Document:

DATED the 27 day of December
2012

 

 

 

ARISTO TECHNOLOGIES LIMITED

 

 

and

 

 

ATLANTIC COMPONENTS LIMITED

 

 

and

 

 

USMART ELECTRONIC PRODUCTS LIMITED

 

 

* * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * *

 

 

 

DEBT ASSIGNMENT

 

 

 

* * * * * * * * * * * * * * *
* * * * * * * * * * * * * * * *

 

 

 

 

 

 

 

 

 

 

 

FUNG, WONG, NG & LAM

SOLICITORS & NOTARIES

ROOM 8, 4TH FLOOR

NEW HENRY HOUSE

10 ICE HOUSE STREET, CENTRAL

HONG KONG

TEL: 28698008 / 28518111

FAX: 28691080 / 28517555

 

REF: RN/2016061

    	 

    	 

    

THIS ASSIGNMENT is made on the 27
day of December 2012

 

BETWEEN

		(1)	ARISTO TECHNOLOGIES LIMITED (CR No.575562) whose registered office is situate at B24-27,
1/F., Block B, Proficient Industrial Centre, 6 Wang Kwun Road, Kowloon Bay, Kowloon, Hong Kong (the “Assignor”);

 

		(2)	ATLANTIC COMPONENTS LIMITED (景盛電子有限公司)
(CR No.312191) whose registered office is situate at Rm.1701, 17th Floor, Tower 1, Enterprise Square, 9 Sheung Yuet
Road, Kowloon Bay, Kowloon, Hong Kong (the “Assignee”); and

 

		(3)	USMART ELECTRONIC PRODUCTS LIMITED (科盛電子實業有限公司)
(CR No.952444) whose registered office is situate at Rm.1703, 17th Floor, Tower 1, Enterprise Square, 9 Sheung Yuet
Road, Kowloon Bay, Kowloon, Hong Kong (the “Debtor”)

 

WHEREAS

		(A)	The Assignor has for some time past carried on the business of trading of electronic products in
Hong Kong (the “Business”) and in connection with the Business, the Debtor has become and now are indebted to
the Assignor in the sums of HK$92,000,000 (the “Debt”). The Debt is unsecured, interest free and still outstanding.

 

		(B)	The Assignee is a wholly owned company of ACL INTERNATIONAL HOLDINGS LIMITED (“ACL”).
ACL had recently acquired all the issued shares of and in a BVI company namely JUSSEY INVESTMENTS LIMITED (“JUSSEY”).
JUSSEY at all material time is holding 80% of the issued shares of and in the Debtor. In other words, ACL becomes the parent company
of the Debtor after the completion of the purchase of the shares of and in JUSSEY.

 

		(C)	The Assignor is indebted to the Assignee in the sum of HK$133,529,480.25 (the “Sum”)
in the course of the Business. The Sum is unsecured, interest free and still outstanding. The Assignee has requested payment of
the Sum but the Assignor has failed to settle the Sum or any part thereof. Both ACL and the parties to this deed have agreed that
it is beneficial for all the parties if the Debt is assigned to the Assignee in satisfaction of settling the partial amount of
the Sum.

 

NOW
THIS DEED WITNESSES as follows

 

		1.	ASSIGNMENT OF BOOK DEBTS

In consideration of the Sum so
due and owing from the Assignor to the Assignee and from the Sum the Assignee as beneficial owner releases the Assignor, the Assignor
as beneficial owner assigns to the Assignee the Debt due and owing to the Assignor from the Debtor and the benefit of all securities
for the same and all interest if any due and to become due for the same TO HOLD the same to the Assignee absolutely.

 

		2.	COVENANT BY THE ASSIGNOR

The Assignor covenant with the Assignee
that the Debt is still due and owing in full to the Assignor from the Debtor.

 

    	 

    	 

    
 

		3.	REPRESENTATIONS AND WARRANTIES OF THE ASSIGNOR

The Assignor makes the following representations,
undertakings and warranties to the Assignee:

		(a)	Status – It is a limited liability company validly existing under the laws of its
jurisdiction of incorporation, having the power to own its assets and to carry on the Business as it is being conducted.

 

		(b)	Powers and authority – It has the power to enter into and perform and has taken all
necessary corporate action to authorize the entry into, performance and delivery of this Assignment and the transactions contemplated
by this Assignment.

 

		(c)	Legal validity – This Assignment constitutes its legal, valid and binding obligation
enforceable in accordance with its terms.

 

		(d)	Authorizations – All authorizations required to be obtained by it in connection with
the entry into, performance, validity and enforceability of, and the transactions contemplated by this Assignment have been obtained
and are in full force and effect.

 

		(e)	Indebtedness of the Debtor – The recitals herein are true and correct and the Debtor
is truly indebted to the Assignor in the full amount of the Debt.

 

		4.	COVENANT BY THE DEBTOR

The Debtor covenants with the Assignee
that the Debt is still due and owing in full to the Assignor.

 

		5.	COVENANT BY THE ASSIGNEE

The Assignee covenants with the Assignor
that Assignee will release the Assignor from the repayment duty of the equivalent amount of the Debt no matter the Debt will be
settled by the Debtor in full or in part or not.

 

		6.	GENERAL

		1	If a provision of this Assignment is or becomes illegal, invalid or unenforceable in any jurisdiction,
that shall not affect:

 

		(a)	the validity or enforceability in that jurisdiction of any other provision of this Assignment;
or

 

		(b)	the validity or enforceability in other jurisdiction of that or any other provision of this Assignment.

 

		2	Each Party shall bear its own costs and disbursements in connection with the negotiation, execution
and implementation of this Assignment. At all times, each Party shall, at its own costs and expenses and as soon as practicable
upon request of the other Party, do all such acts and things as may be reasonably required by the other Party to give full legal
effect to this Assignment, including, without limitation, the execution of any other agreements and documents.

 

		3	Each Party confirms that it has sought independent advice relating to this Assignment and has made
its own independent decision to enter into this Assignment. Each Party acknowledges that it has not relied on any representation
or warranty, express or implied, made by or on behalf of the other Party in relation to this Assignment, except those representations
and warranties as set forth in Clause 3 of this Assignment.

 

    	 

    	 

    
 

 

		4	The Assignee may assign or otherwise transfer all or any part of its rights under this Assignment
without the consent of the Assignor.

 

		5	This Assignment sets out the entire agreement and understanding between the Parties in connection
with the arrangements in respect of the arrangements set out in this Assignment entered into before the date of this Assignment.

 

		6	This Assignment and any dispute or claim arising out of or in connection with it are governed by
and construed in accordance with the Hong Kong laws. The Hong Kong courts have exclusive jurisdiction to settle any dispute, claim
or controversy arising out of or in connection with this Assignment.

 

IN WITNESS WHEREOF the parties hereto
have executed this Assignment as of the date first written above.

 

 

 

    	 

    	 

    

 

 

	SIGNED for and on behalf of	)	
	the Assignor	)
	 	)
	duly authorized by the Board of	)
	director of the Assignor in the	)
	presence of	)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	SIGNED for and on behalf of	)	
	the Assignee	)
	 	)
	duly authorized by the Board of	)
	director of the Assignee in the	)
	presence of	)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	SIGNED for and on behalf of	)	
	the Debtor	)
	 	)
	duly authorized by the Board of	)
	director of the Debtor in the	)
	presence of	)Amended
and Restated

Sixth
Amendment To Loan Agreement

 

This Amended and Restated
Sixth Amendment to Loan Agreement (“Amendment”) is dated effective as of November 1, 2012, and is between Regions Bank,
an Alabama banking corporation, as successor by merger to Union Planters Bank, N.A. (“Lender”) and Bioanalytical Systems,
Inc., an Indiana corporation (“Borrower”).

 

Recitals

 

Lender, Borrower and
BAS Evansville, Inc. (“BAS”) entered into a certain Loan Agreement dated October 29, 2002, as amended by a certain
Amendment to Loan Agreement dated June 1, 2004 and a certain First Amendment to Loan Agreement dated February 11, 2008 (collectively,
the “Prior Loan Agreement”) in connection with (i) a certain Promissory Note (Term Loan) executed by Borrower in favor
of Lender in the original principal amount of $5,410,000.00 dated October 29, 2002, as amended by Amendment to Promissory Note
(Term Loan) dated June 1, 2004, (ii) a certain Promissory Note (Loan (West Lafayette)) executed by Borrower in favor of Lender
in the original principal amount of $2,250,000.00 dated October 29, 2002, as amended by Amendment to Promissory Note (Loan (West
Lafayette)) dated June 1, 2004, and (iii) a certain First Replacement Promissory Note (Loan (Mt. Vernon)) executed by Borrower
and BAS in favor of Lender in the original principal amount of $1,698,540.11 dated February 11, 2008 (“Mt. Vernon Note”)
(all notes listed in this recital are collectively, the “Prior Notes”). As security for the Prior Loan Agreement and
the Prior Notes, Borrower granted to Lender a certain Real Estate Mortgage and Security Agreement (Fixture Filing) (West Lafayette)
dated October 29, 2002, and recorded on November 19, 2002, as Instrument No. 02037358 with the Office of the Recorder of Tippecanoe
County, Indiana, and BAS Evansville, Inc. granted to Lender a certain Real Estate Mortgage and Security Agreement (Fixture Filing)
(Mt. Vernon) dated October 29, 2002, and recorded on November 13, 2002, as Instrument No. 20027318 with the Office of the Recorder
of Posey County, Indiana (collectively, the “Prior Mortgages”).

 

Lender and Borrower
entered into a certain Loan Agreement dated December 18, 2007, as amended by a certain First Amendment to Loan Agreement dated
January 3, 2008, a certain Second Amendment to Loan Agreement dated May 18, 2009, a certain Third Amendment to Loan Agreement dated
January 13, 2010, a certain Fourth Amendment to Loan Agreement dated November 29, 2010 and a certain Fifth Amendment to Loan Agreement
dated effective as of February 11, 2011 (as the same may be further amended from time to time, collectively, the “Loan Agreement”).

 

To further secure the
Indebtedness of Borrower to Lender, BAS executed and delivered to Lender a certain Unconditional Unlimited Continuing Guaranty
dated January 13, 2010 whereby BAS guarantied the Indebtedness of Borrower to Lender (the “Guaranty”). (The Prior Loan
Agreement, the Prior Mortgages, the Loan Agreement and the Guaranty, together with any and all promissory notes and any other commercial
documents and agreements executed in connection therewith collectively are the “Loan Documents.”)

 

The parties desire
to amend the Loan Agreement to modify certain terms of the Loan Agreement, as herein provided.

 

 

    	 

    	 

    
 

Terms

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual obligations of the parties hereto, the Loan Agreement is hereby amended as follows:

  

1.
 Amendments to the Loan Agreement.

 

A. Section
1 (Definitions) the definition of “Term Loan Maturity Date” is amended to mean October 31, 2013.

 

B.Section
2 (Term Loan). Section 2 (Term Loan) is amended to read: Lender shall lend to Borrower and Borrower shall borrow from Lender
the amount of $5,786,496.72 pursuant to the terms and conditions in the Loan Agreement and
in that certain Amended and Restated Replacement Term Loan Note dated effective as of November 1, 2012.

 

C.Section
5 (Fees and Expenses). Section 5 is amended to provide that Borrower shall pay to Lender a non-refundable commitment fee in
the amount of $15,000.00 in connection with this Amendment, payable in full upon execution of this Amendment.

 

2.Continuing
Effect. All other terms, conditions, representations, warranties and covenants contained in the Loan Agreement shall
remain the same and shall continue in full force and effect. In consideration hereof, Borrower represents and warrants that each
representation and warranty set forth in the Loan Agreement, as hereby amended, remains true and correct as of the date hereof,
except to the extent that such representation and warranty is expressly intended to apply solely to an earlier date, that there
presently exist no known offsets, counterclaims or defenses to the performance of the obligations under the Instruments (collectively,
the “Obligations”) (such known offsets, counterclaims or defenses, if any, being hereby expressly waived), and that
Borrower has no other known claims, demands, allegations or rights of action of any nature based on any matter arising from or
related to the Obligations or Borrower’s relationship with the Lender (such known claims, demands, allegations or rights
of action, if any, being hereby expressly waived) nor has there occurred any Event of Default under the Loan Agreement or any
of the Instruments, and that there will be no Event of Default after giving effect to the transactions contemplated by this Amendment.
The representations and warranties contained in the Loan Agreement originally shall survive this Amendment in their original form
and shall survive as continuing representations and warranties of Borrower. Except as expressly herein provided, the Loan Agreement
and this Amendment shall be interpreted, wherever possible, in a manner consistent with one another, but in the event of any irreconcilable
inconsistency, this Amendment shall control. The parties each hereby agree to cooperate in all reasonable requests of each other
party hereto, including, without limitation, the authentication of financing statements and other documents, which the requesting
party deems reasonable, necessary, appropriate or expedient to carry out the intents and purposes of this Amendment. Capitalized
terms used herein and not specifically herein defined shall have the meanings ascribed in the Loan Agreement.

 

    	 

    	 

    

 

3.Conditions
Precedent. Notwithstanding anything contained in this Amendment to the contrary, the Lender shall have no obligation
under this Amendment until each of the following conditions precedent have been fulfilled to the satisfaction of the Lender:

 

(a)The Lender shall have
received each of the following, in form and substance satisfactory to the Lender:

 

(1)This
Amendment and such other instruments, documents and opinions as the Lender shall reasonably require, all duly executed by the
parties thereto in the forms approved by the Lender;

 

(2)The
Amended and Restated Replacement Term Loan Note dated effective as of November 1, 2012 executed by the Borrower;

 

(3)A
Consent and Confirmation of Guaranty executed by BAS;

 

(4)All
reasonable expenses of the Lender (including, without limitation, reasonable attorneys’ fees), shall have been reimbursed
by Borrower.

 

(b)All legal matters incident
to this Amendment shall be reasonably satisfactory to the Lender and its counsel.

 

4.Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Facsimile signatures will be deemed acceptable and binding.

 

5.Not
a Novation. This Amendment is a modification only and not a novation. Except for the above-referenced modifications
the Loan Documents and any other agreement or security document, and all the terms and conditions thereof, shall be and remain
in full force and effect with the changes herein deemed to be incorporated therein. This Amendment completely replaces and supercedes
a certain Sixth Amendment to Loan Agreement dated effective as of November 1, 2012 and executed by Borrower on November 8, 2012.

 

 

    	 

    	 

    
 

The parties are signing
this Amendment effective as of the date stated in the introductory paragraph.

 

LENDER:

REGIONS BANK

 

 

 

By:                                                                                                 

Michael F.
Zingraf, Senior Vice President

 

BORROWER:

BIOANALYTICAL SYSTEMS, INC.

 

 

 

By:                                                                                                 

Jacqueline
Lemke

Vice President
of Finance and Administration

 

STATE OF INDIANA           )

                                                  )                    SS:

COUNTY OF ___________)

 

Before me, the undersigned
Notary Public, personally appeared Jacqueline Lemke, the Vice President of Finance and Administration of Bioanalytical Systems,
Inc., an Indiana corporation, who on behalf of said entity acknowledged the execution of the foregoing instrument and swore to
the truth of the statements made therein.

 

Witness my hand and
Notarial Seal this _____ day of December, 2012.

 

	
        My commission expires:

         

        ___________________
	
         

        _______________________________________

        Notary Public

	
        County of Residence:

         

        ___________________
	
         

        _______________________________________

        Printed

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