Document:

f8k091809ex10iii_advancenano.htm

 

Exhibit 10.3

 

SECURITY AGREEMENT

 

1.        Identification.

 

This Security Agreement (the "Agreement"), dated as of September 18 2009, is entered into by and between Owlstone Nanotech Inc., a Delaware corporation ("Company" or "Debtor"), and Ingalls & Snyder LLC, as collateral agent acting in the manner and to the extent described in the Collateral Agent Agreement defined below (the "Collateral
Agent"), for the benefit of the parties identified on Schedule A hereto (collectively, the "Lenders").

 

2.        Recitals.

 

2.1            The Lenders have made, are making and will be making loans to Advance Nanotech, Inc., a

 

Delaware corporation ("AVNA") which owns approximately 73% of the fully-diluted outstanding common stock of the Company (the "Loans"). It is beneficial to Debtor that the Loans were made and are being made.

 

2.2            The Loans are and will be evidenced by certain Senior Secured Notes (each, a "Note")

 

issued by AVNA and on or about the date of this Agreement pursuant to one or more subscription agreements (each, a "Subscription Agreement") to which Company and Lenders are parties. The Notes are further identified on Schedule A hereto and were or will be executed by Company
as "Borrower" for the benefit of each Lender as the "Holder" or "Lender" thereof.

 

2.3            In consideration of the Loans made and to be made by Lenders to AVNA and for other good and valuable consideration, and as security (i) for the performance by AVNA of its
obligations under the Notes, (ii) for the performance by AVNA of its obligations (the "April Loans") under those certain Senior Secured Notes (the "April Notes") issued to one or more Lenders as of April 9, 2009, as amended, (iii) for the performance by AVNA of its obligations (the "August Loans") under those certain Senior Secured Notes (the "August Notes") issued to one or more Lenders as of August 10, 2009, as amended and (iv) for the repayment of the Loans, the April Loans and the August Loans and all other
sums due from AVNA and Debtor to Lenders (collectively, the "Obligations") arising under this Agreement, the Notes, the April Notes, the August Notes, the Subscription Agreement and other agreements referred to therein (collectively, the "Transaction Documents"), Debtor, for good and valuable consideration, receipt of which is acknowledged, has agreed to grant to the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral (as such
term is hereinafter defined), on the terms and conditions hereinafter set forth. Obligations include all future advances by Lenders to Debtor made pursuant to the Subscription Agreement.

 

2.4            The Lenders have appointed the Collateral Agent as collateral agent pursuant to that certain Collateral Agent Agreement dated at or about the date of this Agreement ("Collateral
Agent Agreement"), among the Lenders and Collateral Agent.

 

2.5            The following defined terms which are defined in the Uniform Commercial Code in effect in

 

the State of New York on the date hereof are used herein as so defined: Instruments and Proceeds.

 

3.            Grant of General Security Interest in Collateral.

 

3.1            As security for the Obligations, the Debtor hereby grants the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral, which security interest shall
be a first priority security interest except as set forth in Schedule 3.1 hereto.

 

 

 

1

 

 

3.2           "Collateral" shall mean all of the following property of Debtor:

 

 

All now owned and hereafter acquired right, title and interest of Debtor in, to and in respect of the following:

 

(i)    Intellectual Property: All now owned and hereafter acquired right, title and interest of Debtor in, to and in respect of all:
registered and unregistered patents (including but not limited to the patents, patents pending and applications set forth on Schedule B hereto), trademarks, service marks, intellectual property certificates, copyrights, domain names, trade names, applications for the foregoing, trade secrets, goodwill, processes, drawings, blueprints, customer lists and licenses with respect to any of the foregoing, whether as licensor or licensee (all of the foregoing being
sometimes hereinafter referred to as "Intellectual Property");

 

(ii)    Books and Records: All present and future books and records relating to any
of the above, including, without limitation, all computer programs, printed output and computer readable data in the possession or control of the Debtor, any computer service bureau or other third party; and

 

(iii)   Products and Proceeds: All Proceeds of the foregoing in whatever form and wherever located, including, without limitation, all insurance proceeds and all claims against third parties for loss or destruction of or damage to any of the foregoing.

 

3.3           The Collateral Agent is hereby specifically authorized, after the Maturity Date (defined in the Notes) is accelerated if the Notes are not repaid when such repayment is due (after
all applicable cure periods), or after the occurrence of an Event of Default (as defined herein) and the expiration of any applicable cure period, to transfer any Collateral into the name of the Collateral Agent and to take any and all action deemed advisable to the Collateral Agent to remove any transfer restrictions affecting the Collateral.

 

4.           Perfection of Security Interest.

 

4.1           Debtor shall prepare, execute and deliver to the Collateral Agent UCC-1 Financing

 

Statements (the "Financing Statements"). The Collateral Agent is instructed to prepare and file at Debtor's cost and expense, financing statements in such jurisdictions deemed advisable to the Collateral Agent, including but not limited to the State of Delaware and the U.S. Patent and Trademark Office. The Financing Statements are
deemed to have been filed for the benefit of the Collateral Agent and Lenders identified on Schedule A hereto.

 

4.2           All Instruments constituting Collateral from time to time required to be pledged to

 

Collateral Agent pursuant to the terms hereof (the "Additional Collateral") shall be delivered to Collateral Agent promptly upon receipt thereof by or on behalf of the Debtor_ All such Instruments shall be held by or on behalf of Collateral Agent pursuant hereto and shall be delivered in suitable form for transfer by delivery, or
shall be accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to Collateral Agent.

 

5.             Reserved.

 

6.            Further Action By Debtor; Covenants and Warranties.

 

6.1           Collateral Agent at all times shall have a perfected security interest in the Collateral. Each Debtor represents that it has and will continue to have full title to the Collateral free from any liens, leases, encumbrances, judgments or other claims. The Collateral Agent's
security interest in the Collateral

 

 

2

 

 

constitutes and will continue to constitute a first, prior and indefeasible security interest in favor of Collateral Agent, subject only to any security interest described on Schedule 6.1. Debtor will do all acts and things, and will execute and file all instruments (including,
but not limited to, security agreements, financing statements, continuation statements, etc.) reasonably requested by Collateral Agent to establish, maintain and continue the perfected security interest of Collateral Agent in the perfected Collateral, and will promptly on demand, pay all costs and expenses of filing and recording, including the costs of any searches reasonably deemed necessary by Collateral Agent from time to time to establish and determine the validity and the continuing priority of the security
interest of Collateral Agent, and also pay all other claims and charges that, in the opinion of Collateral Agent, exercised in good faith, are reasonably likely to materially prejudice, imperil or otherwise affect the Collateral or Collateral Agent's or Lenders' security interests therein.

 

6.2           Except (a) as provided in the second succeeding sentence and (b) in connection with sales of Collateral, in the ordinary course of business, for fair value and in cash, and except
for Collateral which is substituted by assets of identical or greater value (with the consent of the Collateral Agent) or which is inconsequential in value, Debtor will not sell, transfer, assign or pledge items of Collateral (or allow any such items to be sold, transferred, assigned or pledged), without the prior written consent of Collateral Agent. Although Proceeds of Collateral are covered by this Agreement, this shall not be construed to mean that Collateral Agent expressly consents to any sale of the Collateral,
except as provided herein or as exempted from the requirement that such consent be obtained. Notwithstanding the foregoing, transfers or other dispositions of Collateral as follows shall be free of the security interest of Lenders and Collateral Agent and Lenders and Collateral Agent shall promptly execute such documents (including without limitation releases and termination statements) as may be required by Debtor to evidence or effectuate the same: (i) any sale, transfer or other disposition of Collateral in
the ordinary course of business; provided, that any Proceeds of such sale, transfer, or other disposition shall remain subject to the security interests herein described; (ii) dispositions of Collateral or interests therein directly or indirectly through licensing out or entry into co-development, marketing or other commercialization arrangements with regard to Collateral; or (iii) a transfer of the Collateral to a United States formed and located subsidiary on prior notice to Collateral Agent; provided, that
the Collateral remains subject to the security interests herein described. In this connection, the Collateral Agent and the Lenders acknowledge and agree that it is in the ordinary course of the Debtor's business to develop and commercialize the Collateral and products and services utilizing the same through licensing out, co-development, marketing or other commercialization arrangements with regard to the Collateral.

 

6.3           Debtor will, at all reasonable times during regular business hours and upon reasonable notice, allow Collateral Agent or its representatives reasonable access to the Collateral and
Debtor's records which relate to the Collateral, for such inspection and examination as Collateral Agent reasonably deems necessary.

 

6.4           Debtor, at its sole cost and expense, will protect and defend this Agreement, all of the rights of Collateral Agent and Lenders hereunder, and the Collateral against the claims and
demands of all other persons.

 

6.5           Debtor will promptly notify Collateral Agent of any levy, distraint or other seizure by legal process or otherwise of any part of the Collateral, and of any threatened or filed claims
or proceedings that are reasonably likely to affect or impair any of the rights of Collateral Agent under this Agreement in any material respect.

 

 

 

3

 

 

 

6.6           Debtor, at its own expense, will obtain and maintain in force insurance policies covering losses or damage to those items of Collateral, if any, which constitute physical personal property, which insurance shall be of the types customarily insured against by companies
in the same or similar business, similarly situated, in such amounts (with such deductible amounts) as is customary for such companies under the same or similar circumstances, similarly situated. Debtor shall make the Collateral Agent a loss payee thereon to the extent of its interest in the Collateral. Collateral Agent is hereby irrevocably (until the Obligations are paid in full) appointed Debtor's attorney-in-fact to endorse
any check or draft that may be payable to such Debtor so that Collateral Agent may collect the proceeds payable for any loss under such insurance. The proceeds of such insurance, less any costs and expenses incurred or paid by Collateral Agent in the collection thereof, shall be applied either toward the cost of the repair or replacement of the items damaged or destroyed, or on account of any sums secured hereby, whether or not then due or payable.

 

6.7           Collateral Agent may, at its option, and without any obligation to do so, pay, perform and discharge any and all amounts, costs, expenses and liabilities herein agreed to be paid
or performed by Debtor upon Debtor's failure to do so. All amounts expended by Collateral Agent in so doing shall become part of the Obligations secured hereby, and shall be immediately due and payable by Debtor to Collateral Agent upon demand and shall bear interest at the lesser of 15% per annum or the highest legal amount from the dates of such expenditures until paid.

 

6.8           Upon the request of Collateral Agent, Debtor will furnish to Collateral Agent within five (5) business days thereafter, or to any proposed assignee of this Agreement, a written
statement in form reasonably satisfactory to Collateral Agent, duly acknowledged, certifying the amount of the principal and interest and any other sum then owing under the Obligations, whether to its knowledge any claims, offsets or defenses exist against the Obligations or against this Agreement, or any of the terms and provisions of any other agreement of Debtor securing the Obligations. In connection with any assignment by Collateral Agent of this Agreement, Debtor hereby agrees to cause the insurance policies
required hereby to be carried by such Debtor, if any, to be endorsed in form satisfactory to Collateral Agent or to such assignee, with loss payable clauses in favor of such assignee, and to cause such endorsements to be delivered to Collateral Agent within ten (10) calendar days after request therefor by Collateral Agent.

 

6.9           Debtor will, at its own expense, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory
assignments, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other reasonable assurances or instruments and take further steps relating to the Collateral and other property or rights covered by the security interest hereby granted, as the Collateral Agent may reasonably require to perfect its security interest hereunder.

 

6.10         Debtor represents and warrants that Debtor is the true and lawful exclusive owner of the Collateral, free and clear of any liens and encumbrances.

 

7.            Power of Attorney.

 

At any time an Event of Default has occurred and is continuing, Debtor hereby irrevocably constitutes and appoints the Collateral Agent as the true and lawful attorney of such Debtor, with full power of substitution, in the place and stead of such Debtor and in the name of such Debtor or otherwise, at any time or times, in the discretion
of the Collateral Agent, to take any action and to execute any instrument or document which the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement. This power of attorney is coupled with an interest and is irrevocable until the Obligations are satisfied.

 

 

 

4

 

 

8.            Performance-By The Collateral Agent.

 

If Debtor fails to perform any material covenant, agreement, duty or obligation of such Debtor under this Agreement, the Collateral Agent may, after any applicable cure period, at any time or times in its discretion, take action to effect performance of such obligation. All reasonable expenses of the Collateral Agent incurred in connection
with the foregoing authorization shall be payable by Debtor as provided in Paragraph 12.1 hereof. No discretionary right, remedy or power granted to the Collateral Agent under any part of this Agreement shall be deemed to impose any obligation whatsoever on the Collateral Agent with respect thereto, such rights, remedies and powers being solely for the protection of the Collateral Agent.

 

	
9.             
	
Event of Default.

 

An event of default ("Event of Default") shall be deemed to have occurred hereunder upon the occurrence of any event of default as defined and described in this Agreement, in the Notes, and any other agreement to which Debtor and a Lender are parties relating to the offering
of the Notes. Upon and after any Event of Default, after the applicable cure period, if any, any or all of the Obligations shall become immediately due and payable at the option of the Collateral Agent, for the benefit of the Lenders, and the Collateral Agent may dispose of Collateral as provided below. A default by Debtor of any of its material obligations pursuant to this Agreement and any of the Transaction Documents shall be an Event of Default hereunder and an "Event of Default" as defined in the Notes.

 

10.           Disposition of Collateral. 
 

Upon and after any Event of Default which is then continuing,

 

10.1          The Collateral Agent may exercise its rights with respect to each and every component of the Collateral, without regard to the existence of any other security or source of payment for
the Obligations. In addition to other rights and remedies provided for herein or otherwise available to it, the Collateral Agent shall have all of the rights and remedies of a tender on default under the Uniform Commercial Code then in effect in the State of New York.

 

10.2          If any notice to the Debtor of the sale or other disposition of Collateral is required by then

 

applicable law, seven business (7) days prior written notice (which Debtor agrees is reasonable notice within the meaning of Section 9.612(a) of the Uniform Commercial Code) shall be given to the Debtor of the time and place of any sale of Collateral which Debtor hereby agrees may be by private sale. The rights granted in this Section
are in addition to any and all rights available to Collateral Agent under the Uniform Commercial Code.

 

10.3          All proceeds received by the Collateral Agent for the benefit of the Lenders in respect of any sale, collection or other enforcement or disposition of Collateral, shall be applied (after
deduction of any amounts payable to the Collateral Agent pursuant to Paragraph 12.1 hereof) against the Obligations pro rata among the Lenders in proportion to their interests in the Obligations. Upon payment in full of all Obligations, the Debtor shall be entitled to the return of all Collateral, including cash, which has not been used or applied toward the payment of Obligations or used or applied to any and all costs or expenses of the Collateral Agent incurred in connection with the liquidation of the Collateral
(unless another person is legally entitled thereto). Any assignment of Collateral by the Collateral Agent to the Debtor shall be without representation or warranty of any nature whatsoever and wholly without recourse. To the extent allowed by law, each Lender may purchase the Collateral and pay for such purchase by offsetting up to such Lender's pro rata portion of the purchase price with sums owed to such Lender by Debtor arising under the Obligations or any other source.

 

 

 

5

 

 

 

11.            Entire Agreement. This
Agreement contains the entire agreement of the parties and supersedes all other agreements and understandings, oral or written, with respect to the matters contained herein.

 

12.            Miscellaneous.

 

  12.1        Expenses. Debtor shall pay to the Collateral Agent, on demand, the amount of any and all reasonable expenses, including,
without limitation, reasonable attorneys' fees, reasonable legal expenses and reasonable brokers' fees, which the Collateral Agent may incur in connection with (a) sale, collection or other enforcement or disposition of Collateral; (b) exercise or enforcement of any the rights, remedies or powers of the Collateral Agent hereunder or with respect to any or all of the Obligations upon breach or threatened breach; or (c) failure by Debtor to perform and observe any agreements of Debtor contained herein which are
performed by the Collateral Agent.

 

 12.2         Waivers, Amendment and Remedies. No course of dealing by the Collateral Agent and no failure by the Collateral Agent to exercise, or delay by the Collateral Agent in exercising, any right, remedy or power hereunder
shall operate as a waiver thereof, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right, remedy or power of the Collateral Agent. No amendment, modification or waiver of any provision of this Agreement and no consent to any departure by Debtor therefrom, shall, in any event, be effective unless contained in a writing signed by the Collateral Agent, and
then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. The rights, remedies and powers of the Collateral Agent, not only hereunder, but also under any instruments and agreements evidencing or securing the Obligations and under applicable law are cumulative, and may be exercised by the Collateral Agent from time to time in such order as the Collateral Agent may elect.

 

12.3         Notices. All notices, demands, requests, consents, approvals, and other communications required
or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted
to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of any mailing as set forth in the preceding sentence, whichever shall first occur. The addresses for such communications to any party hereto shall be the same at its address set forth below or to such other address as either party
shall hereafter give to the other by notice duly made under this Section:

 

 

	To Debtor: 	Owlstone Nanotech Inc.
	 	
400 Rella Blvd., Suite 160 

Montebello, NY 10901 

Attn: Thomas Finn, CFO 

Fax: 845-533-4232

	 	 
	To Lenders:  	To the addresses and telecopier numbers set forth on Schedule A

 

 

 

6

 

 

 

	
To the Collateral Agent
	Ingalls & Snyder LLC
	 	
61 Broadway,

New York, NY 10006

	 	Attention: Tom Bouchen

 

 

12.4       Term; Binding Effect. This Agreement shall (a) remain in full force and effect until payment
and satisfaction in full of all of the Obligations; (b) be binding upon Debtor, and its successors and permitted assigns; and (c) inure to the benefit of the Collateral Agent, for the benefit of the Lenders and their respective successors and assigns.

 

12.5       Captions. The captions of Paragraphs, Articles and Sections in this Agreement have been included for convenience of reference only, and shall not define or limit the provisions hereof and have no legal or other significance whatsoever.

 

12.6       Governing Law; Venue; Severability. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws. Any action brought by either party
against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York in the County of New York or in the federal courts located in the State and County of New York. Subject to the foregoing, the parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack
of jurisdiction or venue or based upon forum non conveniens. Company and Lenders waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.

 

12.7        Counterparts/Execution. This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile signature and delivered by facsimile transmission.

 

13.           Interereditor Terms. As
between the Lenders, any distribution under paragraph 10.4 shall be made proportionately based upon the remaining principal amount (plus accrued and unpaid interest) to each as to the total amount then owed to the Lenders as a whole. The rights of each Lender hereunder are pari passu to the rights of the other Lenders hereunder. Any recovery hereunder shall be shared
ratably among the Lenders according to the then remaining principal amount owed to each (plus accrued and unpaid interest) as to the total amount then owed to the Lenders as a whole.

 

14.           Termination; Release. When
the Obligations have been indefeasibly paid and performed in full, this Agreement shall terminate, and the Collateral Agent, at the request and sole expense of Debtor, will execute and deliver to the Debtor the proper instruments (including without limitation UCC termination statements) acknowledging the termination of the Agreement and any security interest, lien or assignment created hereby, and duly assign, transfer and deliver
to the Debtor, without recourse, representation or warranty of any kind whatsoever, such of the Collateral, including, without limitation, the Notes and any Additional Collateral, as may be in the possession of the Collateral Agent.

 

 

 

7

 

 

 

15.           Collateral Agent.

 

15.1         Collateral Agent Powers. The powers conferred on the Collateral Agent hereunder are solely
to protect its interest (on behalf of the Lenders) in the Collateral and shall not impose any duty on it to exercise any such powers.

 

15.2         Reasonable Care. The Collateral Agent is required to exercise reasonable care in the custody and preservation of any Collateral
in its possession; provided, however, that the Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Collateral if it takes such action for that purposes as any owner thereof reasonably requests in writing at times other than upon the occurrence and during the continuance of any Event of Default, but failure of the Collateral Agent, to comply with any such request at any time shall not in itself be deemed a failure to exercise reasonable care.

 

[THIS SPACE INTENTIONALLY LEFT BLANK)

 

 

 

 

 

 

 

8

 

 

 

IN WITNESS WHEREOF, the undersigned have executed and delivered this Security Agreement, as of the date first written above.

 

 

	"DEBTOR" 	"COLLATERAL AGENT"
	 	 
	
OWLSTONE NANOTECH INC., 

a Delaware corporation
	INGALLS & SNYDER LLC
	 	 
	 	 
	
By: /s/ Thomas Finn                                      
	
By: /s/ Thomas O. Boucher Jr.                      

	
Name: Thomas Finn
	Ingalls & Snyder LLC
	
Title: Chief Financial Officer
	Manager
	 	 

 

 

 

 

This Security Agreement may be signed by facsimile signature and

delivered by confirmed facsimile transmission.

 

 

 

 

 

9

 

 

 

 

SCHEDULE A TO SECURITY AGREEMENT

 

(AS OF SEPTEMBER 18, 2009)

 

	
LENDER
	
PRINCIPAL AMOUNT OF NOTE TO BE ISSUED

	
INGALLS & SNYDER - CLOSED ON SEPTEMBER 18, 2009
	
$300,000.00

	
INGALLS & SNYDER- CLOSED ON AUGUST 10, 2009
	
$200,000.00

	
INGALLS & SNYDER CLOSED ON JUNE 24, 2009
	
$200,000.00

	
INGALLS & SNYDER - CLOSED ON JUNE 18, 2009
	
$300,000.00

	
KEVIN MCGRATH - CLOSED ON APRIL 15, 2009
	
$150,000.00

	
KEVIN MCGRATH - CLOSED ON APRIL 15, 2009
	
$150,000.00

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

 

 

 

 

 

 

SCHEDULE B TO SECURITY AGREEMENT

PATENTS, PATENTS PENDING, APPLICATIONS

 

 

 

UCC FINANCING STATEMENT ATTACHED

 

 

 

 

 

 

 

 

 

 

 

UCC FINANCING STATEMENT

FOLLOW INSTRUCTIONS (front and back) CAREFULLY

 

 

	
A. NAME & PHONE OF CONTACT AT FILER [optional]

 

Thomas O. Boucher Jr., 212-269-7897
	 
	 	 
	B. SEND ACKNOWLEDGMENT TO: (Name and Address)
 

Ingalls & Snyder LLC 61 Broadway

New York, NY 10006

Attn: Thomas Boucher Jr.
	 
	 	 THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

 

 

 

	
1.

 

 

OR
	
DEBTOR’S EXACT FULL LEGAL NAME – insert only one debtor name (1a or 1b) – do not abbreviate or combine names

	
1a. ORGANIZATION’S NAME

Owlstone Nanotech, Inc.

	
1b. INDIVIDUAL’S LAST NAME
	
FIRST NAME

 
	
MIDDLE NAME
	
SUFFIX

	
1c.  MAILING ADDRESS

 

         400 Rella Blvd., Suite 160
	
CITY

 

Montebello
	
STATE

 

NY
	
POSTAL CODE

 

10901
	
COUNTRY

 

USA

 

	1d. TAX ID: SSN OR EIN	
ADD’L INFO RE

ORGANIZATION
	1e. TYPE OF ORGANIZATION	
1f. JURISDICTION OF ORGANIZATION
	1g. ORGANIZATIONAL ID#, if any	 
	 	DEBTOR	 Corporation 	 Delaware	 DE3928314	 o NONE

 

	
2.

 

 

OR
	
ADDITIONAL DEBTOR’S EXACT FULL LEGAL NAME – insert only one debtor name (2a or 2b) – do not abbreviate or combine names

	
2a. ORGANIZATION’S NAME

 

	
2b. INDIVIDUAL’S LAST NAME
	
FIRST NAME

 
	
MIDDLE NAME
	
SUFFIX

	
2c.  MAILING ADDRESS

 

         
	
CITY

 

 
	
STATE

 

 
	
POSTAL CODE

 

 
	
COUNTRY

 

 

 

	2d. TAX ID: SSN OR EIN	
ADD’L INFO RE

ORGANIZATION
	2e. TYPE OF ORGANIZATION	
2f. JURISDICTION OF ORGANIZATION
	2g. ORGANIZATIONAL ID#, if any	 
	 	DEBTOR	 	 	 	 o NONE

 

	
3.

 

 

OR
	
SECURED PARTY’S NAME – (or NAME of TOTAL ASSIGNEE of ASSIGNOR S/P) - insert only one secured party name (3a or 3b)

	
3a. ORGANIZATION’S NAME

Ingalls & Snyder LLC

	
 
	
 

 
	
 
	
 

	
 

          61 Broadway
	
 

New York 
	
NY 
	
10006 
	
USA 

 

4. This FINANCING STATEMENT covers the following collateral

See Exhibit A attached hereto. This financing statement is filed in connection with the Security Agreement, dated as of September 18, 2009, by and between Owlstone Nanotech, Inc. and Ingalls & Snyder LLC, as collateral agent for the benefit of the parties identified on Schedule A thereto.

 

	
5. ALTERNATIVE DESIGNATION [if applicable]: o LESSEE/LESSOR o CONSIGNEE/CONSIGNOR o BAILEE/BAILOR  o SELLER/BUYER  oAG.
LIEN  o NON-UCC FILING

	 6.oThis FINANCING STATEMENT is to be filed [for record] (or recorded) in the REAL ESTATE RECORDS. Attach Addendum [if applicable]	7. Check to REQUEST ADDITIONAL SEARCH REPORT(S) on Debtor(s) [ADDITIONAL FEE] [optional]   o All Debtors     o Debtor 1     o 
Debtor 2
	8. OPTIONAL FILER REFERENCE DATA	 

 

 

 

 

 

 

 

 

 

 

Exhibit A

 

All of the following property of Debtor:

 

All now owned and hereafter acquired right, title and interest of Debtor in, to and in respect of the following:

 

(i)             Intellectual
Property: All now owned and hereafter acquired right, title and interest of Debtor in, to and in respect of all: registered and unregistered patents, trademarks, service marks, intellectual property certificates, copyrights, domain names, trade names, applications for the foregoing, trade secrets, goodwill, processes, drawings, blueprints, customer lists and licenses with respect to any of the foregoing, whether as licensor or licensee;

 

(ii)             Books
and Records: All present and future books and records relating to any of the above, including, without limitation, all computer programs, printed output and computer readable data in the possession or control of the Debtor, any computer service bureau or other third party; and

 

(iii)            Products and Proceeds: All Proceeds of the foregoing in whatever form and wherever located, including, without limitation,
all insurance proceeds and all claims against third parties for loss or destruction of or damage to any of the foregoing.

 

 

 

 

 

 

 

Security Agreetment: Shedule 3.1

 

 

As security for the Obligations of Debtor, the Debtor hereby grants the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral, which security interest shall be a first priority security interest.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Security Agreetment: Shedule 6.1

 

 

Nonef8k091809ex10iv_advancenano.htm

Exhibit 10.4

 

 

COLLATERAL AGENT AGREEMENT

 

COLLATERAL AGENT AGREEMENT (this "Agreement") dated as of September 18 2009, among Ingalls & Snyder LLC (the "Collateral Agent"), and
the parties identified on Schedule A hereto (each, individually, a "Lender" and collectively, the "Lenders"), who hold or will acquire a Senior Secured Note issued or to be issued by Advance Nanotech, Inc. ("Company"), a Delaware corporation, on, prior or after the date of this Agreement as described in the Security Agreement
referred to in Section 1(a) below (the "Notes"). (Capitalized terms used but not defined herein shall have the meanings therefor set forth in the Security Agreement.)

WHEREAS, the Lenders have made, are making and will be making loans to Company to be secured by certain collateral described in the Security Agreement ("Collateral"); and

 

WHEREAS, it is desirable to provide for the orderly administration of such Collateral by requiring each Lender to appoint the Collateral Agent, and the Collateral Agent has agreed to accept such appointment and to receive, hold and deliver such collateral, all upon the terms and subject to the conditions hereinafter set forth; and

 

WHEREAS, it is desirable to allocate the enforcement of certain rights of the Lenders under the Notes for the orderly administration thereof.

 

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the parties hereto agree as follows:

 

1.          Collateral.

 

(a) Contemporaneously with the execution and delivery of this Agreement by the Collateral Agent and the Lenders, (i) the Collateral Agent has or will have entered into a Security Agreement (the "Security
Agreement") regarding the grant of a security interest by Owlstone Nanotech Inc, a Delaware corporation and subsidiary of Company ("Owlstone"), in the "Collateral" described therein to the Collateral Agent, for the benefit of the Lenders and (ii) Company is issuing the Notes to the Lenders pursuant to one or more "Subscription Agreements" dated at or about the date of this Agreement. Prior to the execution and delivery of this Agreement by
the Collateral Agent and the Lenders, Company issued Senior Secured Notes dated as of April 9, 2009 and August 10, 2009, as amended (the "Prior  Notes") to one or more Lenders pursuant to one or more Subscription Agreements dated as of April 9, 2009, as amended (the "Prior Subscription Agreements"). Collectively,
the Security Agreement, the Notes, the Prior Notes, the Subscription Agreements, the Prior Subscription Agreements and other agreements referred to therein are referred to herein as "Borrower Documents".

 

(b) The Collateral Agent hereby acknowledges that any Collateral held by the Collateral Agent is held for the benefit of the Lenders in accordance with this Agreement and the Borrower Documents. No reference to the
Borrower Documents or any other instrument or document shall be deemed to incorporate any term or provision thereof into this Agreement unless expressly so provided.

 

(c)           The Collateral Agent is to distribute in accordance with the Borrower Documentsany proceeds received from the Collateral which are distributable to the Lenders in proportion to their respective interests in the Obligations
as defined in the Security Agreement.

 

 

 

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2.          Appointment of the Collateral Agent.

 

The Lenders hereby appoint the Collateral Agent (and the Collateral Agent hereby accepts such appointment) to take any action including, without limitation, the registration of any Collateral in the name of the Collateral Agent or its nominees prior to or during the continuance of an Event of Default (as defined in the Borrower Documents),
the exercise of voting rights upon the occurrence and during the continuance of an Event of Default, the application of any cash collateral received by the Collateral Agent to the payment of the Obligations, the making of any demand under the Borrower Documents, the exercise of any remedies given to the Collateral Agent pursuant to the Borrower Documents and the exercise of any authority pursuant to the appointment of the Collateral Agent as an attorney-in-fact pursuant to the Security Agreement that the Collateral
Agent deems necessary or proper for the administration of the Collateral pursuant to the Security Agreement. Upon disposition of the Collateral in accordance with the Borrower Documents, the Collateral Agent shall promptly distribute any cash or Collateral in accordance with Section 10.4 of the applicable Security Agreement. Company and Lenders must notify Collateral Agent in writing of the issuance of the Notes to Lenders by Company. The Collateral Agent will not be required to act hereunder in connection with
the Notes the issuance of which was not disclosed in writing to the Collateral Agent nor will the Collateral Agent be required to act on behalf of any assignee of the Notes without the written consent of Collateral Agent.

 

3.           Action by the Majority in Interest.

 

(a)            Certain Actions. Each of the Lenders covenants and agrees that only a Majority in Interest shall have the right,
but not the obligation, to undertake the following actions (it being expressly understood that less than a Majority in Interest hereby expressly waive the following rights that they may otherwise have under the Borrower Documents):

 

(i)            Acceleration. If
an Event of Default occurs, after the applicable cure period, if any, a Majority in Interest may, on behalf of all the Lenders, instruct the Collateral Agent to provide to Company notice to cure such default and/or declare the unpaid principal amount of the Notes to be due and payable, together with any and all accrued interest thereon and all costs payable pursuant to such Notes;

 

(ii)            Enforcement. Upon
the occurrence of any Event of Default after the applicable cure period, if any, a Majority in Interest may instruct the Collateral Agent to proceed to protect, exercise and enforce, on behalf of all the Lenders, their rights and remedies under the Borrower Documents against Company, and such other rights and remedies as are provided by law or equity; and

 

(iii)            Waiver of Past Defaults. A Majority in Interest may instruct the Collateral Agent to waive any Event of
Default by written notice to Company, and the other Lenders, but not waive damages accrued or accruing until the effective date of such waiver.

 

(b)            Permitted Subordination and Release. A Majority in Interest may instruct the Collateral Agent to agree to release
in whole or in part or to subordinate any Collateral to any claim or other actual or proposed security interest and may enter into any agreement with Company to evidence such subordination; provided, however, that subsequent to any such release or subordination, the principal amount of the Notes held by each Lender shall remain nari passu with the other principal amounts of the Notes
held by each other Lender.

 

 

2

 

 

 

(c)            Further Actions. A
Majority in Interest may instruct the Collateral Agent to take any action that it may take under this Agreement by instructing the Collateral Agent in writing to take such action on behalf of all the Lenders.

 

(d)            Majority in Interest. For
so long as any obligations remain outstanding on the Note, "Majority in Interest" for the purposes of this Agreement and the Borrower Documents shall mean Lenders who hold not less than fifty-one percent (51%) of the then-outstanding principal amount of the Notes.

 

4.           Power of Attorney.

 

(a) To effectuate the terms and provisions hereof, the Lenders hereby appoint the Collateral Agent as their attorney-in-fact (and the Collateral Agent hereby accepts such appointment) for the purpose of carrying out
the provisions of this Agreement including, without limitation, taking any action on behalf of, or at the instruction of, the Majority in Interest at the written direction of the Majority in Interest and executing any consent authorized pursuant to this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable (and lawful) to accomplish the purposes hereof.

 

(b) All acts done under the foregoing authorization are hereby ratified and approved and neither the Collateral Agent nor any designee nor agent thereof shall be liable for any acts of commission or omission, for
any error of judgment, for any mistake of fact or law except for acts of gross negligence or willful misconduct.

 

(c)           This power of attorney, being coupled with an interest, is irrevocable while this Agreement remains in effect

 

5.           Expenses of the Collateral Agent. The Lenders shall pay any and all reasonable costs and expenses incurred by the Collateral
Agent, including, without limitation, reasonable costs and expenses relating to all waivers, releases, discharges, satisfactions, modifications and amendments of this Agreement, the administration and holding of the Collateral, insurance expenses, and the enforcement, protection and adjudication of the parties' rights hereunder by the Collateral Agent, including, without limitation, the reasonable disbursements, expenses and fees of the attorneys the Collateral Agent may retain, if any, each of the foregoing
in proportion to their holdings of the Notes.

 

  6.            Reliance on Documents and Experts. The
Collateral Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, statement, paper, document, writing or communication (which may be by telegram, cable, telex, telecopier, or telephone) reasonably believed by it to be genuine and to have been signed, sent or made by the proper person or persons, and upon opinions and advice of its own legal counsel, independent public accountants and other experts selected by the Collateral Agent.

 

  7.            Duties of the Collateral Agent; Standard of Care.

 

(a)           The Collateral Agent's only duties are those expressly set forth in this

 

Agreement, and the Collateral Agent hereby is authorized to perform those duties in accordance with commercially reasonable practices. The Collateral Agent may exercise or otherwise enforce any of its rights, powers, privileges, remedies and interests under this Agreement and applicable law or perform any of its duties under this Agreement
by or through its officers, employees, attorneys, or agents.

 

 

 

3

 

 

 

(b) The Collateral Agent shall act in good faith and with that degree of care that an ordinarily prudent person in a like position would use under similar circumstances.

 

(c) Any funds held by the Collateral Agent hereunder need not be segregated from other funds except to the extent required by law. The Collateral Agent shall be under no liability for interest on any funds received
by it hereunder.

 

8.            Resignation. The
Collateral Agent may resign and be discharged of its duties hereunder at any time by giving written notice of such resignation to the other parties hereto, stating the date such resignation is to take effect. Within seven (7) days of the giving of such notice, a successor collateral agent shall be appointed by the Majority in Interest; provided, however, that if the Lenders are unable so to agree upon a successor within such time period, and notify
the Collateral Agent during such period of the identity of the successor collateral agent, the successor collateral agent may be a person designated by the Collateral Agent, and any and all fees of such successor collateral agent shall be the joint and several obligation of the Lenders. The Collateral Agent shall continue to serve until the effective date of the resignation or until its successor accepts the appointment and receives the Collateral held by the Collateral Agent but shall not be obligated to take
any action hereunder. The Collateral Agent may deposit any Collateral with the Supreme Court of the State of New York for New York County or any federal court within the County of New York, State of New York State that accepts such Collateral.

 

9.           Exculpation. The Collateral
Agent and its officers, employees, attorneys and agents, shall not incur any liability whatsoever for the holding or delivery of documents or the taking of any other action in accordance with the terms and provisions of this Agreement, for any mistake or error in judgment, for compliance with any applicable law or any attachment, order or other directive of any court or other authority (irrespective of any conflicting term or
provision of this Agreement), or for any act or omission of any other person engaged by the Collateral Agent in connection with this Agreement, unless occasioned by the exculpated person's own gross negligence or willful misconduct; and each party hereto hereby waives any and all claims and actions whatsoever against the Collateral Agent and its officers, employees, attorneys and agents, arising out of or related directly or indirectly to any or all of the foregoing acts, omissions and circumstances, unless occasioned
by the exculpated person's own gross negligence or willful misconduct.

 

10.         Indemnification. The Lenders hereby agree to indemnify, reimburse and hold harmless the Collateral
Agent and its directors, officers, employees, attorneys and agents, jointly and severally, from and against any and all claims, liabilities, losses and reasonable expenses that may be imposed upon, incurred by, or asserted against any of them, arising out of or related directly or indirectly to this Agreement or the Collateral, except such as are occasioned by the indemnified person's own gross negligence or willful misconduct.

 

11.         Miscellaneous.

 

(a)            Rights and Remedies Not Waived. No
act, omission or delay by the Collateral Agent shall constitute a waiver of the Collateral Agent's rights and remedies hereunder or otherwise. No single or partial waiver by the Collateral Agent of any default hereunder or right or remedy that it may have shall operate as a waiver of any other default, right or remedy or of the same default, right or remedy on a future occasion.

 

(b)            Governing Law. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts of laws that would result in the application of the substantive laws of another jurisdiction.

 

 

 

4

 

 

 

(c)            Waiver of Jury Trial and Setoff; Consent to Jurisdiction: Etc.

 

(i) In any litigation in any court with respect to, in connection with, or arising out of this Agreement or any instrument or document delivered pursuant to this Agreement, or the validity, protection,
interpretation, collection or enforcement hereof or thereof; or any other claim or dispute howsoever arising, between the Collateral Agent and the Lenders or any Lender, then each Lender, to the fullest extent it may legally do so, (A) waives the right to interpose any setoff, recoupment, counterclaim or cross-claim in connection with any such litigation, irrespective of the nature of such setoff, recoupment, counterclaim or cross-claim, unless such setoff, recoupment, counterclaim or cross-claim could not, by
reason of any applicable federal or state procedural laws, be interposed, pleaded or alleged in any other action; and (B) WAIVES TRIAL BY JURY IN CONNECTION WITH ANY SUCH LITIGATION AND ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO,
ACTUAL DAMAGES. EACH LENDER AGREES THAT THIS SECTION 11(c) IS A SPECIFIC AND MATERIAL ASPECT OF THIS AGREEMENT AND ACKNOWLEDGE THAT THE COLLATERAL AGENT WOULD NOT ENTER THIS AGREEMENT IF THIS SECTION 11(c) WERE NOT PART OF THIS AGREEMENT.

 

(ii) Each Lender irrevocably consents to the exclusive jurisdiction of any State or Federal Court located within the County of New York, State of New York, in connection with any action or proceeding arising out
of or relating to this Agreement or any document or instrument delivered pursuant to this Agreement or otherwise. In any such litigation, each Lender waives, to the fullest extent it may effectively do so, personal service of any summons, complaint or other process and agree that the service thereof may be made by certified or registered mail directed to such Lender at its address for notice determined in accordance with Section 11(e) hereof. Each Lender hereby waives, to the fullest extent it may effectively
do so, the defenses of forum non conveniens and improper venue.

 

(d)            Admissibility of this Agreement. Each
of the Lenders agrees that any copy of this Agreement signed by it and transmitted by telecopier for delivery to the Collateral Agent shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence.

 

(e)            Address for Notices. Any
notice or other communication under the provisions of this Agreement shall be given in writing and delivered in person, by reputable overnight courier or delivery service, by facsimile machine (receipt confirmed) with a copy sent by first class mail on the date of transmissions, or by registered or certified mail, return receipt requested, directed to such party's addresses set forth below (or to any new address of which any party hereto shall have informed the others by the giving of notice in the manner provided
herein):

 

 

In the case of the Collateral Agent, to:

 

Ingalls & Snyder LLC.

61 Broadway

New York, Ny 10006

Attention: Tom Boucher

 

 

 

5

 

 

 

In the case of the Lenders, to:

 

The respective address and telecopier number set forth on Schedule A hereto. 

 

In the case of Company, to:

Owlstone Nanotech Inc. 

400 Rella Blvd., Suite 160 

Montebello, NY 10901 

Attn: Thomas Finn, CFO 

Fax: (845) 533-4225

 

(f)            Amendments and IVIodification: Additional Lender.No provision hereof shall be modified, altered, waived or limited except by written instrument expressly referring to this Agreement
and to such provision, and executed by the parties hereto. Any transferee of any principal amount of the Notes who acquires an interest in the Notes after the date hereof will become a party hereto by signing the signature page and sending an executed copy of this Agreement to the Collateral Agent and receiving a signed acknowledgement from the Collateral Agent.

 

(g)            Fee. Upon the occurrence of an Event of Default, the Lenders collectively
shall pay the Collateral Agent the sum of $10,000 on account, to apply against an hourly fee of $350 to be paid to the Collateral Agent by the Lenders for services rendered pursuant to this Agreement. All payments due to the Collateral Agent under this Agreement including reimbursements must be paid when billed. The Collateral Agent may refuse to act on behalf of or make a distribution to any Lender who is not current in payments to the Collateral Agent. Payments required pursuant to this Agreement shall be pari  passu to
the Lenders' interests in the Note. The Collateral Agent is hereby authorized to deduct any sums due the Collateral Agent from Collateral in the Collateral Agent's possession.

 

(h)            Counterparts/Execution. This
Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile signature and delivered by facsimile transmission.

 

(i)             Successors and
Assigns. Whenever in this Agreement reference is made to any party, such reference shall be deemed to include the successors, assigns, heirs and legal representatives of such party. No party hereto may transfer any rights under this Agreement, unless the transferee agrees to be bound by, and comply with all of the terms and provisions of this Agreement, as if an original signatory hereto on the date hereof.

 

(j)             Captions: Certain
Definitions. The captions of the various sections and paragraphs of this Agreement have been inserted only for the purposes of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge or restrict any of the provisions of this Agreement. As used in this Agreement the term "person" shall mean and include an individual, a partnership, a joint venture, a corporation, a limited
liability company, a trust, an unincorporated organization and a government or any department or agency thereof.

 

(k)            Severability. In the event that any term or provision of this Agreement shall be finally determined to be superseded, invalid, illegal or otherwise
unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not impair or otherwise affect the validity, legality or enforceability (i) by or before that authority of the remaining terms and provisions of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before any other authority of any of the terms and provisions
of this Agreement.

 

 

6

 

 

 

(i)            Entire Agreement. This Agreement contains the entire agreement of the parties and supersedes all other agreements and understandings, oral or written,
with respect to the matters contained herein.

 

(m)           Schedules. The Collateral Agent is authorized to annex hereto any schedules referred to herein.

 

 

 

 

[ THIS SPACE INTENTIONALLY LEFT BLANK ]

 

 

 

 

 

 

7

 

 

 

SIGNATURE PAGE TO COLLATERAL AGENT AGREEMENT

 

IN WITNESS WHEREOF, the parties hereto have caused this Collateral Agent Agreement to be signed, by their respective duly authorized officers or directly, as of the date first written above.

 

"LENDERS"

 

 

[COMPLETE NAME OF LENDER]

 

Ingalls & Snyder LLC

 

By: /s/ Thomas O. Boucher Jr.                              

 

Print Name of Signatory:   Thomas O. Boucher Jr.                                                           

 

Print Title of Signatory:     Manager                                                     

 

	
 
	
Acknowledged and Agreed:

	 
	  	
"COLLATERAL AGENT"

INGALL & SNYDER LLC

 

By: /s/ Thomas O. Boucher Jr.                              

 

Print Name of Signatory:   Thomas O. Boucher Jr.                                                           

 

Print Title of Signatory:     Manager                                                    

 

 

 

 

 

8

 

 

 

 

Acknowledged and Agreed:

 

"OWLSTONE"

OWLSTONE NANOTECH INC.

 

 

By: /s/ Thomas Finn                                     

 

Print Name of Signatory: Thomas Finn

 

Print Title of Signatory: Chief Financial Officer

 

 

This Collateral Agent Agreement may be signed by facsimile signature and delivered by confirmed

facsimile transmission.

 

 

 

 

9

 

 

SCHEDULE A TO COLLATERAL AGENT AGREEMENT

As of September 18, 2009

 

	
LENDER
	
PRINCIPAL AMOUNT OF NOTE TO BE ISSUED

	
INGALLS & SNYDER - CLOSED ON SEPTEMBER 18, 2009
	
$300,000.00

	
INGALLS & SNYDER - CLOSED ON AUGUST 10, 2009
	
$200,000.00

	
INGALLS & SNYDER - CLOSED ON JUNE 24, 2009
	
$200,000.00

	
INGALLS & SNYDER - CLOSED ON JUNE 18, 2009
	
$300,000.00

	
KEVIN MCGRATH - CLOSED ON APRIL 15, 2009
	
$150,000.00

	
KEVIN MCGRATH - CLOSED ON APRIL 15, 2009
	
$150,000.00

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