SEC Contract Filing

Filing Date: 2017-05-15

Document Content:
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<TYPE>EX-10.45
<SEQUENCE>4
<FILENAME>mbii-ex1045_175.htm
<DESCRIPTION>EX-10.45
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<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.45</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">SUBORDINATION AGREEMENT</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This SUBORDINATION AGREEMENT, dated as of March <font style="text-decoration:underline;">28</font>, 2017 (this "Agreement"), is among &#8211; Five Star Bank (the "Subordinating Creditor"), Marrone Bio Innovations, Inc., (the "Debtor"), and LSQ Funding Group L.C. (the "Senior Creditor").</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">RECITALS</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A. Senior Creditor has or expects to acquire a security interest in assets of the Debtor in which the Subordinating Creditor has an interest, including but not limited to the Senior Creditor Collateral.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B. Debtor and Subordinating Creditor are or may become parties to the Subordinating Creditor Agreements.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">C. The Creditors are executing this Agreement to set forth their lien priorities with respect to the Senior Creditor Collateral.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the premises, and intending to be legally bound hereby, the Creditors hereby agree as follows:</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#auto;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">AGREEMENT</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1. <font style="font-weight:bold;">DEFINITIONS</font>.&nbsp;&nbsp;The following terms used herein shall have the following meaning.&nbsp;&nbsp;All capitalized terms not herein defined shall have the meaning set forth in the Uniform Commercial Code:</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.1. "<font style="font-weight:bold;">Bankruptcy Code</font>" - Title 11 of the United States Code.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.2. "<font style="font-weight:bold;">Chosen State</font>" - California.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.3. "<font style="font-weight:bold;">Creditors</font>" - The Subordinating Creditor and the Senior Creditor.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.4. "<font style="font-weight:bold;">Debtor</font>" - See preamble.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.5. "<font style="font-weight:bold;">Party</font>" - Each of the Subordinating Creditor, the Debtor, and the Senior Creditor.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.6. "<font style="font-weight:bold;">Secondary Collateral</font>" - Collateral of a Creditor holding a security interest which is inferior to the priority of the other Creditor.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.7. "<font style="font-weight:bold;">Senior Creditor</font>" - See preamble.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:4.13%;text-indent:0%;color:#auto;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.8. <font style="font-weight:bold;">