展覽10.5
貸款與安防協議的第四次修訂
《貸款和擔保協議》第四修正案（此”修正案”）由馬里蘭州一家位於公園大道500號3號的馬里蘭州公司SLR Investment CORP. 於2024年10月29日簽訂rd 樓層，紐約，紐約 10022 (”SLR”），作爲抵押代理人（以這種身份，連同其繼任人和受讓人，”抵押代理”），上市的貸款人 附表 1.1 本協議或以其他方式不時成爲貸款協議的當事方，以貸款人的身份包括SLR（每個”貸款人” 總的來說，”貸款人”），以及特拉華州的一家公司 ARDELYX, INC.，其辦公室位於馬薩諸塞州沃爾瑟姆市第五大道 400 號 210 套房 02451（借款人”).
安防-半導體代理、借款人和貸款人已於2022年2月23日簽署了某項貸款和安全協議（經不時修訂、補充或其他修改，包括但不限於，2022年8月1日簽署的某第一份貸款和安全協議修正案，2023年2月9日簽署的某第二份貸款和安全協議修正案，2023年10月17日簽署的某第三份貸款和安全協議修正案以及本修正案，統稱「協議」貸款協議在此協議的條款和條件下，貸款人已根據該協議向借款人提供了某些貸款；並
b. 借款人、抵押代理人和必要的貸款人已同意修改貸款協議的某些條款，如下提供，須遵守並根據此處規定的條款和條件，並依賴於此處所載的陳述和保證。
協議
鑑於本協議中包含的承諾、契約和協議，以及其他一切有價值的對價，且已確認收到並充分認可，借款人、必須貸款人和抵押品代理特此協議以下列方式達成一致：
1. 定義. 在本修正案中使用但未定義的大寫詞彙應按照貸款協議中賦予它們的含義來解釋。
2. 修改貸款協議。
2.1 第1.4節（定義）。 以下術語及其相應定義，根據需要，已添加、修改並完整重述，如下所示，作爲貸款協議第1.4節的一部分：
“適用的 利率「年度」表示所有A類貸款和B類貸款的年利率最大爲1.00%，C類貸款、D類貸款和E類貸款的年利率最大爲4.70%，加上（i）0.022%和（ii）CME期限SOFR參考利率（由CME Term SOFR管理員在CME Term SOFR管理員的網站上發佈，或由抵押品代理確定的任何繼任者或替代頁面，或由與抵押品代理投資組合中的其他貸款一致方式所確定，抵押品代理的判斷爲確定，除非存在明顯錯誤；只要在任何時候，放款人通知抵押品代理放款人已確定i）放款人無法確定或查明該費率，或ii）適用監管機構已公開聲明CMESOFR期限管理員發佈的費率不再用於確定貸款的利率，那麼適用費率將等同於抵押品代理和借款人之間商定的備選基準利率和利差，考慮到（i）市場慣例或（ii）相關政府機構的選擇，認可或建議。 除非需要的放款人在通知此類修改後的5天內提出異議，否則該替代基準利率和利差將具有約束力。
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“第四修正案生效日期”是2024年10月29日。
“到期日對於每筆貸款，「」截止日期爲2028年7月1日。
“期E提款期間”指第四修正生效日期起至2025年6月30日結束的期間。
2.2 第1.4節（定義）。 術語「攤銷日期」及其定義在貸款協議第1.4節中被刪除。
2.3 第2.2(a)節（貸款期限）第2.2(a)節被修訂，以完全修訂和重新陳述其下的第(iv)款，並添加第(v)款如下：
“（四）根據本協議的條款和條件，放款人同意，在第四次修正協議生效日向借款人提供五千萬美元（$50,000,000）的總本金數額的定期貸款，根據各放款人在此處所載的定期D貸款承諾單獨而非聯合安排，並且一次性支取。 附表1.1 這些定期貸款以下單個名稱稱爲“D期貸款方D期貸款”。還款後，不得重新借款任何D期貸款。
(v)根據本協議的條款和條件， 放款人同意，在期限E放款期間，分別而非共同地向借款人提供總本金額爲五千萬美元（$50,000,000）的定期貸款，並根據每位放款人在此處所列的期限E貸款承諾一次性發放。 附表1.1 （此類定期貸款以下簡稱爲“期限E貸款方期限E貸款”；每筆A期貸款、B期貸款、C期貸款、D期貸款和E期貸款以下單稱爲“定期貸款”以及A部分貸款、B部分貸款、C部分貸款、D部分貸款和E部分貸款以下統稱爲“期限貸款”。償還後，不得重新借入E部分貸款。
2.4 第2.2節（貸款期限）。 第2.2(b)條款。貸款協議的第2.2(b)條款經通過修改和重新表述，內容如下：
“(b) 償還借款人應根據抵押代理根據其按比例份額計算的利率進行每月付款利息，自每筆期限貸款的資金日後的第一個（第1）付款日開始，並繼續在之後每個月的付款日向每個貸款人支付，根據2.3(a)節確定的適用於期限貸款的有效利率。借款人同意，在每筆期限貸款的資金日支付，否則應付的每筆期限貸款的資金日後和資金日之間的期間的初始部分月利息款項。所有未償還本金和應計但未支付的利息均在到期日全額支付。只能根據第2.2(c)和2.2(d)節的規定提前償還期限貸款。
2.5 第2.3條(a)（利率）。 貸款協議第2.3條(a)部分經修改並重述如下：
“(a) 利率期貨根據第2.3(b)節，在關於A期貸款和B期貸款方面，此類期貸款的未償本金應按照隨時生效的適用利率浮動年利率計息，即每年7.95％，綜合利率由抵押代理根據適用利率的定義，在每筆A期貸款或B期貸款的資金日前第三個工作日確定，並在隨後每個付款日之前一個月的第一個工作日確定，並且應按月後付。 加上尚未翻譯出文本。該文本中可能存在瑣碎內容或專業術語，請提供更多上下文以便翻譯。
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根據第2.2（b）和2.3（e）條款，（ii）關於期限C貸款，該期貸款的未償還本金應按照每年浮動的利率計息，該利率等於不時生效的適用利率 （ii）受限價值金額，其金額和支付受本協議第2.2條款的管轄 4.25％，總利率將由抵押代理根據“適用利率”的定義在每次該期C貸款的資金日期前三個工作日和隨後每次付款日期前一個月的第一個工作日確定，此利息將根據第2.2（b）和2.3（e）條款，以月付清方式支付。 (iii）關於期限D貸款和E貸款，該期貸款的未償還本金應按照每年浮動的利率計息，該利率等於不時生效的適用利率 （ii）受限價值金額，其金額和支付受本協議第2.2條款的管轄 4.00%，總利率將由抵押代理根據“適用利率”的定義在每次該期D貸款或E貸款的資金日期前三個工作日和隨後每次付款日期前一個月的第一個工作日確定，此利息將根據第2.2（b）和2.3（e）條款，以月付清方式支付。 除第2.2（b）條款另有規定外，此利息將自每次該期貸款的資金日期起開始計息，並將在該期貸款的未償還本金全額支付（或根據本文件做出任何付款）當日止內計息。
2.6 附表1.1（貸款人及承諾）。 借款協議的附表1.1已通過將此處附上的附表1.1予以修訂和重新訂定。 附件A.
3. 修正的限制。
3.1 上述第2條所載的修訂條款對於本文件所載之目的有效，應僅限於所述之內容，不得被視為（a）對任何貸款文件的其他條款或條件的任何修訂、豁免或修改之同意，或（b）以任何方式損害現時或將來貸款文件中貸款人或借款人根據本文件所做之修訂條款下現有或將來可能擁有的任何權利、救濟或義務。
3.2 本修訂應當被解釋為和作為貸款文件的一部分，貸款文件中設定的所有條款、條件、陳述、保證、契約和協議均通過並確認，並將繼續全面有效。
4. 保證和擔保。 為誘使抵押代理和所需貸方進入本修改案，借款人特此向抵押代理和所需貸方作出以下陳述和保證：
4.1 在履行此修正條款後立即生效時，貸款文件中所包含的陳述和保證在此日期上均為真實、準確且完整，除非該等陳述和保證涉及較早日期，在該日期上它們均為真實且正確，且(b)未發生並正在持續任何違約事件；
4.2 借款人有權力並且擁有適當的權威來執行並交付這份修正案，並履行根據這份修正案修改後的貸款協議下的義務；
4.3 借款人於生效日交付給抵押品代理的組織文件，並根據借款人或代表借款人交付的後續文件進行更新，仍然屬實、準確且完整，並未被修訂、補充或重置，而且仍然並將繼續全面生效；
4.4 借款人對本修訂案的執行和交付，以及根據本修訂案修訂的貸款協議下，借款人履行其義務，不得違反（i）任何繫結借款人或影響借款人的任何重大法律或法規，（ii）任何對借款人具有約束力的與某人的任何重大契約限制
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借款人，(iii) 任何法院或其他政府或公共機構的命令、判決或法令，或其分支機構對借款人具約束力；或(iv) 借款人的組織文件；
4.5 借款人執行及交付本修訂案，並履行其根據本修訂案修改的貸款協議之義務，並不需要任何訂單、批准、同意、執照、授權或驗證，或任何政府或公共機構或機構的登記、記錄、登記或豁免，該等登記、記錄、登記或豁免應對借款人具約束力，但已經獲得或取得例外;
4.6 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
5. Loan Document. Borrower, Lenders and Collateral Agent agree that this Amendment shall be a Loan Document. Except as expressly set forth herein, the Loan Agreement and the other Loan Documents shall continue in full force and effect without alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.
6. Release by Borrower.
6.1 FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Collateral Agent and each Lender and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the Effective Date through and including the date of execution of this Amendment solely to the extent such claims arise out of or are in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing (collectively “Released Claims”).
6.2 By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected in relation to the Released Claims; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Collateral Agent or Lenders with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.
6.3 This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Collateral Agent and the Lenders to enter into this Amendment, and that Collateral Agent and the Lenders would not have done so but for Collateral Agent’s and the Lenders’ expectation that such release is valid and enforceable in all events.
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7. Reaffirmation. Borrower hereby confirms the grant of the security interest in the Collateral to Collateral Agent and confirms and agrees that such security interest secures the Obligations.
8. Effectiveness. This Amendment shall be deemed effective as of the date hereof upon (i) the due execution and delivery of this Amendment by each party hereto, (ii) the due execution and delivery to Collateral Agent and Lenders of a certificate of Borrower in substantially the form as previously provided to Collateral Agent, (iii) the due execution and delivery of the Third Amendment to Fee Letter dated as of the date hereof by each party thereto, and (iv) delivery by Borrower to Collateral Agent of (a) the updated Perfection Certificate, (b) a duly executed legal opinion of counsel dated as of the date hereof, and (c) such other documents, agreements, side letters, certificates and/or schedules as Collateral Agent may reasonably request to effect the purpose to this Amendment.
9. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument. Delivery by electronic transmission (e.g. “.pdf”) of an executed counterpart of this Amendment shall be effective as a manually executed counterpart signature thereof.
10. Electronic Execution. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby (including without limitation assignments, assumptions, amendments, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Collateral Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
11. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF SUCH STATE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL, PROVIDED, HOWEVER, THAT IF THE LAWS OF ANY JURISDICTION OTHER THAN NEW YORK SHALL GOVERN IN REGARD TO THE VALIDITY, PERFECTION OR EFFECT OF PERFECTION OF ANY LIEN OR IN REGARD TO PROCEDURAL MATTERS AFFECTING ENFORCEMENT OF ANY LIENS IN COLLATERAL, SUCH LAWS OF SUCH OTHER JURISDICTIONS SHALL CONTINUE TO APPLY TO THAT EXTENT.
[Balance of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to Loan and Security Agreement to be executed as of the date first set forth above.
BORROWER: | ||
ARDELYX, INC. | ||
By /s/ Justin Renz | ||
Name: Justin Renz Title: Chief Financial and Operations Officer | ||
COLLATERAL AGENT AND LENDER: | ||
SLR INVESTMENT CORP. | ||
By /s/ Anthony J. Storino | ||
Name: Anthony J. Storino | ||
Title: Authorized Signatory LENDERS: SCP PRIVATE CREDIT INCOME FUND SPV, LLC SCP PRIVATE CREDIT INCOME BDC SPV LLC SCP PRIVATE CORPORATE LENDING FUND SPV LLC SCP CAYMAN DEBT MASTER FUND SPV LLC SLR CP SF DEBT FUND SPV, LLC SLR HC ONSHORE FUND LP SLR HC FUND SPV LLC SLR HC BDC LLC SLR HC BDC SPV LLC SLR 1818 L.P. SLR 1818 SPV LLC SLR PRIVATE CREDIT FUND II L.P. SLR PRIVATE CREDIT FUND II SPV LLC SLR PRIVATE CREDIT BDC II LLC SLR PRIVATE CREDIT BDC II SPV LLC SLR PRIVATE CORPORATE LENDING FUND II L.P. SLR PRIVATE CORPORATE LENDING FUND II SPV (ABL) LLC SLR CAYMAN DEBT MASTER FUND II SPV LLC CRPTF-SLR CREDIT PARTNERSHIP L.P. CRPTF-SLR CREDIT SPV LLC By /s/ Anthony J. Storino Name: Anthony J. Storino Title: Authorized Signatory | ||
[Signature Page to Fourth Amendment to Loan and Security Agreement]
Exhibit A
SCHEDULE 1.1
Lenders and Commitments
Term A Loans
| Lender | Term A Loan Commitment | Commitment Percentage | ||||||
| SLR INVESTMENT CORP. | $9,475,251.16 | 34.46% | ||||||
| SCP PRIVATE CREDIT INCOME FUND SPV, LLC | $4,449,548.38 | 16.18% | ||||||
| SCP PRIVATE CREDIT INCOME BDC SPV LLC | $3,319,342.73 | 12.07% | ||||||
| SCP PRIVATE CORPORATE LENDING FUND SPV LLC | $3,024,807.06 | 11.00% | ||||||
| SCP CAYMAN DEBT MASTER FUND SPV LLC | $1,297,190.99 | 4.72% | ||||||
| SLR CP SF DEBT FUND SPV, LLC | $1,038,567.36 | 3.78% | ||||||
| SLR HC FUND SPV LLC | $4,044,074.37 | 14.71% | ||||||
| SLR HC BDC SPV LLC | $851,217.95 | 3.10% | ||||||
| TOTAL | $27,500,000.00 | 100.00% | ||||||
Term B Loans
| Lender | Term B Loan Commitment | Commitment Percentage | ||||||
| SLR INVESTMENT CORP. | $7,752,478.23 | 34.46% | ||||||
| SCP PRIVATE CREDIT INCOME FUND SPV, LLC | $3,640,539.58 | 16.18% | ||||||
| SCP PRIVATE CREDIT INCOME BDC SPV LLC | $2,715,825.87 | 12.07% | ||||||
| SCP PRIVATE CORPORATE LENDING FUND SPV LLC | $2,474,842.14 | 11.00% | ||||||
| SCP CAYMAN DEBT MASTER FUND SPV LLC | $1,061,338.08 | 4.72% | ||||||
| SLR CP SF DEBT FUND SPV, LLC | $849,736.93 | 3.78% | ||||||
| SLR HC FUND SPV LLC | $3,308,788.12 | 14.71% | ||||||
| SLR HC BDC SPV LLC | $696,451.05 | 3.10% | ||||||
| TOTAL | $22,500,000.00 | 100.00% | ||||||
Term C Loans
| Lender | Term C Loan Commitment | Commitment Percentage | ||||||
| SLR INVESTMENT CORP. | $15,874,439.36 | 31.75% | ||||||
| SCP PRIVATE CORPORATE LENDING FUND SPV LLC | $5,640,588.30 | 11.28% | ||||||
| SCP CAYMAN DEBT MASTER FUND SPV LLC | $2,418,970.93 | 4.84% | ||||||
| SLR HC FUND SPV LLC | $7,081,161.26 | 14.16% | ||||||
| SLR HC BDC SPV LLC | $1,345,156.00 | 2.69% | ||||||
| SLR 1818 SPV LLC | $6,168,352.10 | 12.34% | ||||||
| SLR PRIVATE CREDIT FUND II SPV LLC | $3,434,372.33 | 6.87% | ||||||
| SLR PRIVATE CREDIT BDC II SPV LLC | $750,433.17 | 1.50% | ||||||
| SLR PRIVATE CORPORATE LENDING FUND II SPV (ABL) LLC | $1,770,395.23 | 3.54% | ||||||
| SLR CAYMAN DEBT MASTER FUND II SPV LLC | $1,815,120.06 | 3.63% | ||||||
| CRPTF-SLR CREDIT SPV LLC | $3,701,011.26 | 7.40% | ||||||
| TOTAL | $50,000,000.00 | 100.00% | ||||||
Term D Loans
| Lender | Term D Loan Commitment | Commitment Percentage | ||||||
| SLR INVESTMENT CORP. | $6,648,079.42 | 13.30% | ||||||
| SLR HC ONSHORE FUND LP | $5,356,205.21 | 10.71% | ||||||
| SLR HC BDC LLC | $556,076.58 | 1.11% | ||||||
| SLR 1818 L.P. | $7,942,631.37 | 15.89% | ||||||
| SLR PRIVATE CREDIT FUND II L.P. | $7,467,405.75 | 14.93% | ||||||
| SLR PRIVATE CREDIT BDC II LLC | $1,219,610.14 | 2.44% | ||||||
| SLR PRIVATE CORPORATE LENDING FUND II L.P. | $6,929,658.18 | 13.86% | ||||||
| CRPTF-SLR CREDIT PARTNERSHIP L.P. | $13,880,333.35 | 27.76% | ||||||
| TOTAL | $50,000,000.00 | 100.00% | ||||||
Term E Loans
| Lender | Term E Loan Commitment | Commitment Percentage | ||||||
| SLR INVESTMENT CORP. | $6,648,079.42 | 13.30% | ||||||
| SLR HC ONSHORE FUND LP | $5,356,205.21 | 10.71% | ||||||
| SLR HC BDC LLC | $556,076.58 | 1.11% | ||||||
| SLR 1818 L.P. | $7,942,631.37 | 15.89% | ||||||
| SLR PRIVATE CREDIT FUND II L.P. | $7,467,405.75 | 14.93% | ||||||
| SLR PRIVATE CREDIT BDC II LLC | $1,219,610.14 | 2.44% | ||||||
| SLR PRIVATE CORPORATE LENDING FUND II L.P. | $6,929,658.18 | 13.86% | ||||||
| CRPTF-SLR CREDIT PARTNERSHIP L.P. | $13,880,333.35 | 27.76% | ||||||
| TOTAL | $50,000,000.00 | 100.00% | ||||||
Aggregate Commitments
| Lender | Term Loan Commitment | Commitment Percentage | ||||||
| SLR INVESTMENT CORP. | $46,398,327.59 | 23.20% | ||||||
| SCP PRIVATE CREDIT INCOME FUND SPV, LLC | $8,090,087.96 | 4.05% | ||||||
| SCP PRIVATE CREDIT INCOME BDC SPV LLC | $6,035,168.60 | 3.02% | ||||||
| SCP PRIVATE CORPORATE LENDING FUND SPV LLC | $11,140,237.50 | 5.57% | ||||||
| SCP CAYMAN DEBT MASTER FUND SPV LLC | $4,777,500.00 | 2.39% | ||||||
| SLR CP SF DEBT FUND SPV, LLC | $1,888,304.29 | 0.94% | ||||||
| SLR HC ONSHORE FUND LP | $10,712,410.42 | 5.36% | ||||||
| SLR HC FUND SPV LLC | $14,434,023.75 | 7.22% | ||||||
| SLR HC BDC LLC | $1,112,153.16 | 0.56% | ||||||
| SLR HC BDC SPV LLC | $2,892,825.00 | 1.45% | ||||||
| SLR 1818 L.P. | $15,885,262.74 | 7.94% | ||||||
| SLR 1818 SPV LLC | $6,168,352.10 | 3.08% | ||||||
| SLR PRIVATE CREDIT FUND II L.P. | $14,934,811.50 | 7.47% | ||||||
| SLR PRIVATE CREDIT FUND II SPV LLC | $3,434,372.33 | 1.72% | ||||||
| SLR PRIVATE CREDIT BDC II LLC | $2,439,220.28 | 1.22% | ||||||
| SLR PRIVATE CREDIT BDC II SPV LLC | $750,433.17 | 0.38% | ||||||
| SLR PRIVATE CORPORATE LENDING FUND II L.P. | $13,859,316.36 | 6.93% | ||||||
| SLR PRIVATE CORPORATE LENDING FUND II SPV (ABL) LLC | $1,770,395.23 | 0.89% | ||||||
| SLR CAYMAN DEBT MASTER FUND II SPV LLC | $1,815,120.06 | 0.91% | ||||||
| CRPTF-SLR CREDIT PARTNERSHIP L.P. | $27,760,666.70 | 13.88% | ||||||
| CRPTF-SLR CREDIT SPV LLC | $3,701,011.26 | 1.85% | ||||||
| TOTAL | $200,000,000.00 | 100.00% | ||||||