Document:

Exhibit 10.2

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN APPLICABLE EXEMPTION FROM REGISTRATION AND AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

FUSE TRADING LIMITED

PROMISSORY NOTE

	
$6,869,817.60 

	
Issue Date: March 20, 2017

 

For value received, FUSE TRADING LIMITED, a corporation organized under the laws of Hong Kong (the “Company”) and a wholly-owned indirect subsidiary of FUSE ENTERPRISES, INC. (the “Parent”), promises to pay to LANDBOND HOME LIMITED, a company organized under the laws of Samoa (the “Holder”), the principal sum of Six Million Eight Hundred Sixty Nine Thousand Eight Hundred Seventeen and Sixty Cent Dollars ($6,869,817.60) (the “Principal Amount”).  Interest shall accrue from the Issue Date of this Note on the unpaid principal amount at a rate equal to three percent (3.0%) per annum.  This Promissory Note (this “Note”) is issued on the Issue Date hereof pursuant to that certain Amended and Restated Promissory Note Purchase Agreement, dated on March 20, 2017, by and among the Company, the Parent and Holder (the “Purchase Agreement”).  This Note is subject to the following terms and conditions.

1)          Maturity; Interest Payments.

a)          This Note will mature and become due and payable on the date that is twelve (12) months from the Issue Date (“the Initial Term”); provided that Holder may, in its sole discretion, elect to extend the Initial Term for up to an additional twelve (12) months from the end of the Initial Term by written notice to the Company ten (10) days prior to the end of the Initial Term (the “Extended Term” and such date at the end of the Initial Term as may be extended any Extended Term, the “Maturity Date”).

b)          Interest shall accrue on this Note from the Issue Date, and such accrued interest (the “Interest”) shall be due and payable to the Holder at the end of each March, June, September and December following the Issue Date.  All accrued Interest may be paid to the Holder in immediately available funds.

(c)          Notwithstanding the foregoing, the entire unpaid Principal Amount, together with accrued and unpaid interest thereon, shall become immediately due and payable upon (i) the insolvency of the Company, the commission of any act of bankruptcy by the Company, or the execution by the Company of a general assignment for the benefit of creditors; (ii) the filing by or against the Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more; (iii) the appointment of a receiver or trustee to take possession of the property or

assets of the Company or (iv) the occurrence of an Event of Default.  An “Event of Default” shall exist upon a material breach or default by the Company of its obligations under this Note or the Purchase Agreement and the Company has failed to cure such breach or default within thirty (30) days following notice by the Holder of the occurrence of such breach or default.

2)          Payment; Prepayment.  All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may from time to time designate in writing to the Company.  Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal.  The Note may not be prepaid without the prior written consent of the Holder.

3)          Transfer; Successors and Assigns.  The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  The Holder may assign, pledge, or otherwise transfer this Note without the prior written consent of the Company.  Subject to the preceding sentence, this Note may be transferred only upon surrender of the original copy of this Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company.  Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee as Holder.  Interest and principal are payable only to the registered holder of this Note.

4)          Governing Law; Venue.  This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the internal laws of the State of Nevada, without giving effect to principles of conflicts of law.  Venue for any dispute arising out of this Agreement shall be exclusively in the state and federal courts located in Clark County, Nevada, and each party hereby expressly consents to the personal jurisdiction of such courts and irrevocably waives any objection to such venue based on forum nonconveniens.

5)          Notices.  Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery service or confirmed facsimile, or forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at such party’s address or facsimile number as included in the Purchase Agreement or as subsequently modified by written notice.

6)          Stockholders, Officers and Directors Not Liable.  In no event shall any stockholder, officer or director of the Company be liable for any amounts due or payable pursuant to this Note.

7)          Loss of Note.  Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction) or surrender and cancellation of such Note (in the case of mutilation), the Company will make and deliver in lieu of such Note a new Note of like tenor.

8)          Waiver of Jury Trial.  THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS

[signature page follows]

IN WITNESS WHEREOF, the undersigned have executed this Promissory Note as of the Issue Date set forth above.

COMPANY:

FUSE TRADING LIMITED

By: /s/ Choon Kang Roy Tan                   

Name: Choon Kang Roy Tan                              

Title: Director                                                         

AGREED TO AND ACCEPTED:

LANDBOND HOME LIMITED

By: /s/ Yong Zhang                                              

Name: Yong Zhang                                               

Title: CEOEX-4.1

 Exhibit 4.1 

ENPRO INDUSTRIES, INC., 
 as the
Company, 
 the Guarantors party hereto, 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Trustee 

EIGHTH SUPPLEMENTAL INDENTURE 

Dated as of March 24, 2017 

5.875% Senior Notes due 2022 

 EIGHTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
March 24, 2017, among ENPRO INDUSTRIES, INC. (the “Company”), the Guarantors party hereto (the “Guarantors”), and U.S. BANK NATIONAL ASSOCIATION, as trustee under the indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company, the Guarantors and the Trustee are party to an indenture, dated as of September 16, 2014 (as amended, supplemented
or otherwise modified, the “Indenture”), providing for the issuance of the Company’s 5.875% Senior Notes due 2022, initially in the aggregate principal amount of $300,000,000, and, pursuant hereto, in an additional aggregate
principal amount of $150,000,000 (the “Additional Securities”); 
 WHEREAS, Section 9.01(13) of the Indenture provides
that the Company may amend the Indenture to provide for the issuance of Additional Notes; 
 WHEREAS, the Company wishes to issue the
Additional Securities as Additional Notes (as defined in the Indenture) under the Indenture pursuant to Section 2.01 of the Indenture and as permitted by Section 4.03 of the Indenture; 

WHEREAS, in connection with the issuance of the Additional Securities, the Company and the Guarantors have each duly authorized the execution
and delivery of this Supplemental Indenture; and 
 WHEREAS, pursuant to Sections 2.01 and 9.01 of the Indenture, the parties hereto are
authorized to execute and deliver this Supplemental Indenture; 
 NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guarantors and the Trustee mutually covenant and agree for the benefit of the holders of the Notes as follows: 

1.    Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recitals hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the
benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular Section
hereof. 
 2.    Additional Notes. As of the date hereof, the Company will issue the Additional Securities. The
Additional Securities issued pursuant to this Supplemental Indenture constitute Additional Notes issued pursuant to Section 2.01 of the Indenture and shall be consolidated with and form a single class with the Initial Notes previously
established pursuant to the Indenture. The Additional Securities shall have the same terms and conditions in all respects as the Initial Notes, except that (i) the issue date of the Additional Securities shall be March 24, 2017, (ii)
interest shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from March 15, 2017, until the principal of the Additional Securities is due,
(iii) the issue price shall be 101.0% of the principal 

 
amount thereof, plus accrued interest from March 15, 2017 to the date hereof, (iv) the Additional Securities shall be subject to the Registration Rights Agreement, dated the date
hereof, among the Company, the Guarantors, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the initial purchasers, and (v) until the Additional Securities are registered and exchanged for Exchange Notes, the
Additional Securities will have different CUSIP numbers from the Initial Notes and will not be fungible with the Initial Notes. Subject to the foregoing, the Additional Securities shall be substantially in the form of Exhibit A to the Indenture. The
Additional Securities shall be issuable in whole or in part in the form of one or more Global Notes, in each case deposited upon issuance with the Trustee, as custodian for the Depository Trust Company, a New York corporation. 

3.    Aggregate Principal Amount. The aggregate principal amount of the Additional Securities that may be
authenticated and delivered pursuant to this Supplemental Indenture shall be $150.0 million. 

4.    Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of
Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5.    Definition Amendments for
Additional Notes. 
 (a)    The definition of “Regulation S Notes” in Appendix A of the Indenture is
amended to read as follows: “Regulation S Notes” means all Initial Notes and Additional Notes offered and sold outside the United States in reliance on Regulation S. 

(b)    The definition of “Rule 144A Notes” in Appendix A of the Indenture is amended to read as follows:
“Rule 144A Notes” means all Initial Notes and Additional Notes offered and sold to QIBs in reliance on Rule 144A. 

6.    Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 7.    Trustee Makes No Representation. The Trustee accepts the amendments
of the Indenture effected by this Supplemental Indenture on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee. Without limiting the
generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with
respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company and the Guarantors, in each case, by action or otherwise,
(iii) the due execution hereof by the Company and the Guarantors or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters.     

  
 -2- 

 8.    Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. Notwithstanding the foregoing, the exchange of copies of this
Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental
Indenture and signature pages for all purposes. 
 9.    Effect of Headings. The Section headings of this
Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions here. 

[Remainder of page intentionally left blank.] 

  
 -3- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	ENPRO INDUSTRIES, INC.
		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	General Counsel, Chief Administrative
		 	Officer and Secretary
	
	 APPLIED SURFACE TECHNOLOGY, INC.,

as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 BELFAB, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 COLTEC INTERNATIONAL SERVICES CO.,

as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Chairman, President and CEO
	
	 COMPRESSOR PRODUCTS INTERNATIONAL LLC,

as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary

  

  
 [Signature Pages to
Eighth Supplemental Indenture] 

			
	 ENPRO ASSOCIATES, LLC,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 ENPRO HOLDINGS, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 FAIRBANKS MORSE, LLC,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 GARLOCK HYGIENIC TECHNOLOGIES, LLC,

as Guarantor

		
	By:	 	 /s/ Christopher Drake

	Name:	 	Christopher Drake
	Title:	 	Vice President and Secretary
	
	 GARLOCK PIPELINE TECHNOLOGIES, INC.,

as Guarantor

		
	By:	 	 /s/ Christopher Drake

	Name:	 	Christopher Drake
	Title:	 	Vice President and Assistant Secretary

  
 [Signature Pages to
Eighth Supplemental Indenture] 

 
			
	 GGB, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 GGB LLC,
 as Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President and Secretary
	
	 STEMCO KAISER INCORPORATED,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 STEMCO LP,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 STEMCO PRODUCTS, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President

  
 [Signature Pages to
Eighth Supplemental Indenture] 

 
			
	 TECHNETICS GROUP DAYTONA, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 TECHNETICS GROUP LLC,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President
	
	 TECHNETICS GROUP OXFORD, INC.,
 as
Guarantor

		
	By:	 	 /s/ Robert S. McLean

	Name:	 	Robert S. McLean
	Title:	 	Vice President

  
 [Signature Pages to
Eighth Supplemental Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

not in its individual capacity, but solely as

Trustee

		
	By:	 	 /s/ Allison Lancaster - Poole

	Name:	 	Allison Lancaster - Poole
	Title:	 	Vice President

  
 [Signature Pages to
Eighth Supplemental Indenture]

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