Document:

f10q0314ex10ii_keyuanpetro.htm

Exhibit 10.2

C1-02: Inward Bills Contract (applicable for single business)

 

Inward Bills Contract

No.: 2014beilun C1-02 No 007

 

Party A (Applicant): Ningbo Keyuan Plastic Co., Ltd

Business license No.:330200400023187

Legal representative/Principal: Chunfeng Tao

Address: Qingshi Industrial Park, Ningbo                    Postcode: 315803

Financial institution account and account No.: Bank of China Inc, Beilun Branch 361058330713

Tel: 0574-86232932 Fax: 0574-86232618

Party B: Bank of China Inc, Beilun Branch

Legal representative/ Principal: Shuguang Sun

Address: No.588, Huashan Road, Beilun Zone            Postcode: 315800

Tel: 0574-86869916 Fax: 0574-86895313

WHEREBY, the undersigned parties agreed to sign this contract in comply with applicable laws.

Article 1. Preconditions

 

Inward Bills under this contract shall meet the following requirements:

 

	
1.

	
This contract has already been effective;

	
2.

	
Party A obligates and signs the related documents, receipts, seal, related person’s name lists and samples of signatures for party B, and also fills in relevant certificates;

	
3.

	
Party A opens the required account to fulfill this contract;

 

	
4.

	
Party A arranges the required legal and administrative approval process to facilitate the business properly, and submits the duplicate copy of the approval documents and the copies of the original documents as requested by Party B;

 

	
5.

	
The guarantee on the provision of this contract has been effectively established;

	
6.

	
Other conditions requested by Party B.

Article 2. Related to Import Trade (Notes: complete with factual information.)

√Letter of Credit

Letter of Credit No.:LC1901312000442

Name of Bank Issuing Documents: Royal Bank of Scotland

No. of Issued Document: APS0015612E136753-001

Receipt amount: USD  22,725,000

Collection

Invoice No.: / Entrusted bank’s name: /

Issuing documents No.: / Receipt amount: /

 

  

 

  

Article 3. Currency of Inward Bills and amount

 

Currency of Inward Bills: USD

Amount: (Spell-Out)  Twenty two million seven hundred twenty five thousand USD

(Numeric)USD  22,725,000

Article 4. The Term of Inward Bills

 

The term of Inward Bills is / 3 months/ 90 days, beginning to calculate since the date of Party B made foreign payment.

 

If sale price of the imported products has been collected before the closing of the financing, Party B has the right to consider the final collection date as the closing date of the financing. Party A agrees to use the payment for sale of imported products it receives to repay Party A of the financing amount.

Article 5. Interest Rate and Interest Settlement (Notes: complete with factual information.)

 

	
1.

	
Interest rate (annual interest rate)

	 	
(1)

	
Inward Bills in RMB: fixed interest rate, and annual interest rate is /%;

	 	
(2)

	
Inward Bills in foreign currency:

 

	 	
A.

	
Fixed interest rate, and annual interest rate is /%;

 

	 	
B.

	
Loan interest rate in the floating period within / months / years since the Inward Bills date published by the Bank of China, Inc.

 

	 	
C.

	
Benchmark of LIBOR/HIBOR + 190 points for the latest 3 months published by Reuters till the 9:00- of the prior working day of the Inward Bills date.

 

	
2.

	
Calculation of interest

 

Interest is calculated according to the actual payment amount and days since the date of Party B made payment.

 

Calculation formula: Interest=Principal*Days*Daily interest rate.

 

Base for calculating daily interest rate is of 360 days, the reduction formula is: daily interest rate=annual interest rate/360.

 

  

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3.

	
Method of interest settlement

 

Interest settlement is according to the following _third_ way:

	 	
(1)

	
Settlement with quarter, 20th of each last month per quarter as the interest settlement day, and the 21st as the payment day.

	 	
(2)

	
Settlement with month, 20th of each month as the interest settlement day, and the 21st as the interest payment day.

	 	
(3)

	
Same as expiration date of principal.

	 	
(4)

	
Receive the interest in advance and settle when expiration date.

On the condition that the final payment day of the financing principal is not the same date of interest payment day, then the final payment day is considered as interest payment day and Party A shall pay off the entire interest.

 

	
4.

	
Default interest

	 	
(1)

	
If Party A fails to return the payment of Inward Bills within the agreed time, as for the overdue payment, the default interest shall begin accruing according to the default interest rate starting from the date of late payment until both the principal and interest are paid off.

	 	
(2)

	
If Party A fails to pay the interest and default interest in time, it can be penalized with compound interest per month/per quarter according to agreed default interest in this contract.

	 	
(3)

	
Default interest rate

	 	
A.

	
Default interest rate is a floating rate, the floating period is three month/ /year. In every floating period, the default interest shall be re-priced on the default date. The re-pricing date is the corresponding date in the month of the default date. If there is no corresponding date in the same month, then the last date of the month is the re-pricing date.

 

	 	
B.

	
Default interest rate equals to the benchmark interest rate in the item C below plus 20%.

 

	 	
C.

	
In the first floating period, the benchmark interest rate is the financing interest rate item 1 of this Article. After each full floating period, the benchmark interest rate shall be calculated as below:

 

Financing in RMB, it floats upward/ floats downward according to the same level loan benchmark interest rate issued by the People’s Bank of China in the re-pricing day.

 

Financing with foreign currency,

 

It is the loan interest rate within the same floating period of / years of the re-pricing day implemented by Bank of China, Inc.

 

√ It equals to the latest floating period obtained from Reuters of the prior day of re-pricing day before 9:00 (Beijing time) 3 M LIBOR pluses 190 points.

 

  

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Article 6. Fees

 

Party A shall pay the related fees related to the business under this contract in time and the Party B decides the calculation basis, standard and method, etc.

 

Party A pays the above fees through the __second__ method:

 

	
1.

	
In __/__ banking day since this contract became effective, pay with __/___.

	
2.

	
Party B is authorized to deduct from the Party A’s account (Account No.:361058330713)

	
3.

	
Other methods:____________________/_______________.

Article 7. Other Rights and Obligations of the Parties

Party B has the right to handle the full set of documents/goods under the inward bills business or other guarantee right/ property right pursuant to applicable laws and regulations. According to applicable laws and regulations or the verdict of the courts and arbitral authorities, the right to handle the full set of documents/goods under the Inward Bills business belongs to Party A, then Party A agrees to transfer this right to party B unconditionally to the maximum extent allowed by applicable law and regulations and accept performance and non- performance of Party B to handle the documents/goods. If according to applicable laws and regulations or the verdict of the courts and arbitral authorities, the right to handle the full set of documents/goods under the Inward Bills business belongs to Party B, then Party B retains this right till Party A completely pays off the financing.

When Party A requests to hold receipts/goods, and repays the financing with sales income, Party A is only acting as Party B’s consignee, including but not limited to safekeeping relevant receipts, handling storage, transportation and other related matters under those receipts, and maintain sales fund or deposit it to specific account of Party B. Party A shall disclose this role when selling the goods to a third party.

Party A shall be responsible for all the fees (including but not limited to insurance, storage, transport and wharf) during period when Party A retains the goods. Party A promises to insure the goods according to the market price of the goods, indicate Party B as the insured and provide the insurance documents to Party B. Party B has the right to claim directly when insured cargo endures loss.

Without the permission of Party B, party A is not allowed to delay payment or handle the goods through any non-currency method or at the price lower than the market price. Party A is not

allowed to mortgage or pledge, or make the goods to be bound by any other liens. Once requested by Party B, Party A shall submit the details of the goods’ accounts, any sales revenue or relevant sales contracts to party B; Party B has the right to enter into the warehouse to review the actual situations of the goods, or repossess these goods.

 

  

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Article 8. Guarantee (Notes: complete with factual information.)

 

The guarantee methods of liability under this contract:

 

√ Ningbo Keyuan plastic Co.ltd , to provide the guarantee by the following method,

 

In case the pledgor is a third party, Party B and the pledgor shall enter into additional margin pledge contract.

 

√ This contract is the Beilun 2010 Beilun 62-05-01-014 guarantee under the main contract of < General Agreement of Pledge>, and the agreement provides margin pledge and submit corresponding <Certification of Pledge> or handle directly as following ways rather submit <Certification of Pledge>:

 

	
1)

	
Margin Amount: (Currency) RMB ; (Spell-Out) 140,000,000 RMB

	
2)

	
Party A pay for above margin with following method:

 

Within / 1 banking days since the effective date of this contract, Party A will deposit or load margin to the margin account opened in Party B with(396162796142) .

 

Entrusted Party B to load the margin from Party A’s account () to the margin account of Party B ()

Party A ‘s guarantee liability of margin under business has been removed, and Party A authorized Party B to load the margin to margin account opened in Party B directly from account.

Others:

	
3)

	
In case above guarantee liability of margin has been removed by Party B, Party B shall return according to following methods:

Return to the Party A’s account.

 

Return according to the deposit route.

 

Return according to the written instruction of Party A.

 

Others: .

If Party B believes that Party A or guarantee occurred matters potentially affect the contractual capacity, or guarantee contract becomes invalid, terminated or cancelled, or financial conditions of Party A or guarantor gets worse or they enter into major litigation or arbitration, or any other factors that may affect their ability to perform their contractual obligations, or the value of guaranty gets worse or lost due to devaluation, destruction, losses, or being closed down, Party B has the right to demand and Party A has the obligation to provide new guarantee, replace the guarantor to bear the liability under this contract.

Article 9. Party A’s Statements and Commitment

 

Statements as follows:

 

	
1.

	
Party A registers and survives by law, and possess the complete capacity of civil rights needed to fulfill this contract;

	
2.

	
Party A signs and fulfills this contract based on true intention, has obtained the legal and effective authority according to the requirements of the Articles of Incorporation or other internal management documents, and is not allowed to violate any binding agreement, contract and other legal documents; Party A has gained or will gain all the relevant approvals, permits, files or registers.

 

  

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3.

	
All the documents and certificates provided by party A to Party B is authentic, complete, accurate and effective under this contract;

	
4.

	
The trading background described by party A to party B is authentic and legal, and does not have the illegal purpose such as money laundering. Party A providing any documents according to party B’s requirements does not mean that party B has the obligations and responsibilities of inspection towards the authenticity and legality of party A’s trade;

	
5.

	
Party A will not hide any truths that may influence both parties’ financial situation and contractual capacity.

 

Commitments as follows:

 

	
1.

	
Provide the statement of products sales regarding the import items in timely manner according to Party B’s requirement.

	
2.

	
If Party A has already signed or will sign counter-guarantee agreement or other similar agreements about the guaranteed obligations with the guarantor of this contract, then the agreement will not damage any rights owned by party B under this contract;

	
3.

	
If the products sales of the import items have serious difficulties, or situations that may influence both parties’ financial conditions and capacity to fulfill this contract, including but not limited to the change of any business pattern of dismantlement, merger, affiliation, joint venture with foreign merchants, cooperation, contractual operation, reorganization, reformation and listing program, reduction of registered capital, assignment of significant property or stock right, commitment of significant liabilities, or installation of new significant liabilities on the pledge, or involvement to grave litigation or arbitration cases, party A shall inform party B in time;

 

	
4.

	
As for pending matters, Party A agrees to handle according to the international conventions and agreement with Party B.

Article10. Disclosure of Related Parties of Party A and Related Transactions

 

The _first  item below is applicable to both parties:

 

	
1.

	
Party A does not belong to the group client of party B according to the Management Guidance of Credit Extension Business Risk of Commercial Bank Group (short for Guidance).

	
2.

	
Party A belongs to the group client of party B according to Guidance. Party A shall report the situation of related transactions over 10% net assets in time, including the related relationship, trading projects, trading properties, trading amount, corresponding proportion and pricing policy and so on (including the trade with no capital but only proportion capital).

 

  

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Article 11. Default Events

 

Party A will be considered in violation of this contract if one of the following events happens:

 

	
1.

	
Party A fails to fulfill its obligations to pay and repay to the party B according to this contract;

	
2.

	
The statements made by party A is untrue or default the commitments under this contract;

	
3.

	
The matters mentioned in No.3 of Item 2 in Article 9 happen; Party B considered those may affect the financial conditions and contractual capability of Party A or guarantor, and Party A has not provided new guarantee, replaced guarantor in accordance with the provisions of this contract.

	
4.

	
Party A closes down or is subject to disincorporation, revocation or bankrupt.

	
5.

	
Party A defaults other covenants in this contract;

	
6.

	
Party A default the other contracts signed with Party B or other institutions of Bank of China, Inc.

	
7.

	
Guarantor defaults the covenants of guarantee contract, or other contracts signed with Party B or other institutions of Bank of China, Inc.

 

When any of the above mentioned events occur, Party B has the right to take one or some following actions:

 

	
1.

	
Request Party A and/or guarantor to amend the default behaviors within limited time;

 

	
2.

	
Entirely or partly suspend or terminate Party A’s business applications under this contract or the other contracts, entirely or partly suspend or terminated to grant and handle the un-granted loans, holding trading financing;

	
3.

	
Announce the unpaid loans/financing principals and interests and the other account payables to entirely or partly expire.

	
4.

	
Terminate or revoke this contract, entirely or partly terminate or revoke the other contracts between Party A and Party B;

	
5.

	
Request Party B to compensate the liquidated damages;

	
6.

	
Deduct funds from Party A’s account to repay entirely or partly liability under this contract.

 

The undue funds in this account will be considered due in advance. If the account currency is different from the business currency of Party B, convert according to the applicable rate of Party B.

 

	
7.

	
Execute real guarantee;

	
8.

	
Request guarantor to bear guarantee liability;

	
9.

	
Other measures considered necessary by Party B.

 

  

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Article 12. Reservation of the Rights

 

If one party fails to fulfill entire or part rights under this contract or request the other party to fulfill, undertake entire or part obligations, responsibilities, it shall not be considered to waive the obligations or responsibilities.

 

Any party’s tolerance or extension or delay execution of the rights under this contract towards another party shall not affect the rights under this contact and laws and regulations, also not considered to waive the rights.

Article 13. Amendment, Modification and Termination

 

This contract can be amended or modified in writing mutual agreement. Any amendments or modifications are inseparable parts of this contract.

 

Unless otherwise specified by laws or regulations or covenants, this contract is not allowed to terminate till the rights and obligations are completely executed.

Unless otherwise specified by laws or regulations or covenants, invalidation of any items under this contract will never affect the other items’ legal effectiveness.

Article 14. Applicable Laws and Settlement

 

This contract shall be governed by the laws of PRC.

 

After this contract becomes effective, all disputes concerning this contract should be settled through friendly negotiation. When negotiation fails, any party can settle with following second method;

 

	
1.

	
Submit to ___________________Arbitration Committee to arbitrate.

 

	
2.

	
Submit to the People’s court located in the domicile of Party B or other corresponding institutions of Bank of China, Inc.

 

	
3.

	
Prosecute the People's Courts with jurisdiction.

During the settlement period, if this dispute does not affect the performance of this other items, the other items shall continue to performance,

Article 15. Attachment

 

The following attachments and other attachments ensured by both parties makes up the inseparable parts of this contract, and possess the equal legal validity.

 

1,__________/_______;

 

2,__________/_______;

Article 16. Other Covenants

 

	
1.

	
Without Party B’s written consent, Party A is not allowed to transfer rights or obligations to the third parties.

	
2.

	
If Party B entrusts any other institutes of Bank of China to execute the rights and obligations under this contract, Party A shall agree. Party B or its designees are entitled to exercise all the rights under this agreement and to file a lawsuit in the People's Courts or submit to the Arbitration Committee to arbitrate.

 

  

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3.

	
In case of not affecting the other covenants of this contract, this contract has the legal binding to the heirs and transferees.

	
4.

	
Apart from the other covenants, the address specified in this contract by both parties is regarded as the contract address, and also promise that when the contract address changes, then information will sent to the party in written form in time.

	
5.

	
The titles and business names in this contract are just used for the purpose of convenience, and can’t be used for the purpose to explain the clause content, and obligations and rights of the party.

	
6.

	
Per the changes of laws and regulations or regulatory process or the requirements of regulatory authority, Party B is unable to execute this agreement or execute according to covenants, Party B has the right to terminate or amend this agreement or single agreement according to the changes of laws and regulations or regulatory process or the requirements of regulatory authority and exemption from liability.

Article 18. Conditions for effectiveness

 

This contract becomes effective upon the signature and seal of the legal representatives of both parties, principals or the authorized persons.

 

This contract made in duplicate, each party has one copy, both having the same legal effects.

Party A: Ningbo Keyuan Plastic Co., Ltd Party   B: Bank of China, Inc Beilun Branch

 

The authorized person:                      The authorized person:

 

JANUARY,23, 2014    JANUARY,23, 2014

 

 

9ex10_7.htm

Exhibit 10.7

 

SERVICES AGREEMENT

 

 

This Services Agreement is being entered into as of March 1, 2013, by and between Allied Recycling Corp. (hereinafter "ARC") and American Fiber Green Products, Inc. (hereinafter, "the Company"), whereby the Company has agreed to retain the services of ARC under the terms and conditions as set forth within this Services Agreement (the "Agreement").

 

It is hereby acknowledged that the Company is desirous of retaining the services of  ARC for assistance in various matters pertaining to sizing all recyclable material inventory owned or to be acquired by the company and assistance with capital raising for the Company, and that ARC has agreed to provide such services to the Company in exchange for the due consideration as outlined within the subsequent portions of this Agreement.

 

Section 1   Description of Services

 

Under the terms and conditions of this Services Agreement, ARC has agreed to act as the exclusive servicing agent creating properly sized materials to the Company from all fiberglass and fiber related inventory of the Company.  The scope of such services shall be described as providing equipment and personnel at Company plants and/or mobile recycling services to sites requested by the Company and to act as an agent of the Company for capital raising. The Company shall be consulted as to the viability of any of these contracts and has the right of veto should the costs or terms agreed to be deemed a detriment or the terms are unethical, illegal or unable to be met by the Company.

 

As a condition of this Agreement the ARC hereby agrees to undertake responsibility for the payment of all expenses incurred in the normal course of providing the services that are stipulated under the terms of this Agreement, with such expenses being inclusive of the following items:

 

	 	
1.

	
All expenses relating to wages, commissions, advertising, travel, lodging and entertainment while providing services to the Company.

	 	
2. 

	
All costs incurred to acquire or lease equipment to meet the terms and conditions of this Agreement.

 

	 	
3. 

	
All normal office expenses including telephone, facsimile and office supplies as incurred while providing services to the Company.

 

 

Section 2.   Due Consideration

 

As due consideration for the services as provided by ARC to the Company under the terms and conditions as set forth within this Agreement, the company hereby agrees to the timely payment of the following to ARC.

 

  

  

  

1.         ARC will receive all payments for tipping fees at a minimum of $85 per ton) for the product and the Company will purchase all sized material on a cost plus 15% basis.

2.           A commission on all capital raises completed on behalf of the company at a percentage to be determined in each completed funding but not less than 2% or greater than 10% of the gross funding received.

Section 3.   Timely Payment

 

As a condition of this Agreement it is hereby understood that all obligations as incurred by the Company shall be paid to ARC in a timely manner.  It is acknowledged that all such obligations shall become due and payable within the following timeframes:

 

	
  

	
a.

	
All payments on P.O.'s for sales will be paid directly by the customer to ARC. In the event the Company receives payment the payment will be forwarded immediately to ARC or vice versa.

	
  

	
b.

	
All commissions are to be paid upon receipt of capital by the Company of any payment made by any purchaser.

	
  

	
c.

	
All other fees are to be paid within 5 days of receipt of the invoice by the Company.

Section 4.   Conditions of Default

 

In the event that the Company fails to meet the Timely Payment and/or Due Consideration sections of this Agreement it shall be considered to be in default of its payment obligations to ARC.  In the event of a default ARC shall have the obligation to inform the Company of such a default in writing, and shall grant the Company a period not to exceed ten (10) business days within which it may move to cure such a condition through the payment of any and all outstanding obligations to ARC.

 

In the event that the Company fails to cure such a default the Company shall be considered to be in breach of its contractual obligations to ARC, resulting in the following penalties:

 

	
  

	
a.

	
1 1⁄2% monthly late fee for all amounts due and all costs of collection of amounts due.

	
  

	
b.

	
In the event of a default and/or breach of this Agreement by the Company any and all monies that may have been earned by ARC shall become immediately due and payable.

 

  

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Section 5.   Term of the Agreement

 

The term of this Service Agreement shall run concurrently with a Sub-License Agreement of even date and any extensions thereof.  Throughout the initial term of this Agreement either party shall maintain the right to terminate the Agreement through the forwarding of a written notification to the other party with a three hundred sixty (360) day notice period.

 

In the event that ARC elects to terminate the Agreement without cause prior to its expiration he shall be entitled to any and all payments and/or distributions as earned up to and including the termination date, but shall not be entitled to receive any unearned portions of the fees.

 

In the event that the Company elects to terminate the Agreement for any reason whatsoever its obligations to ARC as set forth within the "due Consideration" section of this Agreement shall be deemed to have survived such a termination and shall remain due and payable as if the Agreement were still in full force and effect for the remaining period with the minimum remaining payment due.

 

The company may not nullify and/or release itself from any of the payments and/or obligations to ARC throughout the initial term of this Agreement and any extensions thereof under any circumstances whatsoever.

 

Section 6.   Transfer of Assets, Merger

 

Notwithstanding anything to the contrary herein, if (a) all or substantially all of the assets of the Company should be transferred (either by sale, exchange, foreclosure, liquidation, dissolution, repurchase or other disposition) to a corporation or other entity without the prior consent of ARC, this Agreement shall also continue to be binding upon both ARC as well as the transferee corporation and/or entity, and the Company shall make adequate provisions within such transactional documentation for the assignment and assumption of this Agreement, with the Company remaining jointly and severally liable hereunder.

 

Section 7.   Liability and Indemnification

 

Because the duties and services of ARC may require and/or be uncontrollably influenced by the decisions of third parties, no statement, representation or warranty can be or is made by ARC as to the result of these services.  In no event shall the ARC be held liable, whether in contract, tort, negligence or otherwise for any special, indirect, economic or consequential damages or for any damages arising from or attributable to the failure to realize the goals of the Company and/or its affiliates profits, cash flows, savings, loss of data, capital downtime, loss of use, loss of goodwill, loss of anticipated or actual revenue or profit, or any other economic dislocation whatsoever.  ARC shall not, under any circumstance whatsoever, be held as liable to the Company or any person or entity for any mistakes, errors in judgment or for any act or omission believed by him in good faith to be within the scope of his authority hereunder, regardless of whether such act or omission in ineffective or in any way fails to achieve the purposes of this Agreement, or for any other claim or theory advanced by any such person or entity. ARB shall be indemnified and held harmless by the Company and any of its affiliates from all loss, cost or expense in respect to any and all such claims, such parties advancing or paying as incurred all such loss, cost or expense of ARC.  ARC is not exculpated hereby to the extent that ARC would be liable to the Company for fraud in the performance of their duties and services hereunder.  ARC shall not be held to have incurred any liability to the Company or any person or entity by virtue of any action taken by him or allegedly failed to be taken by them in the good faith attempt to discharge their duties and services.  In no event shall any liability of ARC exceed the value of the total compensation and consideration (excluding any reimbursement for expenses) as set forth under the terms and conditions of this Agreement and as already paid to ARC there under.

 

  

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Section 8.   Authority

 

The Company and any affiliates hereby warrant and represent that they have the full power and authority to execute and deliver this Agreement to ARC and to perform the obligations as contained herein, and that this Agreement has been duly authorized, executed and delivered by the Company and any affiliates and further constitutes and valid, binding and legally enforceable obligation of the Company and any affiliates.  Each party has read and understood this Agreement.

 

Section 9.   Notices, etc.

 

All notices and other communications hereunder shall be in writing and shall be deemed to have been given either; when hand delivered to the addressee's office, or three (3) days after being mailed by first class, registered or certified mail, postage prepaid, addressed as follows:

 

	
  

	
a.

	
If to ARC to:

 

	
  

	
b.

	
If to the Company to:

______________________________________  or to any other such person(s) and/or addresses as may be furnished, in writing to ARC by the Company.

 

Section 10.   Entire Agreement

 

The parties hereto agree that this Agreement constitutes the entire agreement between the parties with respect to the subject mater hereof, that that this Agreement supersedes any and all prior agreements and understandings between the parties with regard to such subject matter, and that there are no restrictions, agreements, arrangements, either oral or written, between the parties relating to the subject matter hereof which are not fully and accurately expressed or referred to herein.

 

Section 11.   Waivers

 

Any waiver of the terms and/or conditions as set forth within this Agreement shall not operate as a waiver of any other breach or claim of such terms or conditions or any other term or condition, nor shall any failure to enforce any provisions hereof operate as a waiver of such provision or of any other provision hereof.  No waiver, unless it by its own terms explicitly so provides, shall be construed to effect a continuing waiver in any other instance or for any other purpose, or impair the right of the party against whom such waiver is claimed, in all other instances or for all other purposes, to require full compliance with such provision.

 

  

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Section 12.   Further Amendments

 

Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as the other party may reasonably require in order to effectuate the terms, conditions and purposes of this Agreement.

 

Section 13.   Amendments

 

This Agreement may not be amended, nor shall any waiver, change, modification, consent or discharge be effected, except by an instrument in writing fully executed by the party against whom enforcement of any amendment, waiver, change, modification, consent or discharge is sought.

 

Section 14.   Assignment; Successors and Assigns

 

This Agreement shall, except as hereinafter or as in Section 6 provided, not be assignable by either party without the receipt of the prior written consent of the other; provided however that this Agreement may be assigned by ARC to any subsidiary and/or affiliated company of ARC, with such assignment releasing the assignor.  This Agreement may also be assigned pursuant to a sale of substantially all of the assets of ARC's practice with or to a party acceptable to the Company, which party shall have assumed ARC's obligations hereunder pursuant to an agreement in form and substance reasonably satisfactory to the Company.  This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors in interest (whether by merger, consolidation or similar transaction), and permitted assigns.

 

Section 15.   No Partnership Authority

 

Nothing as contained within this Agreement is intended to create, nor shall any provision hereof be construed so as to create, a partnership, joint venture, co-adventure or joint undertaking by and among ARC and the Company, or to further constitute the as an agent of the Company, except as specified within, it being the express intention of the parties hereto that the relationship created hereby shall be that of separate and independent contractors acting at all times in their sole and individual capacities.  ARC shall have no authority to act on behalf of the Company in any matter except as expressly outlined within this Agreement, or as may be agreed upon otherwise, in writing.

 

  

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Section 16.   Access; Assistance; Information: Compliance with Law

 

	
a.

	
In connection with ARC's engagement as contemplated by and through this Agreement the Company and any affiliates hereby agree to furnish ARC and any of his designates with all information concerning the Company and any affiliates which the ARC reasonably deems as being appropriate, and will provide ARC with access to, assistance from, availability for communications and meetings with, the Company's and any affiliates files, officers, directors, accountants, counsel, investment bankers, broker-dealers, market makers and other outside advisors.  The Company represents and warrants to ARC that all such information is and will be truthful and accurate in all material respects and that it does not nor will not contain any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances under which such statements are made.  The Company acknowledges that ARC will be utilizing and relying upon the accuracy and completeness of the information supplied by or on behalf of the Company and its officers in connection with its engagement without independent verification, and that ARC does not assume responsibility for the accuracy and completeness of any such information. The Company will promptly notify ARC in writing in the event that it learns of any material inaccuracy in or material omissions from, any information as previously delivered to ARC, including, particularly, the financial projections of the Company and any affiliates.

 

	
b.

	
The burden of compliance with law for all matters concerning the Company and any affiliates and/or entities which either have or may be contemplating the issuance of Securities, rests with the Company and any such affiliate or entity.  Although ARC may offer its practical advice or offer comments or observations regarding such matters, he shall not be deemed to provide legal or accounting advice or services, nor to be the maker, author, publisher or be responsible for any statement, representation or misstatement, misrepresentation, omission or alleged misstatement, alleged misrepresentation or alleged omission.

 

Section 17.   Severability

 

In the event that any provision of this Agreement shall be held or deemed to be, or shall in fact be invalid, inoperative or unenforceable as applied to any particular case in any jurisdiction or jurisdictions, or in all jurisdictions or cease, because of conflict of any provision with any constitution or statute or rule of public policy or for any other reason, such circumstance shall not have the effect of rendering the provision or provisions herein contained invalid, inoperative or unenforceable, to the extent that such other provisions are not themselves actually in conflict with such constitution, statute or rule of public policy, but this Agreement shall be reformed and construed in any such jurisdiction or case as if such invalid, inoperative or unenforceable provision had never been contained herein and such provision reformed so that it would be valid, operative and enforceable to the maximum extent permitted in such jurisdiction or in such case, except when such construction could operate as an undue hardship on either party, or constitute a substantial deviation from the general intent and purpose of such party is reflected within this Agreement.  For purposes of interpretation, no party shall be deemed the drafter of this Agreement.

 

  

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Section 18.   Counterparts

 

This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and in pleading or proving any provision of this Agreement, it shall not be necessary to produce more than one of such counterparts signed by the party against whom enforcement is sought.  Fax signatures shall be valid as originals or copies.

 

Section 19.   Section Headings

 

The headings as utilized throughout this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement

Section 20.   Gender

 

Whenever used herein the singular noun shall include the plural, the plural shall include the singular, and the use of any gender shall include all genders.

 

Section 21.   Governing Law

 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada, USA, without regard to the principals of conflicts of laws.

 

IN WITNESS WHEREOF, the parties have executed or caused to be executed the Agreement as of the date first above written.

 

 Allied Recycling Corp

By: /s/ Mario Faraone

      Mario Faraone

      President 

American Fiber Green Products, Inc.

By:  /s/ Daniel L Hefner 

        Daniel L Hefner

        President

 

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