Document:

ex10-7.htm

 

Exhibit 10.7

 

 

COMPLIANCE CERTIFICATE

	
Re:

	
Asset Purchase Agreement, dated April 1, 2010 (the “Agreement”), by and between NuStar Terminals Operations Partnership L.P., a Delaware limited partnership (“Seller”), and Blackwater Georgia, LLC, a Georgia limited liability company (“Purchaser”).

This Certificate is being delivered pursuant to Section 4.2.8 of the Agreement.

 

I, Michael H. Hoeltzel, DO HEREBY CERTIFY that I am the duly elected and qualified Vice President of Seller.

I hereby further certify that on and as of July 15, 2010 (the “Closing Date”), each of the representations and warranties of the Seller set forth in Article VI of the Agreement is true and correct in all material respects as though made at and as of the Closing Date.

DATED this 15th day of July, 2010.

 

	 	 	 	
NuStar Terminals Operations Partnership L.P., a

Delaware limited partnership

	 
	 	 	 	 	 
	
 

	 	 	

By: /s/ Michael H. Hoeltzel

	 
	
 

	 	 	

Michael H. Hoeltzel, Senior Vice Presidentex10-11.htm

Exhibit 10.11

 

 

BLACKWATER MIDSTREAM CORP.

 

SECRETARY'S CERTIFICATE

 

 

The undersigned, Dale Chatagnier, Secretary of Blackwater Midstream Corp., a Nevada corporation (the "Company"), does hereby certify as follows:

 

	
1.

	
Attached hereto as Exhibit A is a true, complete and correct copy of the resolutions adopted by the Directors of the Company, dated as of July 9, 2010, approving the purchase of NuStar Terminals Operations Partnership L.P.'s assets at the Brunswick, Georgia Terminal to, pursuant to an Asset Purchase Agreement dated April 1, 2010 (“Agreement”). Such resolutions have not been amended, altered, modified, or revoked and remain in full force and effect on the date hereof.

 

	
2.

	
On and as of the date hereof, the person whose name appears below is a duly elected, qualified, and acting officer of the Company and holds the office set forth opposite its name, and the signature appearing opposite its name is its genuine signature or an accurate facsimile thereof.

 

	
Name

	
Title

	
Signature

	
 

Dale Chatagnier

	
 

Secretary

	
 

/s/ Dale Chatagnier

 

 

IN WITNESS WHEREOF, I have hereunto set my hand effective as of the 15th day of July, 2010.

 

 

/s/ Dale Chatagnier

Dale Chatagnier, Secretary

 

ATTEST:

 

/s/ Michael D. Suder

Michael D. Suder, President

 

 

  

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EXHIBIT A

 

RESOLUTION

 

  

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UNANIMOUS CONSENT RESOLUTIONS

OF THE DIRECTORS OF

BLACKWATER MIDSTREAM CORP.

PURCHASE OF ASSETS AND

ASSUMPTION OF LEASE OBLIGATIONS

AT BRUNSWICK, GEORGIA FACILITY FROM

NUSTAR TERMINALS OPERATIONS PARTNERSHIP L.P.

The undersigned, being all of the members of the Board of Directors of Blackwater Midstream Corp., a Nevada corporation (the "Company"), hereby take the following actions and adopt the following resolutions by unanimous consent pursuant to the Nevada Corporations Code and the By-Laws of the Company:

WHEREAS, the Company is the Manager of Blackwater Georgia, L.L.C., a Georgia limited liability company (“Blackwater Georgia”);

WHEREAS, Blackwater Georgia has entered into that certain Asset Purchase Agreement with Nustar Terminals Operations Partnership L.P. ("NuStar"), dated as of April 1, 2010 (the “Purchase Agreement”) pursuant to which Blackwater Georgia will acquire certain assets from NuStar related to a storage facility situated in Brunswick, Georgia (the "Assets"), and assume lease obligations on lands and improvements described on the attached Exhibit A (the land and improvements located thereon shall be collectively referred to as the "Property"); and

WHEREAS, the Purchase Agreement provides, among other things, that the Company shall guarantee the prompt payment and performance of any and all obligations of Blackwater Georgia arising under the Purchase Agreement, including without limitation, Blackwater Georgia's indemnification obligations under Article IX of the Purchase Agreement.

NOW, THEREFORE, BE IT:

RESOLVED, that Blackwater Georgia purchase the Assets from, and assume the lease obligations with respect to the Property of, NuStar and/or from any other persons, firm, corporation, or entity with or without legal warranties for the price and sum of One Million Eight Hundred Thousand and No/100 ($1,800,000.00) Dollars, cash, plus the assumption of certain additional obligations and liabilities of NuStar set forth in the Purchase Agreement;

 

RESOLVED, that the President or Secretary of the Company, or such person's duly appointed attorney-in-fact (each an "Authorized Signatory"), be, and he is hereby, authorized and directed to do any and all things deemed necessary or advisable and in the best interest of the Company, in its capacity as the manager of Blackwater Georgia, in connection with the said purchase and assumption from NuStar, including without limitation, execute an assignment and assumption of lease, assignment and bill of sale, assignment and assumption of permits and contracts, and/or assumption and release agreement, containing such terms, conditions, limitations, provisions, and/or restrictions as he may, in his sole and uncontrolled discretion, deem necessary, proper, and/or advisable, and to enter into any and all other agreements and to do and perform any and all other acts which he may, in his sole and uncontrolled discretion, deem necessary, proper, and/or advisable to carry out the intent of these resolutions, the execution thereof by said Manager to fully evidence the Company’s approval thereof;

 

  

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FURTHER RESOLVED, that the aforesaid Authorized Signatory be, and he is hereby authorized and directed to bind the Company on a Continuing Guaranty whereby the Company absolutely and unconditionally guarantees to NuStar the prompt payment and performance of any and all obligations of Blackwater Georgia arising under the Purchase Agreement, including without limitation, Blackwater Georgia's indemnification obligations under Article IX of the Purchase Agreement;

FURTHER RESOLVED, that the seal of the Company and the attestation of the signature of the Authorized Signatory by the Secretary or an Assistant Secretary of the Company will not be necessary, but if the seal or such attestation is required by any party in connection with any of the transactions contemplated by these resolutions, the Secretary or any Assistant Secretary of the Company is hereby authorized to attest, for and on behalf of the Company, the signature of the Authorized Signatory upon any instrument, document or other writing executed on behalf of the Company by the Authorized Signatory and to affix the seal of the Company thereto;

FURTHER RESOLVED, that the officers of the Company are hereby severally authorized to (a) sign, execute, certify to, verify and acknowledge, deliver, accept, file and record any and all instruments and documents, and (b) take, or cause to be taken, any and all such action, in the name and on behalf of the Company, as, in any such officer's judgment, is necessary, desirable or appropriate in order to consummate the transactions contemplated by or otherwise to effect the purposes of the foregoing resolutions; and

This Unanimous Consent Resolution may be executed in one or more counterparts and each shall be deemed an original for all purposes and all of which together shall constitute one and the same Unanimous Consent Resolution.

 

 

This Unanimous Consent of all the Directors is dated as of July 9, 2010.

 

	 	/s/ Christopher A. Wilson	 	/s/ Michael D. Suder 	 
	 	Christopher A. Wilson	 	Michael D. Suder	 
	 	 	 	 	 
	 	 	 	 	 
	 	/s/ Herbert N. Whitney 	 	/s/ Mathijs Van Houweninge 	 
	 	Herbert N. Whitney	 	Mathijs Van Houweninge	 

 

 

4ex10-12.htm

Exhibit 10.12

 

NUSTAR TERMINALS OPERATIONS PARTNERSHIP L.P.

 

SECRETARY'S CERTIFICATE

 

 

The undersigned, Amy L. Perry, Vice President and Corporate Secretary of NuStar Terminals Operations Partnership L.P., a Delaware limited partnership (the "Company"), does hereby certify as follows:

 

	
1.

	
Attached hereto as Exhibit A is a true, complete and correct copy of the resolutions adopted by the Management Committee of the Company, dated as of July 12, 2010, approving the sale of the Company’s assets at the Brunswick, Georgia Terminal to Blackwater Georgia, L.L.C., pursuant to an Asset Purchase Agreement dated April 1, 2010 (“Agreement”). Such resolutions have not been amended, altered, modified, or revoked and remain in full force and effect on the date hereof.

 

	
2.

	
On and as of the date hereof, the person whose name appears below is a duly elected, qualified, and acting officer of the Company and holds the office set forth opposite its name, and the signature appearing opposite its name is its genuine signature or an accurate facsimile thereof.

 

	
Name

	
Title

	
Signature

	
 

Michael H. Hoeltzel

	
 

Senior Vice President

	
 

/s/ Michael H. Hoeltzel

 

 

IN WITNESS WHEREOF, I have hereunto set my hand effective as of the 15th day of July, 2010.

 

 

/s/ Amy L. Perry

Amy L. Perry

Vice President and Corporate Secretary

 

 

 

 

 

EXHIBIT A

 

RESOLUTIONex10-1.htm

EXHIBIT 10.1

 

Zhongshan City Weihe Appliances Co., Ltd. and Jiangmen City Jinxinglong Electrical Appliance Co., Ltd. Equity Ownership Transfer Agreement

Party A: Zhongshan City Weihe Appliances Co., Ltd.

 

Party B: Jiangmen City Jinxinglong Electrical Appliance Co., Ltd.

 

Party C: All Shareholders of Jiangmen City Jinxinglong Electrical Appliance Co., Ltd.

 

Party D: Asia Forever Investment Limited

 

Basic Information about All Parties in the Agreement

 

1.  Zhongshan City Weihe Appliances Co., Ltd (in the agreement referred as “Party A”, “acquirer” or “Weihe Electronics Appliances”) is a registered and legitimate existence of the limited liability company in Zhongshan City of Guangdong Province. It is mainly engaged in household decorative fans, energy saving lighting and other product development, production and sales. The ultimate shareholder of Zhongshan City Weihe Appliances is a public company “Home System Group”, which is incorporated as a Nevada corporation. Home System Group is currently listed on OTCBB and the ticker is HSYT.

 

2.  Jiangmen City Jinxinglong Electrical Appliance Co., Ltd. (in the agreement referred as “Party B”, “Jinxinlong Electronics Appliances” or “target company”) is a registered and legitimate existence of the limited liability company in Jiangmen City of Guangdong Province. It is mainly engaged in home appliance development, production, marketing and sales.

 

3.  Party C is all of the shareholders of Jiangmen City Jinxinglong Electrical Appliance Co., Ltd.(in the agreement referred as “Party C”, “Shareholders of Jinxinglong Electronics Appliances” or “shareholders of Target Company”). Party C holds 100% shares of Jinxinglong Electronics Appliances Co. Ltd. Among them, Jiangmen City Xinhui region Jinhua Metal Surface Decoration Co., Ltd holds 70% shares of Party B; Hongkong Jinhua Electricity Product Co., Ltd holds 30% shares of Party B.

 

4.  Asia Forever Investment Limited (in the agreement referred as “Party D” or “Rongya Asia Forever”) is a registered and legitimate existence of the limited liability company under the laws of Hongkong.

 

According to Party A and Party B respective advantages in product manufacture and marketing, in order to lead better cooperation, enhance cooperation and efficiency and improve market competitiveness, all parties reached the following agreement. All parties should follow the agreement in future cooperation.

  

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Article I Acquisition Mode

 

1.1 Party C agrees to transfer 100% of its shares held (in the agreement referred as “target shares”) in Jinxinglong Electronics Appliances to Party A and Party D with total price $ 15,000,000 (in the agreement referred as “target share price”). After the process of target share transfer, Party A will possess 70% of the shares of Party B and Party D will possess 30% the shares of Party B.

 

1.2 Party C confirms that Party B’s revenue and net income were approximately $ 20,000,000 and $ 2,500,000, respectively for the twelve months ended May 31, 2010.

 

1.3 Party B’s revenue and net income should be based on the audit report under US GAAP by PCAOB registered accounting firm which is hired by Party A and Party D. If the audit results show that Party B's actual net income is less than $2,500,000, Party A’s final acquisition price should be adjusted by the percentage of the difference. (If the audit results show that Party B's actual net income is more than $2,500,000, the acquisition price will be maintained unchanged.)

 

Article II Payment Method

 

2.1 First Installment: 5% of the target share price will be paid to Party C by Party A and Party D within 5 business days upon agreement effective date.

 

2.2 Second Installment: 15% of the target share price will be paid to Party C by Party A and Party D within 5 business days after completion of transfer of business registration process of target shares.

 

2.3 Third Installment: 20% of the target share price will be paid to Party C by Party A and Party D within 5 business days upon the completion of financial audit of Jinxinglong.

 

2.4 Fourth Installment: 30% of the target share price will be paid to Party C by Party A and Party D within 5 business days upon the completion of audit on financials of fiscal year 2010 of Jinxinglong.

 

2.5 Final Installment: final 30% of the target share price will be paid to Party C by Party A and Party D by December 31, 2011.

 

Article III Covenants

 

3.1 Party C Covenants

 

	
1.  

	
Party C guarantee that all documents are signed voluntarily and therefore acquire by legal authorization. And all documents signed do not against following documents: constitution of Party B; Any important contract which involved Party B or Party C; Any relevant law and administrative regulation.

 

	
2.  

	
Party C has the complete right of possession and the complete right of treatment of the target share.

 

	
3.  

	
The Company shall not, and (as applicable) shall not permit any of its Subsidiaries to:

 

  

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(1) Incur, assume or pre-pay any indebtedness for borrowed money or enter into any agreement to incur, assume or pre-pay any indebtedness for borrowed money.

 

(2) Establish any property mortgage; encumber guarantees or any of third-party interests or provide security for others.

 

(3) Make or forgive any loans, advances or capital contributions to, guarantees for the benefit of, or investments in, any party, other than loans between or among the Company and any of its Subsidiaries.

 

(4) Change any of the material policies, practices or procedures in the contract is not allow unless agreement has been made between parties.

 

(5) Make any substantive changes within the management team and employees that may cause significant impact on the company.

 

(6) Conduct any abnormal business purposes or enter into any substantive contract or capital commitments.

 

(7) Declare, set aside or pay any dividends on (whether in cash, stock or property), or make any other distributions in respect of any of its capital stock. 

(8 ) Change company’s basic business.

(9) Make any substantive purchases of any type of non-cash assets.

 

(10) Make any substantive changing company’s investment plan, or

 

(11) Make any other possible behaviors or actions might cause above-mentioned items.

 

4. After the effective date of the contract, any type of debt that is found or occurred before the agreement, and has not been notify to Party A and Party D prior to the agreement, Party C will be responsible for the debt. 

 

5. Party B and its subsidiary (if) do not have any incomplete lawsuit or any other legal action. If any incomplete lawsuit or legal action hasn’t been notified to the Party A and Party D before the agreement has been made, Party C is fully responsible for it.

 

3.2 Party A and Party D Covenants

 

1. Party A and Party D is a legally established and validly existing limited company, with all the necessary capacity to provide civil rights and power and perform all obligations of this agreement and responsibility.

 

2. The signing of this agreement and have been or will be fulfilled with all the necessary authorization without violating the constitution of Party A and Party D.

 

  

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Article 4 Liability for Breach of Covenant

 

4.1 All parties are prohibited by cheating, intimidating or any other illegal behavior. Party who conduct such behaviors will be held responsibility and shall compensate the losses of other parties.

 

4.2 Party A and Party D shall pay the overdue loans over the same period by the bank rate of interest if they are not able to pay the target share price on time.

 

Article 5 Law Applicability and Effect of the agreement

 

5.1 The Agreement applies to the laws of Guangdong Province, People's Republic of China.

 

5.2 This Agreement will be immediate effect after sealed and signed by all parties.

 

 

(Below of the agreement is blank.)

 

  

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(This page is signing page)

 

Party A:

 

 

Party B:

 

 

Party C:

 

 

Party D:

 

 

The agreement signing date: July 15th, 2010

 

The agreement signing location: Zhongshan City, Guangdong Province, China

 

 

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