展览10.5
贷款与安防协议的第四次修订
《贷款和担保协议》第四修正案（此”修正案”）由马里兰州一家位于公园大道500号3号的马里兰州公司SLR Investment CORP. 于2024年10月29日签订rd 楼层，纽约，纽约 10022 (”SLR”），作为抵押代理人（以这种身份，连同其继任人和受让人，”抵押代理”），上市的贷款人 附表 1.1 本协议或以其他方式不时成为贷款协议的当事方，以贷款人的身份包括SLR（每个”贷款人” 总的来说，”贷款人”），以及特拉华州的一家公司 ARDELYX, INC.，其办公室位于马萨诸塞州沃尔瑟姆市第五大道 400 号 210 套房 02451（借款人”).
安防-半导体代理、借款人和贷款人已于2022年2月23日签署了某项贷款和安全协议（经不时修订、补充或其他修改，包括但不限于，2022年8月1日签署的某第一份贷款和安全协议修正案，2023年2月9日签署的某第二份贷款和安全协议修正案，2023年10月17日签署的某第三份贷款和安全协议修正案以及本修正案，统称“协议”贷款协议在此协议的条款和条件下，贷款人已根据该协议向借款人提供了某些贷款；并
b. 借款人、抵押代理人和必要的贷款人已同意修改贷款协议的某些条款，如下提供，须遵守并根据此处规定的条款和条件，并依赖于此处所载的陈述和保证。
协议
鉴于本协议中包含的承诺、契约和协议，以及其他一切有价值的对价，且已确认收到并充分认可，借款人、必须贷款人和抵押品代理特此协议以下列方式达成一致：
1. 定义. 在本修正案中使用但未定义的大写词汇应按照贷款协议中赋予它们的含义来解释。
2. 修改贷款协议。
2.1 第1.4节（定义）。 以下术语及其相应定义，根据需要，已添加、修改并完整重述，如下所示，作为贷款协议第1.4节的一部分：
“适用的 利率“年度”表示所有A类贷款和B类贷款的年利率最大为1.00%，C类贷款、D类贷款和E类贷款的年利率最大为4.70%，加上（i）0.022%和（ii）CME期限SOFR参考利率（由CME Term SOFR管理员在CME Term SOFR管理员的网站上发布，或由抵押品代理确定的任何继任者或替代页面，或由与抵押品代理投资组合中的其他贷款一致方式所确定，抵押品代理的判断为确定，除非存在明显错误；只要在任何时候，放款人通知抵押品代理放款人已确定i）放款人无法确定或查明该费率，或ii）适用监管机构已公开声明CMESOFR期限管理员发布的费率不再用于确定贷款的利率，那么适用费率将等同于抵押品代理和借款人之间商定的备选基准利率和利差，考虑到（i）市场惯例或（ii）相关政府机构的选择，认可或建议。 除非需要的放款人在通知此类修改后的5天内提出异议，否则该替代基准利率和利差将具有约束力。
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“第四修正案生效日期”是2024年10月29日。
“到期日对于每笔贷款，“”截止日期为2028年7月1日。
“期E提款期间”指第四修正生效日期起至2025年6月30日结束的期间。
2.2 第1.4节（定义）。 术语“摊销日期”及其定义在贷款协议第1.4节中被删除。
2.3 第2.2(a)节（贷款期限）第2.2(a)节被修订，以完全修订和重新陈述其下的第(iv)款，并添加第(v)款如下：
“（四）根据本协议的条款和条件，放款人同意，在第四次修正协议生效日向借款人提供五千万美元（$50,000,000）的总本金数额的定期贷款，根据各放款人在此处所载的定期D贷款承诺单独而非联合安排，并且一次性支取。 附表1.1 这些定期贷款以下单个名称称为“D期贷款方D期贷款”。还款后，不得重新借款任何D期贷款。
(v)根据本协议的条款和条件， 放款人同意，在期限E放款期间，分别而非共同地向借款人提供总本金额为五千万美元（$50,000,000）的定期贷款，并根据每位放款人在此处所列的期限E贷款承诺一次性发放。 附表1.1 （此类定期贷款以下简称为“期限E贷款方期限E贷款”；每笔A期贷款、B期贷款、C期贷款、D期贷款和E期贷款以下单称为“定期贷款”以及A部分贷款、B部分贷款、C部分贷款、D部分贷款和E部分贷款以下统称为“期限贷款”。偿还后，不得重新借入E部分贷款。
2.4 第2.2节（贷款期限）。 第2.2(b)条款。贷款协议的第2.2(b)条款经通过修改和重新表述，内容如下：
“(b) 偿还借款人应根据抵押代理根据其按比例份额计算的利率进行每月付款利息，自每笔期限贷款的资金日后的第一个（第1）付款日开始，并继续在之后每个月的付款日向每个贷款人支付，根据2.3(a)节确定的适用于期限贷款的有效利率。借款人同意，在每笔期限贷款的资金日支付，否则应付的每笔期限贷款的资金日后和资金日之间的期间的初始部分月利息款项。所有未偿还本金和应计但未支付的利息均在到期日全额支付。只能根据第2.2(c)和2.2(d)节的规定提前偿还期限贷款。
2.5 第2.3条(a)（利率）。 贷款协议第2.3条(a)部分经修改并重述如下：
“(a) 利率期货根据第2.3(b)节，在关于A期贷款和B期贷款方面，此类期贷款的未偿本金应按照随时生效的适用利率浮动年利率计息，即每年7.95％，综合利率由抵押代理根据适用利率的定义，在每笔A期贷款或B期贷款的资金日前第三个工作日确定，并在随后每个付款日之前一个月的第一个工作日确定，并且应按月后付。 加上尚未翻译出文本。该文本中可能存在琐碎内容或专业术语，请提供更多上下文以便翻译。
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根据第2.2（b）和2.3（e）条款，（ii）关于期限C贷款，该期贷款的未偿还本金应按照每年浮动的利率计息，该利率等于不时生效的适用利率 （ii）受限价值金额，其金额和支付受本协议第2.2条款的管辖 4.25％，总利率将由抵押代理根据“适用利率”的定义在每次该期C贷款的资金日期前三个工作日和随后每次付款日期前一个月的第一个工作日确定，此利息将根据第2.2（b）和2.3（e）条款，以月付清方式支付。 (iii）关于期限D贷款和E贷款，该期贷款的未偿还本金应按照每年浮动的利率计息，该利率等于不时生效的适用利率 （ii）受限价值金额，其金额和支付受本协议第2.2条款的管辖 4.00%，总利率将由抵押代理根据“适用利率”的定义在每次该期D贷款或E贷款的资金日期前三个工作日和随后每次付款日期前一个月的第一个工作日确定，此利息将根据第2.2（b）和2.3（e）条款，以月付清方式支付。 除第2.2（b）条款另有规定外，此利息将自每次该期贷款的资金日期起开始计息，并将在该期贷款的未偿还本金全额支付（或根据本文件做出任何付款）当日止内计息。
2.6 附表1.1（贷款人及承诺）。 借款协议的附表1.1已通过将此处附上的附表1.1予以修订和重新订定。 附件A.
3. 修正的限制。
3.1 上述第2条所载的修订条款对于本文件所载之目的有效，应仅限于所述之内容，不得被视为（a）对任何贷款文件的其他条款或条件的任何修订、豁免或修改之同意，或（b）以任何方式损害现时或将来贷款文件中贷款人或借款人根据本文件所做之修订条款下现有或将来可能拥有的任何权利、救济或义务。
3.2 本修订应当被解释为和作为贷款文件的一部分，贷款文件中设定的所有条款、条件、陈述、保证、契约和协议均通过并确认，并将继续全面有效。
4. 保证和担保。 为诱使抵押代理和所需贷方进入本修改案，借款人特此向抵押代理和所需贷方作出以下陈述和保证：
4.1 在履行此修正条款后立即生效时，贷款文件中所包含的陈述和保证在此日期上均为真实、准确且完整，除非该等陈述和保证涉及较早日期，在该日期上它们均为真实且正确，且(b)未发生并正在持续任何违约事件；
4.2 借款人有权力并且拥有适当的权威来执行并交付这份修正案，并履行根据这份修正案修改后的贷款协议下的义务；
4.3 借款人于生效日交付给抵押品代理的组织文件，并根据借款人或代表借款人交付的后续文件进行更新，仍然属实、准确且完整，并未被修订、补充或重置，而且仍然并将继续全面生效；
4.4 借款人对本修订案的执行和交付，以及根据本修订案修订的贷款协议下，借款人履行其义务，不得违反（i）任何系结借款人或影响借款人的任何重大法律或法规，（ii）任何对借款人具有约束力的与某人的任何重大契约限制
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借款人，(iii) 任何法院或其他政府或公共机构的命令、判决或法令，或其分支机构对借款人具约束力；或(iv) 借款人的组织文件；
4.5 借款人执行及交付本修订案，并履行其根据本修订案修改的贷款协议之义务，并不需要任何订单、批准、同意、执照、授权或验证，或任何政府或公共机构或机构的登记、记录、登记或豁免，该等登记、记录、登记或豁免应对借款人具约束力，但已经获得或取得例外;
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% | ||||||