Document:

exhibit427.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    United                                                                                                                                       1735 Connecticut
Avenue

    Therapeutics                                                                                                                     Third Floor

    Corporation                                                                                                                             Washington, DC
20009

                                                 tel
202.483.7000

                    fax
202.483.4005

    

    December
21, 2007

    

    Mr. Erich
Bam

    Chief
Operating Officer

    AltaRex
Medical Corp.

    8223
Roper Road

    Edmonton,
Alberta, Canada

    T6E
684

    

    
      	
              Re:

            	
              Termination of Exclusive
      License Agreement between Unither Pharmaceuticals, Inc. (“UP”) and AltaRex
      Medical Corp. (“AltaRex”) dated April 17, 2002
      (“Agreement”)

            

    

    

    Dear Mr.
Bam:

    

    Your
letter dated December 15, 2007 was forwarded to me for reply. We believe your
notice of termination is premature, and not legally accurate under the terms of
the Agreement. The potential failure of UP to meet the development milestone
schedule upon which you rely in terminating the Agreement under Section 4.2
fails to take into account the suspension of that milestone schedule under
Section 4.3 given the lack of efficacy seen for OvaRex in the IMPACT studies. UP
has invested much time, expense and effort on the licensed platform and has a
vested interest in seeing that this investment is transferred back to AltaRex in
an orderly fashion, including a proper termination of the Agreement. This letter
shall also serve as notice of termination under Section 11.4.1 of the Agreement.
At your request, UP may be willing to waive the 120-day notice period provided
that we are in agreement concerning the parties’ respective obligations upon
termination, and reasonable timeframes within which to complete such
obligations.

    

    Schedule
A to the notice of termination you sent provides a helpful roadmap with respect
to transition activities and UP’s obligations upon termination. Our
point-by-point response is attached to this letter. We invite discussion through
Peter Gonze concerning those items we are not obligated to provide to
AltaRex.

    

    I am sure
we share a tremendous feeling of disappointment at the failure of the IMPACT
studies and what it means for the thousands of women who suffer from ovarian
cancer, as well as to our two companies. We are committed to the orderly
transition of this program back to AltaRex and look forward to working through
that process with you.

    

    Sincerely,

    

    /s/ Paul Mahon

    

    Paul Mahon

    EVP and General
Counsel

     

     

      

    

    

    United

    Therapeutics

    Corporation

    

    SCHEDULE
“A”

    

    Information.
Know-How and improvements to be transferred:

    

    Yes             No                                                 Description

    

    X                                  1. Regulatory Correspondence
pertaining to all products in the AlT platform.

    X                                    
a)  Transfer Orphan Drug Designation to ViRexx.

    X                                    
b)  Transfer Fast Track Designation to ViRexx.

    X                                    
c)   Information collected with regard to product trade
name.

    X                                    
d)    Documents used to prepare the eCTD
package

    X                                   
e)    Reports/correspondence to any regulatory
agency.

    X                                    
f)      Reports/correspondence with regulatory
consultants.

    

    X                                
2. Electronic documents
pertaining to AIT

    X                                    a)     Electronic
versions of publications.

    X                                   
b)     Electronic databases pertaining to AlT
products.

    X                                   
c)      Electronic filings or drafts pertaining to
AlT products.

    X                                  
d)       Electronic versions of documents
used to prepare the eCTD.

    X                                   
e)      The eCTD files to date.

    X                                   
f)       AS files of all OvaRex clinical
studies to date.

    
      	
               
      

            	
              X

            	 	
              g)

            	
              EMC
      files / database (e.g. CT scans, case report forms, summary report) from
      ISI detailing all OvaRex clinical studies to
  date.

            

    

    

    
      	
               
      

            	
              X

            	
              3. Clinical Data pertaining to
      all products in the AlT platform (where are the binders and how many are
      there?) Estimate: 10 Iron Mt.
Cartons.

            

    

    
      	
               
      

            	
              X

            	
              a)   If
      United wishes to retain a copy, they should begin making the
      copy.

            

    

    

    
      	
               
      

            	
              4.

            	
              Manufacturing
      Data

            

    

    
      	
               
      

            	
                X

            	
              a)
      Batch Records, QC Test Methods, Change control logs and forms,
      etc.

            

    

    
      	
                   
      

            	
              X

            	
                 SOPs

            

    

      X                                 
b)      Stability Data

    X                  Stability
Samples

    X          
   c)      In-process
samples.

     X                                 
d)      Development and Validation Protocols and
reports.

    X              e)     Specs,
blueprints, drawings, pfd’s for equipment. UPI has confidentiality

    obligation with 3rd
parties.

    X                                
f)      Audit Reports

      X                                 
g)     Copies of licenses and certificates required to
comply with regulatory filings to

    manufacture.

      X                                  
h)      Animal studies done with GMP material,
(UPI to only provide reports)

    
      	
                X**

            	
              i)

            	
              Comparability
      data with reference standards. **Data yes, not the
    standards.

            

    

    

    5. HollisterStierr information,
process, QC testing

    
      	
               
      

            	
                a)

            	
              Will
      need a letter to have the information accessible to
  us.

            

    

    
      	
               
      

            	
              X**

            	
                b)

            	
              Photoactivation
      skid. **New photoactivation device.

            

    

    

       6.Research and
Preclinical Reports and Data

    
      	
               
      

            	
                         
      X

            	
               a)   Lab
      Books

            

    

    

    
      	
                X

            	
               7. Old Information re: Lonza, Abbott
      process (AltaRex data)

            

    

    

    
      	
                X

            	
                          8.   Loaned equipment —
      rayonet reactors and
      coils, etc.

            

    

     

     

    
      
        

      

    United

    Therapeutics

    Corporation

    

    

    Yes              No                                                 Description

    

    

    X                   9. OvaRex
Material

    X                     a)   Drug
Substance from Silver Spring.

    X                    
b)   Drug Substance from Abbott,

    X                     c)   Drug
Product from Silver Spring

    X                    
d)   Drug Product from Abbott

     

                                       
!0.    Cell lines

    
      	
               
      

            	
              X

            	
               a)    Need
      letters to have the accounts at the storage facility transferred to
      ViRexx.

            

    

    X                   
b  The new working cell bank transferred to
ViRexx.

    
 

        11.  IP
Correspondence

    
      	
                                 
      X

            	
               

            	
                a)    Data
      base.

            

    

    

          12.
Assignment of IP

    
      	
                 X

            	
              a)   Trade
      Secrets and associated permitted-to-know
lists.

            

    

    X               b) Copyrights
(e.g. videos, product descriptions. etc.) No. Pertains to animation
of

          OvaRex
MOA.

      X                                
c)  Invention Disclosures.

    

         13.  Physical
embodiments of IP

    X                 a)    Clones
(chimeric, single chain, etc.)

    
      	
                                
      X

            	
               

            	
              b)    Assays
      transferred from AltaRex. (UPI to provide Assay information and
      data)

            

    

       X                          Assays
developed by UP!

      X                           Reagant
& Kit

      X                  
c)   Reference Standards

       X                                  d)   Databases

    

       X                                  14.   List
of cozen fries where technology license was registered.

    

       X                15.   Patent
prosecution files.

    

                 16.   List
and Copies of all contracts including:    (UPI) has
confidentiality obligation with

                 3rd
parties)

    X*                  a)   Confidentiality
Agreements — with employees and with all third parties.

    X*                 
b)   Vendor supply agreements.

    X*             c)    Research
agreements including CRO’s, CMO’s.

             *All
agreements requested in Number 16 are governed by confidentiality agreements
with

               third
parties.

    

       X                                   /
7.  List of
boxes of AlT information at off-site storage facilities to transfer to our
account.

    

    N/A           18.  List of parties who
have negotiated for sublicense rights.

    

                 Parents
to be assigned:

      Expired                                  US
60/800098

       X                                                 60/897155exh10_1.htm

    

      

         

        FOURTH
          AMENDMENT TO CREDIT AGREEMENT

         

        This
          Fourth Amendment to Credit
          Agreement (the “Amendment”) is made as of March 28, 2008, by and among
          TORTOISE CAPITAL RESOURCES CORPORATION, a Maryland corporation (the
“Borrower”); U.S. BANK NATIONAL ASSOCIATION, a national banking
          association, FIRST NATIONAL BANK OF KANSAS, a Kansas bank and WELLS FARGO
          BANK,
          N.A., a national banking association (each a “Bank” and, collectively,
          the “Banks”); U.S. BANK NATIONAL ASSOCIATION, a national banking
          association, as the lender for Swingline Loans (in such capacity, the
“Swingline Lender”); U.S. BANK NATIONAL ASSOCIATION, a national banking
          association, as agent for the Banks hereunder (in such capacity, the
“Agent”); and U.S. BANK NATIONAL ASSOCIATION, a national banking
          association, as lead arranger hereunder (in such capacity, the “Lead
          Arranger”).  Capitalized terms used and not defined in this
          Amendment have the meanings given to them in the Credit Agreement referred
          to
          below.

         

        Preliminary
          Statements

         

        (a)           The
          Banks and the Borrower are parties to a Credit Agreement, dated as of April
          25,
          2007, as amended by the First Amendment to Credit Agreement, dated as of
          July
          18, 2007, as further amended by the Second Amendment to Credit Agreement,
          dated
          as of September 28, 2007, and as further amended by the Third Amendment
          to
          Credit Agreement, dated as of March 21, 2008 (as so amended, the “Credit
          Agreement”).

         

        (b)           The
          Borrower has requested that the total credit facility under the Credit
          Agreement
          be increased, pursuant to Section 2.2(a) of the Credit Agreement, from
          $40,000,000 to $50,000,000.

         

        (c)           Wells
          Fargo Bank, N.A. has agreed to become a “Bank” under the Credit Agreement and
          will have a Revolving Credit Loan Commitment of $10,000,000.

         

        (d)           Additionally,
          simultaneously with this Amendment, Bank of Oklahoma, N.A. will assign
          its
          $5,000,000 Revolving Credit Loan Commitment to Wells Fargo Bank, N.A. resulting
          in Wells Fargo Bank, N.A. having a total Revolving Credit Loan Commitment
          of
          $15,000,000.

         

        (e)           The
          Banks are willing to agree to the foregoing request, subject, however,
          to the
          terms, conditions, and agreements set for the below.

         

        NOW,
          THEREFORE, for good and valuable
          consideration, the receipt and sufficiency of which are hereby acknowledged,
          the
          Banks and the Borrower agree as follows:

         

        1.           New
          Bank.  Wells Fargo Bank, N.A., a national banking
          association, shall become and is hereby added as a “Bank” under the Credit
          Agreement.

         

        2.           Modification
          to Exhibit A.  Exhibit A as attached to the Credit Agreement
          is deleted and is hereby replaced with Exhibit A attached to this
          Amendment.

         

        3.           Note.  Contemporaneously
          with the execution and delivery of this Amendment, the Borrower, as maker,
          shall
          execute and deliver a revolving credit note, in the stated principal amount
          of
          $15,000,000, in favor of Wells Fargo Bank, N.A., as payee, (the “Note”),
          which Note as the same may be amended, renewed, restated, replaced or
          consolidated from time to time shall be a “Revolving Credit Note” referred to in
          the Credit Agreement.  Such Note shall reflect Wells Fargo Bank’s
          Revolving Credit Loan Commitment following the assignment referred to in
          Preliminary Statement (d) above and the execution of this
          Amendment.

         

        4.           Reaffirmation
          of Credit Documents.  The Borrower reaffirms its obligations
          under the Credit Agreement, as amended hereby, and the other Credit Documents
          to
          which it is a party or by which it is bound, and represents, warrants and
          covenants to the Agent and the Banks, as a material inducement to the Agent
          and
          the Banks to enter into this Amendment, that (a) the Borrower has no and
          in any
          event waives any, defense, claim or right of setoff with respect to its
          obligations under, or in any other way relating to, the Credit Agreement,
          as
          amended hereby, or any of the other Credit Documents to which it is a party,
          or
          the Agent’s or any Bank’s actions or inactions in respect of any of the
          foregoing, and (b) all representations and warranties made by or on behalf
          of
          the Borrower in the Credit Agreement and the other Credit Documents are
          true and
          complete on the date hereof as if made on the date hereof.

         

        5.           Conditions
          Precedent to Amendment.  Except to the extent waived in a
          writing signed by the Agent and delivered to the Borrower, the Agent and
          the
          Banks shall have no duties under this Amendment until the Agent shall have
          received fully executed originals of each of the following, each in form
          and
          substance satisfactory to the Agent:

         

        
          	 (a)   	 Amendment.  This
                  Amendment;
	 	 
	 (b)	 Note.  The
                  Note;
	 	 
	
                   (c)

                	
                  Form
                    U-1.  A Form U-1 for the Borrower whereby, among
                    other things, (i) the maximum principal amount of Revolving Credit
                    Loans
                    that may be outstanding from time to time under the Credit Agreement
                    is
                    noted as being $50,000,000, and (ii) the Borrower concurs (and
                    the
                    Borrower does hereby concur) with the assessment of the market
                    value of
                    the margin stock or other investment property described in the
                    attachment
                    to such Form U-1 as of the date provided in such
                    attachment;

                

        

         

        
          	
                   (d)

                	
                  Secretary’s
                    Certificate.  A certificate from the Secretary or
                    Assistant Secretary of the Borrower certifying to the Agent that,
                    among
                    other things, (i) attached thereto as an exhibit is a true and
                    correct
                    copy of the resolutions of the board of directors of the Borrower
                    authorizing the Borrower to enter into the transactions described
                    in this
                    Amendment and the execution, delivery and performance by the
                    Borrower of
                    such Credit Documents, (ii) the articles of incorporation and
                    by-laws of
                    the Borrower as delivered to the Agent pursuant to the Secretary’s
                    Certificate dated April 25, 2007 from the Borrower’s secretary remain
                    in full force and effect and have not been amended or otherwise
                    modified
                    or revoked, and (iii) attached thereto as exhibits are certificates
                    of
                    good standing, each of recent date, from the Secretary of State
                    of
                    Maryland and the Secretary of State of Kansas, certifying the
                    good
                    standing and authority of the Borrower in such states as of such
                    dates;
                    and

                

        

         

        
          	
                   (e)

                	
                  Other
                    Documents.  Such other documents as the Agent may
                    reasonably request to further implement the provisions of this
                    Amendment
                    or the transactions contemplated
                    hereby.

                

        

         

        6.           No
          Other Amendments; No Waiver of Default.  Except as amended
          hereby, the Credit Agreement and the other Credit Documents shall remain
          in full
          force and effect and be binding on the parties in accordance with their
          respective terms.  By entering into this Amendment, neither the Agent
          nor any Bank is waiving any Default or Event of Default which may exist
          on the
          date hereof.

         

        7.           Expenses.  The
          Borrower agrees to pay and reimburse the Agent and/or the Banks for all
          out-of-pocket costs and expenses incurred in connection with the negotiation,
          preparation, execution, delivery, operation, enforcement and administration
          of
          this Amendment, including the reasonable fees and expenses of counsel to
          the
          Agent and/or the Banks.

         

        8.           Affirmation
          of Security Interest.  The Borrower hereby confirms and
          agrees that any and all liens, security interests and other security or
          Collateral now or hereafter held by the Agent and/or the Banks as security
          for
          payment and performance of the Notes and the Obligations are renewed hereby
          and
          carried forth to secure payment and performance of the Notes and the
          Obligations.  The Credit Documents are and remain legal, valid and
          binding obligations of the parties thereto, enforceable in accordance with
          their
          respective terms.

         

        9.           Counterparts;
          Fax Signatures.  This Amendment and any documents
          contemplated hereby may be executed in one or more counterparts and by
          different
          parties thereto, all of which counterparts, when taken together, shall
          constitute but one agreement.  This Amendment and any documents
          contemplated hereby may be executed and delivered by facsimile or other
          electronic transmission and any such execution or delivery shall be fully
          effective as if executed and delivered in person.

         

        10.           Governing
          Law.  This Amendment shall be governed by the same law that
          governs the Credit Agreement.

         

        [Remainder
          of Page Intentionally Left Blank]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        K.S.A.
          §16-118 Required Notice.  This statement is provided pursuant to
          K.S.A. §16-118:  “THIS AMENDMENT TO CREDIT AGREEMENT IS A FINAL
          EXPRESSION OF THE BANKS (AS CREDITORS) AND THE BORROWER (AS DEBTOR) AND
          SUCH
          WRITTEN AMENDMENT TO CREDIT AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE
          OF ANY
          PRIOR ORAL CREDIT AGREEMENT OR OF A CONTEMPORANEOUS ORAL AMENDMENT TO CREDIT
          AGREEMENT BETWEEN THE BANKS AND THE BORROWER.”  THE FOLLOWING SPACE
          CONTAINS ANY NON-STANDARD TERMS, INCLUDING THE REDUCTION TO WRITING OF
          ANY
          PREVIOUS ORAL AMENDMENT TO CREDIT AGREEMENT:

         

        

         

        NONE.

         

        The
          creditors and debtor, by their
          respective initials or signatures below, confirm that no unwritten amendment
          to
          credit agreement exists between the parties:

         

                                    Creditor:
             CSH                                           

         

                                    Creditor:
             TJB                                

         

                                     Creditor:
             JH                                

         

                                    Debtor:
                TM                                

         

        [signature
          page to follow]

        

         

        
          
                  

                      Fourth
                Amendment to Credit Agreement – Initial
                Page      
      

                      
      
    

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties have entered into this Amendment as of the
          date
          first above written.

         

         

                                                                                                                TORTOISE
          CAPITAL
          RESOURCES CORPORATION,

                                                                                                                the
          Borrower

         

         

                                        By:  /s/
          Terry
          Matlack                                                                           

                                        Name: 
Terry
          Matlack

                                        Title: Chief
          Financial Officer

        

        

                                        U.S.
          BANK NATIONAL
          ASSOCIATION,

                                        as
          Agent and as a
          Bank

        
 

                                        By:  /s/
          Colleen S.
          Hayes                                                                           

                                        Name:
          Colleen S.
          Hayes

                                        Title:
          Assistant Vice
          President

        

        

                                        FIRST
          NATIONAL BANK
          OF KANSAS,

                                        as
          a
          Bank

        

        

                                        By:
            /s/ Thomas J. Butkus, V.P.

                                        Name:  Thomas
          J. Butkus

                                        Title:  Vice
          President

        

        

                                        WELLS
          FARGO BANK,
          N.A.,

                                        as
          a
          Bank

        

        

                                        By:
            /s/ Jason
          Hicks                                                                           

                                        Name:  Jason
          Hicks

                                        Title:  Assistant
          Vice President

        
          
                  

                      Fourth
                Amendment to Credit Agreement – Signature
                Page      
      

                      
      
    

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        (Banks
          and Commitments)

         

        

         

        
          	
                   

                  Bank

                	
                  Revolving
                    Credit Loan Commitment Amount**

                	
                  Swingline
                    Loan Commitment Amount*

                	
                  Bank’s
                    Total Commitment Amount**

                	
                  Bank’s
                    Pro-Rata Percentage**

                
	
                  U.S.
                    Bank

                  National
                    Association

                	
                  $25,000,000

                	
                  $3,000,000

                	
                  $25,000,000

                	
                  0.500000000000

                
	
                  First
                    National Bank of Kansas

                	
                  $10,000,000

                	
                  0

                	
                  $10,000,000

                	
                  0.200000000000

                
	
                  Wells
                    Fargo Bank, N.A.

                	
                  $15,000,000

                	
                  0

                	
                  $15,000,000

                	
                  0.300000000000

                
	
                          TOTALS:

                	
                  $50,000,000

                	
                  $3,000,000

                	
                  $50,000,000

                	
                  1.000000000000

                

        

        

        
          	
                   

                	
                  *

                	
                  As
                    more particularly described in the Agreement, the Swingline Loan
                    Commitment is a subcommitment under the Revolving Credit Loan
                    Commitments.  Accordingly, extensions of credit under the
                    Swingline Loan Commitment act to reduce, on a dollar-for-dollar
                    basis, the
                    amount of credit otherwise available under the Revolving Credit
                    Loan
                    Commitments.

                

        

         

        

         

        
          	
                   

                	
                  **

                	
                  The
                    Revolving Credit Loan Commitments and the Pro-Rata Percentages
                    on this
                    Exhibit A reflect the Revolving Credit Loan Commitments as they
                    shall
                    exist following the assignment referred to in Preliminary Statement
                    (d) of
                    this Amendment and the execution of this
                    Amendment.

                

        

         

        Fourth
          Amendment to Credit Agreement - Exhibit
          A

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