Exhibit 10.5
Schedule of Omitted Credit Agreement
In accordance with Instruction 2 to Item 601(a) of Regulation S-K, the Credit Agreement between PDL BioPharma, Inc. (the Company) and Paradigm Spine, LLC, dated February 14, 2014, has not been filed because it is substantially similar to the form of credit agreement that was filed as Exhibit 10.56 to the Company’s Annual Report on Form 10-K filed on March 3, 2014. The following schedule sets forth the material details in which the omitted credit agreement differs from the form of credit agreement that was filed as Exhibit 10.56 to the Company’s Annual Report on Form 10-K filed on March 3, 2014.
Execution Date | Borrower(s) | Maturity Date | Amount Funded at Closing | Aggregate Available Credit | Additional Funding Conditions | Outstanding Borrowings Interest Rate Per Annum | Interest Only Period | Principal Repayment Schedule | Change in Control Fee |
February 14, 2014 | Paradigm Spine, LLC | February 14, 2019 or, if, Tranche 2 milestone is achieved and Tranche 2 is funded by Company, August 14, 2019 | $50 million | Up to $75 million | Tranche 1: $50 million funded at Closing Tranche 2: between $6.25 million and $12.5 million (at Borrower’s discretion) funded upon attainment of specified revenue milestone on or before December 31, 2014 and the occurrence of at least one positive health group determination Tranche 3: Up to $12.5 million (at Borrower’s discretion) funded upon attainment of specified revenue milestone on or before June 30, 2015 and the occurrence of at least two positive health group determinations | 13.0% During the Interest Only Period, Borrower may elect to pay up to a portion of interest as PIK Interest, which amount shall be added to the aggregate principal balance | Ends September 30, 2016 | Equal installments commencing on the first payment date after the Interest Only Period until final maturity | If $56.25 million is funded by Company and Borrower makes certain stock repurchases, Borrower charged a fee if it undergoes a change in control |