Document:

Unassociated Document

    AMENDMENT
TO

    LOAN
AND SECURITY AGREEMENT

    

    This
Amendment ("Amendment")
to Loan and Security Agreement is dated May 13, 2010, and entered into by
and between Entrepreneur Growth Capital LLC ("Lender"), and Bioanalytical
Systems, Inc. ("Borrower").

    

    WHEREAS, Lender and Borrower
have entered into a Loan and Security Agreement, as may have been amended from
time to time (the "Loan
Agreement") dated on or about January 11, 2010; and

    

    WHEREAS, Borrower has failed
to meet the tangible net worth covenant and has requested that Lender waive
compliance and to also permanently re-set the tangible net worth covenant for
future periods; and

    

    WHEREAS, Lender has agreed to
waive Borrower's compliance to meet the tangible net worth covenant and to also
permanently re-set the tangible net worth covenant for future
periods.

    

    NOW, THEREFORE, in
consideration of the mutual conditions and agreements set forth in the Loan
Agreement and this Amendment, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, hereby agree as follows:

    

    

    I.           DEFINITIONS

    

    A.         
Definitions.
Capitalized terms used in this Amendment, to the extent not otherwise defined
herein, shall have the same meanings as in the Loan Agreement, as amended
hereby.

    

    

    II.
AMENDMENTS AND AGREEMENTS

    

    A.         
Amendment to Section
4.15, Net Worth Covenant. Section 4.15 shall be, and the same is hereby
amended by re-stating the tangible net worth covenant to be not less than
$9,000,000.00.

    

    B.           Waiver. Lender hereby
waives Borrower's compliance with the tangible net worth covenant for all
periods up to and including the date of this Amendment.

    
      
        
        

      

      
        Page 1 of
3

        
          

        

      

      
        
        

      

    

     

    III.
MISCELLANEOUS

    

    A.           Conditions,. The
effectiveness of this Amendment is subject to the satisfaction of the following
conditions precedent (unless specifically waived in writing by
Lender):

    

    
      	
               
      

            	
              (i)

            	
              there
      shall have occurred no material adverse change in the business,
      operations, financial conditions, profits or prospects, or in the
      Collateral of the Borrower;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Borrower
      shall have executed and delivered such other documents and instruments as
      Lender may require;

            
	 	 	 
	 	(iii)	Borrower
      shall have paid Lender a fee in the amount of $15,000.00 as consideration
      for the consent and execution of the Amendment. Lender has agreed to
      accept the accommodation fee in five (5) weekly installments of
      $3,000/week. Borrower hereby authorizes Lender to automatically charge
      Borrower's loan account the sum of $3,000.00 each Monday, commencing
      Monday May 17, 2010, until the accommodation fee is paid in
  full.
	 	 	 
	 	(iv)	all
      corporate proceedings taken in connection with the transactions
      contemplated by this Amendment and all documents, instruments and other
      legal matters incident thereto shall be satisfactory to Lender and its
      legal counsel.
	 	 	 

    

    B.         
Ratification.
The terms and provisions set forth in this Amendment shall modify and supersede
all inconsistent terms and provisions set forth in the Loan Agreement and,
except as expressly modified and superseded by this Amendment, the terms and
provisions of the Loan Agreement, are ratified and confirmed and shall continue
in full force and effect.

    

    C.         
Corporate
Action. The execution, delivery and performance of this Amendment have
been authorized by all requisite corporate action on the part of Borrower and
will not violate the Articles of Incorporation or Bylaws of
Borrower.

    

    D.         
Severability.
Any provision of this Amendment held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to
be invalid or unenforceable.

    

    E.          
Successors and
Assigns. This Amendment is binding upon and shall inure to the benefit of
Lender and Borrower and their respective successors and assigns.

    
      
        
        

      

      
        Page 2 of
3

        
          

        

      

      
        
        

      

    

    
    

    F.         
Counterparts.
This Amendment may be executed in one or more counterparts, each of which when
so executed shall be deemed to be an original, but all of which when taken
together shall constitute one and the same instrument. An executed facsimile of
this Amendment shall be deemed to be a valid and binding agreement between the
parties hereto.

    

    

    IN WITNESS WHEREOF, the
parties have executed this Amendment on the date first above
written.

    
      
        	 	 	 
	 	 	 
	 	
                ENTREPRENEUR
      GROWTH CAPITAL LLC, 

                as
      Lender

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Charles
      L. Bert	 
	 	 	Name:
      Charles L. Bert	 
	 	 	Title:
      Vice President	 
	 	 	 	 

      

    

     

    
      
        
          	 	 	 
	 	 	 
	 	
                  BIOANALYTICAL
      SYSTEMS, INC., 

                  as
      Borrower

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Michael
      R. Cox	 
	 	 	Name:
      Michael R. Cox	 
	 	 	Title:
      Vice President - Finance	 
	 	 	 	 

        

      

       

    

    
      
        
        

      

      
        Page 3 of
3Unassociated Document

    Exhibit
10.1

    Lease
Agreement

    

    This
Agreement is entered in Wuqing Tianjin on the day of January 1,
2010.

    

    Party A: Tianjin Tianshi Group
Co., Ltd.

    

    
      Party B: Tianjin Tiens
Biological Development Co., Ltd.

    

    

    In the
principle of fairness and mutual benefits as well as faith and credit, Party A
and Party B, through friendly consultations, signed and comply with the certain
agreement on the events that Party B uses Party A’s buildings and related
facilities and Party A supplies Party B with Oracle system service.

    

    
      
        
          	
                	
                  1. 

                	
                    Party
      A shall provide Party B with partial office buildings and related
      facilities (see exhibit 1) in its plant, together with Oracle system
      service (see exhibit
2).

                

        

      

    

    

    
      
        	
              	
                2.

              	
                The
      Lease Term of using Party A’s buildings and related facilities as well as
      the Oracle system service is one year, beginning on January 1, 2010 and
      terminating on December 31,
2010.

              

      

    

    

    
      
        	
              	
                3.

              	
                The
      costs incurred from the use, maintenance and service in the term Party B
      using the buildings and related facilities as well as the service are
      collectively referred to service fee in this agreement. Party B shall
      report sales revenue to Party A monthly and pay the rent to Party A at the
      rate of 1% of its sales
revenue.

              

      

    

    

    
      
        	
              	
                4.

              	
                Party
      B shall pay the rent quarterly prior to the 15th day of the current month
      by wire transferring to the bank account designated by Party
      A.

              

      

    

    

    
      
        	
              	
                5.

              	
                Party
      A’s responsibilities:

              

      

    

    

    
      
        	
              	
                a) 

              	
                Party
      A shall insure the regular operation of the facilities in the buildings
      and undertake the timely maintenance fee. Party A is responsible for
      compensating Party B’s losses caused from the improper maintenance and
      administration to the buildings and related
  facilities.

              

      

    

     

    
      	
            	
              b) 

            	
              Party
      A shall insure the regular use of Oracle
system.

            

    

    

    
      
        	
              	
                c) 

              	
                Party
      A is responsible for providing Party B with guarantee of the ground and
      original facilities and compensating Party B’s losses caused from the
      improper behaviour the management staff and other users of Party
      A.

              

      

    

    

    
      
        	
              	
                d) 

              	
                Party
      A is obliged to satisfy Party B’s reasonable and legal requirements during
      the lease period.

              

      

    

    

    
      
        	
              	
                e)

              	
                Party
      B shall timely notify Party A to take effective measures for any damages
      or malfunction existing or happening on the premise that may affect the
      safe and normal use of the
premise.

              

      

    

     

    
      	
            	
              6. 

            	
              Party
      B ’s responsibilities:

            

    

    

    
      
        	
              	
                a) 

              	
                Party
      B promises to comply with the law in People’s Republic of China during the
      lease period.

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              b) 

            	
              Party
      B shall pay the related fee to Party A complied with the time set in the
      agreement.

            

    

     

    
      	
            	
              c) 

            	
              Party
      B shall properly use and take good care of each facility, and avoid any
      abnormal damages. Party B shall be responsible for timely maintenance or
      compensation for any malfunctions on the premise and its internal
      facilities caused from its misuse or inappropriate
  use.

            

    

     

    
      	
            	
              d) 

            	
              Party
      B shall keep the entire leased premise in a good condition when the term
      of this agreement comes to the end. Party B shall reconvert everything to
      the original state as Party A requires, except for normal wear and tear or
      original defect.

            

    

     

    
      	
            	
              7.

            	
              If
      the rent is overdue, Party B shall pay a late charge to Party A. The sum
      of the late charge shall be equal to the number of days overdue times
      3‰ of
      the amount of the overdue rent.

            

    

     

    
      	
            	
              8. 

            	
              Party
      A shall undertake the lost to Party B caused from Party A’s violating the
      provisions.

            

    

     

    
      	
            	
              9.

            	
              Any
      matters not covered in this agreement shall be further negotiated between
      two parties, and a supplemental agreement shall be made. The supplemental
      agreement and this agreement shall be equally
  valid.

            

    

     

    
      
        	
              	
                10.

              	
                Both
      parties shall solve the disputes arising from the execution of this
      agreement through negotiation. In the case that an agreement cannot be
      reached, according to the law in People’s Republic of China, any party may
      summit the dispute to the court on which the People’s Republic of China
      has the jurisdiction.

              

      

    

     

    
      	
            	
              11.

            	
              This
      agreement has two originals, and each party shall keep one of
      them.

            

    

     

    
      	
            	
              12.

            	
              This
      agreement shall be effective from the date on which both parties sign on
      it.

            

    

     

    
      	
              Party
      A(Signature):

            	 
      	
              Party
      B(Signature):

            	 
	
              Tianjin
      Tianshi Group Co., Ltd.

            	 
      	
              Tianjin
      Tiens Biological Development Co., Ltd.

            	 
	 	 	 	 
	
              Address:

            	 
      	
              Address:

            	 
	 	 	 	 
	
              No.6
      Yuanquan Road, Wuqing New-Tech Industrial Park, Tianjin,
    China

            	 
      	
              No.6
      Yuanquan Road, Wuqing New-Tech Industrial Park, Tianjin,
China

               

            	 
	
              Legal
      Representative

            	 
      	
              Legal
      Representative

            	 
	 	 	 	 
	
              /s/
      Jinyuan Li

            	 
      	
              /s/
      Baolan Li

            	 
	
              Jinyuan
      Li, President

            	 
      	
              Baolan
      Li, Director

            	 
	
              Date:
      January 1, 2010

            	 
      	
              Date:
      January 1, 2010

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibition
1:  Buildings list

    

    
      	
              Name

            	 	
              Address

            	 	
              Area

            
	
              President
      Office Center

            	 	
              No.6
      Yuanquan Road, New-Tech Industrial Park, Tianjin, China

            	 	
                675.00m2

            
	
              Science
      and Trading Building

            	 	
              No.6
      Yuanquan Road, New-Tech Industrial Park, Tianjin, China

            	 	
                1182.50m2

            

    

    

    Exhibition 2:  System
list

    

    
      	
              Name

            	 	
              Service

            
	
              ORACLE
      System

            	 	
              Regular
      use of all the modules used by Tianjin Tiens Biological Development Co.,
      Ltd.

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