Royalty Debt Instruments
Debt issued by a Royalty Owner where the Royalty Owner’s obligations in relation to the Debt are secured as to repayment of principal and/or payment of interest by Royalty Collateral, including the RPS Note.

Priority Royalty Tranches
Contract with a Borrower that provides the Company with the right to receive payment of all, or a fixed percentage, of the future royalty payments receivable by the Borrower in respect of a Product (or Products) that would otherwise belong to the Borrower up to a fixed monetary amount or a pre-set rate of return, with such royalty payment being secured by Royalty Collateral in respect of that Product (or Products).

Senior Secured Debt
Debt issued by a Life Sciences Company, which is secured as to repayment of principal and/or payment of interest by a first priority charge over some or all of such Life Sciences Company’s assets, which may include: (i) Royalty Collateral; or (ii) other intellectual property and marketing rights to the Products of that Life Sciences Company.

Unsecured Debt
Debt issued by a LifeSci Company which is not secured or is secured by a second lien on assets of the Borrower.

Credit Linked Notes
Derivative instruments referencing Debt Assets, being a synthetic obligation between the Company and another party where the repayment of principal and/or the payment of interest is based on the performance of the obligations under the underlying Debt Assets.

“Royalty Collateral” means, with respect to a Debt Asset: (i) future payments receivable by the Borrower on a Product (or Products) in the form of royalty payments or other revenue sharing arrangements; or (ii) future distributions receivable by the Borrower based on royalty payments generated from a Product (or Products); or (iii) both limb (i) and limb (ii).

“Debt” includes loans, notes, bonds and other debt instruments and securities, including convertible debt, and Priority Royalty Tranches.

Borrowers will predominantly be domiciled in the US, Europe and Japan, though the Company may also acquire Debt Assets issued by Borrowers in other jurisdictions.