Document:

Exhibit

SUBORDINATION AGREEMENT
This Subordination Agreement (the “Agreement”) is made as of January 27, 2017, by and among each of the parties listed as a creditor on a signature page hereto (each, a “Creditor”), and OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314, in its capacity as Collateral Agent (as hereinafter defined) for the Lenders (as hereinafter defined).
Recitals
A.    Pursuant to a Loan and Security Agreement (such agreement as it may be amended from time to time,  the “Loan Agreement”), among OXFORD FINANCE LLC (“Oxford” in its capacity as Collateral Agent for the Lenders, the “Collateral Agent”), the Lenders from time to time a party thereto, including, without limitation, Oxford Finance LLC (the “Lenders”) and MIRAMAR LABS, INC. (the “Borrower”), the Borrower has requested and/or obtained certain loans or other credit accommodations from the Lenders which are or may be from time to time secured by assets and property of Borrower.
B.    Creditor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit accommodations to Borrower from time to time.
C.    In order to induce Lenders to extend credit to Borrower and, at any time or from time to time, at Lenders’ option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, or to purchase or extend credit upon any instrument or writing in respect of which Borrower may be liable in any capacity, or to grant such renewals or extension of any such loan, extension of credit, purchase, or other accommodation as Lenders may deem advisable, Creditor is willing to subordinate:  (i) all of Borrower’s indebtedness to Creditor (including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations), whether presently existing or arising in the future (the “Subordinated Debt”) to all of Borrower’s indebtedness and obligations to the Collateral Agent and/or the Lenders; and (ii) all of Creditor’s security interests, if any, to all security interests in the Borrower’s property in favor of the Collateral Agent and/or the Lenders.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1.Creditor hereby subordinates to the Collateral Agent and the Lenders any security interest or lien that Creditor may have in any property of Borrower, including without limitation, the “Collateral” as defined in the Loan Agreement.  Notwithstanding the respective dates of attachment or perfection of any security interest of Creditor and the security interest of the Collateral Agent and the Lenders, the lien and security interest of the Collateral Agent and the Lenders in any property of Borrower, whether now owned or hereafter acquired, including, without limitation, the Collateral, shall at all times be senior to the lien and security interest of Creditor.
2.    All Subordinated Debt is subordinated in right of payment to all obligations of Borrower to the Collateral Agent and the Lenders now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar proceeding, and all obligations under the Loan Agreement (the “Senior Debt”).
3.    Creditor will not demand or receive from Borrower (and Borrower will not pay to Creditor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor 

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will Creditor exercise any remedy with respect to the Subordinated Debt or any property of the Borrower, whether now owned or hereafter acquired, including, without limitation, the Collateral, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Borrower, until such time as (i) the Senior Debt is indefeasibly paid in full in cash, and (ii) the Lenders have no commitment or obligation to lend any further funds to Borrower, and (iii) all financing agreements among the Collateral Agent and the Lenders and Borrower are terminated.  Nothing herein shall prohibit Creditor from converting all or any part of the Subordinated Debt into equity securities of Borrower or from receiving cash payments, which shall not exceed an aggregate amount of Ten Thousand Dollars ($10,000), in lieu of the issuance of fractional shares in connection with such conversion (“Fractional Payments”), provided that if such securities have any call or put features that would obligate Borrower to pay any money other than Fractional Payments (including the payment of any cash dividends or other cash distributions for so long as the Senior Debt remains outstanding), Creditor hereby agrees that Borrower may not declare, pay or make such payment of money to Creditor, and Creditor shall not declare or accept any such dividends, distributions or other payments except as may be permitted in the Loan Agreement.
4.    Creditor shall hold in trust for the Collateral Agent and the Lenders and promptly deliver to the Collateral Agent in the form received (except for endorsement or assignment by Creditor where required by the Collateral Agent), for application to the Senior Debt, any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in accordance with this Agreement.
5.    In the event of Borrower’s insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, these provisions shall remain in full force and effect, and the Collateral Agent’s and the Lenders’ claims against Borrower and the estate of Borrower shall be paid in full before any payment is made to Creditor.
6.    Until the Senior Debt is indefeasibly paid in full in cash and Lenders’ arrangements to lend any funds to Borrower have been terminated, Creditor irrevocably appoints the Collateral Agent as Creditor’s attorney-in-fact, and grants to the Collateral Agent a power of attorney with full power of substitution, in the name of Creditor or in the name of the Collateral Agent and/or the Lenders, for the use and benefit of the Collateral Agent and the Lenders, without notice to Creditor, to perform at the Collateral Agent’s  option the following acts in any bankruptcy, insolvency or similar proceeding involving Borrower:
(i)    To file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if the Collateral Agent elects, in its sole discretion, to file such claim or claims;
(ii)    To accept or reject any plan of reorganization or arrangement on behalf of Creditor and to otherwise vote Creditor’s claims in respect of any Subordinated Debt in any manner that the Collateral Agent deems appropriate for the enforcement of its rights hereunder.
7.    Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement, in substantially the form attached hereto as Annex I.  By the execution of this Agreement, Creditor hereby authorizes the Collateral Agent and the Lenders to amend any financing statements filed by Creditor against Borrower as follows: “In accordance with a certain Subordination Agreement by and among the Secured Party, the Debtor and Oxford Finance LLC, in its capacity as Collateral Agent, the Secured Party has subordinated any security interest or lien that Secured Party may have in any property of the Debtor to the security interest of Oxford Finance LLC and 

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the Lenders identified therein in all assets of the Debtor, notwithstanding the respective dates of attachment or perfection of the security interest of the Secured Party and Oxford Finance LLC and the Lenders.”
8.    Neither the Borrower nor the Creditor may amend any material term of any Subordinated Debt without the prior written consent of the Collateral Agent and the Lenders.  Without limiting the foregoing, no amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of any security interest or lien that Creditor may have in any property of Borrower.  By way of example, such instruments shall not be amended to (i) increase the rate of interest with respect to the Subordinated Debt, or (ii) accelerate the payment of the principal or interest or any other portion of the Subordinated Debt.  The Collateral Agent and the Lenders shall have the sole and exclusive right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of any of the property or assets of the Borrower, including, without limitation, the Collateral, except in accordance with the terms of the Senior Debt. Upon written notice from the Collateral Agent of the Collateral Agent’s and the Lenders’ agreement to release its lien on all or any portion of the Collateral in connection with the sale, transfer or other disposition thereof by the Collateral Agent and the Lenders (or by Borrower with consent of the Collateral Agent and the Lenders),  Creditor shall be deemed to have also, automatically and simultaneously, released any lien or security interest on such Collateral, and Creditor shall upon written request by the Collateral Agent, immediately take such action as shall be necessary or appropriate to evidence and confirm such release.  All proceeds resulting from any such sale, transfer or other disposition shall be applied first to the Senior Debt until payment in full thereof, with the balance, if any, to the Subordinated Debt, or to any other entitled party.  If Creditor fails to release any lien or security interest as required hereunder, Creditor hereby appoints the Collateral Agent as attorney in fact for Creditor with full power of substitution to release Creditor’s liens and security interests as provided hereunder.  Such power of attorney being coupled with an interest shall be irrevocable. 
9.    All necessary action on the part of the Creditor, its officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of Creditor hereunder has been taken.  This Agreement constitutes the legal, valid and binding obligation of Creditor, enforceable against Creditor in accordance with its terms.  The execution, delivery and performance of and compliance with this Agreement by Creditor will not (i) result in any material violation or default of any term of any of the Creditor’s charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership agreement, operating agreement, etc.) or (ii) violate any material applicable law, rule or regulation.  
10.    If, at any time after payment in full of the Senior Debt any payments of the Senior Debt must be disgorged by the Collateral Agent or the Lenders for any reason (including, without limitation, the bankruptcy of Borrower), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Creditor shall immediately pay over to the Collateral Agent all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder.  At any time and from time to time, without notice to Creditor, the Collateral Agent and the Lenders may take such actions with respect to the Senior Debt as the Collateral Agent and the Lenders, in their sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any collateral securing the Senior Debt, and enforcing or failing to enforce any rights against Borrower or any other person.  No such action or inaction shall impair or otherwise affect the Collateral Agent’s and the Lenders’ rights hereunder.  

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11.    This Agreement shall bind any successors or assignees of Creditor and shall benefit any successors or assigns of the Collateral Agent and the Lenders.  This Agreement shall remain effective until the earlier of: (i) termination in writing by the Collateral Agent or (ii) Collateral Agent and the Lenders receive evidence in form and substance reasonably satisfactory to Collateral Agent and the Lenders that the Subordinated Debt is cancelled by Creditors or converted into equity of the Borrower. This Agreement is solely for the benefit of Creditor and the Collateral Agent and the Lenders and not for the benefit of Borrower or any other party.  Creditor further agree that if Borrower is in the process of refinancing any portion of the Senior Debt with a new lender, and if the Collateral Agent and/or the Lenders makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement.
12.    Creditor hereby agrees to execute such documents and/or take such further action as the Collateral Agent and the Lenders may at any time or times reasonably request in order to carry out the provisions and intent of this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested by the Collateral Agent.
13.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
14.    This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of laws principles.  Creditor and the Collateral Agent submit to the exclusive jurisdiction of the state and federal courts located in New York, New York in any action, suit, or proceeding of any kind, against it which arises out of or by reason of this Agreement.  CREDITOR AND COLLATERAL AGENT WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN.
15.    This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments.  Creditor is not relying on any representations by the Collateral Agent, the Lenders or Borrower in entering into this Agreement and Creditor has kept and will continue to keep itself fully apprised of the financial and other condition of Borrower.  This Agreement may be amended only by written instrument signed by Creditor and the Collateral Agent.

[Balance of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.
	
				
	 
	OXFORD FINANCE LLC, as 

	 
	Collateral Agent

	 
	 
	 
	 

	 
	By:
	 /s/ Mark Davis

	 
	Name:
	Mark Davis

	 
	Title:
	Vice President – Finance, Secretary and Treasurer

[Signature Page to Subordination Agreement]

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

	
				
	 
	CREDITOR:

	 
	 
	 
	 

	 
	DOMAIN PARTNERS VII, L.P.

	 
	 
	 
	 

	 
	By:
	One Palmer Square Associates VII, L.L.C.

	 
	Its:
	General Partner

	 
	 
	 
	 

	 
	By:
	/s/ Lisa A. Kraeutler

	 
	Name:
	Lisa A. Kraeutler

	 
	Title:
	Attorney-in-fact

[Signature Page to Subordination Agreement]

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

	
				
	 
	CREDITOR:

	 
	 
	 
	 

	 
	MORGENTHALER PARTNERS VIII, L.P.

	 
	 
	 
	 

	 
	By:
	Morgenthaler Management Partners VIII, LLC

	 
	Its:
	Managing Partner

	 
	 
	 
	 

	 
	By:
	/s/ Henry A. Plain, Jr.

	 
	Name:
	Henry A. Plain, Jr.

	 
	Title:
	Member

[Signature Page to Subordination Agreement]

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

	
				
	 
	CREDITOR:

	 
	 

	 
	AISLING CAPITAL III, LP

	 
	 
	 
	 

	 
	By:
	/s/ Lloyd Appel

	 
	Name:
	Lloyd Appel

	 
	Title:
	Chief Financial Officer

[Signature Page to Subordination Agreement]

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

	
				
	 
	CREDITOR:

	 
	 
	 
	 

	 
	CROSS CREEK CAPITAL, L.P.

	 
	 
	 
	 

	 
	By:
	Cross Creek Capital GP, L.P.

	 
	Its:
	Sole General Partner

	 
	 
	 
	 

	 
	By:
	Cross Creek Capital, LLC

	 
	Its:
	Sole General Partner

	 
	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

	
				
	 
	CREDITOR:

	 
	 
	 
	 

	 
	CROSS CREEK CAPITAL 
EMPLOYEES’ FUND, L.P.

	 
	 
	 
	 

	 
	By:
	Cross Creek Capital GP, L.P.

	 
	Its:
	Sole General Partner

	 
	 
	 
	 

	 
	By:
	Cross Creek Capital, LLC

	 
	Its:
	Sole General Partner

	 
	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

[Signature Page to Subordination Agreement]

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

	
				
	 
	CREDITOR:

	 
	 

	 
	RMI INVESTMENTS S.A.R.L.

	 
	 
	 
	 

	 
	By:
	 

	 
	Name:
	 

	 
	Title:
	 

[Signature Page to Subordination Agreement]

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

	
				
	 
	The undersigned approves of the terms of this Agreement

	 
	 
	 
	 

	 
	BORROWER:

	 
	 

	 
	MIRAMAR LABS, INC.

	 
	 
	 
	 

	 
	By:
	/s/ R. Michael Kleine

	 
	Name:
	R. Michael Kleine

	 
	Title:
	President & CEO

[Signature Page to Subordination Agreement]

Annex I
Legend to be added to Subordinated Debt instruments

“THIS UNSECURED/SECURED CONVERTIBLE PROMISSORY NOTE (AND ALL PAYMENT AND ENFORCEMENT PROVISIONS HEREIN) (THE “NOTE”) IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT DATED AS OF JANUARY 27, 2017, BY AND AMONG THE CREDITOR (AS DEFINED HEREIN), THE COMPANY (AS DEFINED HEREIN) AND OXFORD FINANCE LLC (THE “SUBORDINATION AGREEMENT”).  IN THE EVENT OF ANY INCONSISTENCY BETWEEN THIS NOTE AND THE SUBORDINATION AGREEMENT, THE TERMS OF THE SUBORDINATION AGREEMENT SHALL CONTROL.”Exhibit 10.9

 

借
款 合 同

Loan
Agreement

 

甲方(借款人):杭州新林果业有限公司 

Party
A (borrower): Hangzhou Xinlin Fruits Co., Ltd

 

乙方(出借人):杭州野之缘农业开发有限公司 

Party
B (lender): Hangzhou Yezhiyuan Agriculture Development Co., Ltd.

 

甲乙双方就下列事宜达成一致意见,签订本合同。 

Party
A and Party B agree on the following matters and sign the contract.

 

第一条具体约定:

Article
1 Specific agreement:

 

(一)、因杭州新林果业实际营运需要,现提出向杭州野之源提出流动资金借款申请,出借人向借款人提供不超过人民币一百万元整(RMB:1,000,000.00)的借款额度,额度内随借随还。

(A),
For the operation cash requirement, Party A proposed to apply for a credit line of RMB 1 million.

 

(二)、本合同借款用于法律允许范围内的正常生产经营活动。

(B)
the cash borrowed will only be used for the normal production and operation activities .

 

(三)、本合同借款期限自2016年1月1日起至2017年1月1日止。在合同规定的借款期内,借款方须按照同期银行的一年基准贷款利率4.35%向出借人支付利息,如果借款方提前归还本金,则利息按照实际借款天数计算。贷款利息在贷款到期日一次支付

 (C)
The term of this contract shall be from January 1, 2016 to the end of January 1, 2017. During the term of the loan stipulated
in the contract, the borrower shall pay the interest to the lender in accordance with the one-year benchmark lending rate of 4.35%
of PBOC. Loan interest should be paid at maturity

  

(四)、借款方保证截至2017年1月1日前,按本合同规定归还借款。借款方如果不按期归还款,逾期部分按同期人民银行贷款利率计算额外利息。 

(D)
The borrower ensure the principle borrowed will be paid by January 1, 2017. If the borrower fails to repay the loan, the overdue
portion of the interest will be charged as the rate of PBOC.

 

    

     

    

 

(五)、本合同借款的借款方式为信用借款。

(E)
This loan is the credit loan.

  

(六)、本合同自签订日起生效,一式两份,甲、乙双方各执一份。

(F)
This contract shall enter into force on the date of signing, in duplicate, and each party shall hold one copy.

  

第二条违约责任

 Liability
for breach of contract

 

一、
发生下列情况之一即构成违约:

One
of the following circumstances constitutes a breach of contract:

 

(一)甲方改变借款用途;

 

(二)甲方违反本合同约定,逾期或未按约定的金额归还借款;

 

(三)甲方提供的证明、资料等文件有虚假、非法的情况;

 

(四)甲方死亡、被宣告死亡、被宣告失踪、丧失民事行为能力后无继承人、受遗赠人、财产代管人、监护人或者其继承人、受遗赠人、财产代管人、监护人拒绝履行本合同;

 

(五)甲方其他可能影响归还乙方贷款的行为。

 

(A)
Party A changes the purpose of loans;

 

(B)
Party A fails to pay the principle on time or violate any terms in this contract

 

(C)
Party A provide false and illegal documents;

 

(D)
Party A is declared dead or is declared missing, no successor or legatee, the custodian, the guardian or the heirs, legatee, property
custodian, guardian refused to perform this contract incapacitated;

 

(E)
Other factors that may affect the repayment of Party B's loan.

 

    	 	2	 

     

    

 

第三条、发生违约情况时,乙方有权采取以下一种或多种措施:

In
the event of breaching the contract, Party B has the right to take one or more of the following measures:

 

(一)按中国人民银行的规定计收罚息和复利;

 

Charged
penalty interest and compound interest according to PBOC rules;

 

(二)要求甲方立即提前偿还部分或全部借款;

equire
Party A to repay some or all of the loan in advance;

 

(三)其他法律允许的措施。

other
measures permitted by law.

 

第三条纠纷的解决

Dispute
resolution

 

本合同履行中发生争议,各方协商解决,协商不成,各方同意采取向合同签订所在地人民法院起诉的方式解决。

Disputes
arising from the contract shall be settled through consultation between the parties, or else can attribute to local authorities.

 

甲方:杭州新林果业有限公司

 

Party
A: Hangzhou Xinlin Fruits Co., Ltd

/s/
Hangzhou Xinlin Fruits Co., Ltd

签订日期:2016年1月1日

Date
of signature: January 1, 2016

 

乙方
: 杭州野之缘农业开发有限公司

Party
B: Hangzhou Yezhiyuan Agriculture Development Co., Ltd.

/s/Hangzhou
Yezhiyuan Agriculture Development Co., Ltd.

签订日期:2016年1月1日

Date
of signature: January 1, 2016

 

 

3

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