Document:

Unassociated Document

 

ASSIGNMENT OF ROYALTIES AGREEMENT

 

This Assignment of Royalties Agreement (this “Assignment”), dated as of July 18,  2011, and effective as of the Effective Date (as defined herein), is entered into by and between American Petro-Hunter, Inc., a Nevada corporation (“Assignor”) and Centennial Petroleum Partners, LLC (“Assignee”).  Unless otherwise indicated, capitalized terms used in this Assignment are defined in Annex A hereto.

 

RECITALS

 

WHEREAS, Assignor is the owner of the Receivables (as defined herein) and the Related Rights (as defined herein); and

 

WHEREAS, in connection with the execution of that certain Amendment to Amended and Restated Convertible Debenture, between Assignor and Maxum Overseas Fund (“Maxum”), dated on or about the date hereof (the “Amendment”), Assignor desires to assign, transfer and convey to Assignee, the Receivables and Related Rights, and the Assignee is willing, on the terms and subject to the conditions set forth herein, to acquire the Receivables and Related Rights from Assignor.

 

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

 

ARTICLE I

ASSIGNMENT AND PURCHASE PRICE

 

Section 1.1.      Assignment of Receivables and Related Rights.

 

Effective as of the Effective Date and subject to the terms set forth herein, Assignor hereby irrevocably and unconditionally assigns, transfers, sets-over and otherwise conveys to Assignee, without recourse to Assignor as to the Receivables and the Related Rights, and the Assignee does hereby irrevocably and unconditionally receive from Assignor, all of Assignor’s right, title and interest in and to the Receivables and all Related Rights with respect thereto (the “Royalty Stream”).

 

Section 1.2.      Further Assurances.

 

Assignor will execute and deliver to Assignee such other instruments and documents, and take such further actions as Assignee may reasonably request from Assignor, to perfect Assignee’s ownership interest in the Royalty Stream.

 

Section 1.3.      Reversion.

 

In the event Maxum breaches any of its obligations under the Debenture, as amended, and such breach, if curable, is not cured within thirty (30) days after receiving written notice thereof from the Company, Assignee agrees that it hereby irrevocably and unconditionally assigns, transfers, sets-over and otherwise conveys back to Assignor, effective as of the date of such breach, the Royalty Stream, and will execute and deliver to Assignor such other instruments and documents, and take such further actions as Assignor may reasonably request from Assignee, to perfect Assignior’s ownership interest in the Royalty Stream.

 

  

  

  

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1.      Representations of Assignor.

 

2.1.1   Due Incorporation and Good Standing.  Assignor is a corporation, duly organized, validly existing and in good standing under the laws of the state of Nevada.

 

2.1.2   Power and Authority; Due Authorization.  Assignor (i) has all necessary power, authority and legal right (A) to execute and deliver this Assignment, (B) to carry out the terms of this Assignment, and (ii) has duly authorized by all necessary partnership action the execution, delivery and performance of this Assignment.

 

2.1.3   Binding Obligations.  This Assignment constitutes, a legal, valid and binding obligation of Assignor, enforceable in accordance with its terms.

 

Section 2.2.      Representations of Assignee.

 

2.2.1   Authority. Assignee has all necessary power, authority and legal right (i) to execute and deliver this Assignment and (ii) to carry out the terms of this Assignment.

 

2.2.2   Binding Obligations.  This Assignment constitutes, a legal, valid and binding obligation of Assignee, enforceable in accordance with its terms.

 

Section 2.3.      Non-Recourse Assignment.

 

Assignee acknowledges that it has made an independent investigation and assessment of the Receivables and Related Rights.  Assignee further acknowledges that the assignment of the Receivables and Related Rights to Assignee is being made without representation or warranty, express or implied as to their quality, character, amount, collectability, or anything else (other than as expressly stated in this Assignment), and that Assignee shall have no claim or recourse against Assignor based upon any such matter.

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1.      Binding Effect; Assignability.

 

This Assignment shall be binding upon and inure to the benefit of Assignee and Assignor and their respective successors and permitted assigns.

 

  

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Section 3.2.      Governing Law.

 

This Assignment will be governed by the laws of the State of Nevada applicable to contracts between Nevada residents wholly to be performed in Nevada.

 

Section 3.3.      Headings.

 

The various headings in this Assignment are included for convenience only and shall not affect the meaning or interpretation of any provision of this Assignment.

 

Section 3.4.      Execution in Counterparts.

 

This Assignment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of this Assignment by facsimile or electronic transmission shall be effective as delivery of an original, executed counterpart hereof.

 

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IN WITNESS WHEREOF, the parties have caused this Assignment of Accounts Receivable to be duly executed and delivered as of the date first above written.

 

ASSIGNOR:

 

	 	

American Petro-Hunter, Inc.

	 
	 	

a Nevada corporation

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	

Robert McIntosh

	 
	 	 	

Chief Executive Officer

	 
	 	 	 	 

 

 

	

ASSIGNEE:

	

Centennial Petroleum Partners, LLC

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	 	 
	 	Name: 	 	 
	 	 	 	 
	 	Title: 	 	 
	 	 	 	 

 

  

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ANNEX A

DEFINITIONS

 

The following terms have the respective meanings indicated below:

 

“Collections” means with respect to any Receivable, all funds which either are received by the Assignee or Assignor in payment of any amounts owed in respect of such Receivable or applied to such amounts.

 

“Debenture” shall have the meaning given to it in the Amendment.

 

“Effective Date” means July 1, 2011.

 

“Receivable” means three percent (3%) of all accrued and unpaid accounts receivable and other indebtedness and payment intangibles (including, without limitation, obligations evidenced by an account, note, instrument, contract, security agreement, chattel paper, general intangible or other evidence of indebtedness or security) from the sale of extracted oil, gas or other minerals of the Company.

 

“Related Rights” means, collectively, with respect to any of Assignor’s Receivables:

 

(i)            all rights to, but not the obligations under, all invoices with respect to any of such Assignor’s Receivables;

 

(ii)            all monies due or to become due with respect to the Receivables or its rights described in clause (i) above; and

 

(iii)            all Collections in respect of such Receivables.

 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.Unassociated Document

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made this 7th day of July, 2011 (“Effective Date”), between Muscle Pharm Corp. (“Seller”), of 4721 Ironton Street, Building A, Denver, CO 90839, and, Carriage Group, LLC (“Buyer”), of 158 Windmill Area, Charlestown, Nevis, West Indies.

WHEREAS, Seller is the owner of 20,000,000 common stock shares ("Shares") of Muscle Pharm Corp. (MSLP) (the "Corporation"), a corporation organized under the laws of the State of Nevada (the “Jurisdiction”); and

WHEREAS, Buyer desires to purchase the Shares upon the terms and conditions described below;

 

NOW, THEREFORE, IT IS AGREED AS FOLLOWS:

 

Section 1. Purchase Price.  Buyer hereby agrees to purchase from Seller and Seller agrees to sell to Buyer all of the Shares for the sales price per share of USD$0.025, which results in the aggregate price of USD$500,000.00.

 

Section 2. Representations and Warranties of Seller. Seller hereby represents and warrants that:

 

A. Seller is the sole owner of the Shares and no other person or entity has or is entitled to make a claim of ownership of the Shares;

 

B. The Shares now stand in the treasury of the Corporation and Seller as part of its authorized and unissued shares, and as the issuer the Corporation has the right to sell the Shares of the Corporation;

C. Seller is free to transfer the Shares to Buyer;

 

D. There are no liens, security interests, legal impediments or other encumbrances on the Shares;

 

E. The Shares are fully paid and non-assessable or will not be subject to any outstanding assessment as of the date of transfer; and

 

F. Seller agrees to have the issuance of the Shares authorized by its board of Directors and reviewed by its corporate counsel so that it may legally issue the Shares on the Effective Date.

 

Section 3. Method of Payment.  Buyer agrees to make payment of the total amount of the purchase price described in Section 1 above by wire transfer, or such other method as is acceptable to Seller, to an account designated by Seller.

 

  

  

  

 

Section 4. Closing Procedure and Title Transfer.  Seller and Buyer agree that the purchase and sale of the Shares shall be completed on the Effective Date.

 

Section 5. Law Governing.  This Agreement shall be governed by and construed in accordance with the laws of the Jurisdiction.

 

Section 6. Additional Documents.  The parties shall execute and deliver all other appropriate supplemental agreements and other instruments and take any other action necessary to make this Agreement fully and legally effective, binding and enforceable, as between the parties, and as against third parties.

 

Section 7. Notices.  Any notice under this Agreement shall be in writing and shall be effective when actually delivered in person or three days after being deposited with a recognized, worldwide carrier service (FedEx, DHL, etc.), with all costs and customs prepaid by the sender, and addressed to the party at the address stated in this Agreement or such other address as either party may designate by written notice to the other.

 

Section 8. Time.  Time is of the essence of this Agreement.

 

Section 9. Survival.  Any of the terms and covenants contained in this Agreement which require the performance of either party after the Effective Date shall survive the Effective Date and delivery of the certificate for the Shares.

 

Section 10. Waiver.  Failure of either party at any time to require performance of any provision of this Agreement shall not limit the party's right to enforce the provision, nor shall any waiver of any breach of any provision be a waiver of any succeeding breach of any provision or a waiver of the provision itself for any other provision.

 

Section 11. Assignment.  Except as otherwise provided within this Agreement, neither party hereto may transfer or assign this Agreement without prior written consent of the other party.

 

Section 12. Attorney Fees.  In the event a suit or action is brought by any party under this Agreement to enforce any of its terms, or in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable attorneys fees and all required costs.

 

Section 13. Presumption.  This Agreement, or any section thereof, shall not be construed against any party due to the fact that it was drafted by said party.

 

Section 14. Titles and Captions.  All article, section, and paragraph titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the context nor affect the interpretation of this Agreement.

 

Section 15. Pronouns and Plurals.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the Person or Persons may require.

 

 

Stock Purchase Agreement

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Section 16. Entire Agreement.  This Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements among them respecting the subject matter of this Agreement.

 

Section 17. Agreement Binding.  This Agreement shall be binding upon the heirs, executors, administrators, successors, and assigns of the parties hereto.

 

Section 18. Further Action.  The parties hereto shall execute and deliver all documents, provide all information, and take or forbear from all such action as may be necessary or appropriate to achieve the purposes of this Agreement.

 

Section 19. Good Faith, Cooperation and Due Diligence.  The parties hereto covenant, warrant and represent to each other good faith, complete cooperation, due diligence, and honesty in fact in the performance of all obligations of the parties pursuant to this Agreement. All promises and covenants are mutual and dependent.

 

Section 20. Parties in Interest.  Nothing herein shall be construed to be to the benefit of any third party, nor is it intended that any provision shall be for the benefit of any third party.

 

Section 21. Savings Clause.  If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.

 

*  *   *   *   *

 

IN WITNESS WHEREOF, this Agreement has been made in duplicate, Seller and Buyer have each caused this Agreement to be executed by an authorized person as of the date first above written, and the parties hereto shall each keep one (1) original copy of the Agreement.

	  	 	  	 
	
SELLER

	 	
BUYER

	 
	
Muscle Pharm Corp.

	 	
Carriage Group, LLC.

	 
	  	 	  	 
	  	 	  	 
	  	 	  	 
	
 /s/ Brad J. Pyatt

	 	
/s/ Carriage Group, LLC

	 
	
Authorized Signature

	 	
Authorized Signature

	 

 

 

Stock Purchase Agreement

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