Exhibit 10.4
When recorded return
to:
Christopher J. Lhulier, Esq.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo,
P.C.
One Financial Center
Boston, MA 02111
AMENDMENT TO MORTGAGE, SECURITY
AGREEMENT
AND FIXTURE FILING
THIS AMENDMENT TO MORTGAGE, SECURITY
AGREEMENT AND FIXTURE FILING (this “ Amendment
”) is made as of the 18th day of June, 2009, by and between
GTC BIOTHERAPEUTICS, INC. , a Massachusetts corporation,
formerly known as GENZYME TRANSGENICS CORPORATION , having
an address of 175 Crossing Boulevard, Suite 410, Framingham,
Massachusetts 01702 (the “ Grantor ”), and
LFB BIOTECHNOLOGIES S.A.S. , having as address 3, avenue des
Tropiques, LES ULIS, 91940 Courtaboeuf - FRANCE (the “
Grantee ”).
W I T N E S
S E T H
T H A T:
WHEREAS, the Grantor granted the
Grantee a certain Second Mortgage, Security Agreement and Fixture
Filing dated as of December 22, 2008 and recorded with the
Registry of Deeds for Worcester County, Massachusetts on
December 22, 2008 in Book 43614, Page 182 with respect to
certain real property of Grantor located in the Towns of Charlton
and Spencer, County of Worcester, Commonwealth of Massachusetts and
more particularly described therein (the “ Existing
Mortgage ”), to secure, inter alia , certain
indebtedness, obligations and liabilities of the Grantor to the
Grantee; and
WHEREAS, the parties hereto desire
to amend the Existing Mortgage in the manner as hereinafter set
forth.
NOW, THEREFORE, for good and
valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as
follows:
1. Recitals . There foregoing
recitals are hereby incorporated by reference herein.
2. Priority of Existing
Mortgage . The parties hereto acknowledge that certain mortgage
from the Grantee to General Electric Capital Corporation (“
GECC ”) dated May 26, 2004 and recorded with the
Worcester County Registry of Deeds on May 26, 2004 in Book
33705, Page 97, as affected by that certain Amended and Restated
Mortgage, Security Agreement and Fixture Filing by the Grantor in
favor of GECC dated December 29, 2006 and recorded in Book
40438, Page 257, as amended, is as of
the date hereof being paid in full and
discharged and the Grantor accordingly acknowledges and agrees that
the Existing Mortgage, as amended hereby, shall be a first lien on
the Property from and after the date hereof.
3. Amendments to the Existing
Mortgage . The Existing Mortgage is hereby further amended as
follows:
(a) The Existing Mortgage is hereby
amended by deleting in its entirety the “legend”
provision contained in first full paragraph of the Existing
Mortgage located immediately above the title thereof.
(b) The Existing Mortgage is hereby
amended by deleting the word “Second” from the title
thereof and in each place where the title is used and from the
introductory paragraph immediately following the title
thereof.
(c) The recitals beginning on page 1
of the Existing Mortgage are hereby deleted in their entirety and
the following recitals are hereby substituted in their
stead:
“WHEREAS, Grantor is the
holder of (i) the 2006 Convertible Note (as defined below),
(ii) the 2008 Convertible Note (as defined below) issued
pursuant to that certain Note and Warrant Purchase Agreement,
executed on October 31, 2008, by and between the Grantor and
the Grantee (the “NPA”), (iii) the 2009
Convertible Note (as defined below) issued in connection with that
certain Securities Purchase Agreement executed on June 18,
2009, by and between the Grantor and the Grantee (the
“SPA” and together with the NPA, collectively, the
“Purchase Agreements”), and (iv) the Secured Note
(as defined below) issued pursuant to that certain Loan Agreement
dated as of June 18, 2009 by and between the Grantor and the
Grantee (as amended, the “Loan Agreement”);
and
WHEREAS, Grantor and Grantee have
agreed that this Mortgage, among other things, shall secure the
Grantor’s obligations to the Grantee, including without
limitation, those obligations memorialized by the Purchase
Agreements, the Loan Agreement and the Notes (as defined below);
and
NOW, THEREFORE, in consideration of
the Purchase Agreements, the Loan Agreement, the Notes and other
obligations of Grantor to Grantee, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound, Grantor hereby
agrees as follows:”
(d) Section 1.1(a) of the
Existing Mortgage is hereby amended as follows:
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i.
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The following
new definitions of “Notes”, “Secured Note”,
“2006 Convertible Note”, “2008 Convertible
Note” and “2009 Convertible Note” are hereby
inserted into Section 1.1(a) in proper alphabetical
order:
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““ Notes ”
means collectively, (a) the 2006 Convertible Note,
(b) the 2008 Convertible Note, (c) the 2009 Convertible
Note, and (d) the Secured Note.”
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““ Secured Note
” means the Promissory Note dated June 18, 2009 executed
by Grantor, payable to the order of Grantee, in the stated
principal amount of Three Million Five Hundred Thousand and 00/100
Dollars ($3,500,000.00), which is scheduled to mature on
January 1, 2012.”
““ 2006 Convertible
Note ” means the Subordinated Convertible Note dated
December 14, 2006, executed by Grantor, payable to the order
of Grantee, in the stated principal amount of Two Million Five
Hundred Fifty Eight Thousand Six Hundred Fifty and 00/100 Dollars
($2,558,650.00), which is scheduled to mature on December 14,
2011.”
““ 2008 Convertible
Note ” means the Convertible Promissory Note dated on or
about December 22, 2008, executed by Grantor, payable to the
order of Grantee, in the stated principal amount of Fifteen Million
and 00/100 Dollars ($15,000,000.00), which is scheduled to mature
on June 1, 2012.”
““ 2009 Convertible
Note ” means the Secured Convertible Note dated on or
about June 18, 2009, executed by Grantor, payable to the order
of Grantee, in the stated principal amount of Four Million Five
Hundred Twelve Thousand Two Hundred Sixty-Eight and 00/100 Dollars
($4,512,268.00), which is scheduled to mature on January 1,
2012.”
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ii.
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The definitions
of “Loan”, Loan Documents”,
“Obligations” and “Permitted Encumbrances”
are hereby deleted in their respective entireties and the following
are hereby inserted in their respective steads:
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““ Loan ”
means collectively, (a) the loan in the aggregate principal
amount of Two Million Five Hundred Fifty Eight Thousand Six Hundred
Fifty and 00/100 Dollars ($2,558,650.00) made by Grantee to
Grantor, evidenced by the 2006 Convertible Note, (b) the loan
in the aggregate principal amount of Fifteen Million and 00/100
Dollars ($15,000,000.00) made by Grantee to Grantor pursuant to the
NPA, evidenced by the 2008 Convertible Note, (c) the loan in
the aggregate principal amount of Four Million Five Hundred Twelve
Thousand Two Hundred Sixty-Eight and 00/100 Dollars ($4,512,268.00)
made by Grantee to Grantor as described in the SPA, evidenced by
the 2009 Convertible Note, and (d) the term loan to be made by
Grantee to Grantor pursuant to the Loan Agreement in the aggregate
principal amount of Three Million Five Hundred Thousand and 00/100
Dollars ($3,500,000.00) to be evidenced by the Secured Note; all of
which are to be secured by the Loan Documents.”
““ Loan Documents
” means, collectively: (a) the Purchase Agreements;
(b) the Notes; (c) this Mortgage; (d) the Amended
and Restated Security Agreement dated as of June 18, 2009
executed by
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Grantor and Grantee (as amended, the
“Security Agreement”); (e) the Loan Agreement, and
(f) all other documents now or hereafter executed by Grantor
or any other Person to evidence, secure or otherwise related to the
payment or the performance of the Obligations or otherwise executed
in connection with the documents described in the foregoing items
(a) through (e); and (g) all amendments, modifications,
renewals, restatements, extensions, substitutions and replacements
of any of the foregoing items.”
““ Obligations
” means, collectively: (a) the Loan; (b) all other
principal and all interest, fees, expenses, charges,
reimbursements, and other amounts due under or secured by the Loan
Documents, including without limitation, any interest arising or
accruing after the filing of a bankruptcy petition, whether allowed
or disallowed, and all prepayment premiums, if any; (c) all
principal, interest and other amounts which may hereafter be loaned
by Grantee, its successors or assigns, to or for the benefit of
Grantor, when evidenced by .a promissory note or other instrument
which, by its terms, is governed or secured by any of the Loan
Documents; (d) all other indebtedness, obligations, covenants,
and liabilities now or hereafter existing of any kind of Grantor to
Grantee, including without limitation, all indebtedness,
obligations, covenants, and liabilities under any of the Loan
Documents; and (e) all other indebtedness, obligations,
covenants, and liabilities now or hereafter existing of any kind of
Grantor to Grantee.”
““ Permitted
Encumbrances ” means the outstanding liens, easements,
restrictions, security interests, mechanics’ or
materialmans’ liens and other exceptions to title set forth
in that certain Loan Policy for title insurance issued by Old
Republic National Title Insurance Company dated December 22,
2008 and identified as policy number LX 350856, and the endorsement
thereto dated on or about June 18, 2009, none of which,
Grantee hereby acknowledges, individually or in the aggregate,
materially interferes with the benefits o