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EXHIBIT 10.34
(OXFORD LOGO)
November 3, 2004
Hans Van Houte
Vice President, Finance and Administration
Trubion Pharmaceuticals, Inc.
2401 4th Ave. Suite 150
Seattle, WA 98121
Dear Hans:
Oxford Finance Corporation is pleased to provide the following
loan
proposal to Trubion Pharmaceuticals, Inc. for laboratory and other
internal use
assets, subject to terms and conditions embodied in formal loan
agreements,
which shall include but not be limited to the following terms and
conditions:
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Borrower:
Trubion Pharmaceuticals, Inc.
Lender:
Oxford Finance Corporation, a Delaware corporation
Equipment:
Laboratory, computers and other equipment for the
internal use of Borrower as summarized in Attachment A
("Equipment"). Equipment must be acceptable to Lender.
Total Loan Amount:
$2,000,000
Funding Dates:
December 2004 through March 2006
Terms:
Each Schedule shall have a fixed term of 42 months for
laboratory equipment and 36 months for all other
collateral categories.
Loan Payment Rates: 3.1163% of
the Loan Amount per month for 36 months.
2.7231% of the Loan Amount per month for 42 months.
Payment Rate
8.08%
Implicit Interest:
Periodicity:
Monthly, in advance.
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133
NORTH FAIRFAX STREET, ALEXANDRIA, VIRGINIA 22314, 703-519-4900
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Hans van Houte
November 3, 2004
Page 2
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Index Basis:
The three-year Treasury Bill Weekly Average rate of
2.83% as published in the Federal Reserve statistical
release H.15 (519) on November 1, 2004.
Payment Commencements: First day of the month
following a Schedule funding.
Stock Warrants:
Borrower shall issue to Lender warrants for the
purchase of preferred stock equal to
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