This excerpt taken from the ISIS 10-K filed Mar 16, 2005.
3.9 Silicon Valley Bank Loan; Notes.
4.1 Closing. Subject to satisfaction or waiver of all deliveries set forth below, the closing with respect to the sale, assignment, transfer, set-over and conveyance of the Assigned Rights (the "Closing") shall occur on the Effective Date.
4.2 Deliveries by ISIS. ISIS hereby agrees to deliver to DRC on the Effective Date:
4.3 Deliveries by DRC. DRC hereby agrees to deliver to ISIS on the Effective Date:
been duly and validly authorized by the Board of Directors of DRC and attaching complete and accurate copies of its Articles of Incorporation, bylaws and authorizing resolutions relating to this Agreement.
5.A.1 Special Events of Default. Following the occurrence of any Special Event of Default, DRC shall have a period of [***] days (such [***] days commencing on the earlier of (i) the date of receipt by DRC of written notification from ISIS of the occurrence of such Special Event of Default and (ii) the date DRC becomes actually aware of the occurrence of a Special Event of Default and has notified ISIS of same in writing) to notify ISIS in writing that either: (a) DRC waives such Special Event of Default, such that the parties' respective rights and obligations hereunder shall continue; or (b) DRC elects to exercise DRC's remedies under Subsection 5.A.2 below (collectively, the "Special Event of Default Remedies").
5.A.2 Special Event of Default Remedies. If DRC elects to exercise the Special Event of Default Remedies or fails to waive in writing the Special Event of Default before the expiry of the [***] day period in Section 5.A.1, then:
5.A.3 Payment Date and Interest on Overdue Amounts. All amounts payable by ISIS under Section 5.A.2 shall be due within [***] days following written notice by DRC of its election to exercise the Special Event of Default Remedies or upon the expiry of the [***] day period in Section 5.A.1 if no written notice of waiver is provided by DRC. Overdue amounts shall bear interest at the rate of [***] per annum, compounded quarterly, until paid in full.
5.1 Term. Subject to this Article 5 and Article 5.A, the term of this Agreement shall commence as of the Effective Date and shall continue until the date of receipt by DRC of the Royalties for the calendar quarter ending on December 31, 2009; provided that, notwithstanding the term of this Agreement, DRC shall be entitled to receive any payments relating to the Royalty Interest accruing on or prior to the termination or expiry of this Agreement.