SEC Contract Filing

Filing Date: 2018-05-17

Document Content:
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<TYPE>EX-10.4
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<FILENAME>d587045dex104.htm
<DESCRIPTION>EX-10.4
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<TITLE>EX-10.4</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Execution Version</I> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT 2 TO TERM LOAN AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDMENT 2 TO TERM LOAN AGREEMENT, dated as of May&nbsp;16, 2018 (this &#147;<B><I>Amendment</I></B>&#148;) is made among BioDelivery
Sciences International, Inc. (&#147;<B><I>Borrower</I></B>&#148;), CRG Servicing LLC, as administrative agent and collateral agent (in such capacity, &#147;<B><I>Administrative Agent</I></B>&#148;) and the lenders listed on the signature pages
hereof under the heading &#147;LENDERS&#148; (each a &#147;<B><I>Lender</I></B>&#148; and, collectively, the &#147;<B><I>Lenders</I></B>&#148;), with respect to the Term Loan Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Borrower, Agent and the Lenders are parties to the Term Loan Agreement, dated as of February&nbsp;21, 2017, with the Subsidiary Guarantors from time to time party thereto, as amended by Amendment 1 to Term Loan Agreement, dated as of
December&nbsp;15, 2017 (collectively, the &#147;<B><I>Loan Agreement</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto desire to amend each of
the Term Loan Agreement on the terms and subject to the conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 1.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions;
Interpretation</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<B>Terms Defined in Loan Agreement</B>. All capitalized terms used in this Amendment
(including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<B>Interpretation</B>. The rules of interpretation set forth in <B>Section</B><B></B><B>&nbsp;1.03</B> of the Loan
Agreement shall be applicable to this Amendment and are incorporated herein by this reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 2.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Amendments to
Term Loan Agreement</B>. Subject to <B>Section</B><B></B><B>&nbsp;3 </B>of this Amendment, the Loan Agreement is hereby amended as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;The definition of &#147;Interest Only Period&#148; in <B>Section</B><B></B><B>&nbsp;1.01 </B>of the Loan Agreement
is amended and restated in its entirety as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest-Only Period</I></B>&#148; means the period from
and including the first Borrowing Date and through and including (a)&nbsp;the twelfth (12th) Payment Date following the first Borrowing Date or (b)&nbsp;so long as no Default or Event of Default has occurred and is continuing, the sixteenth (16th)
Payment Date following the first Borrowing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;The definition of &#147;PIK Period&#148; in
<B>Section</B><B></B><B>&nbsp;1.01</B> of the Loan Agreement is amended and restated in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>PIK Period</I></B>&#148; means the period beginning on the first Borrowing Date through and including the earlier
to occur of (a)&nbsp;the sixteenth (16)&nbsp;Payment Date after the first Borrowing Date), and (b)&nbsp;the date on which any Default </P>

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shall have occurred (<I>provided </I>that (i)&nbsp;if such Default shall have been cured or waived, the PIK Period shall resume until the earlier to occur of the next Default and sixteenth (16<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>) Payment Date, after the first Borrowing Date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3&nbsp;&nbsp;&nbsp;&nbsp;<B>Section
3.01(a)</B> of the Loan Agreement is amended and restated in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<B>Repayment</B>. During the Interest-Only Period, no scheduled payments of principal of the Loans
shall be due. Borrower agre