Document:

Unassociated Document

    Exhibit 10.27

     

    ABCS
(2004) 1001

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Loan
Agreement

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Agricultural
Bank of China

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Loan
Agreement

    

    Contract
No.:11101200900000345

    

    Borrower
(full
name):                                           Duoyuan Digital Press
Technology Industries (China) Co. Ltd.

    Lender
(full
name):                                               Agricultural
Bank of China, Beijing
Chongwen District Branch

    

    After
discussion, both parties agree to enter into this Agreement in accordance with
the applicable national laws and regulations.

    

    Article
1                  Loan

    

    
      	
              1.

            	
              Type
      of Loan: Short
      term current capital

            

    

    

    
      	
              2.

            	
              Usage:
      Purchase of raw
      materials

            

    

    

    
      	
              3.

            	
              Currency
      and amount (capitalized): RMB
      10,000,000

            

    

    

    
      	
              4.

            	
              Term
      of Loan

            

    

    

    
      	
                      (1)

            	
              Refer
      to the table below for term of loan

            

    

    

    
      	
              Date
      of Drawdown

            	
              Due
      Date for Repayment

            
	
              Year

            	
              Month

            	
              Day

            	
              Amount

            	
              Year

            	
              Month

            	
              Day

            	
              Amount

            
	
              2009

            	
              3

            	
              13

            	
              RMB
      10,000,000

            	
              2010

            	
              3

            	
              12

            	
              RMB
      10,000,000

            
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

    

    (Any
exhibits attached due to lack of space above should form part of this
Agreement.)

    

    
      	
                  
          (2)

            	
              If
      the loan amount, date of drawdown, and/or the due date for repayment
      recorded in this Agreement are inconsistent with that recorded in the
      [proof of loan], the [proof of loan] shall prevail. The [proof of loan]
      shall be treated as part of this Agreement, and shall have the same legal
      effect as this Agreement.

            

    

    

    
      	
                
            (3)

            	
              Where
      the loan is denominated in a foreign currency, the borrower shall duly
      repay the principal and interest of this loan with the denominated foreign
      currency.

            

    

    

    
      	
              5.

            	
              Interest
      Rate

            

    

    

    The
applicable interest rate for RMB loan should be determined according to the
Paragraph
(2):

    

    
      	
                 
           (1)

            	
              Floating
      Rate

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
applicable interest rate is   /  
%   /  
(higher/lower) than the base rate, and the annual interest rate shall be   /  %.
The base rate for loans with terms less than 5 years (including 5-year loans)
shall be the benchmark rate published by the People’s Bank of China (“PBOC”) in the applicable
period; the base rate for loans with terms longer than 5 years shall be the
benchmark rate published by the PBOC plus   /  
(capitalized) percentage points.

    

    The
interest rate adjustment cycle shall be every ____ (capitalized) months. In the
event that the PBOC adjusts the benchmark rate for RMB loans, the Lender shall
determine the new applicable interest rate on the basis of the adjusted
benchmark rate for loans with corresponding terms and the above-mentioned
calculation method starting from the loan corresponding date of the first month
in the following cycle without further notice to the Borrower. If the benchmark
rate is adjusted on the same date as the loan drawdown date or the loan
corresponding date of the first month in the following cycle, the new applicable
interest rate shall be adopted starting from the date on which the benchmark
rate is adjusted. Should there be no loan corresponding date, the last date of
such month shall be regarded as the loan corresponding date.

    

    
      	
                
            (2)

            	
              Fixed
      Rate

            

    

    

    The
applicable interest rate shall be 10% higher (higher/lower)
than the benchmark rate, and the annual interest rate shall be 5.841% till the due
date for repayment. The base rate for loans with terms less than 5 years
(including 5-year loans) shall be the PBOC in the applicable period; the base
rate for loans with terms longer than 5 years shall be the benchmark rate
published by the PBOC plus   /  
(capitalized) percentage points.

    

     Where
the loan is denominated in a foreign currency, the applicable interest rate
shall be determined according to Paragraph /_
below:

    

    
      	
                     
       (1)

            	
              The
      interest rate comprised of   /  
      (capitalized) months’   /  
      (LIBOR/HIBOR) +   /  
      % spread, floating every   /  
      (capitalized) months. LIBOR/HIBOR shall refer to the London/HK interbank
      offered rates published by Reuters two business days prior to the value
      date.

            

    

    

    
      	
                     
       (2)

            	
              The
      annual interest rate shall be   /  
      % till the due date for repayment.

            

    

    

    
      	
                     
       (3)

            	
              Other
      method   /  .

            

    

    

    
      	
              6.

            	
              Interest
      Settlement

            

    

    

    The
interest on the loan under this Agreement shall be settled on a Quarterly
(Monthly/Quarterly) basis. The expiry date for interest shall be the 20th
day of the last month
of every quarter. The Borrower must pay the interest on the expiry date.
If the last repayment date of the principal of the loan is not on the same day
as the expiry date for interest, the outstanding interest shall be paid up with
the principal (daily interest rate = monthly interest rate / 30).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              Article
      2

            	
              If
      the following requirements are not fulfilled, the Lender has the right to
      not provide the loan under this
Agreement:

            

    

    

    
      	
              1.

            	
              The
      Borrower shall have set up a basic account
      with the Lender.

            

    

    

    
      	
              2.

            	
              The
      Borrower shall have provided the relevant documents and materials, and
      shall have complied with the relevant procedures in accordance with the
      Lender’s requirements.

            

    

    

    
      	
              3.

            	
              Where
      the loan is denominated in a foreign currency, the Borrower shall have
      complied with the relevant approval, registration, and other legal
      procedures related to the loan in accordance with the applicable legal
      procedures.

            

    

    

    
      	
              4.

            	
              Should
      there be any security in the form of a mortgage or pledge for the loan
      under this Agreement, the relevant registration and/or legal procedures
      such as insurance shall have been complied with pursuant to the Lender’s
      requirements, and such security and insurance shall remain valid for the
      term of this loan. Should there be any security in the form of a guarantee
      for the loan under this Agreement, the Guarantee Agreement shall have been
      executed and has become effective.

            

    

    

    Article
3      
           Rights and
Obligations of the Lender

    

    
      	
              1.

            	
              The
      Lender has the right to understand circumstances related to the Borrower’s
      production operations, financial activities, inventory levels, and usage
      of the loan proceeds, and to require the Borrower to submit relevant
      documents, materials, and information, such as financial statements etc.,
      on a periodic basis.

            

    

    

    
      	
              2.

            	
              Upon
      the occurrence of adverse actions or situations on the part of the
      Borrower that is material enough to affect the safety of the loan,
      including, without limitation, the actions and situations listed under 7,
      8, and 10 of Article 4, the Lender may suspend drawdown of the loan or
      recall loan amount drawn down
earlier.

            

    

    

    
      	
              3.

            	
              The
      Lender may withhold and collect from any of the Borrower’s accounts
      directly when retrieving or retrieving in advance loan principal,
      interest, default interest, compound interest, and other expenses payable
      by the Borrower pursuant to this
Agreement.

            

    

    

    
      	
              4.

            	
              Where
      the amount repaid by the Borrower is not sufficient to pay off the amount
      payable under this Agreement, the Lender may choose to use such amount to
      repay any of the principal, interest, default interest, compound interest,
      or expense(s).

            

    

    

    
      	
              5.

            	
              If
      the Borrower fails to perform its obligation of repayment, the Lender may
      make public disclosure of such breach of contract by the
      Borrower.

            

    

    

    
      	
              6.

            	
              The
      Lender shall issue the loan amount to the Borrower in full as scheduled
      pursuant to this Agreement.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Article
4                  Rights
and Obligations of the Borrower

    

    
      	
              1.

            	
              The
      Borrower is entitled to acquire and use the loan amount pursuant to this
      Agreement.

            

    

    

    
      	
              2.

            	
              The
      Borrower may process transaction settlement and deposits related to the
      Loan under this Agreement via the account provided under Article
      2.

            

    

    

    
      	
              3.

            	
              Where
      the loan is denominated in a foreign currency, the Borrower shall handle
      with relevant approval, registration, and other legal procedures related
      with the loan pursuant to relevant
regulations.

            

    

    

    
      	
              4.

            	
              The
      Borrower shall repay the principal and interest as scheduled. If an
      extension for repayment is required, the Borrower shall put forth an
      application in writing to the Lender 15 days prior to the due date for
      repayment, and shall enter into a separate Extension of Loan Repayment
      Agreement upon the approval of the
Lender.

            

    

    

    
      	
              5.

            	
              The
      Borrower shall use the Loan for the purposes provided in this Agreement.
      Unwarranted misappropriation or diversion is
  prohibited.

            

    

    

    
      	
              6.

            	
              The
      Borrower shall provide the Lender with authentic, complete and valid
      financial statements and other relevant materials and information, and
      cooperate with the Lender in inspecting the Borrower’s production &
      operation, financial activities, materials & inventory, and the use of
      the loan actively.

            

    

     

    
      	
              7.

            	
              The
      Borrower is not allowed to engage in sub-contracting, lease,
      transformation into stock company, joint-operation, merger, acquisition,
      separation, joint-venture, assets transfer, application for suspension of
      business rectification, application for dissolution, application for
      bankruptcy, and other behaviors that may cause the debtor-creditor
      relationship under this Agreement to change or that may affect the
      realization of the Lender’s creditor’s rights under this Agreement unless
      and until the Borrower notifies the Lender in writing, obtains approval
      from the Lender in advance, and makes arrangements for the assumption of
      such loan repayment responsibilities or makes early repayment of such
      loan.

            

    

    

    
      	
              8.

            	
              The
      Borrower shall notify the Lender in writing upon occurrence of any other
      situations that may adversely affect the Borrower’s performance of its
      repayment obligation under this Agreement other than the behaviors
      provided hereinabove, such as suspension of production, recession of
      business, cancellation of registration, revocation of its business
      license, its legal representative or executive officers engaging in
      illegal activities, being involved in major litigation or arbitration,
      going through serious difficulties in production and operation,
      deterioration of financial status, etc., and shall adopt measures approved
      by the Lender to protect its creditor’s
rights.

            

    

    

    
      	
              9.

            	
              The
      Borrower shall notify the Lender in writing and obtain approval from the
      Lender in advance if it provides guaranty for other person’s debt or uses
      it main assets for mortgage or pledge at any third party, which may affect
      its ability to repay the loan under this
  Agreement.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              10.

            	
              The
      Borrower and its investors are prohibited from taking out capital
      surreptitiously or transferring assets or shares without due authorization
      to evade its debts to the Lender.

            

    

    

    
      	
              11.

            	
              The
      Borrower shall notify the Lender in writing in a timely manner if there is
      any change in its name, legal representative, domicile, business scope,
      etc.

            

    

    

    
      	
              12.

            	
              The
      Borrower shall provide other guarantees approved by the Lender in a timely
      manner if the Guarantor of the Loan under this Agreement is in the
      following situations, such as suspension of production, recession of
      business, cancelation of registration, its business license being revoked,
      bankruptcy, and suffering operating losses, resulting in the loss of all
      or part of its ability to provide guaranty for the Loan; or if impairment
      occurs in the value of the mortgage, pledge, pledge rights for the Loan
      under this Agreement.

            

    

    

    
      	
              13.

            	
              The
      Borrower shall bear all expenses for attorney service, insurance,
      transportation, assessment, registration, custody, appraisal, notarization
      that are related to this Agreement and the guarantee
      hereunder.

            

    

    

    Article
5                  Repayment
in advance

    

    The
Borrower shall obtain approval from the Lender if it intends to make repayment
in advance. Upon approval of the Lender, interest shall be charged on the amount
of early repayment according to the 2nd
method below:

    

    
      	
              1.

            	
              According
      to the loan terms and applicable interest rate provided in this
      agreement;

            

    

    

    
      	
              2.

            	
              According
      to the actual loan term and an interest rate 0% higher than
      the applicable interest rate provided in this
  agreement.

            

    

    

    Article
6                  Liability
for breach of contract

    

    
      	
              1.

            	
              If
      the Lender fails to issue the loan to the Borrower in full as scheduled
      pursuant to this Agreement, as a result of which the Borrower suffers a
      loss, the Lender shall pay a penalty to the Borrower according to the
      amount involved in the breach of contract and the number of days delayed.
      The calculation method for such penalty shall be the same as that for the
      penalty interest on overdue loan in the same
  period.

            

    

    

    
      	
              2.

            	
              If
      Borrower fails to repay the principal within the term provided in this
      agreement, the Lender shall charge a penalty interest FIFTY
      (capitalized) percent higher than the applicable interest rate provided in
      this Agreement on the overdue loan starting from the first date the loan
      becomes overdue until the principal and interests are repaid in full. For
      RMB loans, if the loan benchmark interest rate published by the PBOC in
      the same period is increased during the overdue period, the penalty
      interest rate shall be increased accordingly from the date of such
      adjustment.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              3.

            	
              If
      the Borrower fails to use the loan for the purposes provided in this
      Agreement, the Lender shall charge a penalty interest of ONE
      HUNDRED 
      (capitalized) percent higher than the applicable interest rate provided in
      this Agreement on the part of loan that is misused starting from the
      occurrence of such misuse until the principal and interests are repaid in
      full. For RMB loans, if the loan benchmark interest rate published by the
      PBOC in the same period is increased during the overdue period, the
      penalty interest rate shall be increased accordingly from the date of such
      adjustment.

            

    

    

    
      	
              4.

            	
              The
      Lender shall charge compound interest on accrued interest payable pursuant
      to the relevant regulations of the
PBOC.

            

    

    

    The
accrued interest payable shall include accrued interest payable which was
incurred during the term of the loan (penalty interest for misuse shall be
included) and accrued interest payable which was incurred after the loan is
overdue (penalty interest for overdue and misuse shall be included). Compound
interest shall be charged on the accrued interest payable which was incurred
during the term of the loan according to the applicable interest rate provided
in this Agreement during the loan term, and according to the overdue penalty
interest rate starting from the due date for repayment. Compound interest shall
be charged on the accrued interest payable which was incurred after the loan is
overdue according to the overdue penalty interest rate starting from the due
date for repayment.

    

    
      	
              5.

            	
              If
      the Borrower breaches its obligations under this Agreement, the Lender is
      entitled to require the Borrower to rectify such breach of contract within
      a specified period, to suspend the loan, to retrieve the loans that had
      been paid ahead of schedule, to announce the immediate expiry of other
      loan agreements between the Borrower and the Lender, or to take other
      measures to protect assets.

            

    

    

    
      	
              6.

            	
              If
      any of the Guarantor breaches its obligations under this Agreement, the
      Lender is entitled to suspend the loan, to recall the loans that had been
      paid ahead of schedule, or to take other measures to protect
      assets.

            

    

    

    
      	
              7.

            	
              If
      the Lender realizes its creditor’s rights through litigation or
      arbitration due to the Borrower’s breach of contract, the Borrower shall
      bear all attorney fee, travel expenses, and other expenses related with
      the realization of such creditor’s
rights.

            

    

    

    Article
7                  Guarantee
for the Loan

    

    Mortgage is adopted
as the method of guarantee for the loan under this Agreement, and the guarantee
agreement shall be concluded separately. If the maximum amount allowed under the
guarantee method is adopted, the serial number of the guarantee agreement shall
be ____.

    

    Article
8                  Dispute
Resolution

    

    If any
dispute arises during the performance of this Agreement, both parties may choose
to resolve such dispute through consultation, or according to method ____
below:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              1.

            	
              Litigation.
      To be brought in the People’s Court under the jurisdiction where the
      Lender is domiciled.

            

    

    

    
      	
              2.

            	
              Arbitration.
      The dispute shall be submitted to   /  
      (the full name of the arbitration authority) for arbitration according to
      the applicable arbitration rules.

            

    

    

    During
the litigation or arbitration period, the terms which are not disputed shall
continue to be performed.

    

    Article
9                  Miscellaneous

    

      /  .

    

    Article
10               Effectuation
of the Agreement

    

    This
Agreement shall become effective upon execution and affixing seals by the
Borrower and the Lender.

    

    Article
11               Copies
of the Agreement

    

    This
Agreement is made in four original copies,
with each party holding one copy, the Guarantor holding one copy, and the competent registration
authority holding one copy, all of
which shall have the same legal effect.

    

    Article
12               Note

    

    The
Lender has highlighted to the Borrower that it should have a comprehensive and
accurate understanding of the printed terms in this Agreement and has provided
the necessary explanation where requested by the Borrower. Both parties have the
same understanding as to this Agreement.

    

    

    
      	
              Borrower
      (Signature / Seal):

              Duoyuan
      Digital Press Technology Industries (China) Co. Ltd.

               

              Legal
      Representative

              or
      Authorized Agent

            	
              Lender
      (Signature / Seal):

              China
      Agriculture Bank, Beijing Chongwen Branch

               

              Responsible
      Person

              or
      Authorized Agent

            
	 	 
	 	 

    

    
      

    

    

    Date:
March 13, 2009

    Place:
China Agriculture Bank, Beijing Chongwen BranchForm Offer Letter (Long Form, with Change in Control and Severance Provisions)

PROFIT PLANNERS MANAGEMENT, INC.

100 S. BEDFORD ROAD, SUITE 340

MT. KISCO, NY 10549

March 1, 2009

CONSULTING AGREEMENT

Wesley Ramjeet

110 West 40th Street, 

Suite 2503

New York, NY 10018

Dear Mr. Ramjeet:

Profit Planners Management, Inc. (the “Company”) is pleased to offer you a consulting relationship on the following terms:

1.

Position.  Your title will be Chief Executive Officer, and you will initially report to the Company’s Board of Directors.  This is not a full-time position.  By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.  The Company acknowledges that you are involved in various other business activities.

2.

Compensation.  The Company will pay you compensation at the rate of $1,500 per month beginning March 2009 and will continue until an end date has been agreed on.  

3.

Consulting Relationship.  This agreement with the Company is for no specific period of time.  Your relationship with the Company will be “at will,” meaning that either you or the Company may terminate your relationship at any time and for any reason, with or without cause.  Any contrary representations that may have been made to you are superseded by this letter agreement.  This is the full and complete agreement between you and the Company on this term.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your agreement may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

4.

Interpretation, Amendment and Enforcement.  This letter agreement constitute the complete agreement between you and the Company, contain all of the terms of your relationship with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company.  This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company.  The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your consulting relationship with the Company or 

Wesley Ramjeet
March 1, 2009
Page 2

any other relationship between you and the Company (the “Disputes”) will be governed by New York law, excluding laws relating to conflicts or choice of law.  You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in New York County, New York, in connection with any Dispute or any claim related to any Dispute.

5.

Definitions.  The following terms have the meaning set forth below wherever they are used in this letter agreement:

“Cause” means (a) your unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure has caused or could reasonably be expected to cause material harm to the Company, (b) your material breach of any agreement between you and the Company, after receiving written notification of such failure from the Company’s Board of Directors and a reasonable opportunity to cure, (c) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State thereof, (d) your continuing failure to perform assigned duties after receiving written notification of such failure from the Company’s Board of Directors or (e) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, office
rs or employees, if the Company has requested your cooperation.

“Change in Control” means (i) the consummation of a merger or consolidation of the Company with or into another entity or (ii) the dissolution, liquidation or winding up of the Company.  The foregoing notwithstanding, a merger or consolidation of the Company will not constitute a “Change in Control” if immediately after such merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of such continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to such merger or consolidation.

“Good Reason” means that you resign within 12 months after one of the following conditions has come into existence without your consent:

(a)

A change in your position with the Company that materially reduces your level of authority or responsibility, except for a change that is reasonably required in connection with a Change in Control;

(b)

A reduction in your base salary, other than in connection with a general reduction in the salaries of all employees as a result of the financial needs of the Company; or

(c)

Receipt of notice that your principal workplace will be relocated more than 30 miles.

“Involuntary Termination” means a Separation resulting from either (a) your involuntary discharge by the Company for reasons other than Cause or (b) your voluntary resignation for Good Reason; provided, however, that an Involuntary Termination shall not be 

Wesley Ramjeet
March 1, 2009
Page 3

deemed to exist in the event that the Company liquidates or dissolves and such liquidation or dissolution does not constitute a Liquidation Event under clause (A), (B) or (C) of such defined term in the Company’s Amended and Restated Certificate of Incorporation.

“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended.

* * * * *

You may indicate your agreement with these terms and accept this offer by signing and dating below.  

Very truly yours,

PROFIT PLANNERS MANAGEMENT, INC.

By  

/s/ Bradley Steere

Bradley Steere

Director

I have read and accept the terms of this consulting agreement:

/s/ Wesley Ramjeet              
Signature of Wesley Ramjeet
Dated:   3/1/2009

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