Sample Business Contracts


Master Loan and Security Agreement - MedImmune Inc. and Transamerica Business Credit Corp.

Loan Forms


                    MASTER LOAN AND SECURITY AGREEMENT


          THIS AGREEMENT dated as of June 16, 1997, is made by MedImmune,
Inc. (the "Borrower"), a Delaware corporation having its principal place of
business and chief executive office at 35 West Watkins Hill Road,
Gaithersburg, Maryland 20878, in favor of Transamerica Business Credit
Corporation, a Delaware corporation (the "Lender"), having its principal
office at Riverway II, West Office Tower, 9399 West Higgins Road, Rosemont,
Illinois 60018.

          WHEREAS, the Borrower has requested that the Lender make Loans to
it from time to time; and

          WHEREAS, the Lender has agreed to make such Loans on the terms
and conditions of this Agreement.

          NOW, THEREFORE, in consideration of the premises and to induce
the Lender to extend credit, the Borrower hereby agrees with the Lender as
follows:

          SECTION 1.     DEFINITIONS.

          As used herein, the following terms shall have the following
meanings, and shall be equally applicable to both the singular and plural
forms of the terms defined:

Agreement shall mean this Master Loan and Security Agreement together with
all schedules and exhibits hereto, as amended, supplemented, or otherwise
modified from time to time.

Applicable Law shall mean the laws of the State of Illinois (or any other
jurisdiction whose laws are mandatorily applicable notwithstanding the
parties' choice of Illinois law) or the laws of the United States of
America, whichever laws allow the greater interest, as such laws now exist
or may be changed or amended or come into effect in the future.

Business Day shall mean any day other than a Saturday, Sunday, or public
holiday or the equivalent for banks in New York City.

Code shall have the meaning specified in Section 8(d).

Collateral shall have the meaning specified in Section 2.

Collateral Access Agreement shall mean any landlord waiver, mortgagee
waiver, bailee letter, or similar acknowledgment of any warehouseman or
processor in possession of any Equipment, in each case substantially in the
form of ExhibitA.

Effective Date shall mean the date on which all of the conditions specified
in Section 3.3 shall have been satisfied.

Equipment shall have the meaning specified in Section 2.

Event of Default shall mean any event specified in Section 7.

Financial Statements shall have the meaning specified in Section 6.1.

GAAP shall mean generally accepted accounting principles in the United
States of America, as in effect from time to time.

Loans shall mean the loans and financial accommodations made by the Lender
to the Borrower in accordance with the terms of this Agreement and the
Notes.

Loan Documents shall mean, collectively, this Agreement, the Notes, and all
other documents, agreements, certificates, instruments, and opinions
executed and delivered in connection herewith and therewith, as the same
may be modified, extended, restated, or supplemented from time to time.

Material Adverse Change shall mean, with respect to any Person, a material
adverse change in the business, prospects, operations, results of
operations, assets, liabilities, or condition (financial or otherwise) of
such Person taken as a whole.

Material Adverse Effect shall mean, with respect to any Person, a material
adverse effect on the business, prospects, operations, results of
operations, assets, liabilities, or condition (financial or otherwise) of
such Person taken as a whole.

Note shall mean each Promissory Note made by the Borrower in favor of the
Lender, as amended, supplemented, or otherwise modified from time to time,
in each case substantially in the form of Exhibit B.

Obligations shall mean all indebtedness, obligations, and liabilities of
the Borrower under the Notes and under this Agreement, whether on account
of principal, interest, indemnities, fees (including, without limitation,
attorneys' fees, remarketing fees, origination fees, collection fees, and
all other professionals' fees), costs, expenses, taxes, or otherwise.

Permitted Liens shall mean such of the following as to which no
enforcement, collection, execution, levy, or foreclosure proceeding shall
have been commenced:  (a)liens for taxes, assessments, and other
governmental charges or levies or the claims or demands of landlords,
carriers, warehousemen, mechanics, laborers, materialmen, and other like
Persons arising by operation of law in the ordinary course of business for
sums which are not yet due and payable, or liens which are being contested
in good faith by appropriate proceedings diligently conducted and with
respect to which adequate reserves are maintained to the extent required by
GAAP; (b)deposits or pledges to secure the payment of workmen's
compensation, unemployment insurance, or other social security benefits or
obligations, public or statutory obligations, surety or appeal bonds, bid
or performance bonds, or other obligations of a like nature incurred in the
ordinary course of business; (c)licenses, restrictions, or covenants for or
on the use of the Equipment which do not materially impair either the use
of the Equipment in the operation of the business of the Borrower or the
value of the Equipment; and (d) attachment or judgment liens that do not
constitute an Event of Default.

Person shall mean any individual, sole proprietorship, partnership, joint
venture, trust, unincorporated organization, association, corporation,
institution, entity, party, or government (including any division, agency,
or department thereof), and the successors, heirs, and assigns of each.

Schedule shall mean each Schedule in the form of Schedule A hereto
delivered by the Borrower to the Lender from time to time.

Solvent means, with respect to any Person, that as of the date as to which
such Person's solvency is measured:

          (a)  the fair saleable value of its assets is in excess of the
total amount of its liabilities (including contingent liabilities as valued
in accordance with GAAP) as they become absolute and matured;

          (b)  it has sufficient capital to conduct its business; and

          (c)  it is able generally to meet its debts as they mature.

Taxes shall have the meaning specified in Section 5.5.

          SECTION 2.     CREATION OF SECURITY INTEREST; COLLATERAL.

The Borrower hereby assigns and grants to the Lender a continuing lien on,
and security interest in, all the Borrower's right, title, and interest in
and to the collateral described in the next sentence (the "Collateral") to
secure the payment and performance of all the Obligations.  The Collateral
consists of all equipment set forth on all the Schedules delivered from
time to time under the terms of this Agreement (the "Equipment"), together
with all present and future additions, parts, accessories, attachments,
substitutions, repairs, improvements, and replacements thereof or thereto,
and any and all proceeds thereof, including, without limitation, proceeds
of insurance and all manuals, blueprints, know-how, warranties, and records
in connection therewith, all rights against suppliers, warrantors,
manufacturers, sellers, or others in connection therewith, and together
with all substitutes for any of the foregoing.  The Borrower agrees that in
order to facilitate the first priority status of the security interest
granted herein, it will not to grant to any other party any consensual
security interest in the Collateral.

          SECTION 3.     THE CREDIT FACILITY.

               SECTION  3.1.  Borrowings.  Each Loan shall be in an amount
not less than $100,000, and in no event shall the sum of the aggregate
Loans made exceed the amount of the Lender's written commitment to the
Borrower in effect from time to time.  Notwithstanding anything herein to
the contrary, the Lender shall be obligated to make the initial Loan and
each other Loan only after the Lender, in its reasonable judgment,
determines that the applicable conditions for borrowing contained in
Sections 3.3 and 3.4 are satisfied.  The timing and financial scope of
Lender's obligation to make Loans hereunder are limited as set forth in a
commitment letter executed by Lender and Borrower, dated as of May 23, 1997
and attached hereto as ExhibitC (the "Commitment Letter").

               SECTION  3.2.  Application of Proceeds.  The Borrower shall
not directly or indirectly use any proceeds of the Loans, or cause, assist,
suffer, or permit the use of any proceeds of the Loans, for any purpose
other than for the purchase, acquisition, installation, or upgrading of
Equipment or the reimbursement of the Borrower for its purchase,
acquisition, installation, or upgrading of Equipment.

               SECTION  3.3.  Conditions to Initial Loan.

          (a)  The obligation of the Lender to make the initial Loan is
subject to the Lender's receipt of the following, each dated the date of
the initial Loan or as of an earlier date acceptable to the Lender, in form
and substance satisfactory to the Lender and its counsel:

               (i)  completed requests for information (Form UCC-11)
          listing all effective Uniform Commercial Code financing
          statements naming the Borrower as debtor and all tax lien,
          judgment, and litigation searches for the Borrower as the Lender
          shall deem necessary or desirable;

               (ii) Uniform Commercial Code financing statements (Form UCC-
          1) duly executed by the Borrower (naming the Lender as secured
          party and the Borrower as debtor and in form acceptable for
          filing in all jurisdictions that the Lender deems necessary or
          desirable to perfect the security interests granted to it
          hereunder) and, if applicable, termination statements or other
          releases duly filed in all jurisdictions that the Lender deems
          necessary or desirable to perfect and protect the priority of the
          security interests granted to it hereunder in the Equipment
          related to such initial Loan;

               (iii)a Note duly executed by the Borrower evidencing the
          amount of such Loan;

               (iv) a Collateral Access Agreement duly executed by the
          lessor or mortgagee, as the case may be, of each premises where
          the Equipment is located;

               (v)  certificates of insurance required under Section 5.4 of
          this Agreement together with loss payee endorsements for all such
          policies naming the Lender as lender loss payee and as an
          additional insured;

               (vi) a copy of the resolutions of the Board of Directors of
          the Borrower (or a unanimous consent of directors in lieu
          thereof) authorizing the execution, delivery, and performance of
          this Agreement, the other Loan Documents, and the transactions
          contemplated hereby and thereby, attached to which is a
          certificate of the Secretary or an Assistant Secretary of the
          Borrower certifying (A)that the copy of the resolutions is true,
          complete, and accurate, that such resolutions have not been
          amended or modified since the date of such certification and are
          in full force and effect and (B)the incumbency, names, and true
          signatures of the officers of the Borrower authorized to sign the
          Loan Documents to which it is a party;

               (vii)     the opinion of counsel for the Borrower covering
          such matters incident to the transactions contemplated by this
          Agreement as the Lender may reasonably require; and

               (viii) such other agreements and instruments as the Lender
          may reasonably request in connection with the transactions
          contemplated hereby.

          (b)  There shall be no pending or, to the knowledge of the
Borrower after due inquiry, threatened litigation, proceeding, inquiry, or
other action (i)seeking an injunction or other restraining order, damages,
or other relief with respect to the transactions contemplated by this
Agreement or the other Loan Documents or thereby or (ii)which affects or
could affect the business, prospects, operations, assets, liabilities, or
condition (financial or otherwise) of the Borrower, except, in the case of
clause(ii), where such litigation, proceeding, inquiry, or other action
could not be expected to have a Material Adverse Effect in the judgment of
the Lender.

          (c)  The Borrower shall have paid all fees and expenses required
to be paid by it to the Lender as of such date.

          (d)  The security interests in the Equipment related to the
initial Loan granted in favor of the Lender under this Agreement shall have
been duly perfected and shall constitute first priority liens.

               SECTION  3.4.  Conditions Precedent to Each Loan.  The
obligation of the Lender to make each Loan is subject to the satisfaction
of the following conditions precedent:

          (a)  the Lender shall have received the documents, agreements,
and instruments set forth in Section 3.3(a)(i) through (v) applicable to
such Loan, each in form and substance satisfactory to the Lender and its
counsel and each dated the date of such Loan or as of an earlier date
acceptable to the Lender;

          (b)  the Lender shall have received a Schedule of the Equipment
related to such Loan, in form and substance satisfactory to the Lender and
its counsel, and the security interests in such Equipment related to such
Loan granted in favor of the Lender under this Agreement shall have been
duly perfected and shall constitute first priority liens;

          (c)  all representations and warranties contained in this
Agreement and the other Loan Documents shall be true and correct in all
material respects on and as of the date of such Loan as if then made, other
than representations and warranties that expressly relate solely to an
earlier date, in which case they shall have been true and correct as of
such earlier date;

          (d)  no Event of Default or event which with the giving of notice
or the passage of time, or both, would constitute an Event of Default shall
have occurred and be continuing or would result from the making of the
requested Loan as of the date of such request;

          (e)  the Borrower shall be deemed to have hereby reaffirmed and
ratified all security interests, liens, and other encumbrances heretofore
granted by the Borrower to the Lender; and

          (f)  the Borrower shall not have suffered a Material Adverse
Change.

          SECTION 4.  THE BORROWER'S REPRESENTATIONS AND WARRANTIES.

               SECTION  4.1.  Good Standing; Qualified to do Business.  The
Borrower (a)is duly organized, validly existing, and in good standing under
the laws of the State of its organization, (b)has the power and authority
to own its properties and assets and to transact the businesses in which it
is presently, or proposes to be, engaged, and (c)is duly qualified and
authorized to do business and is in good standing in every jurisdiction in
which the failure to be so qualified could reasonably be expected to have a
Material Adverse Effect on (i)the Borrower, (ii)the Borrower's ability to
perform its obligations under the Loan Documents, or (iii)the rights of the
Lender hereunder.

               SECTION  4.2.  Due Execution, etc.  The execution, delivery,
and performance by the Borrower of each of the Loan Documents to which it
is a party are within the powers of the Borrower, do not contravene the
organizational documents, if any, of the Borrower, and do not (a)violate
any law or regulation, or any order or decree of any court or governmental
authority, (b)conflict with or result in a breach of, or constitute a
default under, any material indenture, mortgage, or deed of trust or any
material lease, agreement, or other instrument binding on the Borrower or
any of its properties, or (c)require the consent, authorization by, or
approval of or notice to or filing or registration with any governmental
authority or other Person.  This Agreement is, and each of the other Loan
Documents to which the Borrower is or will be a party, when delivered
hereunder or thereunder, will be, the legal, valid, and binding obligation
of the Borrower enforceable against the Borrower in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency,
or similar laws affecting creditors' rights generally and by general
principles of equity.

               SECTION  4.3.  Solvency; No Liens.  The Borrower is Solvent
and will be Solvent upon the completion of all transactions contemplated to
occur hereunder (including, without limitation, the Loan to be made on the
Effective Date); the security interests granted herein constitute and shall
at all times constitute the first and only liens on the Collateral other
than Permitted Liens; and the Borrower is, or will be at the time
additional Collateral is acquired by it, the absolute owner of the
Collateral with full right to pledge, sell, consign, transfer, and create a
security interest therein, free and clear of any and all claims or liens in
favor of any other Person other than Permitted Liens.

               SECTION  4.4.  No Judgments, Litigation.  No judgments are
outstanding against the Borrower nor is there now pending or, to the best
of the Borrower's knowledge after diligent inquiry, threatened any
litigation, contested claim, or governmental proceeding by or against the
Borrower except judgments and pending or threatened litigation, contested
claims, and governmental proceedings which would not, in the aggregate,
have a Material Adverse Effect on the Borrower.

               SECTION  4.5.  No Defaults.  The Borrower is not in default
or has not received a notice of default under any material contract, lease,
or commitment to which it is a party or by which it is bound.  The Borrower
knows of no dispute regarding any contract, lease, or commitment which
could reasonably be expected to have a Material Adverse Effect on the
Borrower.

               SECTION  4.6.  Collateral Locations.  On the date hereof,
each item of the Collateral is located at the place of business specified
in the applicable Schedule.

               SECTION  4.7.  No Events of Default.  No Event of Default
has occurred and is continuing nor has any event occurred which, with the
giving of notice or the passage of time, or both, would constitute an Event
of Default.

               SECTION  4.8.  No Limitation on Lender's Rights.  Except as
permitted herein, none of the Collateral is subject to contractual
obligations that may restrict or inhibit the Lender's rights or abilities
to sell or dispose of the Collateral or any part thereof after the
occurrence of an Event of Default.

               SECTION 4.9.   Perfection and Priority of Security Interest.
This Agreement creates a valid and, upon completion of all required filings
of financing statements, the Lender will have a perfected first priority
security interest in the Collateral, securing the payment of all the
Obligations.

               SECTION  4.10. Model and Serial Numbers.  The Schedules set
forth the true and correct model number and serial number of each item of
Equipment that constitutes Collateral.

               SECTION  4.11. Accuracy and Completeness of Information.
All data, reports, and information heretofore, contemporaneously, or
hereafter furnished by or on behalf of the Borrower in writing to the
Lender or for purposes of or in connection with this Agreement or any other
Loan Document, or any transaction contemplated hereby or thereby, are or
will be true and accurate in all material respects on the date as of which
such data, reports, and information are dated or certified and not
incomplete by omitting to state any material fact necessary to make such
data, reports, and information not misleading at such time.  There are no
facts now known to the Borrower which individually or in the aggregate
would reasonably be expected to have a Material Adverse Effect and which
have not been specified herein, in the Financial Statements, or in any
certificate, opinion, or other written statement previously furnished by
the Borrower to the Lender.

               SECTION  4.12. Price of Equipment.  The cost of each item of
Equipment does not exceed the fair and usual price for such type of
equipment purchased in like quantity and reflects all discounts, rebates
and allowances for the Equipment (including, without limitation, discounts
for advertising, prompt payment, testing, or other services) given to the
Borrower by the manufacturer, supplier, or any other person.

          SECTION 5.  COVENANTS OF THE BORROWER.

               SECTION  5.1.  Existence, etc.  The Borrower shall:
(a)retain its existence and its current yearly accounting cycle,
(b)maintain in full force and effect all licenses, bonds, franchises,
leases, trademarks, patents, contracts, and other rights necessary or
desirable to the profitable conduct of its business unless the failure to
do so could not reasonably be expected to have a Material Adverse Effect on
the Borrower, (c)continue in, and limit its operations to, the same general
lines of business as those presently conducted by it and any other business
related thereto, and (d)comply with all applicable laws and regulations of
any federal, state, or local governmental authority, except for such laws
and regulations the violations of which would not, in the aggregate,
reasonably be expected to have a Material Adverse Effect on the Borrower.
Notwithstanding anything herein to the contrary, Borrower may merge or
consolidate with, or sell substantially all of its assets to, another
entity, provided that the surviving entity agrees to assume and be liable
for all of Borrower's obligations hereunder.

               SECTION  5.2.  Notice to the Lender.  As soon as possible,
and in any event within five days after an officer of the Borrower learns
of the following, the Borrower will give written notice to the Lender of
(a)any proceeding instituted or threatened to be instituted by or against
the Borrower in any federal, state, local, or foreign court or before any
commission or other regulatory body (federal, state, local, or foreign)
involving a sum, together with the sum involved in all other similar
proceedings, in excess of $250,000 in the aggregate, (b) any contract that
is terminated or amended and which has had or could reasonably be expected
to have a Material Adverse Effect on the Borrower, (c)the occurrence of any
Material Adverse Change with respect to the Borrower, and (d) the
occurrence of any Event of Default or event or condition which, with notice
or lapse of time or both, would constitute an Event of Default, together
with a statement of the action which the Borrower has taken or proposes to
take with respect thereto.

               SECTION   5.3. Maintenance of Books and Records.  The
Borrower will maintain books and records pertaining to the Collateral in
such detail, form, and scope as the Lender shall require in its
commercially reasonable judgment.  The Borrower agrees that the Lender or
its agents may upon reasonable notice enter upon the Borrower's premises at
any time and from time to time during normal business hours, and at any
time upon the occurrence and continuance of an Event of Default, for the
purpose of inspecting the Collateral and any and all records pertaining
thereto.

               SECTION  5.4.  Insurance.  The Borrower will maintain
insurance on the Collateral in accordance with the schedule of insurance
requirements attached hereto as Exhibit C.  All such policies shall be made
payable to the Lender, in case of loss, under a standard non-contributory
"lender" or "secured party" clause and are to contain such other provisions
as the Lender may reasonably require to protect the Lender's interests in
the Collateral and to any payments to be made under such policies.
Certificates of insurance policies are to be delivered to the Lender,
premium prepaid, with the loss payable endorsement in the Lender's favor,
and shall provide for not less than thirty days' prior written notice to
the Lender, of any alteration or cancellation of coverage.  If the Borrower
fails to maintain such insurance, the Lender may arrange for (at the
Borrower's expense and without any responsibility on the Lender's part for)
obtaining the insurance.  After the occurrence and during the continuance
of an Event of Default, unless the Lender shall otherwise agree with the
Borrower in writing, the Lender shall have the sole right, in the name of
the Lender or the Borrower, to file claims under any insurance policies, to
receive and give acquaintance for any payments that may be payable
thereunder, and to execute any endorsements, receipts, releases,
assignments, reassignments, or other documents that may be necessary to
effect the collection, compromise, or settlement of any claims under any
such insurance policies.

               SECTION  5.5.  Taxes.  The Borrower will pay, when due, all
taxes, assessments, claims, and other charges ("Taxes") lawfully levied or
assessed against the Borrower or the Collateral other than taxes that are
being diligently contested in good faith by the Borrower by appropriate
proceedings promptly instituted and for which an adequate reserve is being
maintained by the Borrower in accordance with GAAP.  If any Taxes remain
unpaid after the date fixed for the payment thereof, or if any lien shall
be claimed therefor, then, without notice to the Borrower, but on the
Borrower's behalf, the Lender may pay such Taxes, and the amount thereof
shall be included in the Obligations.

               SECTION  5.6.  Borrower to Defend Collateral Against Claims;
Fees on Collateral.  The Borrower will defend the Collateral against all
claims and demands of all Persons at any time claiming the same or any
interest therein.  The Borrower will not permit any notice creating or
otherwise relating to liens on the Collateral or any portion thereof to
exist or be on file in any public office other than Permitted Liens.  The
Borrower shall promptly pay, when payable, all transportation, storage, and
warehousing charges and license fees, registration fees, assessments,
charges, permit fees, and taxes (municipal, state, and federal) which may
now or hereafter be imposed upon the ownership, leasing, renting,
possession, sale, or use of the Collateral, other than taxes on or measured
by the Lender's income and fees, assessments, charges, and taxes which are
being contested in good faith by appropriate proceedings diligently
conducted and with respect to which adequate reserves are maintained to the
extent required by GAAP.

               SECTION   5.7. No Change of Location, Structure, or
Identity.  The Borrower will not (a) change the location of its chief
executive office or establish any place of business other than those
specified herein or (b)move or permit the movement of any item of
Collateral from the location specified in the applicable Schedule, except
that the Borrower may change its chief executive office and keep Collateral
at other locations within the United States provided that the Borrower has
delivered to the Lender (i) prior written notice thereof and (ii) duly
executed financing statements and other agreements and instruments (all in
form and substance satisfactory to the Lender) necessary or, in the opinion
of the Lender, desirable to perfect and maintain in favor of the Lender a
first priority security interest in the Collateral.  Notwithstanding
anything to the contrary in the immediately preceding sentence, the
Borrower may keep any Collateral consisting of motor vehicles or rolling
stock at any location in the United States provided that the Lender's
security interest in any such Collateral is conspicuously marked on the
certificate of title thereof and the Borrower has complied with the
provisions of Section 5.9.

               SECTION  5.8.  Use of Collateral; Licenses; Repair.  The
Collateral shall be operated by competent, qualified personnel in
connection with the Borrower's business purposes, for the purpose for which
the Collateral was designed and in all material respects in accordance with
applicable operating instructions, laws, and government regulations, and
the Borrower shall take reasonable steps to prevent loss or damage to the
Collateral from fire and other hazards.  The Collateral shall not be used
or operated for personal, family, or household purposes.  The Borrower
shall procure and maintain in effect all orders, licenses, certificates,
permits, approvals, and consents required by federal, state, or local laws
or by any governmental body, agency, or authority in connection with the
delivery, installation, use, and operation of the Collateral except for
such failures which would not be reasonably expected to have a Material
Adverse Effect on the Borrower.  The Borrower shall keep all of the
Equipment in a satisfactory state of repair and satisfactory operating
condition in accordance with industry standards, and will make all repairs
and replacements when and where necessary and practical.  The Borrower will
not waste or destroy the Equipment or any part thereof, and will not be
negligent in the care or use thereof.  The Equipment shall not be annexed
or affixed to or become part of any realty without the Lender's prior
written consent.

               SECTION  5.9.  Further Assurances.  The Borrower will,
promptly upon request by the Lender, execute and deliver or use its
commercially reasonable efforts to obtain any document required by the
Lender (including, without limitation, warehouseman or processor
disclaimers, mortgagee waivers, landlord disclaimers, or subordination
agreements with respect to the Obligations and the Collateral), give any
notices, execute and file any financing statements, mortgages, or other
documents (all in form and substance satisfactory to the Lender), mark any
chattel paper, deliver any chattel paper or instruments to the Lender, and
take any other actions that are necessary or, in the opinion of the Lender,
desirable to perfect or continue the perfection and the first priority of
the Lender's security interest in the Collateral, to protect the Collateral
against the rights, claims, or interests of any Persons, or to effect the
purposes of this Agreement.  The Borrower hereby authorizes the Lender to
file one or more financing or continuation statements, and amendments
thereto, relating to all or any part of the Collateral without the
signature of the Borrower where permitted by law.  A carbon, photographic,
or other reproduction of this Agreement or any financing statement covering
the Collateral or any part thereof shall be sufficient as a financing
statement where permitted by law.  To the extent required under this
Agreement, the Borrower will pay all costs incurred in connection with any
of the foregoing.

               SECTION  5.10. No Disposition of Collateral.  The Borrower
will not in any way hypothecate or create or permit to exist any lien,
security interest, charge, or encumbrance on or other interest in any of
the Collateral, except for the lien and security interest granted hereby
and Permitted Liens, and the Borrower will not sell, transfer, assign,
pledge, collaterally assign, exchange, or otherwise dispose of any of the
Collateral; provided, however, that Borrower may sell Collateral having a
book value in excess of $1,000 if the proceeds of such sale are used to
prepay the Loans.  Collateral having a book value of less than $1000 may be
sold or otherwise disposed with any proceeds retained by the Borrower.  In
the event the Collateral, or any part thereof, is sold, transferred,
assigned, exchanged, or otherwise disposed of in violation of these
provisions, the security interest of the Lender shall continue in such
Collateral or part thereof notwithstanding such sale, transfer, assignment,
exchange, or other disposition, and the Borrower will hold the proceeds
thereof in a separate account for the benefit of the Lender.  Following
such a sale, the Borrower will transfer such proceeds to the Lender in
kind.

               SECTION  5.11. No Limitation on Lender's Rights.  The
Borrower will not enter into any contractual obligations which may restrict
or inhibit the Lender's rights or ability to sell or otherwise dispose of
the Collateral or any part thereof.

               SECTION  5.12. Protection of Collateral.  Upon notice to the
Borrower (provided that if an Event of Default has occurred and is
continuing the Lender need not give any notice), the Lender shall have the
right at any time to make any payments and do any other acts the Lender may
deem necessary to protect its security interests in the Collateral,
including, without limitation, the rights to satisfy, purchase, contest, or
compromise any encumbrance, charge, or lien which, in the reasonable
judgment of the Lender, appears to be prior to or superior to the security
interests granted hereunder, and appear in, and defend any action or
proceeding purporting to affect its security interests in, or the value of,
any of the Collateral.  The Borrower hereby agrees to reimburse the Lender
for all payments made and expenses incurred under this Agreement including
fees, expenses, and disbursements of attorneys and paralegals (including
the allocated costs of in-house counsel) acting for the Lender, including
any of the foregoing payments under, or acts taken to protect its security
interests in, any of the Collateral, which amounts shall be secured under
this Agreement, and agrees it shall be bound by any payment made or act
taken by the Lender hereunder absent the Lender's gross negligence or
willful misconduct.  The Lender shall have no obligation to make any of the
foregoing payments or perform any of the foregoing acts.

               SECTION  5.13. Delivery of Items.  The Borrower will
(a)promptly (but in no event later than five Business Days) after its
receipt thereof, deliver to the Lender any documents or certificates of
title issued with respect to any property included in the Collateral, and
any promissory notes, letters of credit or instruments related to or
otherwise in connection with any property included in the Collateral, which
in any such case come into the possession of the Borrower, or shall cause
the issuer thereof to deliver any of the same directly to the Lender, in
each case with any necessary endorsements in favor of the Lender and
(b)deliver to the Lender as soon as available copies of any and all press
releases and other similar communications issued by the Borrower.

               SECTION  5.14. Solvency.  The Borrower shall be and remain
Solvent at all times.

               SECTION  5.15. Name Change.  The Borrower shall not amend or
modify its name, unless the Borrower delivers to the Lender thirty days
prior to any such proposed amendment or modification written notice of such
amendment or modification and within ten days before such amendment or
modification delivers executed Uniform Commercial Code financing statements
(in form and substance satisfactory to the Lender).

               SECTION  5.16. Additional Requirements.  The Borrower shall
take all such further actions and execute all such further documents and
instruments as the Lender may reasonably request in order to perfect its
security interest.

          SECTION 6.  FINANCIAL STATEMENTS.

Until the payment and satisfaction in full of all Obligations, the Borrower
shall deliver to the Lender the following financial information:

               SECTION  6.1.  Annual Financial Statements.  As soon as
available, but not later than 120 days after the end of each fiscal year of
the Borrower and its consolidated subsidiaries, the consolidated balance
sheet, income statement, and statements of cash flows and shareholders
equity for the Borrower and its consolidated subsidiaries (the "Financial
Statements") for such year, reported on by independent certified public
accountants without an adverse qualification; and

               SECTION  6.2.  Quarterly Financial Statements.  As soon as
available, but not later than 60 days after the end of each of the first
three fiscal quarters in any fiscal year of the Borrower and its
consolidated subsidiaries, the Financial Statements for such fiscal
quarter, together with a certification duly executed by a responsible
officer of the Borrower that such Financial Statements have been prepared
in accordance with GAAP and are fairly stated in all material respects
(subject to normal year-end audit adjustments).

          SECTION 7.  EVENTS OF DEFAULT.

The occurrence of any of the following events shall constitute an Event of
Default hereunder:

               (a)  the Borrower shall fail to pay within five days of when
due any amount required to be paid by the Borrower under or in connection
with any Note and this Agreement;

               (b)  any representation or warranty made or deemed made by
the Borrower under or in connection with any Loan Document or any Financial
Statement shall prove to have been false or incorrect in any material
respect when made;

               (c)  the Borrower shall fail to perform or observe (i) any
of the terms, covenants or agreements contained in Sections 5.4, 5.7, 5.10,
5.14, or 5.15 hereof or (ii) any other term, covenant, or agreement
contained in any Loan Document (other than the other Events of Default
specified in this Section 7) and such failure remains unremedied for the
earlier of thirty days from (A) the date on which the Lender has given the
Borrower written notice of such failure and (B) the date on which the
Borrower knew or should have known of such failure;

               (d)  any material provision of any Loan Document to which
the Borrower is a party shall for any reason cease to be valid and binding
on the Borrower, or the Borrower shall so state;

               (e)  dissolution, liquidation, winding up, or cessation of
the Borrower's business, failure of the Borrower generally to pay its debts
as they mature, admission in writing by the Borrower of its inability
generally to pay its debts as they mature, or calling of a meeting of the
Borrower's creditors for purposes of compromising any of the Borrower's
debts;

               (f)  the commencement by or against the Borrower of any
bankruptcy, insolvency, arrangement, reorganization, receivership, or
similar proceedings under any federal or state law and, in the case of any
such involuntary proceeding, such proceeding remains undismissed or
unstayed for sixty days following the commencement thereof, or any action
by the Borrower is taken authorizing any such proceedings;

               (g)  an assignment for the benefit of creditors is made by
the Borrower, whether voluntary or involuntary, the appointment of a
trustee, custodian, receiver, or similar official for the Borrower or for
any substantial property of the Borrower, or any action by the Borrower
authorizing any such proceeding;

               (h)  the Borrower shall default in (i)the payment of
principal or interest on any indebtedness in excess of $250,000 (other than
the Obligations) beyond the period of grace, if any, provided in the
instrument or agreement under which such indebtedness was created; or
(ii)the observance or performance of any other agreement or condition
relating to any such indebtedness or contained in any instrument or
agreement relating thereto, or any other event shall occur or condition
exist, in each case beyond any applicable period of grace or unless cured
or waived within 10 days, the effect of which default or other event or
condition is to cause, or to permit the holder or holders of such
indebtedness to cause, with the giving of notice if required, such
indebtedness to become due prior to its stated maturity;

               (i)  any tax lien, other than a Permitted Lien, is filed of
record against the Borrower and is not bonded or discharged within fifteen
Business Days;

               (j)  any judgment which has had or could reasonably be
expected to have a Material Adverse Effect on the Borrower and such
judgment shall not be stayed, vacated, bonded, or discharged within sixty
days; or

               (k)  any material covenant, agreement, or obligation, as
determined in the sole discretion of the Lender, made by the Borrower and
contained in or evidenced by any of the Loan Documents shall cease to be
enforceable, or shall be determined to be unenforceable, in accordance with
its terms; the Borrower shall deny or disaffirm the Obligations under any
of the Loan Documents or any liens granted in connection therewith; or any
liens granted on any of the Collateral in favor of the Lender shall be
determined to be void, voidable, or invalid, or shall not be given the
priority contemplated by this Agreement.

          SECTION 8.  REMEDIES.

If any Event of Default shall have occurred and be continuing:

               (a)  The Lender may, without prejudice to any of its other
rights under any Loan Document or Applicable Law, declare all Obligations
to be immediately due and payable (except with respect to any Event of
Default set forth in Section 7(f) hereof, in which case all Obligations
shall automatically become immediately due and payable without necessity of
any declaration) without presentment, representation, demand of payment, or
protest, which are hereby expressly waived.

               (b)  The Lender may take possession of the Collateral and,
for that purpose may enter, with the aid and assistance of any person or
persons, any premises where the Collateral or any part hereof is, or may be
placed, and remove the same.

               (c)  The obligation of the Lender, if any, to make
additional Loans or financial accommodations of any kind to the Borrower
shall immediately terminate.

               (d)  The Lender may exercise in respect of the Collateral,
in addition to other rights and remedies provided for herein (or in any
Loan Document) or otherwise available to it, all the rights and remedies of
a secured party under the applicable Uniform Commercial Code (the "Code")
whether or not the Code applies to the affected Collateral and also may
(i)require the Borrower to, and the Borrower hereby agrees that it will at
its expense and upon request of the Lender forthwith, assemble all or part
of the  Collateral as directed by the Lender and make it available to the
Lender at a place to be designated by the Lender that is reasonably
convenient to both parties and (ii)without notice except as specified
below, sell the Collateral or any part thereof in one or more parcels at
public or private sale, at any of the Lender's offices or elsewhere, for
cash, on credit, or for future delivery, and upon such other terms as the
Lender may deem commercially reasonable.  The Borrower agrees that, to the
extent notice of sale shall be required by law, at least ten days' notice
to the Borrower of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable
notification.  The Lender shall not be obligated to make any sale of
Collateral regardless of notice of sale having been given.  The Lender may
adjourn any public or private sale from time to time by announcement at the
time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned.

               (e)  All cash proceeds received by the Lender in respect of
any sale of, collection from, or other realization upon all or any part of
the Collateral may, in the discretion of the Lender, be held by the Lender
as collateral for, or then or at any time thereafter applied in whole or in
part by the Lender against, all or any part of the Obligations in such
order as the Lender shall elect.  Any surplus of such cash or cash proceeds
held by the Lender and remaining after the full and final payment of all
the Obligations shall be paid over to the Borrower or to such other Person
to which the Lender may be required under applicable law, or directed by a
court of competent jurisdiction, to make payment of such surplus.

          SECTION 9.  MISCELLANEOUS PROVISIONS.

               SECTION  9.1.  Notices.  Except as otherwise provided
herein, all notices, approvals, consents, correspondence, or other
communications required or desired to be given hereunder shall be given in
writing and shall be delivered by overnight courier, hand delivery, or
certified or registered mail, postage prepaid, if to the Lender, then to
Transamerica Technology Finance Division, 76 Batterson Park Road,
Farmington, Connecticut 06032, Attention:  Assistant Vice President, Lease
Administration, with a copy to the Lender at Riverway II, West Office
Tower, 9399 West Higgins Road, Rosemont, Illinois  60018, Attention:  Legal
Department, and if to the Borrower, then to MedImmune, Inc., 35 West
Watkins Hill Road, Gaithersburg, Maryland 20878, Attn: Chief Executive
Officer, or such other address as shall be designated by the Borrower or
the Lender to the other party in accordance herewith.  All such notices and
correspondence shall be effective when received.

               SECTION   9.2. Headings.  The headings in this Agreement are
for purposes of reference only and shall not affect the meaning or
construction of any provision of this Agreement.

               SECTION  9.3.  Assignments.  The Borrower shall not have the
right to assign any Note or this Agreement or any interest therein unless
the Lender shall have given the Borrower prior written consent and the
Borrower and its assignee shall have delivered assignment documentation in
form and substance satisfactory to the Lender in its sole discretion.  The
Lender may assign its rights and delegate its obligations under any funded
Note or this Agreement as it pertains to funded amounts.  Lender will
provide notice to Borrower of any such assignment, and will use
commercially reasonable efforts to effect such assignment in a manner which
is "seamless" to the Borrower.

               SECTION  9.4.  Amendments, Waivers, and Consents.  Any
amendment or waiver of any provision of this Agreement and any consent to
any departure by the Borrower from any provision of this Agreement shall be
effective only by a writing signed by the Lender and shall bind and benefit
the Borrower and the Lender and their respective successors and assigns,
subject, in the case of the Borrower, to the first sentence of Section 9.3.

               SECTION  9.5.  Interpretation of Agreement.  All terms not
defined herein or in a Note shall have the meaning set forth in the
applicable Code, except where the context otherwise requires.  To the
extent a term or provision of this Agreement conflicts with any Note, or
any term or provision thereof, and is not dealt with herein with more
specificity, this Agreement shall control with respect to the subject
matter of such term or provision.  Acceptance of or acquiescence in a
course of performance rendered under this Agreement shall not be relevant
in determining the meaning of this Agreement even though the accepting or
acquiescing party had knowledge of the nature of the performance and
opportunity for objection.

               SECTION  9.6.  Continuing Security Interest.  This Agreement
shall create a continuing security interest in the Collateral and shall
(i)remain in full force and effect until the indefeasible payment in full
of the Obligations, (ii)be binding upon the Borrower and its successors and
assigns and (iii)inure, together with the rights and remedies of the Lender
hereunder, to the benefit of the Lender and its successors, transferees,
and assigns.

               SECTION  9.7.  Reinstatement.  To the extent permitted by
law, this Agreement and the rights and powers granted to the Lender
hereunder and under the Loan Documents shall continue to be effective or be
reinstated if at any time any amount received by the Lender in respect of
the Obligations is rescinded or must otherwise be restored or returned by
the Lender upon the insolvency, bankruptcy, dissolution, liquidation, or
reorganization of the Borrower or upon the appointment of any receiver,
intervenor, conservator, trustee, or similar official for the Borrower or
any substantial part of its assets, or otherwise, all as though such
payments had not been made.

               SECTION  9.8.  Survival of Provisions.  All representations,
warranties, and covenants of the Borrower contained herein shall survive
the execution and delivery of this Agreement, and shall terminate only upon
the full and final payment and performance by the Borrower of the
Obligations secured hereby.

               SECTION  9.9.  Indemnification.  The Borrower agrees to
indemnify and hold harmless the Lender and its directors, officers, agents,
employees, and counsel from and against any and all costs, expenses,
claims, or liability incurred by the Lender or such Person hereunder and
under any other Loan Document or in connection herewith or therewith,
unless such claim or liability shall be due to willful misconduct or gross
negligence on the part of the Lender or such Person.

               SECTION  9.10. Counterparts; Telecopied Signatures.  This
Agreement may be executed in counterparts, each of which when so executed
and delivered shall be an original, but both of which shall together
constitute one and the same instrument.  This Agreement and each of the
other Loan Documents and any notices given in connection herewith or
therewith may be executed and delivered by telecopier or other facsimile
transmission all with the same force and effect as if the same was a fully
executed and delivered original manual counterpart.

               SECTION  9.11. Severability.  In case any provision in or
obligation under this Agreement or any Note or any other Loan Document
shall be invalid, illegal, or unenforceable in any jurisdiction, the
validity, legality, and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.

               SECTION  9.12. Delays; Partial Exercise of Remedies.  No
delay or omission of the Lender to exercise any right or remedy hereunder,
whether before or after the happening of any Event of Default, shall impair
any such right or shall operate as a waiver thereof or as a waiver of any
such Event of Default.  No single or partial exercise by the Lender of any
right or remedy shall preclude any other or further exercise thereof, or
preclude any other right or remedy.

               SECTION  9.13. Entire Agreement.  The Borrower and the
Lender agree that this Agreement, the Schedule hereto, a certain letter
from the Lender to the Borrower dated May 23, 1997 concerning FDA
approvals, and the Commitment Letter are the complete and exclusive
statement and agreement between the parties with respect to the subject
matter hereof, superseding all proposals and prior agreements, oral or
written, and all other communications between the parties with respect to
the subject matter hereof.  Should there exist any inconsistency between
the terms of the Commitment Letter and this Agreement, the terms of this
Agreement shall prevail.

               SECTION  9.14. Setoff.  In addition to and not in limitation
of all rights of offset that the Lender may have under Applicable Law, and
whether or not the Lender has made any demand or the Obligations of the
Borrower have matured, the Lender shall have the right to appropriate and
apply to the payment of the Obligations of the Borrower all deposits and
other obligations then or thereafter owing by the Lender to or for the
credit or the account of the Borrower.

               SECTION  9.15. WAIVER OF JURY TRIAL.   THE BORROWER AND THE
LENDER IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.

               SECTION  9.16. GOVERNING LAW. THE VALIDITY, INTERPRETATION,
AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT GIVING EFFECT TO
THE CONFLICT OF LAW PRINCIPLES THEREOF.

               SECTION  9.17. Venue; Service of Process.  ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY
BE BROUGHT IN THE COURTS OF THE STATE OF ILLINOIS SITUATED IN COOK COUNTY,
OR OF THE UNITED STATES OF AMERICA FOR THE NORTHERN DISTRICT OF ILLINOIS,
AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER HEREBY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS.  THE BORROWER
HEREBY IRREVOCABLY WAIVES, IN CONNECTION WITH ANY SUCH ACTION OR
PROCEEDING, (a)ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION
TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS,
THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR
PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS AND (b)THE RIGHT TO INTERPOSE
ANY NONCOMPULSORY SETOFF, COUNTERCLAIM, OR CROSS-CLAIM.  THE BORROWER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED
COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE BORROWER AT THE
ADDRESS FOR IT SPECIFIED IN SECTION 9.1 HEREOF.  NOTHING HEREIN SHALL
AFFECT THE RIGHT OF THE LENDER TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST THE BORROWER IN ANY OTHER JURISDICTION, SUBJECT IN EACH INSTANCE TO
THE PROVISIONS HEREOF WITH RESPECT TO RIGHTS AND REMEDIES.

               IN WITNESS WHEREOF, the undersigned Borrower has caused this
Agreement to be duly executed and delivered by its proper and duly
authorized officer as of the date first set forth above.

                      MEDIMMUNE, INC.


                      By: (SIGNATURE) /s/ David M. Mott
                         Name: David M. Mott
                         Title: President and Chief Operating Officer
                      Federal Identification Number  52-1555759
Accepted as of the
16 day of June, 1997

TRANSAMERICA BUSINESS CREDIT CORPORATION


By:  (SIGNATURE) /s/ Gary P. Moro
   Name: Gary P. Moro
   Title: Vice President


EXHIBIT A
                        COLLATERAL ACCESS AGREEMENT
                 TRANSAMERICA BUSINESS CREDIT CORPORATION
                     9399 West Higgins Road, Suite 600
                         Rosemont, Illinois  60018

June 18, 1997

Alexandria Real Estate Equities, Inc.
11440 West Bernardo Court, Suite 170
San Diego, CA 92127
Attn:  Steven Stone, Corporate Vice President

     Re:  MedImmune, Inc.

Ladies and Gentlemen:

     We have been asked by MedImmune, Inc., a Delaware corporation (the
"Company") to finance certain equipment listed on Exhibit A attached hereto
(the "Equipment"), which will be located at the address identified on
Schedule A (the "Premises").  The obligations of the Company to us will be
secured by, among other things, the Equipment.  We understand that the
Company leases the Premises from you pursuant to a lease or is the owner of
the Premises, which is subject to a lien in favor of you pursuant to a
mortgage (such lease or mortgage being referred to as the "Agreement").

     In connection with the extensions of credit to be made to the Company,
Transamerica Business Credit Corporation, ("Transamerica") will be making
customary Uniform Commercial Code filings on behalf of Transamerica with
respect to the Equipment.  In addition, we request your acknowledgment and
cooperation for preserving and enforcing Transamerica's security interests.
To expedite the consummation of the proposed financing, we would appreciate
your execution of this letter.

     To induce Transamerica to finance the Equipment, and for other good
and valuable consideration, you confirm and acknowledge the following
matters to us:

          You will allow us, or our auditors or other designees, reasonable
access to the Premises to inspect the Equipment from time to time.  In
addition, upon our request, you will grant us and our designees access to
the Premises for 90 days at reasonable times to show the Equipment to
potential purchasers and to remove the Equipment from the Premises.
Transamerica will reimburse you for any costs or expenses incurred by you
resulting from damage caused by our removal of the Equipment from the
Premises.

          In the event that the Company defaults in its obligations under
the Agreement or you desire or elect to terminate or exercise remedies
under the Agreement for any reason, including a default by the Company
under the Agreement, you will notify us in writing of this fact prior to
your terminating or exercising remedies under the Agreement and retaking
possession of the Premises.  You hereby confirm and acknowledge to us that
you do not and will not have any claim to or lien on any of the Equipment,
whether such Equipment constitutes fixtures or personal property.

     We would appreciate your confirming to us your agreement to the
foregoing provisions of this letter by signing and returning to us this
letter at our address shown above.

Very truly yours,

TRANSAMERICA BUSINESS CREDIT CORPORATION
By:  (SIGNATURE) /s/Meg Lengson
   Name:  Meg Lengson
   Title: Assistant Vice President
ACKNOWLEDGED AND AGREED:
By:  (SIGNATURE) /s/David M. Mott
   Name:  David M. Mott
   Title: President and Chief Operating Officer


EXHIBIT B
                          PROMISSORY NOTE SAMPLE

Date:  June 24, 1997


          FOR VALUE RECEIVED, the undersigned promises to pay to the order
of Transamerica Business Credit Corporation or its assigns (the "Payee") at
its office located at Riverway II, West Office Tower, 9399 West Higgins
Road, Rosemont, Illinois 60018, or at such other place as the Payee or the
holder hereof may designate in writing, the principal amount of One Hundred
Thousand Dollars ($100,000.00) received by the undersigned, plus interest,
in lawful money of the United States and in immediately available funds.
This Note shall be payable commencing with a first installment of Two
Thousand, Five Hundred Seventy Three and 55/100 Dollars ($2,573.55) payable
on July 1, 1997 and thereafter in 71 consecutive equal monthly installments
of One Thousand, Four Hundred Sixty Five and 05/100 Dollars ($30,465.05)
commencing August 1, 1997 and a final balloon payment payable on June 30,
2003 of Ten Thousand 00/100 Dollars ($10,000.00) together with any amounts
due and owing to Lender.  No amount of principal paid or prepaid hereunder
may be reborrowed.

          This Note is one of the Notes referred to in the Master Loan and
Security Agreement dated as of June ___, 1997 (as amended, supplemented or
otherwise modified from time to time, the "Agreement"), between the
undersigned and the Payee and is subject and entitled to all provisions and
benefits thereof.  Capitalized terms used but not defined herein shall have
the meanings set forth in the Agreement.

          If any installment of this Note is not paid within three Business
Days after the Borrower is notified of such failure to pay, the undersigned
agrees to pay on demand, in addition to the amount of such installment, an
amount equal to 5% of such installment, but only to the extent permitted by
Applicable Law.

          Provided that all payments due hereunder have been timely made,
the undersigned shall have the right to prepay this Note at any time on or
after July 1, 1999 on thirty days' prior written notice to the Payee.  On
the date of any such prepayment, the undersigned shall pay, together with
all interest, fees and other amounts payable on the amount so prepaid or in
connection therewith to the date of such prepayment, and a prepayment
premium in the following amount:  3% of the principal amount being prepaid
if such prepayment is made on or after July 1, 1999 but before June 30,
2000; 2% of the principal amount being prepaid if such prepayment is made
on or after July 1, 2000 but before June 30, 2001; and 1% of the principal
amount being prepaid if such prepayment is made on or after July 1, 2001
but before June 30, 2002.  No prepayment premium will be required for
prepayments made on or after July 1, 2002.  Any prepayments shall be
applied to the installments hereof in the inverse order of maturity.

          Upon the maturity of this Note or the acceleration of the
maturity of this Note in accordance with the terms of the Agreement, the
entire unpaid principal amount on this Note, together with all interest,
fees and other amounts payable hereon or in connection herewith, shall be
immediately due and payable without further notice or demand, with interest
on all such amounts at a rate not to exceed the lawful limit, from the date
of such maturity or acceleration, as the case may be, until all such
amounts have been paid.

          If any payment on this Note becomes payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding
Business Day.

          The undersigned hereby waives diligence, demand, presentment,
protest and notice of any kind, and assents to extensions of the time of
payment, release, surrender or substitution of security, or forbearance or
other indulgence, without notice.  The undersigned agrees to pay all
amounts under this Note without offset, deduction, claim, counterclaim,
defense or recoupment, all of which are hereby waived.

          The Payee, the undersigned and any other parties to the Loan
Documents intend to contract in strict compliance with applicable usury law
from time to time in effect.  In furtherance thereof such Persons stipulate
and agree that none of the terms and provisions contained in the Loan
Documents shall ever be construed to create a contract to pay, for the use,
forbearance or detention of money, interest in excess of the maximum amount
of interest permitted to be charged by Applicable Law from time to time in
effect.  Neither the undersigned nor any present or future guarantors,
endorsers, or other Persons hereafter becoming liable for payment of any
Obligation shall ever be liable for unearned interest thereon or shall ever
be required to pay interest thereon in excess of the maximum amount that
may be lawfully charged under Applicable Law from time to time in effect,
and the provisions of this paragraph shall control over all other
provisions of the Loan Documents which may be in conflict or apparent
conflict herewith.  The Payee expressly disavows any intention to charge or
collect excessive unearned interest or finance charges in the event the
maturity of any Obligation is accelerated.  If (a) the maturity of any
Obligation is accelerated for any reason, (b) any Obligation is prepaid and
as a result any amounts held to constitute interest are determined to be in
excess of the legal maximum, or (c) the Payee or any other holder of any or
all of the Obligations shall otherwise collect amounts which are determined
to constitute interest which would otherwise increase the interest on any
or all of the Obligations to an amount in excess of that permitted to be
charged by Applicable Law then in effect, then all sums determined to
constitute interest in excess of such legal limit shall, without penalty,
be promptly applied to reduce the then outstanding principal of the related
Obligations or, at the Payee's or such holder's option, promptly returned
to the undersigned upon such determination.  In determining whether or not
the interest paid or payable, under any specific circumstance, exceeds the
maximum amount permitted under Applicable Law, the Payee and the
undersigned (and any other payers thereof) shall to the greatest extent
permitted under Applicable Law, (i) characterize any non-principal payment
as an expense, fee or premium rather than as interest, (ii) exclude
voluntary prepayments and the effects thereof, and (iii) amortize, prorate,
allocate, and spread the total amount of interest through the entire
contemplated term of this Note in accordance with the amount outstanding
from time to time thereunder and the maximum legal rate of interest from
time to time in effect under Applicable Law in order to lawfully charge the
maximum amount of interest permitted under Applicable Law.

          This Note may not be changed, modified or terminated orally, but
only by an agreement in writing signed by the undersigned and the Payee or
any holder hereof.

          The undersigned shall, upon demand, pay to the Payee all costs
and expenses incurred by the Payee (including the fees and disbursements of
counsel and other professionals) in connection with the preparation,
execution and delivery of this Note and all other Loan Documents, and in
connection with the administration, modification and amendment of the Loan
Documents, and pay to the Payee all costs and expenses (including the fees
and disbursements of counsel and other professionals) paid or incurred by
the Payee in (A) enforcing or defending its rights under or in respect of
this Note or any of the other Loan Documents, (B) collecting any of the
liabilities by the undersigned to the Payee or otherwise administering the
Loan Documents, (C) foreclosing or otherwise collecting upon any collateral
and (D) obtaining any legal, accounting or other advice in connection with
any of the foregoing.

          This Note shall be binding upon the successors and assigns of the
undersigned and inure to the benefit of the Payee and its successors,
endorsees and assigns.  If any term or provision of this Note shall be held
invalid, illegal or unenforceable, the validity of all other terms and
provisions hereof shall in no way be affected thereby.

          EACH OF THE UNDERSIGNED AND, BY ITS ACCEPTANCE HEREOF, THE PAYEE
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS NOTE AND AGREES THAT
ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

          THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF ILLINOIS WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW.




                                   MEDIMMUNE, INC.


                                   By:___________________________
                                      Name:
                                      Title:


EXHIBIT C
May 23, 1997


                                  REVISED
Mr. David M. Mott
President and Chief Operating Officer
MedImmune, Inc.
35 West Watkins Hill Road
Gaithersburg, Maryland 20878

Dear David:

Transamerica Business Credit Corporation-Technology Finance Division
("Lender) is pleased to offer financing for the Equipment described below
to MedImmune, Inc. ("Borrower").  This Commitment supersedes all prior
correspondence, proposals, and oral or other communications relating to
lending arrangements between Borrower and Lender.
<TABLE>
<CAPTION>
The outline of this offer is as follows:

<S>                   <C>
Borrower:         MedImmune, Inc.
                 
Lender:           Transamerica Business Credit Corporation-
                  Technology Finance Division ("TFD") and/or its
                  affiliates, successors or assigns.
                 
Guarantors:       None
                 
Equipment:        Lender shall be granted a perfected first
                  priority security interest in Manufacturing,
                  Laboratory, Office and Computer Equipment and
                  Computer Software being financed by this
                  facility, and all cash and non-cash proceeds
                  (including insurance proceeds) of all of the
                  foregoing, including without limitation, all
                  additions, improvements, repairs,
                  appurtenances, substitutions, and attachments
                  (the "Equipment").
                 
Loans:            Lender shall make a loan or a series of loans
                  for the Equipment (each a "Loan").
                 
Amount of Loan:   Not to exceed $15,000,000 for the Equipment,
                  of which up to 5% of the total loan amount
                  ($750,000) may be used for Computer Software.
                 
Equipment         at the Borrower's facilities in Gaithersburg,
Location:         Maryland and Frederick, Maryland.
                 
Anticipated       Through May 31, 1998.
Delivery:
                 
Termination of    This commitment will terminate if the first
Commitment:       delivery of Equipment and funding is not
                  completed on or before June 30, 1997.
                 
Loan Term        
Commencement:     Upon funding each Loan, which will occur upon
                  each completion of deliveries of items of
                  Equipment with aggregate cost of not less than
                  $100,000, and shall be no later than May 31,
                  1998.
                 
Term:             From each Loan Term Commencement until 72
                  months from the first day of the month next
                  following or coincident with that Loan Term
                  Commencement.
                 
Repayment Terms:  Monthly Payments equal to 1.7942% of the Loan
                  shall be payable monthly in advance.  The
                  first month's payment shall be payable upon
                  funding each Loan.
                 
                  As of the date of each Loan Term Commencement,
                  the Monthly Payments shall be fixed for the
                  term. A schedule of the actual Monthly
                  Payments shall be provided by the Lender
                  following each Loan Term Commencement.
                 
                  The Lender shall adjust the Monthly Payments
                  as of the date of each Loan Term Commencement
                  based on any change in the weekly average of
                  the interest rates of six-year U.S. Treasury
                  Notes from 6.83% (the "Base Rate") at the end
                  of the week preceding the date of each Loan
                  Term Commencement, as published in the Wall
                  Street Journal.  For each basis point change
                  from the Base Rate, the rate implicit in the
                  Monthly Payments will be adjusted by one basis
                  point and a new Monthly Payment calculated.
                 
Balloon Payment:  At the end of each 72 month Loan, the Borrower
                  shall be obligated to make one final balloon
                  payment equal to 10% of the original principal
                  amount of such Loan, plus any other amounts
                  then due and owing to Lender.
                 
Interim           In the event that any Loan Term Commencement
Payments:         is not on the first day of a month, Interim
                  Payments shall accrue from each Loan Term
                  Commencement until the next following first
                  day of a month and shall be payable at the end
                  of that month. Interim Payments shall be
                  calculated at the rate equal to the prime rate
                  as published in the Wall Street Journal plus
                  3.5%.
                 
Documentation:    The documentation relating to this transaction
                  shall implement the transaction contemplated
                  by this commitment letter to the satisfaction
                  of Lender and its counsel, shall contain
                  conditions precedent, representations,
                  warranties and covenants by Borrower and shall
                  provide for events of defaults and remedies,
                  all as required by Lender for transactions of
                  this type.  The documentation shall include,
                  but not be limited to, the terms and
                  conditions described in this commitment
                  letter.
                 
Insurance:        Prior to any delivery of Equipment, the
                  Borrower shall furnish a certificate of
                  insurance acceptable to the Lender in amount,
                  type and term, covering the Equipment
                  including primary, all risk, physical damage,
                  property damage and bodily injury with
                  appropriate loss payee and additional insured
                  endorsements in favor of Lender.
                 
Representation    There shall be no actual or threatened
and Additional    conflict with, or violation of, any regulatory
Covenants:        statute, standard or rule relating to the
                  Borrower, its present or future operations, or
                  the Equipment.
                 
                  Borrower shall be required to provide
                  quarterly financial information to Lender.
                  All information supplied by the Borrower shall
                  be correct in all material respects and shall
                  not omit any statement the omission of which
                  would cause the information supplied to be
                  misleading.  There shall be no material breach
                  of the representations and warranties of the
                  Borrower in the Loan.  The representations
                  shall include that the cost of each item of
                  Equipment does not exceed the fair and usual
                  price for such type of equipment purchased in
                  like quantity and reflects all discounts,
                  rebates and allowances for the Equipment given
                  to Borrower by the manufacturer, supplier or
                  any other person including, without
                  limitation, discounts for advertising, prompt
                  payment, testing or other services. There are
                  no other negative covenants contemplated in
                  this transaction.
                 
Conditions        1.   No material adverse change in the
Precedent to        financial condition, operations or prospects
Lending:            of the Borrower prior to funding.
                  2.   Completion of the documentation and final
                  terms of the proposed financing satisfactory
                  to Lender and Lender's counsel.
                  3.   Results of all due diligence, including
                    lien, judgment and tax search and other
                    matters Lender may request shall be
                    satisfactory to Lender and Lender's counsel.
                  4.   Receipt by Lender of duly executed loan
                    documentation in form and substance
                    satisfactory to Lender and its counsel.
                  5.   Lender shall receive a valid and
                    perfected first priority lien and security
                    interest in the Equipment and Lender shall
                    have received satisfactory evidence that there
                    are no liens on any Equipment except as
                    expressly permitted in the loan documents.
                  6.   Evidence of repayment of existing
                    indebtedness relating to any of the Equipment,
                    and UCC and other lien releases, as Lender
                    deems appropriate.
                 
Prepayment:       Borrower shall have the option to prepay each
                  Loan after 24 consecutive  payments.  A
                  prepayment premium of 3% of the principal
                  amount being prepaid will be charged for
                  prepayments made during months 25-36, 2% for
                  prepayments made during months 37-48 and 1%
                  for prepayments made during months 49-60.  No
                  prepayment premium will be charged for
                  prepayments made after month 60.
                 
Fees and          Borrower will be responsible for Lender's
Expenses:         reasonable expenses (including expenses of
                  counsel and/or accountants) in connection with
                  the transaction, which expenses will not
                  exceed $7,500 without the written consent of
                  Borrower.  Maryland recordation tax equal to
                  $2.20 per $500 of indebtedness is required
                 
Law:              This letter and the proposed Loan are intended
                  to be governed by and construed in accordance
                  with Illinois law without regard to its
                  conflict of law provisions.
                 
Indemnity:        Borrower agrees to indemnify and to hold
                  harmless Lender and its officers, directors
                  and employees against all claims, damages,
                  liabilities and expenses which may be incurred
                  by or asserted against any such person in
                  connection with or arising out of this letter
                  and the transactions contemplated hereby,
                  other than for claims, damages, liability, and
                  expense resulting from such person's gross
                  negligence or willful misconduct.
                 
Confidentiality:  This letter is delivered to you with the
                  understanding that neither it nor its
                  substance shall be disclosed publicly or
                  privately to any third person except those who
                  are in a confidential relationship to you
                  (such as your legal counsel and accountants),
                  or where the same is required by law.
                 
                  Upon completion of the initial takedown by
                  Borrower, the Borrower will no longer be
                  required to obtain Lender's prior written
                  consent to disclose the transaction
                  contemplated hereby.


Conditions of     This Commitment Letter is intended to be a
Acceptance:       summary of the most important elements of the
                  agreement to enter into a financing
                  transaction with Borrower, and is subject to
                  all requirements and conditions contained in
                  loan documentation proposed by Lender or its
                  counsel in the course of closing the financing
                  described herein.  Not every provision that
                  imposes duties, obligations, burdens, or
                  limitations on Borrower is contained herein,
                  but shall be contained in the final loan
                  documentation satisfactory to Lender and its
                  counsel.
                 
                  EACH OF THE PARTIES HERETO IRREVOCABLY AND
                  UNCONDITIONALLY WAIVES ALL RIGHT TO TRIAL BY
                  JURY IN ANY SUIT, ACTION, PROCEEDING OR
                  COUNTERCLAIM ARISING OUT OF OR RELATED TO THIS
                  LETTER OR THE TRANSACTION DESCRIBED IN THIS
                  LETTER.
                 
Commitment Fee:   A Commitment  Fee equal to 0.5% or $75,000  is
                  required from Borrower.  The $25,000
                  Application Fee previously paid by Borrower
                  will be applied to the Commitment Fee and the
                  balance of $50,000 is payable upon acceptance
                  of this Commitment.  The Commitment Fee shall
                  be applied to Lender's reasonable expenses not
                  to exceed $7,500 without Borrower's written
                  consent and the remaining balance will be
                  applied on a prorata basis to the second
                  Monthly Payment on each Loan.
                 
Commitment        This Commitment shall expire on May 27, 1997,
Expiration:       unless prior thereto either extended in
                  writing by the Lender or accepted as provided
                  below by the Borrower.
</TABLE>
Should you have any questions, please call me.  If you wish to accept this
Commitment, please so indicate by signing and returning the enclosed
duplicate copy of this letter to me by May 27, 1997.

                                   Yours truly,

                                   TRANSAMERICA BUSINESS CREDIT
                                   CORPORATION-TECHNOLOGY FINANCE
                                   DIVISION

                                   By:(SIGNATURE)/s/ Gerald A. Michaud
                                   Name: Gerald A. Michaud
                                   Title: Senior Vice President - Marketing

Accepted this 23rd day of May, 1997


MEDIMMUNE, INC.


By: (SIGNATURE) /S/David M. Mott
Name: David M. Mott
Title:  President and Chief Operating Officer


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