|AUDENTES THERAPEUTICS, INC. filed this Form 10-K on 03/13/2017|
to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.
“Warrant” means any warrant entered into in connection with the Loan, as may be amended, restated or modified from time to time.
Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any accounting term used in this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied. Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC.
SECTION 2. THE LOAN
(i)Tranche 1 Term Loan Advances. Subject to the terms and conditions of this Agreement, beginning on the Closing Date and continuing through September 15, 2017, Borrower may request, and Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, Term Loan Advances in an aggregate amount up to $10,000,000 in minimum increments of $1,000,000 (each, a Tranche 1 Term Loan Advance), provided, however, that Borrower may not request new Tranche 1 Term Loan Advances in excess of $5,000,000 in the aggregate after June 15, 2017. (For clarification purposes and avoidance of doubt, by way of example, if $3,000,000 is drawn prior to June 15, 2017, only an additional $5,000,000 can thereafter be drawn prior to September 15, 2017, for a total Tranche 1 Term Loan Advance amount of up to $8,000,000.)
(ii)Tranche 2 Term Loan Advances. Subject to the terms and conditions of this Agreement, beginning on the date Borrower achieves the Availability Milestone and continuing through December 15, 2017, Borrower may request Term Loan Advances in an aggregate amount up to $10,000,000 in minimum increments of $1,000,000 (each, a Tranche 2 Term Loan Advance).
Subject to the terms above, the aggregate outstanding Term Loan Advances may be up to the Maximum Term Loan Amount.