SEC Contract Filing

Filing Date: 2023-11-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.81
<SEQUENCE>9
<FILENAME>bmmj_ex1081.htm
<DESCRIPTION>CONVERTIBLE CREDIT FACILITY AGREEMENT
<TEXT>
<html><head><title>bmmj_ex1081.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>&nbsp;EXHIBIT 10.81</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>CONVERTIBLE CREDIT FACILITY AGREEMENT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>THIS CONVERTIBLE CREDIT FACILITY AGREEMENT </strong>(this &#8220;<u>Agreement</u>&#8221;) is made as of December 26, 2019, (the &#8220;<u>Effective Date</u>&#8221;) by and among NMG IL 4, LLC, an Illinois limited liability company (the &#8220;<u>Company</u>&#8221;), and DEP Nevada, Inc., a Nevada corporation (the &#8220;<u>Lender</u>&#8221;). Capitalized terms not otherwise defined in this Agreement shall have the meanings ascribed to them in Section 1 of this Agreement. Lender and Company may each individually be referred to as a &#8220;<u>Party</u>&#8221; or collectively as, the &#8220;<u>Parties</u>.&#8221;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"><strong>WHEREAS, </strong>Company is desirous of obtaining from Lender a credit facility to be used in the operation of Company&#8217;s business;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"><strong>WHEREAS, </strong>Company represents that the availability of additional credit will benefit Company and its business;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"><strong>WHEREAS, </strong>Lender is willing to provide such credit as requested by Company and to make loans thereunder, upon and subject to the terms and conditions set forth in this Agreement; and</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"><strong>WHEREAS, </strong>the Parties intend for the Company to issue in return for the credit facility one or more convertible notes convertible into Conversion Units upon the terms and conditions set forth herein.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"><strong>NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">1. <u>Definitions</u>.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">a. &#8220;<u>Act</u>&#8221; shall have the meaning ascribed thereto in Section 6(e) of this Agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">b. &#8220;<u>Additional Tax Payment</u>&#8221; shall have the meaning ascribed thereto in Section 7(b) of this Agreement</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">c. &#8220;<u>Applicable Laws</u>&#8221; means any and all local, state and federal laws, rules and regulations applicable to Company; provided, however, that notwithstanding anything to the contrary contained herein, the CSA shall for purposes hereof not constitute an Applicable Law, and a violation of the CSA shall not be deemed to constitute non-compliance with Applicable Law as used herein.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">d. &#8220;<u>Collection Costs</u>&#8221; means reasonable costs related to recovery of unpaid payments of the Credit Balance following an Event of Default, including, but not limited to, administrative and attorney&#8217;s fees that may be incurred by Lender and/or Lender&#8217;s representatives in an effort to collect past due amounts owed to Lender.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">e. &#8220;<u>Company&#8217;s Obligations</u>&#8221; shall mean any and all present and future indebtedness (principal, interest, fees, collection costs and expenses, attorneys&#8217; fees and other amounts), liabilities and obligations (including, without limitation, indemnity obligations) of Company t