Document:

ex109.htm

DISPATCHER - SHIPPER AGREEMENT

 

 

THIS AGREEMENT is made and entered on June 1 2011, by     and       between

 

Arcadia International, a California company who is engaged in the business of buys and sells trucks, cars, trailers, boats and other mechanical staff to locate and arrange transportation services for their cargoes. (Hereinafter referred to as "Shipper") and Development Capital Group Inc. Florida Corporation (hereinafter referred to as "Dispatcher").

 

1. TERM

 

The term of this Agreement shall be for one (1) year, shall automatically be renewed for successive one (1) year periods and shall cover all shipments arranged by Dispatcher  for Shipper within the validity of this Agreement; provided, however, that this Agreement may be terminated at any time by giving ten (10) days prior written notice to the other party.

 

2.  OPERATING AUTHORITY

 

Dispatcher represents that it is duly authorized to perform services under this agreement for compensation and that it holds contracts / agreements with carries including transportation service providers, motor carriers and other.

 

3. PAYMENT FOR SERVICES.

 

Shipper shall pay for the services provided by Dispatcher in accordance with payment terms set by Dispatcher for Shipper either in writing or orally. Payments shall be made by Shipper by company checks, by wire transfer to Dispatcher’s banking account or as agreed prior to the service / services provided. Shipper agrees not to use any transportation intermediaries other than Dispatcher so long as Dispatcher is able to provide them with transportation intermediaries who meet their needs. In exchange Dispatcher agreed to charge a fee of no more than a 10% mark up over that of the transportation provider. Arcadia is required to pay for our services within 10 business days after receiving the invoice.

 

4. CONSENT TO SCREEN CARGO.

 

Shipper by signing this Agreement authorizes consent to screen all cargo during the time of validity of this

Agreement

 

5. INDEPENDENT CONTRACTOR.

 

Dispatcher represents and warrants that it is an independent contractor under this Agreement and that its agents and/or employees are under Dispatcher 's exclusive management and control, and that Shipper neither exercises nor retains any control over Dispatcher, its operations, agents or employees in any manner.

 

6. CONTRACT CARRIERS.

 

Dispatcher shall make reasonable efforts to place Shipper’s cargoes with responsible carriers for the purposes of transporting the cargoes with reasonable dispatch under the direction of Shipper. However, the parties understand and agree that Dispatcher, by signing this Agreement, makes no express or implied warranties or guarantees concerning delivery time or the locating of a carrier to provide the transportation services requested by Shipper.

 

7. CARGO LOSS, DAMAGE, OR SHORTAGE.

 

Shipper shall not keep Dispatcher liable for acts and omissions by third parties including but not limited to carriers, warehousemen,  port  authorities  and  other  brokers  unless   Dispatcher has  failed  to  exercise  due  diligence  in selecting, instructing or supervising such third parties when applicable. In the event of a cargo loss, damage or shortage claim, Shipper agrees to notify Dispatcher immediately by phone and to subsequently submit to Dispatcher a written claim, fully supported by all relevant documentation, including but not limited to the signed delivery receipt, listing the nature and cause of the claim for cargo damage within five (5) days following the date of delivery or immediately when applicable and required by the insurance policy.   No claims or allowances for

 

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Shortages, damage or delay will be considered unless clearly noted on the delivery receipt or bill of lading signed by the consignee at delivery and unless cargo damage report / cargo loss report is drawn by the appropriate airport / port authorities when applicable.  Dispatcher assumes no liability for cargo loss, damage, or shortage.  However, Dispatcher agrees to submit, negotiate and settle all cargo claims with the responsible carrier and to keep Shipper advised of the status of all such claims.  Upon request by Shipper, Dispatcher shall assign its rights against the carrier to Shipper.  Nothing herein shall be construed to restrict any right or cause of action Shipper may have against any carrier involved with the transportation of Shipper’s cargo.

 

8. SECTION HEADINGS.

 

The numbered section headings appearing in this Agreement do not constitute any part of this Agreement and shall not be considered in its interpretation.

 

9. SIGNATURES / WRITINGS.

 

Except where certified mail is specified, this Agreement and subsequent writings relating to this Agreement must be signed and may be transmitted by facsimile or scanned and sent by electronic mail. The signatures n such facsimile and scanned copies shall operate to bind the parties with the same force and effect as original signatures.

10. ASSIGNMENT OF AGREEMENT.

No party may assign this Agreement without the prior written consent of the other party.  However, Dispatcher may co-broker any shipments made on behalf of Shipper under this Agreement.

11. CONFIDENTIALITY.

Except as required by Law, the terms and conditions of this Agreement and information pertaining to any shipment  hereunder  shall  not  be  disclosed  by  either  party  to  persons  other  than  its  directors,  officers, employees, agent, attorneys, accountants and auditors. The provisions of this paragraph shall survive the cancellation, termination or expiration of this Agreement.

12. COMPLETE AGREEMENT.

This Agreement constitutes the entire agreement of the parties with reference to the subject matters herein, and may not be changed, waived, or modified except in writing signed by both parties.  This Agreement shall be construed in accordance with the laws of the State of Florida and California.  All civil actions filed as a result of disputes arising out of this Agreement shall be filed in the court of proper jurisdiction in the State of Florida.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day and year first above written.

 

 

 

	DISPATCHER     	 	 	SHIPPER	 
	 	 	 	 	 
	DEVELOPMENT CAPITAL GROUP INC.  	 	 	Arcadia International	 
	STREET ADDRESS: 101 Plaza Real, Suite 201-B  	 	 	 
STREET ADDRESS: 14898 Waverly Downs Way

	 
	CITY / STATE, ZIP:  Boca Raton, FL  33432	 	 	 
 CITY / STATE, ZIP:  San Diego, CA  92128

	 
	 	 	 	 	 
	PHONE:  760-840-9409	 	 	PHONE:  619-507-5806	 
	 	 	 	 	 
	ON BEHALF OF DISPATCHER SIGNED BY: 	 	 	ON BEHALF OF SHIPPER SIGNED BY:	 
	 	 	 	 	 
	
/s/ Andriy Korobkin

	 	 	
/s/ Vladimir Shekhtman

	 
	
Andriy Korobkin

	 	 	
Vladimir Shekhtman

	 
	
Director

	 	 	
Owner

	 

 

Page 2 of 2ex10_24.htm

EXHIBIT 10.24

 

TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of March 31, 2011, is entered into between WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as successor by merger to Wachovia Capital Finance Corporation (Western), as Agent and Lender (in such capacities, “Lender”), IMAGE ENTERTAINMENT, INC., a Delaware corporation ("Image"), and IMAGE/MADACY HOME ENTERTAINMENT, LLC, a California limited liability company  ("Image/Madacy" and collectively with Image, the “Borrowers” and each a "Borrower").

 

RECITALS

 

A.             Image, Egami Media, Inc., a Delaware corporation (which has since been merged with and into Image), Image Entertainment (UK), Inc., a Delaware corporation (which has since been merged with and into Image), Home Vision Entertainment, Inc., a Delaware corporation (which has since been merged with and into Image), and Lender have previously entered into that certain Loan and Security Agreement dated May 4, 2007, as amended by that certain First Amendment to Loan and Security Agreement dated as of April 28 2008, as amended by that certain Second Amendment to Loan and Security Agreement dated as of June 23, 2009, as amended by that certain Third Amendment to Loan and Security Agreement dated as of July 30, 2009, as amended by that certain Fourth Amendment to Loan and Security Agreement dated as of January 8, 2010, as amended by that certain Fifth Amendment to Loan and Security Agreement dated as of April 15, 2010, as amended by that certain Sixth Amendment to Loan and Security Agreement dated as of May 3, 2010, as amended by that certain Seventh Amendment to Loan and Security Agreement dated as of July 29, 2010 (the "Seventh Amendment"), as amended by that certain Eighth Amendment to Loan and Security Agreement dated as of August 13, 2010, and as amended by that certain Ninth Amendment to Loan and Security Agreement dated as of November 3, 2010 (as amended, the “Loan Agreement”), pursuant to which Lender has made certain loans and financial accommodations available to Image.  Terms used herein without definition shall have the meanings ascribed to them in the Loan Agreement.

 

B.             Borrowers have requested that Lender amend the Loan Agreement in certain respects, and Lender is willing to accommodate such request on the terms and conditions set forth herein.

 

C.             Borrowers are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Lender’s rights or remedies as set forth in the Loan Agreement is being waived or modified by the terms of this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.             Amendment to Loan Agreement.

 

  

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(a)           Section 3.2(d) of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

“(d) Borrowers shall pay to Agent monthly, for Agent’s own account, a servicing fee in respect of Agent's services for each month (or part thereof, but excluding the months of April 2011 and May 2011) while this Agreement remains in effect and for so long thereafter as any of the Obligations are outstanding, which fee shall be fully earned as of and payable in advance on the first day of each month (other than April 1, 2011 and May 1, 2011) and shall be in an amount equal to: (i) Five Thousand Dollars ($5,000) on May 1, 2010, June 1, 2010, and July 1, 2010; (ii) Seven Thousand Five Hundred Dollars ($7,500) on August 1, 2010; (iii) Twelve Thousand Five Hundred Dollars ($12,500) on September 1, 2010; and (iv) Fifteen Thousand Dollars on October 1, 2010, and on the first day of each month thereafter (other than April 1, 2011 and May 1, 2011).”

 

2.             Section 2(a) of the Seventh Amendment is hereby amended and restated to read in its entirety as follows:

 

"(a)           Borrower shall pay to Lender an amendment fee in the amount of Five Hundred Thousand Dollars ($500,000) (the "Amendment Fee").  $100,000 of the Amendment Fee shall be non-refundable, fully earned, and due and payable by Borrower on the date of this Amendment.  The remaining portion of the Amendment Fee shall be non-refundable, fully earned, and due and payable by Borrower as follows: (a) $50,000 on September 30, 2010, (b) $50,000 on October 25, 2010, (c) $100,000 on December 31, 2010, (d) $100,000 on March 31, 2011, (e) $33,333.34 on April 30, 2011, (f) $33,333.33 on May 31, 2011, and (g) $33,333.33 on June 30, 2011.  Notwithstanding the foregoing, if the Loan Agreement is terminated and all Obligations are fully repaid prior to the date a portion of the Amendment Fee is fully earned and due and payable in accordance with the preceding sentence, Lender shall waive payment of such portion of the Amendment Fee."

 

3.             Effectiveness of this Amendment.  The effectiveness of this Amendment is subject to the following conditions precedent:

 

(a)           Lender shall have received this Amendment, fully executed in a sufficient number of counterparts for distribution to all parties.

 

(b)           The representations and warranties set forth herein and in the Loan Agreement shall be true and correct.

 

(c)           All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Lender.

 

  

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4.             Representations and Warranties.  Each Borrower represents and warrants as follows:

 

(a)           Authority.  Each Borrower has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Financing Agreements (as amended or modified hereby) to which it is a party.  The execution, delivery and performance by each Borrower of this Amendment have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions.

 

(b)           Enforceability.  This Amendment has been duly executed and delivered by each Borrower.  This Amendment and each Financing Agreement (as amended or modified hereby) is the legal, valid and binding obligation of each Borrower, enforceable against it in accordance with its terms, and is in full force and effect.

 

(c)           Representations and Warranties.  The representations and warranties contained in each Financing Agreement (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof.

 

(d)           Due Execution.  The execution, delivery and performance of this Amendment are within the power of each Borrower, have been duly authorized by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene any law or any contractual restrictions binding on any Borrower.

 

(e)           No Default.  No event has occurred and is continuing that constitutes an Event of Default.

 

5.             Choice of Law.  The validity of this Amendment, its construction, interpretation and enforcement, the rights of the parties hereunder, shall be determined under, governed by, and construed in accordance with the internal laws of the State of California governing contracts only to be performed in that State.

 

6.             Counterparts.  This Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

 

7.             Reference to and Effect on the Financing Agreements.

 

(a)           Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Financing Agreements to “the Loan Agreement”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as modified and amended hereby.

 

  

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(b)           Except as specifically amended above, the Loan Agreement and all other Financing Agreements, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Borrowers to Lender.

 

(c)           The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under any of the Financing Agreements, nor constitute a waiver of any provision of any of the Financing Agreements.

 

(d)           To the extent that any terms and conditions in any of the Financing Agreements shall contradict or be in conflict with any terms or conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended hereby.

 

8.             Estoppel.  To induce Lender to enter into this Amendment and to continue to make advances to Borrowers under the Loan Agreement, each Borrower hereby acknowledges and agrees that, as of the date hereof, there exists no right of offset, defense, counterclaim or objection in favor of any Borrower as against Lender with respect to the Obligations.

 

9.             Integration.  This Amendment, together with the other Financing Agreements, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

 

10.           Severability.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

[Remainder of Page Left Intentionally Blank]

 

  

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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

 

	 	IMAGE ENTERTAINMENT, INC.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ JOHN AVAGLIANO  	 
	 	Name:  	John Avagliano	 
	 	Title:	COO/CFO    	 
	 	 	 	 

 

	 	IMAGE/MADACY HOME ENTERTAINMENT, LLC, 	 
	 	a California limited liability company	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ JOHN AVAGLIANO  	 
	 	Name:  	John Avagliano	 
	 	Title:	CFO   	 
	 	 	 	 

 

	 	WELLS FARGO CAPITAL FINANCE, LLC,	 
	 	as Agent and Lender	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ CARLOS VALLES 	 
	 	Name:  	Carlos Valles	 
	 	Title:	Vice President   	 

 

 

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