Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT 4 TO
TERM LOAN AGREEMENT 
 THIS AMENDMENT 4 TO TERM LOAN AGREEMENT, dated as of April 25, 2019 (this “Amendment”)
is made among BioDelivery Sciences International, Inc. (“Borrower”), the Subsidiary Guarantors, CRG Servicing LLC, as administrative agent and collateral agent (in such capacity, “Administrative
Agent”) and the lenders listed on the signature pages hereof under the heading “LENDERS” (each, a “Lender” and, collectively, the “Lenders”), with respect to the Loan Agreement
referred to below. 
 RECITALS 

WHEREAS, Borrower, the Subsidiary Guarantors, Administrative Agent and the Lenders are parties to the Term Loan Agreement, dated as of
February 21, 2017, with the Subsidiary Guarantors from time to time party thereto, as amended by Amendment 1 to Term Loan Agreement, dated as of December 15, 2017, Amendment 2 to the Term Loan Agreement, dated as of May 16, 2018 and
Amendment 3 to the Term Loan Agreement, dated as of April 4, 2019 (as the same has been amended, restated, supplemented or otherwise modified from time to time, collectively, the “Loan Agreement”); and 

WHEREAS, the parties hereto desire to amend the Loan Agreement on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows: 

SECTION 1. Definitions; Interpretation. 

(a)    Terms Defined in Loan Agreement. All capitalized terms used in this Amendment (including in the recitals
hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement. 

(b)    Interpretation. The rules of interpretation set forth in Section 1.03 of the Loan
Agreement shall be applicable to this Amendment and are incorporated herein by this reference. 
 SECTION 2. Amendment to Loan Agreement. Subject to
Section 3 of this Amendment, the definition of “Permitted Cash Equivalent Investments” in Section 1.01 of the Loan Agreement is hereby amended and restated in its entirety as follows:

 “Permitted Cash Equivalent Investments” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than two (2) years from the date of acquisition, (b) commercial paper maturing no more than one (1) year after its
creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc. and (c) investments in accordance with the investment policy provided to

 
Administrative Agent on March 26, 2019, as the same may be revised, updated or otherwise modified from time to time with both the approval of Borrower’s Audit Committee and the consent
of Administrative Agent; provided that (i) all such investments are held in accounts subject to one or more control agreements in favor of Administrative Agent and (ii) all such investments have immediate liquidity. 

SECTION 3. Conditions of Effectiveness. The effectiveness of Section 2 of this Amendment shall be subject to the
following conditions precedent: 
 (a)    Borrower, the Subsidiary Guarantors, Administrative Agent and all of the
Lenders shall have duly executed and delivered this Amendment pursuant to Section 13.04 of the Loan Agreement; provided, however, that this Amendment shall have no binding force or effect unless all conditions
set forth in this Section 3 have been satisfied; 
 (b)    No Default or Event of Default
under the Loan Agreement shall have occurred and be continuing; 
 (c)    Borrower shall have paid or reimbursed Lenders
for Lenders’ reasonable out of pocket costs and expenses incurred in connection with this Amendment, including Lenders’ reasonable and documented out of pocket legal fees and costs, pursuant to
Section 13.03(a)(i)(z) of the Loan Agreement; and 
 (d)    Administrative Agent has confirmed
to Borrower in writing of its receipt of the executed Amendment required in Section 3(a) and receipt of costs and expenses required by Section 3(c). 

SECTION 4. Representations and Warranties; Reaffirmation. 

(a)    Each Obligor hereby represents and warrants to each Lender as follows: 

(i)    Borrower has full power, authority and legal right to make and perform this Amendment. This Amendment is within
Borrower’s corporate powers and has been duly authorized by all necessary corporate board of directors and, if required, by all necessary shareholder action. This Amendment has been duly executed and delivered by Borrower and constitutes a
legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general
applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). This Amendment
(w) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for such as have been obtained or made and are in full force and effect, (x) will
not violate any applicable law or regulation or the charter, bylaws or other organizational documents of Borrower and its Subsidiaries, (y) will not violate any order of any Governmental Authority and (z) will not violate or result in a
default under any indenture, agreement or other instrument binding upon Borrower and its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person. 

 (ii)    No Default has occurred or is continuing or will result after
giving effect to this Amendment. 
 (iii)    There has been no Material Adverse Effect since the date of this Loan
Agreement. 
 (iv)    The representations and warranties made by or with respect to Borrower in
Section 7 of the Loan Agreement are (A) in the case of representations qualified by “materiality,” “Material Adverse Effect” or similar language, true and correct in all respects and (B) in the
case of all other representations and warranties, true and correct in all material respects (except that the representation regarding representations and warranties that refer to a specific earlier date are true and correct on the basis set forth
above as of such earlier date), in each case taking into account any changes made to schedules updated in accordance with Section 7.21 of the Loan Agreement or attached hereto. 

(v)    Each Obligor hereby ratifies, confirms, reaffirms, and acknowledges its obligations under the Loan Documents to
which it is a party and agrees that the Loan Documents remain in full force and effect, undiminished by this Amendment, except as expressly provided herein. By executing this Amendment, Borrower acknowledges that it has read, consulted with its
attorneys regarding, and understands, this Amendment. 
 SECTION 5. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 

(a)    Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be governed by,
and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that
Section 5-1401 of the New York General Obligations Law shall apply. 

(b)    Submission to Jurisdiction. Borrower agrees that any suit, action or proceeding with respect to this
Amendment or any other Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate domicile and
irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. This Section 5 is for the benefit of
Administrative Agent and the Lenders only and, as a result, none of Administrative Agent or any Lender shall be prevented from taking proceedings in any other courts with jurisdiction. To the extent allowed by applicable Laws, Administrative Agent
and the Lenders may take concurrent proceedings in any number of jurisdictions. 
 (c)    Waiver of Jury Trial.
BORROWER AND EACH LENDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY 

 
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY. 
 SECTION 6. Miscellaneous. 

(a)    No Waiver. Nothing contained herein shall be deemed to constitute a waiver of compliance with any term
or condition contained in the Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Lenders reserve all rights, privileges and remedies under the Loan
Documents. Except as amended hereby, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect. All references in the Loan Documents to the Loan Agreement shall be deemed to be references to the Loan Agreement as
amended hereby. 
 (b)    Severability. In case any provision of or obligation under this Amendment 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. 
 (c)    Headings. Headings and captions used in this Amendment (including the Exhibits, Schedules and
Annexes hereto, if any) are included for convenience of reference only and shall not be given any substantive effect. 

(d)    Integration. This Amendment constitutes a Loan Document and, together with the other Loan Documents,
incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

(e)    Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Signatures to this Amendment transmitted by facsimile transmission, by electronic mail in “portable document
format” (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. 

(f)    Controlling Provisions. In the event of any inconsistencies between the provisions of this Amendment and the
provisions of any other Loan Document, the provisions of this Amendment shall govern and prevail. Except as expressly modified by this Amendment, the Loan Documents shall not be modified and shall remain in full force and effect. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, as of the date
first above written. 
  

			
	BORROWER:
	
	BIODELIVERY SCIENCES INTERNATIONAL INC.
		
	By:	 	 /s/ Herm Cukier

	Name:	 	Herm Cukier
	Title:	 	Chief Executive Officer
	
	SUBSIDIARY GUARANTORS:
	
	ARIUS PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Herm Cukier

	Name:	 	Herm Cukier
	Title:	 	Chief Executive Officer
	
	ARIUS TWO, INC.
		
	By:	 	 /s/ Herm Cukier

	Name:	 	Herm Cukier
	Title:	 	Chief Executive Officer

 Signature Page to Amendment 4 to Term Loan Agreement (BDSI) 

			
	ADMINISTRATIVE AGENT:
	
	CRG SERVICING LLC
		
	By	 	 /s/ Nathan Hukill

		 	Nathan Hukill
		 	Authorized Signatory

  

							
	LENDERS:
	
	CRG ISSUER 2017-1
		 	By: CRG SERVICING LLC, acting by power of attorney
		
	By:	 	 /s/ Nathan Hukill

	Nathan Hukill
	Authorized Signatory

  

					
	CRG PARTNERS III – PARALLEL FUND “A” L.P.
		 	 By CRG PARTNERS III – PARALLEL FUND “A”

GP L.P., its General Partner

		 	 By CRG PARTNERS III – PARALLEL FUND

“A” GP LLC, its General Partner

		
	By	 	 /s/ Nathan Hukill

	Nathan Hukill
	Authorized Signatory

  

					
	CRG PARTNERS III (CAYMAN) UNLEV AIV I L.P.
		 	By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner
		 	 By CRG PARTNERS III (CAYMAN) GP LLC,

its General Partner

		
	By	 	 /s/ Nathan Hukill

	Nathan Hukill
	Authorized Signatory

					
		
	Witness:	 	 /s/ Nicole Nesson

	Name	 	Nicole Nesson

  
 Signature Page to
Amendment 4 to Term Loan Agreement (BDSI)rig_EX4_2

		

			Exhibit 4.2

		

		

			Execution Version

		

		
			FIRST SUPPLEMENTAL INDENTURE
		

		
			This FIRST SUPPLEMENTAL INDENTURE, dated as of April 15, 2019 (this “Supplemental Indenture”) is among Transocean Phoenix 2 Limited (the “Company”), each of the other existing Note Parties (as defined in the Indenture referred to below) and Wells Fargo Bank, National Association, as Trustee and as Collateral Agent. 
		

		
			RECITALS 
		

		
			WHEREAS, the Company, the other Note Parties, the Trustee and the Collateral Agent entered into an Indenture, dated as of October 19, 2016 (as heretofore amended, supplemented or otherwise modified, the “Indenture”), providing for the issuance of the Company’s 7.75% Senior Secured Notes due 2024 (the “Securities”); 
		

		
			WHEREAS, the Collateral Rig Operator intends to transfer, assign, novate or otherwise transfer the Drilling Contract to the Collateral Rig Owner, such that the Collateral Rig Owner is both the owner and operator of the Collateral Rig (the “Simplification Transaction”);
		

		
			WHEREAS, Sections 10.01(a) and 10.01(b) of the Indenture provide that the Company, the other Note Parties, the Trustee and the Collateral Agent may amend or supplement the Indenture without the consent of the Holders of the Securities in order to (i) cure any ambiguity, to correct or supplement any provision therein which may be inconsistent with any other provision therein or (ii) provide for the assumption of the Company’s, a Collateral Grantor’s or a Guarantor’s obligations in the case of a merger, amalgamation or consolidation or sale, lease, conveyance, transfer or other disposition of all or substantially all of the Company’s, such Collateral Grantor’s or such Guarantor’s assets in accordance with Sections 4.13 or 5.01 of the Indenture, as applicable; 
		

		
			WHEREAS, to provide for the Collateral Rig Owner’s assumption of the Collateral Rig Operator’s obligations and to cure ambiguities, in each case in connection with the Simplification Transaction, the Company desires to amend certain definitions in Section 1.01 of the Indenture, modify Sections 4.05(c), 4.11(b), 4.11(c) and 4.22(b) of the Indenture, and modify the representation in Section B(vi) of Annex I of the Indenture; and
		

		
			WHEREAS, this Supplemental Indenture has not resulted in a material modification of the Securities for Foreign Account Tax Compliance ACT (“FATCA”) purposes;
		

		
			NOW, THEREFORE, in consideration of the above premises, the Company, the other Note Parties, the Trustee and the Collateral Agent covenant and agree for the equal and proportionate benefit of the respective Holders of the Securities as follows: 
		

		
			Section 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Indenture. 
		

		
			Section 2. Relation to Indenture. This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
		

		
			Section 3. Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company, the other Note Parties, the Trustee and Collateral Agent.  
		

		
			Section 4. Amendments to Indenture. As of the date hereof, the Indenture is hereby amended or modified as follows:
		

		
			

		 

		

			39855219

		

 

		

			 

		

		

			
	
			
				 (a)
			Section 1.01 (Definitions) is amended by amending and restating the following defined terms in their entirety to read as follows:

		
			““Collateral Rig Net Income” means, for any period (subject to the last sentence of this definition), the combined revenue of the Collateral Rig Owner and the Collateral Rig Operator attributable to the Collateral Rig (including, for the avoidance of doubt, such revenue related to the Drilling Contract) for such period minus operating expenses attributable to the Collateral Rig for such period (including allocated overhead expenses).  Collateral Rig Net Income shall be annualized for the first four full fiscal quarters of the Collateral Rig’s operation.    For the avoidance of doubt, references in this definition to the Collateral Rig Owner and the Collateral Rig Operator shall include their respective predecessors that are Subsidiaries of Holdings that owned and/or operated the Collateral Rig.
		

		
			“Collateral Rig Operator” means, initially, TC2G, and thereafter any other Wholly-Owned Subsidiary of Holdings that becomes the operator of the Collateral Rig in accordance with Section 4.29 and to whom Earnings are paid.  For the avoidance of doubt, at any time (a) the Collateral Rig Operator may also be the Collateral Rig Owner, provided that the applicable Collateral and Guarantee Requirements are satisfied and (b) there may be more than one Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied with respect to each such Collateral Rig Operator, and at any time there is more than one Collateral Rig Operator, any reference herein to the Collateral Rig Operator shall be a reference to each Collateral Rig Operator.
		

		
			“Collateral Rig Owner” means, initially, TC2G, and thereafter any other wholly-owned Subsidiary of Holdings that acquires ownership of the Collateral Rig in accordance with Section 4.29.  For the avoidance of doubt, the Collateral Rig Owner may also be the Collateral Rig Operator, provided that the applicable Collateral and Guarantee Requirements are satisfied.” 
		

			
	
			
				 (b)
			Paragraph (c) of Section 4.05 (Limitation on Indebtedness) is amended and restated in its entirety as follows:

		
			“Holdings shall not permit the Collateral Rig Operator to incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness under the Note Documents, (ii) Indebtedness (other than for borrowed money) incurred in the ordinary course of business in connection with the ownership and/or operation of the Collateral Rig and (iii) intercompany Indebtedness permitted by Section 4.06(a)(3) solely for the purpose of funding working capital and other operational matters.”
		

			
	
			
				 (c)
			Paragraph (b) of Section 4.11 (Conduct of Business) is amended and restated in its entirety as follows:

		
			“The Collateral Rig Owner shall not conduct, transact or otherwise engage in any material business or operations other than (i) actions reasonably related to ownership and/or operation of the Collateral Rig and direct or indirect ownership of the Collateral Rig Operator; (ii) actions reasonably related to obligations under the Drilling Contract or the Bareboat Charter; (iii) actions reasonably related to the maintenance of the Bareboat Accounts and the pledge of the Bareboat Accounts to the Collateral Agent; (iv) actions reasonably related to transfers of the Collateral Rig in accordance with Section 4.29 and 

		 

		

			398552192

		

 

		

			 

		

so long as the Collateral and Guaranty Requirements are satisfied, immediately after giving effect to such transfer; (v) making loans to Affiliates; (vi) receipt from the Company of guarantee fees as Holdings or its Subsidiaries in their reasonable discretion determines are required to be paid for tax purposes; and (vii) contributing funds to the Company.”
		

			
	
			
				 (d)
			Paragraph (c) of Section 4.11 (Conduct of Business) is amended and restated in its entirety as follows:

		
			“Holdings shall not permit the Collateral Rig Operator to conduct, transact or otherwise engage in any material business or operations other than (i) actions reasonably related to ownership and/or operation of the Collateral Rig; (ii) actions reasonably related to obligations under the Drilling Contract or the Bareboat Charter; (iii) actions reasonably related to the maintenance of the Earnings Accounts and the pledge of Earnings Accounts to the Collateral Agent; (iv) making loans to and borrowing loans from Affiliates in accordance with Section 4.05(c); (v) actions reasonably related to transfers of the Bareboat Charter and the Drilling Contract in accordance with Section 4.29 and so long as the Collateral and Guaranty Requirements are satisfied, immediately after giving effect to such transfer; and (vi) receipt from the Company of guarantee fees as Holdings or its Subsidiaries in their reasonable discretion determines are required to be paid for tax purposes.”
		

			
	
			
				 (e)
			Paragraph (b) of Section 4.22  (Maintenance of Accounts) is amended and restated in its entirety as follows:

		
			“Unless the Collateral Rig Owner is the sole Collateral Rig Operator such that there is no Bareboat Account, the Collateral Rig Owner shall at all times maintain the Bareboat Account, and the Bareboat Account shall at all times be in the name of Collateral Rig Owner and be subject to a springing account control agreement in form and substance reasonably satisfactory to the Collateral Agent.”
		

			
	
			
				 (f)
			Paragraph (B)(vi) of Annex I (Representations and Warranties) is amended and restated in its entirety as follows:

		
			“Such Subsidiary (i) is not party to any material agreements other than the Note Documents, the Bareboat Charter, the Drilling Contract and the Master Services Agreement, and (ii) does not have any Indebtedness other than Indebtedness described in Sections 4.05(b)(i), 4.05(b)(ii) and 4.05(c);”
		

		
			Section 5. Ratification of Obligations. Except as specifically modified herein, the Indenture and the Securities are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms. 
		

		
			Section 6. The Trustee and Collateral Agent. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee or Collateral Agent by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee and Collateral Agent subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee and Collateral Agent with respect hereto. Neither Trustee or Collateral Agent makes a representation as to the validity or sufficiency of this Supplemental Indenture. 
		

		
			

		 

		

			398552193

		

 

		

			 

		

		

		
			Section 7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
		

		
			Section 8. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. Signature of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
		

		
			[Signatures on following pages]  
		

		
			

		 

		

			398552194

		

 

		

			 

		

		

		
			 
		

		
			Transocean PHOENIX 2 Limited, as Company
		

		
			 
		

		
			 
		

		
			 
		

			
					
						By:

					
					
						/s/ C. Stephen McFadin

				
	
					
						 

					
					
						Name:C. Stephen McFadin

				
	
					
						 

					
					
						Title:President

				

		
			 
		

		
			 
		

		
			TRANSOCEAN INC., as Guarantor
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						By:

					
					
						/s/ C. Stephen McFadin

				
	
					
						Name:C. Stephen McFadin

				
	
					
						Title:President

				

		
			 
		

		
			 
		

		
			TRANSOCEAN LTD., as Guarantor
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						By:

					
					
						/s/ Stephen Hayes

				
	
					
						Name:Stephen Hayes

				
	
					
						Title:Senior Vice President, Tax

				

		
			 
		

		
			 
		

		
			TRITON CAPITAL II GMBH, as Guarantor
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						By:

					
					
						/s/ Stephen Hayes

				
	
					
						Name:Stephen L. Hayes

				
	
					
						Title:Managing Director

				

		
			
		

		
			

		 

		

			[Signature Page to First Supplemental Indenture]

		

 

		

			 

		

		

		
			WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Trustee and Collateral Agent
		

		
			 
		

		
			 
		

		
			 
		

			
					
						By:

					
					
						/s/ Stefan Victory

				
	
					
						 

					
					
						Name:Stefan Victory

				
	
					
						 

					
					
						Title:Vice President

				

		
			 
		

		
			 
		

		 

		

			[Signature Page to First Supplemental Indenture]

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