event or Senior Management Change has actually occurred, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with
      accrued interest and all other amounts accrued or outstanding under this Contract.

    
      20

      
        

    

    
      
        	5.3.4	
                Illegality

              

      

    

    

    

    If it becomes unlawful in any applicable jurisdiction for the Bank to perform any of its obligations as contemplated in this Contract or to fund or maintain the Loan, the Bank shall promptly notify
      the Borrower and may immediately cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued or outstanding under this Contract.

    

    

    
      
        	5.3.5	
                Disposals

              

      

    

    

    

    If the Borrower disposes of assets forming part of the Investment or shares in subsidiaries holding assets forming part of the Investment, without the approval of the Bank in accordance with
      Schedule H8(b) (Disposal of assets), the Borrower shall apply all proceeds of such disposal to prepay the Loan Outstanding (in part or in whole), together with accrued interest, on the Payment Date following
      receipt of such proceeds.

    

    

    
      
        	5.3.6	
                Prepayment Fee

              

      

    

    

    

    In the case of a Prepayment Event in relation to a Tranche, the Borrower shall pay the relevant Prepayment Fee.

    

    

    
      
        	5.3.7	
                Prepayment mechanics

              

      

    

    

    

    Any sum demanded by the Bank pursuant to Articles 5.3.1 to 5.3.4 shall be paid on the date indicated by the Bank in its notice of demand, such date being a date falling not less than 30 (thirty)
      days from the date of the demand (or, if earlier, the last day of any applicable grace period permitted by law in respect of the event in Article 5.3.4).

    

    

    
      
        	5.4	
                General

              

      

    

    

    

    
      
        	

              	(a)	
                A repaid or prepaid amount may not be reborrowed.

              

      

    

    

    

    
      
        	

              	(b)	
                If the Borrower prepays a Tranche on a date other than a relevant Payment Date, or if the Bank exceptionally accepts, solely upon the Bank’s discretion, a Prepayment Request with prior notice of less than 30 (thirty) calendar days, the
                  Borrower shall pay to the Bank an administrative fee in such an amount as the Bank shall notify to the Borrower.

              

      

    

    

    

    ARTICLE 6

    Payments

    

    

    
      
        	6.1	
                Day count convention

              

      

    

    

    

    Any amount due under this Contract and calculated in respect of a fraction of a year shall be determined based on a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days;

    
      21

      
        

    

    
      
        	6.2	
                Time and place of payment

              

      

    

    

    

    
      
        	

              	(a)	
                If neither this Contract nor the Bank's demand specifies a due date, all sums other than sums of interest, indemnity and principal are payable within 15 (fifteen) days of the Borrower's receipt of the Bank's demand.

              

      

    

    

    

    
      
        	

              	(b)	
                Each sum payable by the Borrower under this Contract shall be paid to the following account:

              

      

    

    

    

    	 	
            Bank:

          	
            European Investment Bank

          
	 	
            City:

          	
            Luxembourg

          
	 	
            Account number:

          	
            LU92 9980 0000 0000 0001

          
	 	
            SWIFT Code/BIC:

          	
            BEILLULLXXX

          
	 	
            Remark:

          	
            /RT or direct via TARGET2 (DVT),

          

    

    

    or such other account notified by the Bank to the Borrower.

    

    

    
      
        	

              	(c)	
                The Borrower shall provide the Contract Number as a reference for each payment made under this Contract.

              

      

    

    

    

    
      
        	

              	(d)	
                Any disbursements by and payments to the Bank under this Contract shall be made using account(s) acceptable to the Bank. Any account in the name of the Borrower held with a duly authorised financial institution in the jurisdiction
                  where the Borrower is incorporated or where the Investment is undertaken is deemed acceptable to the Bank.

              

      

    

    

    

    
      
        	6.3	
                No set-off by the Borrower

              

      

    

    

    

    All payments to be made by the Borrower under this Contract shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

    

    

    
      
        	6.4	
                Disruption to Payment Systems

              

      

    

    

    

    If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by the Borrower that a Disruption Event has occurred:

    

    

    
      
        	

              	(a)	
                the Bank may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Contract as the Bank may deem necessary in the
                  circumstances;

              

      

    

    

    

    
      
        	

              	(b)	
                the Bank shall not be obliged to consult with the Borrower in relation to any changes mentioned in Article 6.4(a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation
                  to agree to such changes; and

              

      

    

    

    

    
      
        	

              	(c)	
                the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption Event or for taking or not taking any action pursuant to or in connection with this Article 6.4.

              

      

    

    
      22

      
        

    

    
      
        	6.5	
                Application of sums received

              

      

    

    

    

    
      
        	6.5.1	
                General

              

      

    

    

    

    Sums received from the Borrower shall only discharge its payment obligations if and when received in accordance with the terms of this Contract.

    

    

    
      
        	6.5.2	
                Partial payments

              

      

    

    

    

    If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment in or towards payment
      of:

    

    

    
      
        	

              	(a)	
                first, any unpaid fees, costs, indemnities and expenses due under this Contract;

              

      

    

    

    

    
      
        	

              	(b)	
                secondly, any accrued interest due but unpaid under this Contract;

              

      

    

    

    

    
      
        	

              	(c)	
                thirdly, any principal due but unpaid under this Contract; and

              

      

    

    

    

    
      
        	

              	(d)	
                fourthly, any other sum due but unpaid under this Contract.

              

      

    

    

    

    
      
        	6.5.3	
                Allocation of sums related to Tranches

              

      

    

    

    

    
      
        	

              	(a)	
                In case of:

              

      

    

    

    

    
      
        	

              	(i)	
                a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the
                  request of the Borrower, in inverse order of maturity,

              

      

    

    

    

    
      
        	

              	(ii)	
                a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the amount prepaid shall be applied in reduction of the outstanding instalments in inverse order of maturity.

              

      

    

    

    

    
      
        	

              	(b)	
                Sums received by the Bank following a demand under Article 9.1 (Right to demand repayment) and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The
                  Bank may apply sums received between Tranches at its discretion.

              

      

    

    

    

    
      
        	

              	(c)	
                In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its
                  discretion.

              

      

    

    

    

    ARTICLE 7

    Borrower undertakings and representations

    

    

    
      
        	

              	(a)	
                The Borrower makes the representations and warranties set out in Schedule F (Representations and Warranties) to the Bank on the date of this Agreement.

              

      

    

    

    

    
      
        	

              	(b)	
                The Repeating Representations are deemed to be made by the Borrower on the date of each Disbursement Acceptance, each Disbursement Date and each Payment Date by reference to the facts and circumstances then existing.

              

      

    

    

    

    
      
        	

              	(c)	
                The undertakings in Schedule H (General Undertakings) and Schedule I (Information and Visits) remain in force from the date of this Contract for so long
                  as any amount is outstanding under this Contract or the Credit is available.

              

      

    

    
      23

      
        

    

    ARTICLE 8

    Charges and expenses

    

    

    
      
        	8.1	
                Taxes, duties and fees

              

      

    

    

    

    The Borrower shall pay all Taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of this
      Contract or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent applicable.

    

    

    The Borrower shall pay all principal, interest, indemnities and other amounts due under this Contract gross without any withholding or deduction of any national or local impositions whatsoever,
      provided that if the Borrower is required by law or an agreement with a governmental authority or otherwise to make any such withholding or deduction, it will gross up the payment to the Bank so that after withholding or deduction, the net amount
      received by the Bank is equivalent to the sum due.

    

    

    
      
        	8.2	
                Other charges

              

      

    

    

    

    The Borrower shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation, execution, implementation, enforcement and
      termination of the Finance Documents or any related document, any amendment, supplement or waiver in respect of the Finance Documents or any related document.

    

    

    
      
        	8.3	
                Increased costs, indemnity and set-off

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall pay to the Bank any costs or expenses incurred or suffered by the Bank as a consequence of the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or
                  compliance with any law or regulation which occurs after the date of signature of this Contract, in accordance with or as a result of which (i) the Bank is obliged to incur additional costs in order to fund or perform its obligations
                  under this Contract, or (ii) any amount owed to the Bank under this Contract or the financial income resulting from the granting of the Credit or the Loan by the Bank to the Borrower is reduced or eliminated.

              

      

    

    

    

    
      
        	

              	(b)	
                Without prejudice to any other rights of the Bank under this Contract or under any applicable law, the Borrower shall indemnify and hold the Bank harmless from and against any loss incurred as a result of any full or partial discharge
                  that takes place in a manner other than as expressly set out in this Contract.

              

      

    

    

    

    
      
        	

              	(c)	
                The Bank may set off any matured obligation due from the Borrower under this Contract (to the extent beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to the Borrower regardless of the
                  place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
                  set-off. If either obligation is unliquidated or unascertained, the Bank may set off in an amount estimated by it in good faith to be the amount of that obligation.

              

      

    

    
      24

      
        

    

    ARTICLE 9

    Events of default

    

    

    
      
        	9.1	
                Right to demand repayment

              

      

    

    

    

    The Bank may demand (in writing) without prior notice (mise en demeure préalable) or any judicial or extra judicial step immediate repayment by the Borrower
      of all or part of the Loan Outstanding (as requested by the Bank), together with accrued interest, any Prepayment Fee and all other accrued or outstanding amounts under this Contract, if:

    

    

    
      
        	

              	(a)	
                any amount payable pursuant to this Contract is not paid on the due date at the place and in the currency in which it is expressed to be payable, unless (i) its failure to pay is caused by an administrative or technical error or a
                  Disruption Event and (ii) payment is made within 3 (three) Business Days of its due date;

              

      

    

    

    

    
      
        	

              	(b)	
                any information or document given to the Bank by or on behalf of any Obligor or any representation, warranty or statement made or deemed to be made by the Borrower in or pursuant to this Contract is or proves to have been incorrect,
                  incomplete or misleading in any material respect;

              

      

    

    

    

    
      
        	

              	(c)	
                following any default of any Obligor in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan,

              

      

    

    

    

    
      
        	

              	(i)	
                such Obligor is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity
                  such other loan or obligation; or

              

      

    

    

    

    
      
        	

              	(ii)	
                any financial commitment for such other loan or obligation is cancelled or suspended;

              

      

    

    

    

    where such loan or financial transaction is for at least EUR 100,000.

    

    

    
      
        	

              	(d)	
                any Obligor is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors including a moratorium, or commences negotiations with one or more of its creditors with a view
                  to rescheduling any of its financial indebtedness;

              

      

    

    

    

    
      
        	

              	(e)	
                any corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary arrangement,
                  scheme of arrangement or otherwise) or an order is made or an effective resolution is passed for the winding up of any Obligor, or if any Obligor takes steps towards a substantial reduction in its capital, is declared insolvent or ceases
                  or resolves to cease to carry on the whole or any substantial part of its business or activities or any situation similar to any of the above occurs under any applicable law;

              

      

    

    

    

    
      
        	

              	(f)	
                if any of the following events occur:

              

      

    

    

    

    
      
        	

              	(i)	
                any Obligor and/or any other Group Company is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors;

              

      

    

    
      25

      
        

    

    
      
        	

              	(ii)	
                any Obligor and/or any other Group Company is subject to difficulties which, although it has not ceased to make payments, it is not in a position to overcome as set out in article L. 620 of the French Commercial Code (Code de commerce) or has ceased to make payments as set out in article L. 631-1 of the French Commercial Code (Code de commerce) or article L. 613-26 of the
                  French Monetary and Financial Code (Code monétaire et financier);

              

      

    

    

    

    
      
        	

              	(iii)	
                the appointment, in respect of any Obligor and/or any other Group Company, of a mandataire ad hoc pursuant to article L. 611-3 of the French Commercial Code (Code

                    de commerce) or the commencement, in respect of the Borrower or any other member of the Group, of a compromise procedure (procédure de conciliation) pursuant to article L. 611-4 of the
                  French Commercial Code (Code de commerce);

              

      

    

    

    

    
      
        	

              	(iv)	
                any Obligor and/or any other Group Company is subject to any judgment opening proceedings for safeguard (sauvegarde) (including accelerated safeguard (sauvegarde

                    accélérée) and accelerated financial safeguard (sauvegarde financiere accélérée)), judicial recovery proceedings (redressement judiciaire) or
                  judicial liquidation (liquidation judiciaire) or to a total or partial asset transfer plan (plan de cession totale ou partielle) or any other measure for
                  preventing or resolving crises provided for in parts 4 and 5 of article L. 613-31-16 I of the French Monetary and Financial Code (Code monétaire et financier);

              

      

    

    

    

    
      
        	

              	(v)	
                any Obligor and/or any other Group Company is subject to any measure, procedure or judgment which is similar to, or has equivalent effects to, those referred to in paragraphs (i), (ii), (iii) and (iv) above, in France or in any other
                  country;

              

      

    

    

    

    
      
        	

              	(g)	
                an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by any
                  person, of or over, any part of the business or assets of any Obligor or any property forming part of the Investment, unless the proceedings are frivolous or vexatious;

              

      

    

    

    

    
      
        	

              	(h)	
                any Obligor defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank;

              

      

    

    

    

    
      
        	

              	(i)	
                any Obligor defaults in the performance of any obligation in respect of any other loan made to it from the resources of the Bank or the European Union;

              

      

    

    

    

    
      
        	

              	(j)	
                any distress, execution, sequestration or other process is levied or enforced upon the property of any Obligor or any property forming part of the Investment and is not discharged or stayed within 14 (fourteen) days, unless the
                  proceedings are frivolous or vexatious;

              

      

    

    

    

    
      
        	

              	(k)	
                a Material Adverse Change occurs, as compared with the position at the date of this Contract;

              

      

    

    

    

    
      
        	

              	(l)	
                it is or becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents, or the Finance Documents are not effective in accordance with its terms or is alleged by any Obligor to be ineffective in
                  accordance with its terms; or

              

      

    

    

    

    
      
        	

              	(m)	
                any Obligor fails to comply with any other provision under the Finance Documents, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within 20 Business Days from the earlier
                  of the Borrower becoming aware of the non-compliance and a notice served by the Bank on the Borrower.

              

      

    

    
      26

      
        

    

    
      
        	9.2	
                Other rights at law

              

      

    

    

    

    Article 9.1 (Right to demand repayment) shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding.

    

    

    
      
        	9.3	
                Prepayment Fee

              

      

    

    

    

    In case of demand under Article 9.1, the Borrower shall pay the Bank the amount demanded together with the relevant Prepayment Fee.

    

    

    
      
        	9.4	
                Non-Waiver

              

      

    

    

    

    No failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be construed as a waiver of such right or remedy. The rights and
      remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law.

    

    

    
      
        	9.5	
                No hardship

              

      

    

    

    

    Each Party hereby acknowledges that the provisions of article 1195 of the French Code civil shall not apply to it with respect to its obligations under the Finance Documents and that it shall not
      be entitled to make any claim under article 1195 of the French Code civil.

    

    

    ARTICLE 10

    Law and jurisdiction, miscellaneous

    

    

    
      
        	10.1	
                Governing Law

              

      

    

    

    

    This Contract and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of France.

    

    

    
      
        	10.2	
                Jurisdiction

              

      

    

    

    

    The French tribunals in Paris have exclusive jurisdiction to settle any dispute (a "Dispute") arising out of or in connection with this Contract (including
      a dispute regarding the existence, validity or termination of this Contract or the consequences of its nullity) or any non-contractual obligation arising out of or in connection with this Contract.

    

    

    
      
        	10.3	
                Place of performance

              

      

    

    

    

    Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Contract, shall be the seat of the Bank.

    

    

    
      
        	10.4	
                Evidence of sums due

              

      

    

    

    

    In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall, in the absence of manifest error, be prima facie
      evidence of such amount or rate.

    

    

    
      
        	10.5	
                Entire Agreement

              

      

    

    

    

    This Contract constitutes the entire agreement between the Bank and the Borrower in relation to the provision of the Credit hereunder, and supersedes any previous agreement, whether express or
      implied, on the same matter.

    
      27

      
        

    

    
      
        	10.6	
                Invalidity

              

      

    

    

    

    If at any time any term of this Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes ineffective in any respect, under the laws of any
      jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

    

    

    
      
        	

              	(a)	
                the legality, validity or enforceability in that jurisdiction of any other term of this Contract or the effectiveness in any other respect of this Contract in that jurisdiction; or

              

      

    

    

    

    
      
        	

              	(b)	
                the legality, validity or enforceability in other jurisdictions of that or any other term of this Contract or the effectiveness of this Contract under the laws of such other jurisdictions.

              

      

    

    

    

    
      
        	10.7	
                Amendments

              

      

    

    

    

    Any amendment to this Contract shall be made in writing and shall be signed by the parties hereto.

    

    

    ARTICLE 11

    

    

    Final Clauses

    

    

    
      
        	11.1	
                Notices

              

      

    

    

    

    
      
        	11.1.1	
                Form of notice

              

      

    

    

    

    
      
        	

              	(a)	
                Any notice or other communication given under this Contract must be in writing and, unless otherwise stated, may be made by letter or electronic mail.

              

      

    

    

    

    
      
        	

              	(b)	
                Notices and other communications for which fixed periods are laid down in this Contract or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter, or by electronic mail. Such notices and
                  communications shall be deemed to have been received by the other party:

              

      

    

    

    

    
      
        	

              	(i)	
                on the date of delivery in relation to a hand-delivered or registered letter;

              

      

    

    

    

    
      
        	

              	(ii)	
                in the case of any electronic mail sent by the Borrower to the Bank, only when actually received in readable form and only if it is addressed in such a manner as the Bank shall specify for this purpose, or

              

      

    

    

    

    
      
        	

              	(iii)	
                in the case of any electronic mail sent by the Bank to the Borrower, when the electronic mail is sent.

              

      

    

    

    

    
      
        	

              	(c)	
                Any notice provided by the Borrower to the Bank by e-mail shall:

              

      

    

    

    

    
      
        	

              	(i)	
                mention the Contract Number in the subject line; and

              

      

    

    

    

    
      
        	

              	(ii)	
                be in the form of a non-editable electronic image (pdf, tif or other common non-editable file format agreed between the parties) of the notice signed by one or more Authorised Signatories of the Borrower as appropriate, attached to the
                  e-mail.

              

      

    

    

    

    
      
        	

              	(d)	
                Notices issued by the Borrower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised to sign such
                  notice on behalf of the Borrower and the authenticated specimen signature of such person or persons.

              

      

    

    
      28

      
        

    

    
      
        	

              	(e)	
                Without affecting the validity of electronic mail or communication made in accordance with this Article 12.1, the following notices, communications and documents shall also be sent by registered letter to the relevant party at the
                  latest on the immediately following Business Day:

              

      

    

    

    

    
      
        	

              	(i)	
                disbursement Acceptance;

              

      

    

    

    

    
      
        	

              	(ii)	
                any notices and communication in respect of the cancellation of a disbursement of any Tranche, Prepayment Request, Prepayment Notice, Event of Default, any demand for prepayment, and

              

      

    

    

    

    
      
        	

              	(iii)	
                any other notice, communication or document required by the Bank.

              

      

    

    

    

    
      
        	

              	(f)	
                The parties agree that any above communication (including via electronic mail) is an accepted form of communication, shall constitute admissible evidence in court and shall have the same evidential value as an agreement under hand
                  (sous seing privé).

              

      

    

    

    

    
      
        	11.1.2	
                Addresses

              

      

    

    

    

    The address and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made) of each party for any communication to be made or document to be
      delivered under or in connection with this Contract is:

    

    

    	 	
            For the Bank

          	
            Attention: OPS/ENPST/3-GC&IF

            100 boulevard Konrad Adenauer

            L-2950 Luxembourg

            Email address OPS-ENPST3-Secretariat@eib.org

          
	 	
            For the Borrower

          	
            Attention:

            Financial Department

            Nanobiotix, 60 rue de Wattignies

            75012 Paris

            Email address comptabilité@nanobiotix.com

          

    

    

    
      
        	11.1.3	
                Demand after notice to remedy

              

      

    

    

    

    The Bank and the Borrower shall promptly notify the other party in writing of any change in their respective communication details.

    

    

    
      
        	11.2	
                English language

              

      

    

    

    

    
      
        	

              	(a)	
                Any notice or communication given under or in connection with this Contract must be in English.

              

      

    

    

    

    
      
        	

              	(b)	
                All other documents provided under or in connection with this Contract must be:

              

      

    

    

    

    
      
        	

              	(i)	
                in English; or

              

      

    

    

    

    
      
        	

              	(ii)	
                if not in English, and if so required by the Bank, accompanied by a certified English translation and, in this case, the English translation will prevail.

              

      

    

    
      29

      
        

    

    IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in 3 (three) originals in the English language.

    At Luxembourg and Paris, this 26 July 2018

    

    

    

    

    	
            Signed for and on behalf of

            EUROPEAN INVESTMENT BANK

          	
            Signed for and on behalf of

            NANOBIOTIX

          

    

    

    	 	
            /s/ Barbara Boos

          	 	
            /s/ Charlotte Hill

          	 	
            /s/ Philippe Mauberna

          
	 	 	 	 	 	 
	 	
            Barbara Boos

          	 	
            Charlotte Hill

          	 	
            Philippe Mauberna

          
	 	 	 	 	 	 
	 	
            Head of Division

          	 	
            Legal Officer

          	 	
            CFO

          

    
      30

      
        

    

    Schedule A

    Investment Specification and Reporting

    

    

     [***] 

    
      31

      
        

    

     [***] 

    
      32

      
        

    

    
       

    

    [***]

     

    

    
      33

      
        

    

    Schdeule B

    Definition of EURIBOR

    

    

    "EURIBOR" means:

    

    

    
      
        	

              	(a)	
                in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month;

              

      

    

    

    

    
      
        	

              	(b)	
                in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and

              

      

    

    

    

    
      
        	

              	(c)	
                in respect of a relevant period of more than one month for which a Screen Rate is not available, the rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and
                  the other for a period next longer than the length of the relevant period,

              

      

    

    

    

    (the period for which the rate is taken or from which the rates are interpolated being the "Representative Period").

    

    

    For the purposes of paragraphs (b) and (c) above, "available" means the rates, for given maturities, that are calculated and published by Global Rate Set Systems Ltd (GRSS), or such other service
      provider selected by the European Money Markets Institute (EMMI), under the sponsorship of EMMI and EURIBOR ACI, or any successor to that function of EMMI and EURIBOR ACI as determined by the Bank.

    

    

    "Screen Rate" means the rate of interest for deposits in EUR for the relevant period as published at 11h00, Brussels time, or at a later time acceptable to
      the Bank on the day (the "Reset Date") which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other
      means of publication chosen for this purpose by the Bank.

    

    

    If such Screen Rate is not so published, the Bank shall request the principal euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits
      in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are
      provided, the rate for that Reset Date will be the arithmetic mean of the quotations.

    

    

    If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at
      approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period.

    

    

    If no rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the
      funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank.

    

    

    For the purposes of the foregoing definitions:

    

    

    
      
        	

              	(a)	
                All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one thousandth of a percentage point, with halves being rounded up.

              

      

    

    

    

    
      
        	

              	(b)	
                The Bank shall inform the Borrower without delay of the quotations received by the Bank.

              

      

    

    

    

    
      
        	

              	(c)	
                If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EMMI and EURIBOR ACI (or any successor to that function of EMMI and EURIBOR ACI as determined by the Bank), the Bank may by notice to
                  the Borrower amend the provision to bring it into line with such other provisions.

              

      

    

    
      34

      
        

    

    Schedule C

    Form of Disbursement Offer/Acceptance

     

      

     [Omitted] 

    
      35

      
        

    

     [Omitted] 

    
      36

      
        

    

    Schedule D

    Form of Certificate (Article 2.5.5)

     

      

     [Omitted] 

    

    
      37

      
        

    

    Schedule E

    Initial Documentary Conditions Precedent

     

      

     [Omitted]  

    
       

    

    
      38

      
        

    

    Schedule F

    Representations and Warranties

    

    

    
      
        	

              	1.	
                Authorisations and Binding Obligations

              

      

    

    

    

    
      
        	

              	(a)	
                It is duly incorporated and validly existing as a company with limited liability under the laws of France.

              

      

    

    

    

    
      
        	

              	(b)	
                It has the power to carry on its business as it is now being conducted and to own its property and other assets, and to execute, deliver and perform its obligations under the Finance Documents.

              

      

    

    

    

    
      
        	

              	(c)	
                It has obtained all necessary Authorisations in connection with the execution, delivery and performance of the Finance Documents and in order to lawfully comply with its obligations thereunder, and in respect of the Investment, and all
                  such Authorisations are in full force and effect and admissible in evidence.

              

      

    

    

    

    
      
        	

              	(d)	
                The execution and delivery of, the performance of its obligations under and compliance with the provisions of the Finance Documents do not and will not contravene or conflict with:

              

      

    

    

    

    
      
        	

              	(i)	
                any applicable law, statute, rule or regulation, or any judgement, decree or permit to which it is subject;

              

      

    

    

    

    
      
        	

              	(ii)	
                any agreement or other instrument binding upon it which might reasonably be expected to have a material adverse effect on its ability to perform its obligations under the Finance Documents; or

              

      

    

    

    

    
      
        	

              	(iii)	
                any provision of its constitutional documents.

              

      

    

    

    

    
      
        	

              	(e)	
                The obligations expressed to be assumed by each Obligor in each Finance Document to which it is a party are legal, valid, binding and enforceable obligations.

              

      

    

    

    

    
      
        	

              	2.	
                No default or other adverse event

              

      

    

    

    

    
      
        	

              	(a)	
                There has been no Material Adverse Change since 20 July 2018. (Non-repeating)

              

      

    

    

    

    
      
        	

              	(b)	
                No event or circumstance which constitutes an Event of Default has occurred and is continuing unremedied or unwaived.

              

      

    

    

    

    
      
        	

              	3.	
                No proceedings

              

      

    

    

    

    
      
        	

              	(a)	
                No litigation, arbitration, administrative proceedings or investigation is current or to its knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably
                  likely to result in a Material Adverse Change, nor is there subsisting against it or any of its subsidiaries any unsatisfied judgement or award.

              

      

    

    

    

    
      
        	

              	(b)	
                To the best of its knowledge and belief (having made due and careful enquiry) no material Environmental Claim has been commenced or is threatened against it. (Non-repeating)

              

      

    

    

    

    
      
        	

              	(c)	
                As at the date of this Contract, the Borrower has not taken any action to commence proceedings for, nor have any other steps been taken or legal proceedings commenced or, so far as the Borrower is aware, threatened against it for its
                  insolvency, winding up or dissolution, or for the Borrower to enter into any arrangement or compositions for the benefit of creditors, or for the appointment of an administrator, receiver, administrative receiver, examiner, trustee or
                  similar officer. (Non-repeating)

              

      

    

    
      39

      
        

    

    
      
        	

              	4.	
                Security

              

      

    

    

    

    At the date of this Contract, no Security exists over the assets of any Group Company (Non-repeating)

    

    

    
      
        	

              	5.	
                Ranking

              

      

    

    

    

    
      
        	

              	(a)	
                Its payment obligations under this Contract rank not less than pari passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its debt
                  instruments except for obligations mandatorily preferred by law applying to companies generally.

              

      

    

    

    

    
      
        	

              	(b)	
                No financial covenants have been concluded with any other creditor of the Borrower.

              

      

    

    

    

    
      
        	

              	(c)	
                No Voluntary Non EIB Prepayment has occurred.

              

      

    

    

    

    
      
        	

              	6.	
                Anti-Corruption

              

      

    

    

    

    
      
        	

              	(a)	
                It is in compliance with all applicable European Union and France legislation, including any applicable anti-corruption legislation.

              

      

    

    

    

    
      
        	

              	(b)	
                To the best of its knowledge, no funds invested in the Investment by the Borrower or by its controlling entities or any Group Company are of illicit origin, including products of money laundering or linked to the financing of
                  terrorism.

              

      

    

    

    

    
      
        	

              	(c)	
                It is not engaged in any Illegal Activities and to the best of its knowledge no Illegal Activities have occurred in connection with the Investment.

              

      

    

    

    

    
      
        	

              	7.	
                Accounting and Tax 

                

              

      

    

    

    

    
      
        	

              	(a)	
                The latest available consolidated audited accounts of the Borrower and the other Obligors have been prepared on a basis consistent with previous years and have been approved by its auditors as representing a true and fair view of the
                  results of its operations for that year and accurately disclose or reserve against all the liabilities (actual or contingent) of the Borrower and the other Obligors, as relevant.

              

      

    

    

    

    
      
        	

              	(b)	
                The Accounting Reference Date of the Borrower is 31 December.

              

      

    

    

    

    
      
        	

              	(c)	
                It is not required to make any deduction for or on account of any Tax from any payment it may make under the Finance Documents. (Non-repeating)

              

      

    

    

    

    
      
        	

              	(d)	
                All Tax returns required to have been filed by it or on its behalf under any applicable law have been filed when due and contain the information required by applicable law to be contained in them.

              

      

    

    

    

    
      
        	

              	(e)	
                It has paid when due all Taxes payable by it under applicable law except to the extent that it is contesting payment in good faith and by appropriate means.

              

      

    

    

    

    
      
        	

              	(f)	
                With respect to Taxes which have not fallen due or which it is contesting, it is maintaining reserves adequate for their payment and in accordance, where applicable, with GAAP.

              

      

    

    

    

    
      
        	

              	(g)	
                Under the laws of France it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in France or that any stamp, registration or similar tax be paid on or in relation to the Finance
                  Documents, or the transactions contemplated by the Finance Documents. (Non-repeating).

              

      

    

    
      40

      
        

    

    
      
        	

              	8.	
                Information provided

              

      

    

    

    

    
      
        	

              	(a)	
                Any factual information provided by the Borrower for the purposes of entering into this Contract and any related documentation was true and accurate in all material respects as at the date it was provided or as at the date (if any) at
                  which it is stated and continues to be true and accurate in all material respect as at the date of the signature of this Contract. (Non-repeating)

              

      

    

    

    

    
      
        	

              	(b)	
                The Group structure chart is true, complete and accurate in all material respects and represents the complete corporate structure of the Group as at the date of this Contract, and other than as set out therein the Borrower owns no
                  other equity and/or shares in any other business entity. (Non-repeating)

              

      

    

    

    

    
      
        	

              	9.	
                No indebtedness

              

      

    

    

    

    The Borrower has no Indebtedness outstanding other than Permitted Indebtedness. (Non-repeating).

    

    

    
      
        	

              	10.	
                No Immunity

              

      

    

    

    

    Neither it, nor any of its assets, is entitled to immunity from suit, execution, attachment or other legal process.

    

    

    
      
        	

              	11.	
                Pensions

              

      

    

    

    

    The pension schemes for the time being operated by the Borrower (if any) are funded in accordance with their rules and to the extent required by law or otherwise comply with the requirements of any
      law applicable in the jurisdiction in which the relevant pension scheme is maintained.

    
      41

      
        

    

    Schedule G

    Existing Indebtedness and Existing Off balance Sheets Commitments

    

    

     [Omitted] 

    

    

    
      42

      
        

    

    Schedule H

    General Undertakings

    

    

    
      
        	

              	1.	
                Use of Loan

              

      

    

    

    

    The Borrower shall use all amounts borrowed by it under the Loan to carry out the Investment.

    

    

    
      
        	

              	2.	
                Completion of Investment

              

      

    

    

    

    The Borrower shall or shall procure that the Investment is carried out in accordance with the Technical Description as may be modified from time to time with the approval of the Bank, and complete
      it by the final date specified therein.

    

    

    
      
        	

              	3.	
                Procurement procedure

              

      

    

    

    

    The Borrower shall secure goods and services for the Investment (a) in so far as they apply to it or to the Investment, in accordance with European Union law in general and in particular with the
      relevant European Union Directives and (b) in so far as European Union Directives do not apply, by procurement procedures which, to the satisfaction of the Bank, respect the criteria of economy and efficiency and, in case of public contracts, the
      principles of transparency, equal treatment and non-discrimination on the basis of nationality.

    

    

    
      
        	

              	4.	
                Compliance with laws

              

      

    

    

    

    Each Obligor shall comply in all respects with all laws and regulations to which it or the Investment is subject.

    

    

    
      
        	

              	5.	
                Environment

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall:

              

      

    

    

    

    
      
        	

              	(i)	
                implement and operate the Investment in compliance with Environmental Law;

              

      

    

    

    

    
      
        	

              	(ii)	
                obtain, maintain and comply with requisite Environmental Approvals for the Investment,

              

      

    

    

    

    and upon becoming aware of any breach of this Paragraph 5:

    

    

    
      
        	

              	(i)	
                the Borrower shall promptly notify the Bank;

              

      

    

    

    

    
      
        	

              	(ii)	
                the Borrower and the Bank will consult for up to 15 Business Days from the date of notification with a view to agreeing the manner in which the breach should be rectified; and

              

      

    

    

    

    
      
        	

              	(iii)	
                the Borrower shall remedy the breach within 30 Business Days of the end of the consultation period.

              

      

    

    

    

    
      
        	

              	6.	
                Integrity

              

      

    

    

    

    The Borrower shall take, within a reasonable timeframe, appropriate measures in respect of any member of its management bodies who has been convicted by a final and irrevocable court ruling of an
      Illegal Activity perpetrated in the course of the exercise of his/her professional duties, in order to ensure that such member is excluded from any Borrower's activity in relation to the Loan or the Investment.

    
      43

      
        

    

    
      
        	

              	7.	
                Integrity Audit Rights

              

      

    

    

    

    The Borrower shall ensure that all contracts under the Investment to be procured after the date of signature of this Contract in accordance with EU Directives on procurement provide for:

    

    

    
      
        	

              	(a)	
                the requirement that the relevant contractor promptly informs the Bank of a genuine allegation, complaint or information with regard to Criminal Offences related to the Investment;

              

      

    

    

    

    
      
        	

              	(b)	
                the requirement that the relevant contractor keeps books and records of all financial transactions and expenditures in connection with the Investment; and

              

      

    

    

    

    
      
        	

              	(c)	
                the Bank’s right, in relation to an alleged Criminal Offence, to review the books and records of the relevant contractor in relation to the Investment and to take copies of documents to the extent permitted by law.

              

      

    

    

    

    
      
        	

              	8.	
                Disposal of assets

              

      

    

    

    

    
      
        	

              	(a)	
                Except as provided below, the Borrower shall not, and shall procure that no Group Company shall, either in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily dispose of
                  all or any part of any Group Company's business, undertaking or assets (including any shares or security of any entity or a business or undertaking, or any interest in any of them).

              

      

    

    

    

    
      
        	

              	(b)	
                Paragraph (a) above does not apply to any such disposal:

              

      

    

    

    

    
      
        	

              	(i)	
                made with the prior written consent of the Bank, provided always that if the Borrower requests the consent of the Bank pursuant to this provision, the Bank shall review the anticipated transaction, the anticipated synergies and will
                  give due consideration to the request for consent of the Borrower;

              

      

    

    

    

    
      
        	

              	(ii)	
                made on arm's length terms in the ordinary course of business of a Group Company;

              

      

    

    

    

    
      
        	

              	(iii)	
                made on arm's length terms and at fair market value for cash, which is reinvested in assets of comparable or superior type, value and quality;

              

      

    

    

    

    
      
        	

              	(iv)	
                made on arm's length terms in exchange for other assets comparable or superior as to type, value and quality;

              

      

    

    

    

    
      
        	

              	(v)	
                by one Obligor to another Obligor or by a Group Company to another Group Company subject to the Group Company receiving the asset(s) simultaneously becoming a Guarantor;

              

      

    

    

    

    
      
        	

              	(vi)	
                constituted by a licence of Intellectual Property Rights;

              

      

    

    

    

    
      
        	

              	(vii)	
                made in relation to non-material assets which have depreciated to less than 25% of their initial value or which are obsolete;

              

      

    

    

    

    
      
        	

              	(viii)	
                excluding any disposal otherwise permitted under (ii) to (vii) above, disposals where the higher of the market value or consideration receivable for such disposals does not exceed (x) 10% of total assets during any financial year, and
                  (y) 25% of total assets during the term of the Credit; or

              

      

    

    
      44

      
        

    

    
      
        	

              	(ix)	
                arising as a result of Permitted Security,

              

      

    

    

    

    provided that the disposal is not of assets forming part of the Investment or shares in subsidiaries holding assets forming part of the Investment, which may not be disposed of unless either (a)
      the Borrower consults the Bank in relation to such disposal, and the Bank approves the disposal, or (b) the proceeds of the disposal are applied to prepay the Bank.

    

    

    For the purposes of this section, "dispose" and "disposal" includes any act effecting sale, transfer, lease or other disposal.

    

    

    
      
        	

              	9.	
                Maintenance of assets

              

      

    

    

    

    The Borrower shall maintain, repair, overhaul and renew all assets required in relation to the Investment as required to keep such assets in good working order.

    

    

    
      
        	

              	10.	
                Insurances

              

      

    

    

    

    The Borrower shall, and shall procure that each Group Company shall, maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against
      those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

    

    

    
      
        	

              	11.	
                Change in business

              

      

    

    

    

    The Borrower shall procure that no substantial change is made to the general nature business of the Borrower or the Group as a whole from that carried on at the date of this Contract.

    

    

    
      
        	

              	12.	
                Merger

              

      

    

    

    

    The Borrower shall not, and shall procure that no Group Company shall, enter into any amalgamation, demerger, merger or corporate reconstruction unless:

    

    

    
      
        	

              	(a)	
                with the prior written consent of the Bank; or

              

      

    

    

    

    
      
        	

              	(b)	
                the solvent liquidation or reorganisation of a Group Company which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other Group Companies;

              

      

    

    

    

    
      
        	

              	(c)	
                such amalgamation, demerger, merger or corporate reconstruction does not result in a Material Adverse Change and is on a solvent basis, and provided that:

              

      

    

    

    

    
      
        	

              	(i)	
                only Group Companies are involved provided that if the Borrower is a party to such merger, the Borrower shall survive such merger and there shall be no adverse financial consequences resulting from such merger;

              

      

    

    

    

    
      
        	

              	(ii)	
                the resulting entity will not be incorporated or located in a country which is in a jurisdiction that is blacklisted by any Lead Organisation in connection with activities such as money laundering, financing of terrorism, tax fraud and
                  tax evasion or harmful tax practices as such blacklist may be amended from time to time; and

              

      

    

    

    

    
      
        	

              	(iii)	
                if the Borrower is involved, (i) the rights and obligations of the Borrower under this Contract will remain with the Borrower, (ii) the surviving entity will be the Borrower and the statutory seat of the Borrower would not as a result
                  of such merger be transferred to a different jurisdiction, (iii) the merger will not have an effect on the validity, legality or enforceability of the Borrower's obligations under this Contract; and (iv) all of the business and assets of
                  the Borrower are retained by it.

              

      

    

    
      45

      
        

    

    
      
        	

              	13.	
                Books and records

              

      

    

    

    

    The Borrower shall ensure that it has kept and will continue to keep proper books and records of account, in which full and correct entries shall be made of all financial transactions and the
      assets and business of the Borrower, including expenditures in connection with the Investment, in accordance with GAAP as in effect from time to time.

    

    

    
      
        	

              	14.	
                Ownership

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall maintain not less than 51% of the share capital, directly or indirectly, of each of its Material Subsidiaries, unless a prior written consent of the Bank is received by the Borrower.

              

      

    

    

    

    
      
        	

              	(b)	
                The Borrower shall in aggregate maintain not less than 100% of the share capital, directly or indirectly, of each Guarantor, unless prior written consent of the Bank is received by the Borrower.

              

      

    

    

    

    
      
        	

              	(c)	
                The Borrower shall immediately notify the Bank in the event of a new entity becoming a majority owned subsidiary of the Borrower (meaning ownership of more than 50%) through any means, including but not limited to acquisition, creation
                  and spin-off.

              

      

    

    

    

    
      
        	

              	(d)	
                The undertakings in Paragraphs (a) and (b) above shall be calculated in accordance with GAAP as applied by the Borrower on the date of this Contract and as GAAP is amended from time to time and tested annually.

              

      

    

    

    

    
      
        	

              	15.	
                Acquisitions

              

      

    

    

    

    The Borrower shall not, and shall procure that no Group Company shall, invest in or acquire any entity or a business going concern or an undertaking (whether whole or substantially the whole of the
      assets or business), or any division or operating unit thereof, or any shares or securities of any entity or a business or undertaking (or in each case, any interest in any of them) (or agree to any of the foregoing), save for an acquisition:

    

    

    
      
        	

              	(a)	
                with the prior written consent of the Bank, provided always that if the Borrower requests the consent of the Bank pursuant to this provision, the Bank shall review the anticipated transaction, the anticipated synergies and will give
                  due consideration to the request for consent of the Borrower;

              

      

    

    

    

    
      
        	

              	(b)	
                by one Obligor of an asset sold, leased, transferred or otherwise disposed of by another Obligor;

              

      

    

    

    

    
      
        	

              	(c)	
                by a Group Company of all the shares or other ownership interests in any limited liability company or corporation, limited liability partnership or any equivalent company, provided that:

              

      

    

    

    

    
      
        	

              	(i)	
                such entity has not yet commenced commercial operations;

              

      

    

    

    

    
      
        	

              	(ii)	
                such entity is incorporated in a country that is a member of either or both of the European Union or the Organisation of Economic Co-Operation and Development; and

              

      

    

    

    

    
      
        	

              	(iii)	
                no Event of Default is continuing on the date the relevant acquisition agreement is entered into or would occur as a result of the acquisition; or

              

      

    

    
      46

      
        

    

    
      
        	

              	(d)	
                of shares or other ownership interests in any limited liability company or corporation, limited liability partnership or any equivalent company, the consideration for which:

              

      

    

    

    

    
      
        	

              	(i)	
                if in cash, does not exceed an aggregate amount of EUR 1,500,000 during any financial year and EUR 4,000,000 during the term of the Credit; or

              

      

    

    

    

    
      
        	

              	(ii)	
                consists of shares in the Borrower only, up to a maximum value of 8% of the average of the market capitalisation of the Borrower in the three months up to the date of the acquisition,

              

      

    

    

    

    provided that:

    

    

    
      
        	

              	(i)	
                no Event of Default is continuing on the date the relevant acquisition agreement is entered into or would occur as a result of the acquisition;

              

      

    

    

    

    
      
        	

              	(ii)	
                the acquired entity is engaged in a business similar or complementary to the business carried on by the Group as at the date of this Contract;

              

      

    

    

    

    
      
        	

              	(iii)	
                the acquired entity is not incorporated or located in a jurisdiction that is blacklisted by any Lead Organisation in connection with activities such as money laundering, financing of terrorism, tax fraud and tax evasion or harmful tax
                  practices as such blacklist may be amended from time to time; and

              

      

    

    

    

    in respect of any acquisition where the consideration exceeds EUR 1,000,000, legal and financial due diligence reports (including customary reliance letters in favour of the Bank)) and a business
      plan (in the form of the most recent budget adjusted for the expected effects of the acquisition) in respect of the 3 (three) next following financial years and any other due diligence reports received in connection with the acquisition (if any) are
      provided to the Bank.

    

    

    
      
        	

              	16.	
                Indebtedness

              

      

    

    

    

    The Borrower shall not, and shall procure that no other Group Company shall, incur any Indebtedness, save for Indebtedness incurred:

    

    

    
      
        	

              	(a)	
                with the prior written consent of the Bank;

              

      

    

    

    

    
      
        	

              	(b)	
                Existing Indebtedness;

              

      

    

    

    

    
      
        	

              	(c)	
                Existing Off Balance Sheet Commitments;

              

      

    

    

    

    
      
        	

              	(d)	
                under this Contract;

              

      

    

    

    

    
      
        	

              	(e)	
                under any finance or capital leases of equipment if the aggregate liability in respect of the equipment leases does not at any time exceed EUR 2,000,000 (or its equivalent in another currency or currencies);

              

      

    

    

    

    
      
        	

              	(f)	
                under Permitted Hedging;

              

      

    

    

    

    
      
        	

              	(g)	
                under any letters of credit provided that such Indebtedness does not, singularly or in aggregate, exceed EUR 2,000,000 (or its equivalent in another currency or currencies);

              

      

    

    

    

    
      
        	

              	(h)	
                in respect of a Permitted Guarantee; or

              

      

    

    

    

    
      
        	

              	(i)	
                not permitted by the preceding paragraphs and the outstanding amount of which does not exceed EUR 1,000,000 (or its equivalent) in aggregate for the Group at any time.

              

      

    

    
      47

      
        

    

    
      
        	

              	17.	
                Guarantees

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall not, and shall procure that no other Group Company shall, issue or allow to remain outstanding any guarantees in respect of any liability or obligation of any person save for:

              

      

    

    

    

    
      
        	

              	(i)	
                with the prior written consent of the Bank;

              

      

    

    

    

    
      
        	

              	(ii)	
                Existing Off Balance Sheet Commitments; or

              

      

    

    

    

    
      
        	

              	(iii)	
                guarantees issued in the ordinary course of trade by any Group Company under or in connection with:

              

      

    

    

    

    
      
        	

              	(1)	
                under the Guarantee Agreement;

              

      

    

    

    

    
      
        	

              	(2)	
                under any negotiable instruments;

              

      

    

    

    

    
      
        	

              	(3)	
                in connection with any performance bond;

              

      

    

    

    

    
      
        	

              	(4)	
                in connection with any Permitted Indebtedness; or

              

      

    

    

    

    
      
        	

              	(5)	
                issued by one Obligor to another Obligor.

              

      

    

    

    

    
      
        	

              	(b)	
                The Borrower shall procure that each Material Subsidiary accedes to the Guarantee Agreement as a Guarantor.

              

      

    

    

    

    
      
        	

              	18.	
                Hedging

              

      

    

    

    

    The Borrower shall not, and shall procure that no other Group Company shall, enter into any derivative transaction other than Permitted Hedging, where "Permitted
        Hedging" means:

    

    

    
      
        	

              	(a)	
                any derivative transaction by a Group Company to hedge actual or projected exposure arising in the ordinary course of trading and not for speculative purposes; and

              

      

    

    

    

    
      
        	

              	(b)	
                any derivative instrument of a Group Company which is accounted for on a hedge accounting basis but is not entered into for speculative purposes.

              

      

    

    

    

    
      
        	

              	19.	
                Restrictions on distributions

              

      

    

    

    

    The Borrower shall not, and shall procure that no other Group Company shall, declare or distribute dividends, or return or purchase shares, save for:

    

    

    
      
        	

              	(a)	
                with the prior written consent of the Bank;

              

      

    

    

    

    
      
        	

              	(b)	
                payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group Company which is not an Obligor;

              

      

    

    

    

    
      
        	

              	(c)	
                any dividend payments made by any subsidiary of the Borrower;

              

      

    

    
      48

      
        

    

    
      
        	

              	(d)	
                dividend payments or share repurchases by a Group Company provided that:

              

      

    

    

    

    
      
        	

              	(i)	
                such dividends and repurchases are made in compliance with applicable corporate law and other mandatory regulatory restrictions;

              

      

    

    

    

    
      
        	

              	(ii)	
                no Default has occurred and is continuing;

              

      

    

    

    

    
      
        	

              	(iii)	
                such dividends or repurchases do not exceed in aggregate 50% of the net earnings for the Group as reported in the annual, audited, consolidated accounts for the preceding financial year;

              

      

    

    

    

    
      
        	

              	(iv)	
                the First Tranche and the Second Tranche have been fully repaid; and

              

      

    

    

    

    
      
        	

              	(v)	
                the amount of the Net Cash position of the Borrower is in excess of EUR 30,000,000.

              

      

    

    

    

    
      
        	

              	20.	
                Restrictions on intercompany loans

              

      

    

    

    

    The Borrower shall not, and shall procure that no other Group Company shall, make any payment in respect of any intercompany loan, save for:

    

    

    
      
        	

              	(a)	
                with the prior written consent of the Bank;

              

      

    

    

    

    
      
        	

              	(b)	
                where the lender of the intercompany loan is the Borrower or an Obligor; or

              

      

    

    

    

    
      
        	

              	(c)	
                the payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group Company which is not an Obligor.

              

      

    

    

    

    
      
        	

              	21.	
                Intellectual Property Rights

              

      

    

    

    

    The Borrower shall, and shall procure that each other Group Company shall, (i) obtain, safeguard and maintain its rights with respect to the Intellectual Property Rights required for the
      implementation of the Investment in accordance with this Contract, including complying with all material contractual provisions and that the implementation of the Investment in accordance with this Contract will not result in the infringement of the
      rights of any person with regard to the Intellectual Property Rights and (ii) ensure that any Intellectual Property Rights necessary for the implementation of the Investment will be owned by or licensed to the Borrower, and where such Intellectual
      Property Rights which are owned by a Group Company are capable of registration, are registered to such party to the extent necessary to the implementation of the Investment.

    

    

    
      
        	

              	22.	
                Maintenance of Status

              

      

    

    

    

    The Borrower shall, and shall procure that each other Group Company shall, remain duly incorporated and validly existing as a corporate entity with limited liability under the jurisdiction in which
      it is incorporated and that it will have no centre of main interests, permanent establishment or place of business outside the jurisdiction in which it is incorporated, and that it will continue to have the power to carry on its business as it is now
      being conducted and continue to own its property and other assets.

    
      49

      
        

    

    
      
        	

              	23.	
                Negative pledge

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall not (and shall procure that no other Group Company shall) create or permit to subsist any Security over any of its assets.

              

      

    

    

    

    
      
        	

              	(b)	
                For the purposes of this Paragraph 23, the term Security shall also include any arrangement or transaction on assets or receivables or money (such as the sale, transfer or other disposal of assets on terms whereby they are or may be
                  leased to or re-acquired by any Group Company, the sale, transfer or other disposal of any receivables on recourse terms or any arrangement under which money or the benefit of a bank account or other account may be applied or set off or
                  any preferential arrangement having a similar effect) in circumstances where the arrangement or transaction is entered into primarily as a method of raising credit or of financing the acquisition of an asset.

              

      

    

    

    

    
      
        	

              	(c)	
                Paragraph (a) above does not apply to any Security, listed below:

              

      

    

    

    

    
      
        	

              	(i)	
                any netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances;

              

      

    

    

    

    
      
        	

              	(ii)	
                any payment or close out netting or set-off arrangement pursuant to any Permitted Hedging, but excluding any Security under a credit support arrangement in relation to a hedging transaction;

              

      

    

    

    

    
      
        	

              	(iii)	
                any lien arising by operation of law and in the ordinary course of trading;

              

      

    

    

    

    
      
        	

              	(iv)	
                any Security over or affecting any asset acquired by Group Company after the date of this Contract if:

              

      

    

    

    

    
      
        	
                

                

              	(1)	
                the Security was not created in contemplation of the acquisition of that asset by a Group Company;

              

      

    

    

    

    
      
        	

              	(2)	
                the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a Group Company; and

              

      

    

    

    

    
      
        	

              	(3)	
                the Security is removed or discharged within 3 months of the date of acquisition of such asset;

              

      

    

    

    

    
      
        	

              	(v)	
                any Security over or affecting any asset of any company which becomes a Group Company after the date of this Contract, where the Security is created prior to the date on which that company becomes a Group Company, if:

              

      

    

    

    

    
      
        	

              	(1)	
                the Security was not created in contemplation of the acquisition of that company;

              

      

    

    

    

    
      
        	

              	(2)	
                the principal amount secured has not increased in contemplation of or since the acquisition of that company; and

              

      

    

    

    

    
      
        	

              	(3)	
                the Security is removed or discharged within 3 months of that company becoming a Group Company;

              

      

    

    

    

    
      
        	

              	(vi)	
                any Security entered into pursuant to this Contract;

              

      

    

    
      50

      
        

    

    
      
        	

              	(vii)	
                any Security arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a Group Company in the ordinary course of trading and on the
                  supplier's standard or usual terms and not arising as a result of any default or omission by any Group Company; or

              

      

    

    

    

    
      
        	

              	(viii)	
                any Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Security given by a Group Company other than any permitted under Paragraphs
                  (i) to (viii) above) does not exceed EUR 500,000 (or its equivalent in another currency or currencies).

              

      

    

    

    

    
      
        	

              	24.	
                Most Favoured Nation Clause

              

      

    

    

    

    If the documentation relating to any Indebtedness incurred by the Borrower in relation to moneys borrowed on a long or medium term, contains any provisions which are more favourable to the
      relevant lender, the Borrower shall promptly notify the Bank in writing and the Bank may request the Borrower that this Contract be amended to reflect the terms of each such provisions.

    
      51

      
        

    

    Schedule I

    Information and Visits

    

    

    
      
        	

              	1.	
                Information concerning the Investment

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall deliver to the Bank:

              

      

    

    

    

    
      
        	

              	(i)	
                the information in content and in form, and at the times, specified in Part 0 of Schedule A or otherwise as agreed from time to time by the parties to this Contract;

              

      

    

    

    

    
      
        	

              	(ii)	
                semi-annually after the Final Availability Date, a progress report in relation to the Investment;

              

      

    

    

    

    
      
        	

              	(iii)	
                any such information or further document concerning the Investment as the Bank may require to comply with its obligations under the EFSI Regulation; and

              

      

    

    

    

    
      
        	

              	(iv)	
                any such information or further document concerning the financing, procurement, implementation, operation and environmental matters of or for the Investment as the Bank may reasonably require within a reasonable time;

              

      

    

    

    

    provided always that if such information or document is not delivered to the Bank on time, and the Borrower does not rectify the omission within a
      reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant or any other third party, at the Borrower's expense and the Borrower shall provide such persons with
      all assistance necessary for the purpose.

    

    

    
      
        	

              	(b)	
                The Borrower shall submit for the approval of the Bank without delay any material changes to the Investment, also taking into account the disclosures made to the Bank in connection with the Investment prior to the signing of this
                  Contract, in respect of, inter alia, the total cost, plans, timetable or to the expenditure programme or financing plan for the Investment.

              

      

    

    

    

    
      
        	

              	(c)	
                The Borrower shall promptly inform the Bank of:

              

      

    

    

    

    
      
        	

              	(i)	
                any action initiated or any objection raised by any third party or any genuine complaint received by the Borrower or any Environmental Claim that is to its knowledge commenced, pending or threatened against it with regard to
                  environmental or other matters affecting the Investment; and

              

      

    

    

    

    
      
        	

              	(ii)	
                any fact or event known to the Borrower, which may substantially prejudice or affect the Borrower's ability to execute the Investment;

              

      

    

    

    

    
      
        	

              	(iii)	
                a genuine allegation, complaint or information with regard to Illegal Activities related to the Loan and/or the Investment; and

              

      

    

    

    

    
      
        	

              	(iv)	
                any non-compliance by it with any applicable Environmental Law; and

              

      

    

    

    

    
      
        	

              	(v)	
                any suspension, revocation or modification of any Environmental Approval,

              

      

    

    

    

    and set out the action to be taken with respect to such matters;

    
      52

      
        

    

    

    

    
      
        	

              	(d)	
                If the total cost of the Investment exceeds the estimated figure set out in Recital (A), the Borrower shall notify the Bank without delay and shall inform the Bank of its plans to fund the increased costs.

              

      

    

    

    

    
      
        	

              	(e)	
                The Borrower shall, and shall procure that each other Group Company shall, promptly inform the Bank if at any time it becomes aware of the illicit origin (including products of money laundering or linked to the financing of terrorism)
                  of any funds invested in the Investment by the Borrower or by its controlling entities or another Group Company.

              

      

    

    

    

    
      
        	

              	(f)	
                The Borrower shall provide to the Bank, if so requested:

              

      

    

    

    

    
      
        	

              	(i)	
                a certificate of its insurers showing that all assets required in order to carry out the Investment are insured with first class insurance companies in accordance with the most comprehensive relevant industry practice;

              

      

    

    

    

    
      
        	

              	(ii)	
                annually, a list of policies in force covering any aspect of the Investment, together with confirmation of payment of the current premiums.

              

      

    

    

    

    
      
        	

              	2.	
                Information concerning the Borrower

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall deliver to the Bank:

              

      

    

    

    

    
      
        	

              	(i)	
                as soon as they become available but in any event within 90 days after the end of each of its financial years (and for the financial year ending on 31 December 2019, 120 days after the end of this financial year) its audited
                  consolidated and unconsolidated annual report, balance sheet, cash flow statement, profit and loss account and auditors report for that financial year; and

              

      

    

    

    

    
      
        	

              	(ii)	
                as soon as they become available but in any event within 60 days after the end of each of the relevant accounting periods its interim consolidated and unconsolidated semi-annual report, balance sheet, profit and loss account and cash
                  flow statement for the first half-year of each of its financial years;

              

      

    

    

    

    
      
        	

              	(iii)	
                from time to time, such further information, evidence or document concerning its general financial situation or such certificates of compliance with the undertakings of Article 7 (Borrower undertakings
                    and representations) the factual information or documents provided to the Bank for the purposes of entering into this Contract as the Bank may deem necessary or may reasonably require to be provided within a reasonable time; and

              

      

    

    

    

    
      
        	

              	(iv)	
                any such information or further document concerning customer due diligence matters of, or for, the Borrower to comply with “Know your customer” (KYC) or similar identification procedures as the Bank may deem necessary or may reasonably
                  require to be provided within a time;

              

      

    

    

    

    
      
        	

              	(b)	
                The Borrower shall inform the Bank immediately of:

              

      

    

    

    

    
      
        	

              	(i)	
                any Event of Default having occurred or being threatened or anticipated;

              

      

    

    

    

    
      
        	

              	(ii)	
                to the extent permitted by law, any material litigation, arbitration, administrative proceedings or investigation carried out by a court, administration or similar public authority, which, to the best of its knowledge and belief is
                  current, threatened or pending:

              

      

    

    

    

    
      
        	
                

                

              	(1)	
                against the Borrower or its controlling entities or members of the Borrower's management bodies in connection with Illegal Activities related to the Loan or the Investment; or

              

      

    

    
      53

      
        

    

    

    

    
      
        	

              	(2)	
                which might if adversely determined result in a Material Adverse Change;

              

      

    

    

    

    
      
        	

              	(iii)	
                any measure taken by the Borrower pursuant to Paragraph 6 (Integrity) of Schedule H.

              

      

    

    

    

    
      
        	

              	3.	
                Visits by the Bank

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower shall allow persons designated by the Bank and, when either required by the relevant mandatory provisions of EU law or pursuant to the EFSI Regulation, the competent EU institutions including the European Court of
                  Auditors, the Commission, the European Anti-Fraud Office, as well as persons designated by the foregoing:

              

      

    

    

    

    
      
        	

              	(i)	
                to visit the sites, installations and works comprising the Investment;

              

      

    

    

    

    
      
        	

              	(ii)	
                to interview representatives of the Borrower, and not obstruct contacts with any other person involved in or affected by the Investment; and

              

      

    

    

    

    
      
        	

              	(iii)	
                to conduct such on the spot audits and checks as they may wish and review the Borrower's books and records in relation to the execution of the Investment and to be able to take copies of related documents to the extent not prohibited
                  by the law.

              

      

    

    

    

    
      
        	

              	(b)	
                The Borrower shall provide the Bank, or ensure that the Bank is provided, with all necessary assistance for the purposes described in this Article.

              

      

    

    

    

    
      
        	

              	(c)	
                In the case of a genuine allegation, complaint or information with regard to Illegal Activities related to the Loan and/or the Investment, the Borrower shall consult with the Bank in good faith regarding appropriate actions.  In
                  particular, if it is proven that a third party committed Illegal Activities in connection with the Loan and/or the Investment with the result that the Loan or the EFSI financing were misapplied, the Bank may, without prejudice to the
                  other provisions of this Contract, inform the Borrower if, in its view, the Borrower should take appropriate recovery measures against such third party. In any such case, the Borrower shall in good faith consider the Bank's views and keep
                  the Bank informed.

              

      

    

    

    

    
      
        	

              	4.	
                Disclosure and publication

              

      

    

    

    

    
      
        	

              	(a)	
                The Borrower acknowledges and agrees that:

              

      

    

    

    

    
      
        	

              	(i)	
                the Bank may be obliged to communicate information relating to the Borrower and the Investment to any competent institution or body of the European Union in accordance with the relevant mandatory provisions of European Union law or
                  pursuant to the EFSI Regulation; and

              

      

    

    

    

    
      
        	

              	(ii)	
                the Bank may publish in its website or produce press releases containing information related to the financing provided pursuant to this Contract with support of the EFSI, including the name, address and country of establishment of the
                  Borrower, the purpose of the financing, and the type and amount of financial support received under this Contract.

              

      

    

    

    

    
      
        	

              	(b)	
                The Borrower agrees to cooperate with the Bank to ensure that any press releases or publications made by the Borrower regarding the financing and the Investment include an appropriate acknowledgement of the financial support provided
                  by EIB with the backing of the European Union through EFSI.

              

      

    

    

    

    
      
        	

              	(c)	
                If requested by the Bank, the Borrower undertakes to refer to this financing and other EIB financings in its public communications, if appropriate, during the availability period, and in connection with any drawdowns, and
                  communications on major corporate events.

              

      

    

  

  54

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