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Exhibit 10.24
AMENDMENT NO. 1 TO
MASTER LEASE AGREEMENT
DATED AUGUST 2, 2000 (
WHEREAS, Lessor and Lessee desire to enter into the Lease; and
WHEREAS, Lessor and Lessee desire to amend certain provisions of the Lease as hereafter provided; and
WHEREAS, the Amendment shall be deemed to have been entered into contemporaneously with and integrated into the terms and conditions of the Lease.
NOW THEREFORE, for good and valuable consideration, Lessor and Lessee hereby agree to amend the Lease as follows:
1. Lessee agrees to maintain a financial status of all of the following during the term of the Lease and any extension or renewal thereof
a. Tangible net worth of not less than $20,000,000.00;
b. Cash or equivalents of not less than $20,000,000.00.
2. In addition, Lessee agrees to provide Lessor with quarterly financial statements within forty-five (45) days after the end of each fiscal quarter and audited annual financial statements within one hundred twenty (120) days of the end of each fiscal year.
3. Failure of Lessee to maintain any one of the above at any time during the Lease term and any extension or renewal thereof or the failure to make any payment due under the Lease is an Event of Default under the Lease which Lessee must, within ten (10) business days, provide a Letter of Credit from a bank acceptable to Lessor for one hundred percent (100%) of all rent then due or to become due under the lease as of the date of the default. Along with the Letter of Credit, Lessee shall also execute a Letter of Credit Agreement with Lessor. The Letter of Credit and Letter of Credit Agreement shall be in a form substantially similar to Exhibits A & B attached and incorporated herein but in any event approved by Lessor.
4. Lessor shall also be entitled to any or all remedies or actions in the event of default, as provided in the Lease, and this Amendment shall not be construed to limit Lessor's rights in any way.
Except as set out herein, Lessor and Lessee hereby agree that the terms and conditions of the Lease shall remain in full force and effect as entered into by the parties on or prior to the date hereof.
EXELIXIS, INC. By: Title: Date: |
COMDISCO LABORATORY AND SCIENTIFIC GROUP, By: Title: Date: |
EXHIBIT A
(On Bank Letterhead)
{DATE}
BENEFICIARY:
Comdisco Laboratory and Scientific Group,
a division of Comdisco, Inc., or Transferee
6111 N. River Road
Rosemont, IL 60018
Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. _________ in your favor for account of , for a sum not to exceed AND /100 DOLLARS ($) available by your draft drawn at sight on us.
Draft must be accompanied by: Your statement signed by an officer of Comdisco Laboratory and Scientific Group, a division of Comdisco, Inc. certifying that Exelixis, Inc. has defaulted under that certain Master Lease Agreement dated August 2, 2000 between Exelixis, Inc. and Comdisco Laboratory and Scientific Group, a division of Comdisco, Inc., and the original of this Letter of Credit
This Letter of Credit expires __________. All drafts drawn hereunder must be present for payment at our office at ___________________________________________________ on or before that date.
It is a condition of this Irrevocable Standby Letter of Credit that it shall be deemed automatically extended without amendment for one (1) year from the present or any future expiration date hereof but not beyond end of lease term. Should we elect not to renew this Standby Letter of Credit, we shall notify you of such election 45 days prior to any such date. All notices shall be in writing, sent by certified mail, return receipt requested and addressed to you at the above address, ATTENTION: Credit Manager. Notwithstanding receipt by you of such notice, you may draw hereby by means of your draft on us at sight accompanied by the documents required herein, until such expiration date.
This Letter of Credit may be transferred by you at any time and such transfer shall be deemed effective and binding on us upon receipt of written notice of such transfer from you when accompanied by the original of this Letter of Credit.
We hereby agree that drafts drawn strictly in compliance with the terms of this credit and any amendments thereto shall meet with due honor upon presentation at our office at .
Title
EXHIBIT B
LETTER OF CREDIT
AGREEMENT
Stand-by Letter of Credit Agreement dated __________, by and between Exelixis, Inc. ("Lessee") located at 170 Harbor Way, South San Francisco, CA 94083 and Comdisco Laboratory and Scientific Group, a division of Comdisco, Inc. ("Lessor") with offices at 6111 N. River Road, Rosemont, IL 60018.
WHEREAS, Lessee has requested that Lessor lease various equipment, as further described in the Lease (the "Equipment"), to Lessee; and
WHEREAS, Lessor has agreed to lease the Equipment to Lessee upon the condition that an Irrevocable Stand-by Letter of Credit shall be outstanding for the full term of the Master Lease Agreement to additionally secure Lessee's performance under the Lease.
NOW THEREFORE, in consideration of and as an inducement to Lessor to lease the Equipment to Lessee, the parties hereto agree as follows:
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date set forth above.
EXELIXIS, INC. By: Title: Date: |
COMDISCO LABORATORY AND SCIENTIFIC GROUP, By: Title: Date: |
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