Document:

Exhibit 10.1

 

EXECUTION VERSION

 

THIRD AMENDMENT

Dated as of February 7, 2020

to

REVOLVING CREDIT AND SECURITY AGREEMENT

Dated as of February 4, 2019

 

This THIRD AMENDMENT
TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”), dated as of February 7, 2020, is entered into
by and among GOLUB CAPITAL BDC 3, INC., a Maryland corporation and GBDC 3 FUNDING II LLC, a Delaware limited liability company,
as borrowers (in such capacity, each a “Borrower”, and together, the “Borrowers”) and Signature
Bank, as the administrative agent and a lender under the Credit Agreement (as defined below) (“Signature Bank”).

 

RECITALS

 

WHEREAS, the Borrowers
and Signature Bank are parties to that certain Revolving Credit and Security Agreement, dated as of February 4, 2019 (as amended
by that certain First Amendment to Revolving Credit and Security Agreement, dated as of April 8, 2019, that certain Second Amendment
to Revolving Credit and Security Agreement, dated as of May 31, 2019, that certain Additional Borrower Joinder Agreement to Revolving
Credit and Security Agreement, dated as of August 23, 2019, and as may be further amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”);

 

WHEREAS, the parties
hereto wish to make certain changes to the Credit Agreement as further described herein.

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements contained herein and in the Credit Agreement, the parties hereto agree as follows:

 

Section 1.       
Definitions. All capitalized terms not otherwise defined herein are used as defined in the Credit Agreement.

 

Section 2.       
Changes to the Credit Agreement. Effective as of the Effective Date (as defined below), the Credit Agreement is hereby
amended as follows:

 

2.1.       
The definition of “Available Commitment” in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety as follows:

 

““Available
Commitment” means, at any time of determination, the lesser of: (a) the Maximum Commitment; and (b) the sum of (i)(x)
from February 7, 2020 until (and including) April 7, 2020, eighty percent (80%) of the aggregate Unfunded Capital Commitments and
Pending Capital Calls (to the extent that the applicable Capital Call was made less than ten (10) days prior to the time of determination)
of the Investors that are not Defaulting Investors; and (y) after April 7, 2020, seventy-five percent (75%) of the aggregate Unfunded
Capital Commitments and Pending Capital Calls (to the extent that the applicable Capital Call was made less than ten (10) days
prior to the time of determination) of the Investors that are not Defaulting Investors, plus (ii) the NAV Advance
Amount, minus, in each case, the FX Reserve Amount.”

 

    	 	- 1 -	 

     

    

 

2.2.       
The definition of “Maximum Commitment” in Section 1.1 of the Credit Agreement
is hereby amended and restated in its entirety as follows:

 

““Maximum
Commitment” means $275,000,000, as such amount may be increased by Borrowers in accordance with Section 3.6 or
decreased by Borrowers pursuant to Section 3.5.”

 

2.3.       
Section 11.4(a) is hereby amended and restated in its entirety as follows:

 

“11.4.Notice.

 

(a)       
Notices Generally. Any notice, demand, request or other communication which any party
hereto may be required or may desire to give hereunder shall be in writing (except where telephonic instructions or notices are
expressly authorized herein to be given).

 

If to a Borrower:

 

At the addressed specified with respect thereto on Schedule
I hereto.

 

If to Administrative Agent:

 

Signature Bank

1400 Broadway, 26th Floor

New York, New York 10121

Attention: Trevor Freeman

Telephone: (646) 968-4337

Email: trfreeman@signatureny.com

 

With copies to (which shall not constitute notice
hereunder):

 

Cadwalader, Wickersham & Taft LLP

227 West Trade Street

Charlotte, North Carolina 28202

Attention: Michael Mascia

Telephone: (704) 348-5160

Email: michael.mascia@cwt.com

 

If to any Lender, at
the address specified for it on Schedule II hereto.

 

Any party hereto may
change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this
Section 11.4.”

 

2.4.       
Schedule I of the Credit Agreement is hereby amended and restated in its entirety by deleting the existing Schedule
I and replacing it with the Schedule I attached hereto.

 

    	 	- 2 -	 

     

    

 

2.5.       
Schedule II of the Credit Agreement is hereby amended and restated in its entirety by deleting the existing Schedule
II and replacing it with the Schedule II attached hereto.

 

Section 3.       
Conditions Precedent to Closing. Section 2 hereof shall become effective on the date (the “Effective
Date”) upon which each of the following conditions precedent have been satisfied or waived:

 

3.1.       
Signature Bank shall have received a counterpart (or counterparts) of this Amendment, executed and delivered by Borrowers,
or other evidence satisfactory to Signature Bank of the execution and delivery of this Amendment by Borrowers;

 

3.2.       
Signature Bank shall have received true and correct copies of the resolutions adopted by Borrowers approving or consenting
to the transactions contemplated by this Amendment, certified by a Responsible Officer of Borrowers, as in effect on the Effective
Date; and

 

3.3.       
Borrowers shall have paid all fees and other amounts due and payable on or prior to the date hereof, including, without
limitation, (a) payment of a facility increase fee in an amount equal to $99,178.08, which amount shall be payable to Signature
Bank and shall be fully earned as of the Effective Date, non-refundable and not creditable against any other fee due and owing
under the Loan Documents, and (b) payment of all reasonable expenses required to be reimbursed or paid by Borrowers hereunder,
including the reasonable and documented fees and disbursements of Cadwalader, Wickersham & Taft LLP.

 

Section 4.       
Miscellaneous.

 

4.1.       
Reaffirmation of Covenants, Representations and Warranties. Upon the effectiveness of this Amendment, each Borrower
hereby reaffirms all covenants applicable to it, and confirms the representations and warranties set forth in the Credit Agreement
and the other Loan Documents are true and correct in all material respects (except to the extent such representations and warranties
expressly relate to an earlier date).

 

4.2.       
Representations and Warranties. Each Borrower hereby represents and warrants that (i) this Amendment constitutes
a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, subject to Debtor Relief
Laws and general equitable principles (whether considered a proceeding in equity or at law), and (ii) upon the Effective Date,
no Event of Default or Potential Default shall exist.

 

4.3.       
References to the Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall
mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the
Credit Agreement as amended hereby.

 

4.4.       
Effect on Credit Agreement. Except as specifically amended above, the Credit Agreement and all other Loan Documents
executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

    	 	- 3 -	 

     

    

 

4.5.       
No Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of Signature Bank or any other Lender under the Credit Agreement or any other document, instrument or agreement
executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth
herein.

 

4.6.       
Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed
and interpreted in accordance with, the law of the State of New York.

 

4.7.       
Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

4.8.       
Headings. Section headings in this Amendment are for reference only and shall in no way affect the interpretation
of this Amendment.

 

4.9.       
Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute
one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery
of an executed counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as
delivery of a manually executed original counterpart thereof.

 

[Signatures Follow]

 

    	 	- 4 -	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

 

	 	BORROWERS: 
	 	 	 	 
	 	GOLUB CAPITAL BDC 3, INC., a Maryland corporation
	 	 	 	 
	 	By:	/s/ Ross Teune	 
	 	Name:	Ross A. Teune	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	GBDC 3 FUNDING II LLC, a Delaware limited liability company
	 	 
	 	By:	Golub Capital BDC 3, Inc.	 
	 	 	its Sole Member	 
	 	 	 	 
	 	By:	/s/ Ross Teune	 
	 	Name:	Ross A. Teune	 
	 	Title:	Chief Financial Officer	 

 

 

 

 

 

 

Signature
Bank – Golub BDC 3

Third Amendment to Revolving Credit and Security Agreement

     

     

    

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 	 	 
	 	SIGNATURE BANK
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Trevor Freeman	 
	 	Name:	Trevor Freeman	 
	 	Title:	Managing Director	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Anthony Episcopio	 
	 	Name:	Anthony Episcopio	 
	 	Title:	Senior Associate	 

 

 

 

 

 

 

 

 

Signature
Bank – Golub BDC 3

Third Amendment to Revolving Credit and Security Agreement

     

     

    

 

SCHEDULE I

Borrower Information

 

	
        Name
	
        Type
        of Borrower
	
        Jurisdiction
        of Formation
	
        Type
        of Entity
	
        Collateral
        Account
	
        Investment
        

Collection Account

	Golub Capital BDC 3, Inc.	Initial Borrower	Maryland	Corporation	3302226750	Not applicable
	GBDC 3 Funding II LLC	Additional Borrower	Delaware	Limited Liability Company	Not applicable	223040-200; 223040-700

  

Notice Information:

 

GOLUB CAPITAL BDC 3, INC.;

GBDC 3 FUNDING II LLC:

 

	Chief Executive Office /	 
	Principal Place of Business:	Golub Capital BDC 3, Inc.
	 	200 Park Avenue, 25th Floor
	 	New York, NY 10166
	 	 
	Notice Address:	Golub Capital BDC 3, Inc.
	 	200 Park Avenue, 25th Floor
	 	New York, NY 101663
	 	Attention: David B. Golub 
	 	Email: StructuredProducts@golubcapital.com 
	 	 
	 	With a copy to: 
	 	Golub Capital LLC
	 	130 Harbour Place, Suite 340
	 	Davidson, North Carolina 28036
	 	Attention: Daniel Colaizzi
	 	Email: dcolaizzi@golubcapital.com
	 	 
	 	And:
	 	 
	 	Foley Hoag LLP
	 	155 Seaport Boulevard
	 	Boston, Massachusetts 02210 
	 	Attention: Thomas B. Draper
	 	Email: tdraper@foleyhoag.com

 

 

     

     

    

 

SCHEDULE II

Lender Commitments

 

	Lender	Commitment
	Signature Bank	$275,000,000
	Total	$275,000,000bxrx-ex1025_197.htm

 

 

Exhibit 10.25

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***] HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.

 

395 Pine Tree Road, Suite 310

                                           Ithaca, New York 14850

                                           p. 607-254-4698

                                           f. 607-254-5454

                                                                                        www.ctl.cornell.edu

 

October 21, 2019

Jyrki Mattila, PhD

Executive Vice President of Business Development

Recro Pharma, Inc.

490 Lapp Road, Malvern PA 19355

Email: [***]

	
RE: 
	
AMENDMENT
to the License Agreement by and between Recro Pharma, Inc. and Cornell University, as represented by its Center for Technology Licensing at Cornell University, effective June 30, 2017, and amended effective October 24, 2017, and November 29, 2018 (Cornell Contract #C2017-12-10946)

Effective as of the date of the last signature below (“Third Amendment Date”), the undersigned parties agree to hereby modify the License Agreement referenced above as follows:

1)Paragraph 3.1(d) shall be replaced in its entirety with the following:

(c) during the Royalty Term, milestone payments (“Milestone Payments”) in the amounts payable according to the following schedule of events upon the specified date or achievement of the specified event:

		
	
Amount
	
Milestone

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

	
[***]
	
[***]

 

For the avoidance of doubt, the maximum, aggregate Milestone Payments due for each Licensed Product shall be [***].

1

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***] HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.

 

2)In Paragraph 3.1(d), the table shall be replaced with the following:

		
	
When Licensed Product is:
	
the earned royalty rate is:

	
A Short-acting Licensed Product, (including any Combination Product in which a Short-acting Licensed Product is sold with a Reversal Agent Licensed Product), in countries where a Valid Claim Covers the applicable Licensed Product
	
[***]% of Net Sales of the applicable Licensed Product

	
A Short-acting Licensed Product (including any Combination Product in which a Short-acting Licensed Product is sold with a Reversal Agent Licensed Product), in countries where no Valid Claim Covers the applicable Licensed Product
	
[***]%of Net Sales of the applicable Licensed

Product

	
An Intermediate-acting Licensed Product (including any Combination Product in which an Intermediate-acting Licensed Product is sold with a Reversal Agent Licensed Product), in countries where a Valid Claim Covers the applicable Licensed Product
	
[***]% of Net Sales of the applicableLicensed

Product

	
An Intermediate-acting Licensed Product (including any Combination Product in which an Intermediate-acting Licensed Product is sold with a Reversal Agent Licensed Product), in countries where no Valid Claim Covers the applicable Licensed Product
	
[***]% of Net Sales of the applicableLicensed

Product

	
A Reversal Agent Licensed Product, in countries where a Valid Claim Covers the applicable Licensed Product and solely where such Reversal Agent Licensed Product is sold as a stand-alone product and not as part of a Combination Product
	
[***]% of Net Sales of the applicableLicensed

Product

	
A Reversal Agent Licensed Product, in countries where no Valid Claim Covers the applicable Licensed Product and solely where such Reversal Agent Licensed Product is sold as a stand-alone product and not as part of a Combination Product
	
[***]% of Net Sales of the applicableLicensed

Product

 

3)Paragraph 3.3 Due Diligence is hereby replaced with the following:

3.3 Due Diligence.

(a)[***]:

(i)[***];

2

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***] HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.

 

(ii)[***];

(iii)[***];

(iv)[***];

(v)[***];

(vi)[***];

(vii)[***];

(viii)[***];

(ix)[***];

(x)[***];

(xi)[***];

(xii)[***];

(xiii)[***];

(xiv)[***]; and

(xv)[***].

 

(b)If at any time, Licensee anticipates that it will be unable to meet any of its obligations specified in Paragraphs 3.3(a)(i)-(xv) above, then Licensee will notify Cornell in writing including with such notice a reasonably detailed explanation of the reasons for same.  Within a reasonable time period, Cornell and Licensee will review and assess the circumstances to reset and extend the diligence time frame for the obligation in question and later diligence events.  In the event that Licensee’s failure to achieve one or more diligence events in Paragraphs 3.3(a)(i)-(xv) is due to circumstances outside of Licensee’s control, the Parties agree on the new extended timelines and no penalties will be applied on the Licensee.  In the event that Licensee’s failure to achieve one or more diligence events in Paragraphs 3.3(a)(i)-(xv) is due solely to circumstances within Licensee’s control, Licensee will have the right, one time, to extend the performance deadline by one (1) year upon payment of [***] dollars to Cornell.  If the Licensee’s failure to achieve one or more diligence events in Paragraphs 3.3(a)(i)-(xv) is due solely to circumstances within Licensee’s control, and if the LICENSEE fails to make the payment to extend or has already used said right, Cornell shall have the right and option to either terminate this Agreement 

3

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***] HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.

 

or convert Licensee's exclusive license to a nonexclusive license.  This right, if exercised by Cornell, supersedes the rights granted in Article 2. In case Cornell decides to convert the license non-exclusive, Licensee has right in its sole discretion to terminate the Agreement.

(c)If at any time during the Term, Licensee has not begun a genuine product or business development program for a specific Licensed Product in any country within the Territory and Cornell receives one or more legitimate inquiries to license Patent Rights for the commercialization of said specific Licensed Product in said country, Cornell shall refer such offers to Licensee.  If Licensee fails to satisfy the market demand (within 25%) in said country of the specific Licensed Product, and Licensee is unable to cure such failure within ninety (90) days from the date of notice, or fails to grant Sublicenses to the inquirers to satisfy such market demand (after Licensee has failed to cure such failure as set forth above), Cornell may then exclude said country, and only said country, from the Territory and license such rights to one or more third parties.

4)Paragraph 1.3 Assignability is hereby replaced with the following:

10.3 Assignability.  This Agreement may not be assigned by either Party, without the written consent of the other Party, such consent not to be unreasonably withheld.

5)These changes do not otherwise change the terms and conditions of the License Agreement.

IN WITNESS THEREOF, the parties have caused this instrument to be executed in duplicate as of the Third Amendment Date.

		
	
Cornell University

 

By: /s/ Brian Kelly

 

Name:  Brian J. Kelly, PhD

Title:    Director, Technology Licensing

 

Date:    October 22, 2019

 
	
Recro Pharma, Inc.

 

By: /s/ Gerri Henwood    

 

Name:  Gerri Henwood

Title:    CEO and President

 

Date:    October 21, 2019

 

 

 

4

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