Document:

FS Investment Corporation III 8-K

 

 

Exhibit 10.1

 

SEVENTH
AMENDMENT AGREEMENT

 

AMENDMENT
AGREEMENT (“Amendment”) dated as of June 12, 2019 to the Committed Facility Agreement dated as of October 17,
2014 between BNP Paribas Prime Brokerage International, Ltd. (“BNPP PB”) and Burholme Funding LLC (“Customer”).

 

WHEREAS,
BNP Paribas Securities Corp. (formerly BNP Paribas Prime Brokerage, Inc.) (“BNPP PB, Inc.”) and Customer previously
entered into a Committed Facility Agreement dated as of October 17, 2014 (as amended from time to time, the “Agreement”);

 

WHEREAS,
the Agreement was assigned to BNPP PB, Inc.’s affiliate, BNPP PB;

 

WHEREAS,
the parties hereto desire to amend the Agreement as provided herein;

 

NOW
THEREFORE, in consideration of the mutual agreements provided herein, the parties agree to amend the Agreement as follows:

 

		1.	Amendment
                                         to Section 1 of the Agreement (‘Definitions’)

 

The
definition of “Maximum Commitment Financing” in Section 1 of the Agreement is hereby replaced in its entirety
with the following:

 

““Maximum
Commitment Financing” means an amount equal to the average amount of Outstanding Debit Financing held by Customer over
the ten (10) Business Days immediately preceding such date.”

 

		2.	Amendment
                                         to Section 6 of the Agreement (‘Scope of Committed Facility’)

 

		(a)	Section
                                         6 of the Agreement is hereby amended by replacing the words “270” wherever
                                         appearing therein with the words “179”.

 

		(b)	Section
                                         6 of the Agreement is hereby amended by replacing the following paragraph currently appearing
                                         at the end thereof:

 

“Notwithstanding
the foregoing or anything to the contrary herein, on or at any time after the occurrence of a Funding Event, BNPP PB. Inc. shall
have the option to terminate the Agreement immediately upon notice. Upon termination resulting from the exercise of such option,
BNPP PB, Inc. shall pay to Customer a fee equal to 50 bps on the amount of Maximum Commitment Financing. BNPP PB, Inc. shall provide
notice to Customer of any downgrade of BNP Paribas’ long-term credit rating by any of Standard & Poor’s Ratings
Services, Moody’s Investor Service, Inc. or Fitch Ratings, Ltd.”

 

With
the following paragraph:

 

“Notwithstanding
the foregoing or anything to the contrary herein, upon the occurrence of a Funding Event, this Agreement shall terminate and all
outstanding cash financing shall be governed in accordance with the terms of the U.S. PB Agreement. BNPP PB shall endeavor to
provide prompt notice to Customer of: (i) the occurrence of a Funding Event and (ii) any downgrade of BNP Paribas’ long-term
credit rating by any of Standard & Poor’s Ratings Services, Moody’s Investor Service, Inc. or Fitch Ratings, Ltd.”

 

		3.	Amendment
                                         to Section 13 of the Agreement (‘Termination’)

 

Section
13(e) of the Agreement is hereby replaced in its entirety with the following:

 

(e)

Customer
may terminate this Agreement at any time upon written notice to BNPP PB, specifying the date of such termination, which shall
be at least two Business Days after the date of such notice.

 

    	1	 	 

    	 

    

 

		4.	Amendment
                                         to the Financing Rate set forth in Appendix B of the Agreement

 

The
section titled “Financing Rate” in Appendix B to the Agreement is hereby amended by replacing the words “3 Month
Libor” wherever it appears under the Customer Debit Rate with the words “1 Month Libor”.

 

		5.	Amendment
                                         to the Commitment Fee set forth in Appendix B of the Agreement

 

The
section titled “Commitment Fee” in Appendix B to the Agreement is hereby amended by replacing the paragraph appearing
therein in its entirety with the following words “N/A”.

 

		6.	Representations

 

Each
party represents to the other party that all representations contained in the Agreement are true and accurate as of the date of
this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date
of this Amendment, in each case, however, except for any representation that refers to a specific date, as to which each party
represents to the other party that such representation is true and accurate as of such specific date and is deemed to be given
or repeated by each party, as the case may be, as of such specific date.

 

		7.	Miscellaneous

 

		(a)	Definitions.
                                         Capitalized terms used in this Amendment and not otherwise defined herein shall have
                                         the meanings specified for such terms in the Agreement.

		(b)	Entire
                                         Agreement. The Agreement as amended and supplemented by this Amendment constitutes
                                         the entire agreement and understanding of the parties with respect to its subject matter
                                         and supersedes all oral communications and prior writings (except as otherwise provided
                                         herein) with respect thereto. Except as expressly set forth herein, the terms and conditions
                                         of the Agreement remain in full force and effect.

		(c)	Counterparts.
                                          This Amendment may be executed and delivered in counterparts (including by facsimile
                                         transmission), each of which will be deemed an original.

		(d)	Headings.
                                         The headings used in this Amendment are for convenience of reference only and are
                                         not to affect the construction of or to be taken into consideration in interpreting this
                                         Amendment.

		(e)	Governing
                                         Law. This Amendment will be governed by and construed in accordance with the laws
                                         of the State of New York (without reference to choice of law doctrine).

 

 

 

 

 

(Signature
page follows)

 

 

 

 

    	2	 	 

    	 

    

IN
WITNESS WHEREOF the parties have executed this Amendment with effect from the first date specified on the first page of this
Amendment.

 

 

	BNP PARIBAS PRIME BROKERAGE	 	BURHOLME FUNDING LLC
	INTERNATIONAL, LTD.	 	 
	 	 	 
	 	 	 
	 	 	 
	/s/
        Robert Luzzo	 	/s/
        William Goebel
	Name:
        Robert Luzzo	 	Name: William Goebel
	Title:
        Managing Director	 	Title:
        Chief Financial Officer
	 	 	 

 

	/s/ Jeffrey Lowe	 	 
	Name:
Jeffrey Lowe	 	 
	Title:
Managing Director	 	 

 

    	3Exhibit 10.1

 

SUBSCRIPTION AGREEMENT

 

This Subscription
Agreement (this “Agreement”) is made as of the date set forth on the signature page hereto,
by and among Bionik Laboratories Corp.,
a Delaware corporation (the “Company”), and the subscribers identified on the signature pages hereto
(each, a “Subscriber” and collectively, the “Subscribers”).

 

Recitals

 

Whereas,
the Company seeks to sell from time to time up to US$9,000,000 in Secured Convertible Promissory Notes in the form annexed hereto
as Exhibit A (each, a “Note” and collectively, the
“Notes”) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”), Rule 506(b) of Regulation D and/or Regulation S as promulgated under the Securities Act (the “Offering”);
and

 

Whereas,
the Subscribers wish to purchase Notes in the amount set forth on (the “Subscription Amount”) their respective
Signature Page to this Agreement or a counterpart to this Agreement.

 

Now,
Therefore, in consideration of
the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Subscribers hereby agree as follows:

 

1.       PURCHASE
OF CONVERTIBLE PROMISSORY NOTES.

 

1.1       Subscription.
Subject to the terms and conditions herein, each Subscriber will loan to the Company such amount, and the Company shall borrow
from each Subscriber, in accordance with the respective Subscription Amount and at such date as mutually agreed upon between the
Company and each Subscriber (each such date, a “Funding Date”).

 

1.2       Payment
for Subscription. Each Subscriber agrees that the Subscription Amount to the Company for the amount of the Subscriber’s
subscription hereunder is to be made upon the applicable Closing (as defined below), by check or by wire transfer to an account
designated by the Company.

 

1.3       Closing.

 

(a)       The
closing of the subscriptions for the Notes shall occur on each Funding Date (collectively, the “Closings”
and each, without distinction, a “Closing”). Each Closing shall be held remotely by the electronic exchange
of documents and funds at such time and by such means upon which the Company and the Subscribers purchasing the Notes at such Closing
shall agree.

 

(b)       At
each Closing, the Company shall deliver to the Subscribers executed Notes in the amounts determined for each Purchaser pursuant
to this Section 1.

 

    1

     

    

 

2.       REPRESENTATIONS
AND WARRANTIES.

 

2.1       Representations
and Warranties by the Company. The Company represents and warrants to each Subscriber that:

 

(a)       Authorization.
The Company has all corporate right, power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. All corporate action on the part of the Company, its directors and stockholders necessary for the: (i) authorization execution,
delivery and performance of this Agreement by the Company; (ii) authorization, sale, issuance and delivery of the Notes contemplated
hereby and the performance of the Company’s obligations hereunder; and (iii) authorization, issuance and delivery of the
securities issuable upon conversion of the Notes has been taken. The securities issuable upon conversion of the Notes will be validly
issued, fully paid and nonassessable.

 

(b)       Enforceability.
Assuming this Agreement has been duly and validly authorized, executed and delivered by the parties hereto and thereto other than
the Company, this Agreement is duly authorized, executed and delivered by the Company constitutes the legal, valid and binding
obligations of the Company enforceable against the Company in accordance with its terms, except as such enforcement is limited
by general equitable principles, or by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors rights
generally.

 

(c)       No
Violations. The execution, delivery and performance of this Agreement and the Notes by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby will not (i) result in a violation of the Certificate of Incorporation
of the Company or other organizational documents of the Company, (ii) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Company is a party, or (iii) result in a violation of any
law, rule, regulation, order, judgment or decree applicable to the Company by which any property or asset of the Company is bound
or affected.

 

2.2       Disclaimer.
It is specifically understood and agreed by each Subscriber that the Company has not made, nor by this Agreement shall be construed
to make, directly or indirectly, explicitly or by implication, any representation, warranty, projection, assumption, promise, covenant,
opinion, recommendation or other statement of any kind or nature with respect to the anticipated profits or losses of the Company,
except as otherwise provided with this Agreement.

 

2.3       Representations
and Warranties by the Subscribers. Each Subscriber represents and warrants to the Company that:

 

(a)       The
Subscriber is acquiring the Notes for the Subscriber’s own account, as principal, for investment purposes only and not with
any intention to resell, distributes or otherwise dispose of the Notes, in whole or in part.

 

(b)       The
Subscriber has had an unrestricted opportunity to: (i) obtain information concerning the Offering, including the Notes, the Company
and its proposed and existing business and assets; and (ii) ask questions of, and receive answers from the Company concerning the
terms and conditions of the Offering and to obtain such additional information as may have been necessary to verify the accuracy
of the information contained in this Agreement or otherwise provided.

 

    2

     

    

 

(c)       The
Subscriber has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and
risks of investing in the Company, and all information that the Subscriber has provided concerning the Subscriber, the Subscriber’s
financial position and knowledge of financial and business matters is true, correct and complete.

 

(d)       The
Subscriber has relied solely on the advice of, or has consulted with, in regard to the legal, investment and tax considerations
involved in the purchase, ownership and disposition of Notes, the Subscriber’s own legal counsel, business and/or investment
adviser, accountant and tax adviser.

 

(e)       If
the Subscriber is an entity, the Subscriber is duly organized, validly existing and in good standing under the laws of its jurisdiction
of incorporation or organization, as the case may be. The Subscriber has all requisite power and authority to own its properties,
to carry on its business as presently conducted, to enter into and perform this Agreement, the Notes and the agreements, documents
and instruments executed, delivered and/or contemplated hereby (collectively, the “Subscription Documents”)
to which it is a party and to carry out the transactions contemplated hereby and thereby. The Subscription Documents are valid
and binding obligations of the Subscriber, enforceable against it in accordance with their terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws, from time to time in effect, which
affect enforcement of creditors’ rights generally. If applicable, the execution, delivery and performance of the Subscription
Documents to which it is a party have been duly authorized by all necessary action of the Subscriber. The execution, delivery and
performance of the Subscription Documents and the performance of any transactions contemplated by the Subscription Documents will
not: (i) violate, conflict with or result in a default (whether after the giving of notice, lapse of time or both) under any contract
or obligation to which the Subscriber is a party or by which it or its assets are bound, or any provision of its organizational
documents (if an entity), or cause the creation of any lien or encumbrance upon any of the assets of the Subscriber; (ii) violate,
conflict with or result in a default (whether after the giving of notice, lapse of time or both) under, any provision of any law,
regulation or rule, or any order of, or any restriction imposed by any court or other governmental agency applicable to the Subscriber;
(iii) require from the Subscriber any notice to, declaration or filing with, or consent or approval of any governmental authority
or other third party other than pursuant to federal or state securities or blue sky laws; or (iv) accelerate any obligation under,
or give rise to a right of termination of, any agreement, permit, license or authorization to which the Subscriber is a party or
by which it is bound.

 

(f)       At
the time the Subscriber was offered the Notes, it was, and at the date hereof it is, and on each Funding Date and date on which
the Subscriber converts the Notes the Subscriber will be, an “accredited investor” as defined in Rule 501(a) under
the Securities Act. The Subscriber hereby represents that neither the Subscriber nor any of its Rule 506(d) Related Parties is
a “bad actor” within the meaning of Rule 506(d) promulgated under the Securities Act. For purposes of this Agreement,
“Rule 506(d) Related Party” shall mean a person or entity covered by the “Bad Actor disqualification”
provision of Rule 506(d) of the Securities Act.

 

    3

     

    

 

3.       MISCELLANEOUS.

 

3.1       Addresses
and Notices. All notices, demands, consents, requests, instructions and other communications to be given or delivered
or permitted under or by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby
shall be in writing and shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered,
on the business day of such delivery (as evidenced by the receipt of the personal delivery service); (ii) if mailed certified or
registered mail return receipt requested, two (2) business days after being mailed; or (iii) if delivered by overnight courier
(with all charges having been prepaid), on the business day of such delivery (as evidenced by the receipt of the overnight courier
service of recognized standing). If any notice, demand, consent, request, instruction or other communication cannot be delivered
because of a changed address of which no notice was given (in accordance with this Section 3.1, or the refusal to accept
same, the notice, demand, consent, request, instruction or other communication shall be deemed received on the second business
day the notice is sent (as evidenced by a sworn affidavit of the sender). All such notices, demands, consents, requests, instructions
and other communications will be sent to the following addresses or facsimile numbers as applicable:

 

	If to the Company to:	 	
        Bionik Laboratories Corp.

        483 Bay Street, N105

        Toronto, ON M5G 2C9

        Attention: CEO

	 	 	 
	With copies to:	 	
        Ruskin Moscou Faltischek, PC

        1425 RXR Plaza

        East Tower, 15th Floor

        Uniondale, New York 11556

        Attention: Stephen E. Fox, Esq.

	 	 	 

If to the Subscriber, to the address set
forth on the signature page annexed hereto.

 

Any such person may by notice given in
accordance with this Section 3.1 to the other parties hereto designate another address or person for receipt by such person
of notices hereunder.

 

3.2       Titles
and Captions. All Article and Section titles or captions in this Agreement are for convenience only. They shall not
be deemed part of this Agreement and do not in any way define, limit, extend or describe the scope or intent of any provisions
hereof.

 

3.3       Assignability.
This Agreement is not transferable or assignable by the undersigned.

 

3.4       Pronouns
and Plurals. Whenever the context may require, any pronoun used herein shall include the corresponding masculine, feminine
or neuter forms. The singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

    4

     

    

 

3.5       Further
Action. The parties shall execute and deliver all documents, provide all information and take or forbear from taking
all such action as may be necessary or appropriate to achieve the purposes of this Agreement. Each party shall bear its own expenses
in connection therewith.

 

3.6       Applicable
Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware without
regard to its conflict of law rules.

 

3.7       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
administrators, successors, legal representatives, personal representatives, permitted transferees and permitted assigns. If the
undersigned is more than one person, the obligation of the undersigned shall be joint and several and the agreements, representations,
warranties and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and such person’s
heirs, executors, administrators and successors.

 

3.8       Integration.
This Agreement, together with the remainder of the Subscription Documents of which this Agreement forms a part, constitutes the
entire agreement among the parties pertaining to the subject matter hereof and supersedes and replaces all prior and contemporaneous
agreements and understandings, whether written or oral, pertaining thereto. No covenant, representation or condition not expressed
in this Agreement shall affect or be deemed to interpret, change or restrict the express provisions hereof.

 

3.9       Amendment.
 This Agreement and the Notes may be amended only with the written consent of the Company and the holders of a majority
of the aggregate principal amount of the Notes (a “Majority in Interest”). The conditions or observance
of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively)
only by written instrument and with respect to conditions or performance obligations benefiting the Company, by the Company, and
with respect to conditions or performance obligations benefiting the Subscribers, only with the consent of a Majority in Interest.
Any amendment or waiver effected in accordance with this Section 3.9 shall be binding on all holders of the Notes, even
if they do not execute such amendment, consent or waiver, as the case may be.

 

3.10       Creditors.
 None of the provisions of this Agreement shall be for the benefit of or enforceable by creditors of any party.

 

3.11       Waiver.
 No failure by any party to insist upon the strict performance of any covenant, agreement, term or condition of this
Agreement or to exercise any right or remedy available upon a breach thereof shall constitute a waiver of any such breach or of
such or any other covenant, agreement, term or condition.

 

3.12       Rights
and Remedies. The rights and remedies of each of the parties hereunder shall be mutually exclusive, and the implementation
of one or more of the provisions of this Agreement shall not preclude the implementation of any other provision.

 

    5

     

    

 

3.13       Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement
and all of which, when taken together, will be deemed to constitute one and the same agreement. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an original thereof.

 

signatures
on the following pages

 

    6

     

    

 

In
Witness Whereof, the undersigned has executed this Agreement on this ____ day of _______________, 2019.

 

	Signature of Subscriber:	 	 
	 	 	 	 
	 	 	 	 
	By:	                               	 	 
	Name:	 	 	Print Name of Subscriber
	Title:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Social Security Number(s) or EIN	 	 
	 	 	 	 
	 	 	 	 
	Mailing Address of Subscriber(s)	 	Residence of Subscriber(s)
	 	 	 	 
	 	 	 	 
	Street	 	 	Street
	 	 	 	 
	 	 	 	 
	City        State       Zip Code	 	City       State       Zip Code
	 	 	 	 
	If Joint Ownership, check one:	 	 
	 	 	 	 
	 ̈ Joint Tenants with Right of Survivorship	 	 
	 ̈ Tenants-in-Common	 	 
	 ̈ Tenants by the Entirety	 	 
	 ̈ Community Property	 	 
	 ̈ Other (specify):                               	 	 
	 	 	 	 
	 	 	 	$_____________________________________
	 	 	 	Aggregate Subscription Amount
	 	 	 	 
	 	 	 	Method of Payment:   ̈ Wire Transfer    ̈ Check

 

FOREGOING SUBSCRIPTION ACCEPTED:

 

Bionik
Laboratories Corp.

 

 

	By:	                    	 
	Name:  Eric Dusseux	 
	Title: CEO 	 

 

    
Signature Page to Subscription Agreement

     

    

 

Exhibit
A 

 

CONVERTIBLE PROMISSORY NOTE

 

[See attached]

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