Document:

Unassociated Document

    
       

      Exhibit 10.1

       

      
        

        

      

    

    
      LOAN
MODIFICATION AGREEMENT

       

      dated as
of March 29, 2010,

       

      relating
to the

       

      SECOND
AMENDED AND RESTATED CREDIT AGREEMENT

       

      dated as
of March 24, 2009,

       

      among

       

      CB
RICHARD ELLIS SERVICES, INC.,

       

      CB
RICHARD ELLIS GROUP, INC.,

       

      CERTAIN
SUBSIDIARIES OF CB RICHARD ELLIS SERVICES, INC.,

       

      THE
LENDERS PARTY THERETO

       

      and

       

      CREDIT
SUISSE AG,

      

      as
Administrative Agent and Collateral Agent

       

      
        
          

        

      

       

      CREDIT
SUISSE SECURITIES (USA) LLC

       

      and

       

      BANC OF
AMERICA SECURITIES LLC,

       

      as Joint
Lead Arrangers

       

      
        

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        LOAN
MODIFICATION AGREEMENT dated as of March 29, 2010 (this “Agreement”),
among CB RICHARD ELLIS SERVICES, INC., a Delaware corporation (the “U.S.
Borrower”), CB RICHARD ELLIS GROUP, INC., a Delaware corporation (“Holdings”),
the Accepting Lenders (as defined below) and CREDIT SUISSE AG (“CS”), as
administrative agent (in such capacity, the “Administrative
Agent”).

         

        A.  Reference
is made to the Second Amended and Restated Credit Agreement dated as of March
24, 2009 (as amended, supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Holdings, the U.S. Borrower, the other Borrowers party
thereto, the Lenders party thereto, and CS, as Administrative Agent and as
Collateral Agent.

         

        B.  Pursuant
to Section 9.20(a) of the Credit Agreement, Holdings and the U.S. Borrower
made, by written notice to the Administrative Agent dated March 12, 2010 (such
notice, including the Summary of Principal Changed Terms attached thereto as
Exhibit A, the “Offer
Notice”), a Loan Modification Offer to the Lenders to make certain
Permitted Amendments as described therein.

         

        C.  The
Lenders party hereto (the “Accepting
Lenders”) are willing to agree to such Permitted Amendments as of the
Loan Modification Effective Date (as defined below), on the terms and subject to
the conditions set forth herein and in the Credit Agreement.

         

        Accordingly,
in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto hereby agree as follows:

         

        SECTION
1.  Defined Terms;
Terms Generally.  Capitalized terms
used and not defined herein shall have the meanings assigned to such terms in
the Credit Agreement.  The rules of construction set forth in
Section 1.02 of the Credit Agreement shall apply equally to this
Agreement.  This Agreement shall be a “Loan Modification Agreement”
for all purposes of the Credit Agreement and the other Loan
Documents.

         

        SECTION
2.  Loan
Modifications.  Each of the Accepting Lenders set forth on
Schedule I
hereto (the “Tranche B-1A
Lenders”) agrees that the principal amount of its Tranche A-4 Loans set
forth on Schedule I shall hereby be converted into Other Term Loans (the “Tranche B-1A
Loans”) in a like principal amount and on the terms and subject to the
conditions set forth herein:

         

        
          	
                  Tranche B-1A Maturity
      Date and Amortization:

                	
                  As
      used in the Credit Agreement, the “Other Term Loan Maturity Date” of the
      Tranche B-1A Loans shall be December 20, 2015.  There will be no
      scheduled amortization payments prior to the Tranche B-1A Maturity
      Date.

                

        

         

        
          
             

          

          
            2

            
              

            

          

          
             

          

        

         

        
          	
                  Applicable
      Percentage:

                	
                  As
      used in the Credit Agreement, the “Applicable Percentage” with respect to
      any Fixed Rate Tranche B-1A Loan and Daily Rate Tranche B-1A Loan shall be
      the applicable percentage set forth below under the caption “Fixed Rate
      Spread” and “Daily Rate Spread”, as the case may be, based upon the
      Leverage Ratio as of the relevant date of
  determination:

                

        

        

        
          
            	 	
                    Leverage

                    Ratio

                  	 	
                    Fixed
      Rate Spread

                  	 	
                    Daily
      Rate Spread

                  
	 	 	 	 	 	 
	 	
                    Category
      1

                    Greater
      than 4.00 to 1.0

                  	 	
                    5.50%

                  	 	
                    4.50%

                  
	 	 	 	 	 	 
	 	
                    Category
      2

                    Greater
      than 3.75 to 1.0 but less than or equal to 4.00

                    to
      1.0

                  	 	
                    5.50%

                  	 	
                    4.50%

                  
	 	 	 	 	 	 
	 	
                    Category
      3

                    Greater
      than 3.25 to 1.0 but less than or equal to 3.75

                    to
      1.0

                  	 	
                    4.50%

                  	 	
                    3.50%

                  
	 	 	 	 	 	 
	 	
                    Category
      4

                    Greater
      than 2.75 to 1.0 but less than or equal to 3.25

                    to
      1.0

                  	 	
                    4.50%

                  	 	
                    3.50%

                  
	 	 	 	 	 	 
	 	
                    Category
      5

                    Greater
      than 2.25 to 1.0 but less than or equal to 2.75

                    to
      1.0

                  	 	
                    4.50%

                  	 	
                    3.50%

                  
	 	 	 	 	 	 
	 	
                    Category
      6

                    Equal
      to or less than 2.25 to 1.0

                  	 	
                    4.50%

                  	 	
                    3.50%

                  

          

        

        

        
          	 
      	
                  Notwithstanding
      the foregoing, if on the last Business Day of any fiscal quarter set forth
      below, the aggregate outstanding principal amount of the Tranche B-1A
      Loans is greater than the “Targeted Outstanding Amount” (as set forth on
      the table below) for such fiscal quarter, then from and including such
      Business Day to but excluding the date on which the aggregate outstanding
      principal amount of the Tranche B-1A Loans is reduced to the applicable
      Targeted Outstanding Amount (or lower), the Applicable Percentage
      applicable to each outstanding Tranche B-1A Loans shall be increased by
      0.50%:

                

        

         

        
          
             

          

          
            3

            
              

            

          

          
             

          

        

         

        
          
            	 	
                    Fiscal
      Quarter

                    Ended

                  	
                    Targeted
      Outstanding Amount

                  
	 	
                    June
      2010

                  	
                    $114,755,024.43

                  
	 	
                    September
      2010

                  	
                    $114,467,417.85

                  
	 	
                    December
      2010

                  	
                    $114,179,811,28

                  
	 	
                    March
      2011

                  	
                    $113,892,204.70

                  
	 	
                    June
      2011

                  	
                    $113,604,598.12

                  
	 	
                    September
      2011

                  	
                    $113,316,991.54

                  
	 	
                    December
      2011

                  	
                    $113,029,384.97

                  
	 	
                    March
      2012

                  	
                    $112,741,778.39

                  
	 	
                    June
      2012

                  	
                    $112,454,171.81

                  
	 	
                    September
      2012

                  	
                    $112,166,565.23

                  
	 	
                    December
      2012

                  	
                    $111,878,958.66

                  
	 	
                    March
      2013

                  	
                    $111,591,352.08

                  
	 	
                    June
      2013

                  	
                    $111,303,745.50

                  
	 	
                    September
      2013

                  	
                    $111,016,138.92

                  
	 	
                    December
      2013

                  	
                    $110,728,532.35

                  
	 	
                    March
      2014

                  	
                    $110,440,925.77

                  
	 	
                    June
      2014

                  	
                    $110,153,319.19

                  
	 	
                    September
      2014

                  	
                    $109,865,712.61

                  
	 	
                    December
      2014

                  	
                    $109,578,106.04

                  
	 	
                    March
      2015

                  	
                    $109,290,499.46

                  
	 	
                    June
      2015

                  	
                    $109,002,892.88

                  
	 	
                    September
      2015

                  	
                    $108,715,286.30

                  

          

        

        
          
             

          

          
            4

            
              

            

          

          
             

          

        

         

        
          	
                  General:

                	
                  For
      all purposes of the Credit Agreement and the other Loan Documents, the
      Tranche B-1A Loans shall constitute “Other Term Loans”; Borrowings
      comprised of Tranche B-1A Loans shall constitute “Tranche B-1A
      Borrowings”; and the Tranche B-1A Lenders shall be “Lenders”, “Term
      Lenders” and “Accepting Lenders” with respect to such Tranche B-1A
      Loans.  Except to the extent provided herein, the terms and
      conditions of the Tranche B-1A Loans shall be identical to the
      Tranche B Loans under the Credit Agreement.  The Interest
      Period elected by the U.S. Borrower with respect to the converted
      Tranche A-4 Borrowings beginning prior to the Loan Modification
      Effective Date and ending thereafter shall constitute the Interest Period
      with respect to the Tranche B-1A Borrowing until the end of such
      Interest Period.

                   

                  For
      purposes of clause (ii) in the third paragraph of the definition of
      “Applicable Percentage” in the Credit Agreement, the Tranche B-1A
      Loans (A) shall not constitute “Tranche B Loans” for purposes of
      the phrase “upon the prepayment pursuant to Section 2.12 of at least
      $150,000,000 of Tranche B Loans” of such clause, but (B) the
      “Applicable Percentage” with respect to the Tranche B-1A Loans shall be
      reduced by 0.50% in the event of such
  prepayment.

                

        

         

        SECTION
3.  Representations
and Warranties.  To induce the other parties hereto to enter
into this Agreement, Holdings and the U.S. Borrower represent and warrant to
each of the Accepting Lenders, the Administrative Agent, the Issuing Banks and
the Collateral Agent that, after giving effect to this Amendment, (a) the
representations and warranties set forth in Article III of the Credit
Agreement are true and correct in all material respects on and as of the date
hereof, except to the extent such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date; and
(b) no Default or Event of Default has occurred and is
continuing.

         

        SECTION
4.  Conditions
Precedent to Effectiveness of Modifications.  The modifications
of Loans provided for in Section 2 above will become effective on a date to
be designated by the U.S. Borrower and the Administrative Agent, subject to the
satisfaction of the following conditions precedent on or prior to such date (the
date of such effectiveness being called the “Loan Modification
Effective
Date”):

         

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

         

        (a)  The
Administrative Agent shall have received, on behalf of itself, the Lenders and
the Issuing Bank, a favorable written opinion of (i) the General Counsel or
Assistant General Counsel of the U.S. Borrower, substantially to the effect
set forth in Exhibit A-1 to this Agreement and (ii) Simpson
Thacher & Bartlett LLP, counsel for Holdings and the U.S. Borrower,
substantially to the effect set forth in Exhibit A-2 to this Agreement, in
each case (A) dated as of the Loan Modification Effective Date,
(B) addressed to the Administrative Agent and the Accepting Lenders, and
(C) covering such other matters relating to this Agreement and the
Permitted Amendments as the Administrative Agent shall reasonably request, and
Holdings and the U.S. Borrower hereby request such counsel to deliver such
opinions.

         

        (b)  The
Administrative Agent shall have received (i) a certificate of the Secretary
or Assistant Secretary of each of Holdings, the U.S. Borrower and the Subsidiary
Guarantors that are a Domestic Subsidiaries (the “Domestic Loan
Parties”) dated as of the Loan Modification Effective Date and certifying
(A) either (x) that none of the by-laws, certificates, articles of
incorporation, partnership agreements or other comparable organizational
documents of such Domestic Loan Party (the “Organizational
Documents”) have been amended since February 5, 2010 and that the
Organizational Documents continue to be in full force and effect and/or
(y) to the extent that the Organizational Documents have been amended since
such date, that attached to such certificate are true and complete copies of
such amended Organizational Documents and that such amended Organizational
Documents are in full force and effect; and (B) that attached to such
certificate is a true and complete copy of resolutions duly adopted by the Board
of Directors or partners (or comparable governing body) of such Domestic Loan
Party authorizing the execution, delivery and performance of the Loan Documents
to which such person is a party, and that such resolutions have not been
modified, rescinded or amended and are in full force and effect; (ii) a
certificate of another officer as to the incumbency and specimen signature of
the Secretary or Assistant Secretary executing the certificate pursuant to
clause (i) above; and (iii) such other documents as the Administrative
Agent may reasonably request.

         

        (c)  The
Administrative Agent shall have received (on behalf of itself and the Accepting
Lenders) all fees (including, for the avoidance of doubt, the Modification Fees
set forth in the Offer Notice) and other amounts due and payable on or prior to
the Loan Modification Effective Date, including, to the extent invoiced,
reimbursement or payment of all out-of-pocket expenses required to be reimbursed
or paid by the U.S. Borrower and Holdings hereunder or under any other Loan
Document.

         

        
          
             

          

          
            6

            
              

            

          

          
             

          

        

         

        (d)  The
Administrative Agent shall have received counterparts of this Agreement which,
when taken together, bear the signatures of the Domestic Loan Parties, the
Accepting Lenders and the Administrative Agent.

         

        SECTION
5.  Certain
Agreements.  For the avoidance
of doubt and without limiting the application thereof, the parties hereto hereby
agree that the provisions of Section 9.05 of the Credit Agreement shall
apply to the execution and delivery of, and the performance of the parties’
respective obligations under, this Agreement.

         

        SECTION
6.  Applicable
Law.  THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK.

         

        SECTION
7.  Notices.  All notices
hereunder shall be given in accordance with the provisions of Section 9.01
of the Credit Agreement.

         

        SECTION
8.  Counterparts.  This Agreement
may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original but all of which when
taken together shall constitute a single contract, and shall become effective as
provided in Section 4 above.  Delivery of an executed signature
page to this Agreement by facsimile or other customary means of electronic
transmission (e.g., “pdf”) shall be as effective as delivery of a manually
signed counterpart of this Agreement.

         

        SECTION
9.  Headings.  The headings and
cover page of this Agreement are for convenience of reference only, are not part
of this Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement.

         

        SECTION
10.  Amendment.  This
Agreement may not be amended, supplemented or otherwise modified other than in a
writing signed by each of the parties hereto.

         

        SECTION
11.  Acknowledgement
of Guarantors.  Each of the
Guarantors (other than Guarantors that are Foreign Subsidiaries) hereby
acknowledges its receipt of a copy of this Agreement and its review of the terms
and conditions hereof, and each of such Guarantors hereby consents to the terms
and conditions of this Agreement and the transactions contemplated hereby, and
hereby confirms its guarantee and, as applicable, its grant of Collateral under
the Collateral Agreement and agrees that such guarantee and any such grant of
Collateral shall continue to be in full force and effect and shall inure to the
benefit of the Secured Parties, including the Accepting Lenders as such in
respect of their Loans and/or Commitments and the other Obligations owed to them
from time to time.

         

        
          
             

          

          
            7

            
              

            

          

          
             

          

        

         

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first
above written.

         

        
          	 	
                  CB
      RICHARD ELLIS SERVICES, INC.,

                
	 	 
      
	 	
                  by

                	 	 
      
	 	 
      	
                  /s/
      Debera Fan

                
	 	 
      	Name:	
                  Debera
      Fan

                
	 	 
      	Title:	
                  Senior
      Vice President and Treasurer

                

        

         

        
          	 	
                  CB
      RICHARD ELLIS GROUP, INC.,

                
	 	 
      
	 	
                  by

                	 	 
      
	 	 
      	
                  /s/
      Debera Fan

                
	 	 
      	Name:  	
                  Debera
      Fan

                
	 	 
      	Title:	
                  Senior
      Vice President and Treasurer

                

        

         

        
          
            [CBRE
Loan Modification Agreement]

             

          

          
            8

            
              

            

          

          
             

          

        

         

        
          	 	
                  EACH
      OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE II
      HERETO,

                
	 	 
      
	 	
                  by

                	 	 
      
	 	 
      	
                  /s/
      Debera Fan

                
	 	 
      	Name:  	
                  Debera
      Fan

                
	 	 
      	Title:	
                  Authorized
      Signatory

                

        

         

        
          
            [CBRE
Loan Modification Agreement]

             

          

          
            9

            
              

            

          

          
             

          

        

         

        
          	 	
                  EACH
      OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE III
      HERETO,

                
	 	 
      
	 	
                  by

                	 	 
      
	 	 
      	
                  /s/
      Robert E Sulentic

                
	 	 
      	Name:  	
                  Robert
      E Sulentic

                
	 	 
      	Title:	
                  Executive
      Vice President

                

        

         

        
          	 	
                  TRAMMELL
      CROW DEVELOPMENT & INVESTMENT, INC.

                
	 	 
      
	 	
                  by

                	 	 
      
	 	
                   
      

                	
                  /s/
      Robert E Sulentic

                
	 	 
      	Name:  	
                  Robert
      E Sulentic

                
	 	 
      	Title:	
                  President
      and Chief Executive Officer

                

        

        

        
          
            [CBRE
Loan Modification Agreement]

             

          

          
            10

            
              

            

          

          
             

          

        

         

        
          	 	
                  CREDIT
      SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative
  Agent,

                
	 	 
      
	 	
                  by

                	 	 
      
	 	 
      	
                  /s/
      William O’Daly

                
	 	 
      	Name:  	
                  William
      O’Daly

                
	 	 
      	Title:	
                  Director

                
	 	 
      	 	 
      
	 	 
      
	 	
                  by

                	 	 
      
	 	 
      	
                  /s/
      Ilya Ivashkov

                
	 	 
      	Name:  	
                  Ilya
      Ivashkov

                
	 	 
      	Title:	
                  Associate

                

        

         

        
          
            [CBRE
Loan Modification Agreement]

             

          

          
            11

            
              

            

          

          
             

          

        

         

        SCHEDULE I

         

        Tranche B-1A Lenders and
Loans

         

        
          	
                  Tranche
      B-1A Lender

                	
                  Tranche
      A-4 Loans

                  converted
      into

                  Tranche
      B-1A Loans

                
	
                  Bank
      of Montreal

                	
                  3,000,000.00

                
	
                  Camulos
      Loan Vehicle I Ltd

                	
                  4,000,000.00

                
	
                  Credit
      Suisse Loan Funding LLC

                	
                  6,201,056.69

                
	
                  DFR
      Middle Market CLO LTD

                	
                  2,000,000.00

                
	
                  Fidelity
      Advisor Series I: Fidelity Advisor Floating Rate High Income
      Fund

                	
                  8,315,000.00

                
	
                  Fidelity
      Central Investment Portfolios LLC: Fidelity Floating Rate Central
      Investment Portfolio

                	
                  5,535,000.00

                
	
                  Pyramis
      Floating Rate High Income Commingled Pool

                	
                  150,000.00

                
	
                  Fifth
      Third Bank

                	
                  10,323,895.49

                
	
                  Gulf
      Stream Compass CLO 2005-1 Ltd

                	
                  1,500,000.00

                
	
                  Gulf
      Stream-Sextant CLO 2007-1, Ltd.

                	
                  2,500,000.00

                
	
                  Gulfstream-Sextant
      CLO 2006-1, Ltd.

                	
                  1,500,000.00

                
	
                  Gulf
      Stream Compass CLO 2005-2 Ltd.

                	
                  1,500,000.00

                
	
                  Neptune
      Finance CCS, LTD.

                	
                  1,000,000.00

                
	
                  Hillmark
      Funding Ltd.

                	
                  1,000,000.00

                
	
                  Stoney
      Lane Funding I Ltd.

                	
                  1,000,000.00

                
	
                  AIM
      Floating Rate Fund

                	
                  542,611.32

                
	
                  Alzette
      European CLO S.A.

                	
                  101,250.95

                
	
                  Avalon
      Capital Ltd. 3

                	
                  704,068.33

                
	
                  Belhurst
      Clo Ltd.

                	
                  587,105.44

                
	
                  Champlain
      CLO, Ltd.

                	
                  474,845.19

                
	
                  Diversified
      Credit Portfolio Ltd.

                	
                  1,012,874.45

                
	
                  Hudson
      Canyon Funding II Ltd.

                	
                  490,761.79

                
	
                  Limerock
      CLO I

                	
                  589,396.47

                
	
                  Moselle
      CLO S.A.

                	
                  212,451.26

                
	
                  Nautique
      Funding Ltd.

                	
                  664,276.83

                
	
                  Saratoga
      CLO I, Limited

                	
                  350,285.75

                
	
                  Wasatch
      CLO Ltd.

                	
                  787,751.05

                

        

         

        
          
             

          

          
            12

            
              

            

          

          
             

          

        

         

        
          	
                  Tranche
      B-1A Lender

                	
                  Tranche
      A-4 Loans

                  converted
      into

                  Tranche
      B-1A Loans

                

        

        
          	
                  Silver
      Crest CBNA Loan Funding LLC

                	
                  500,000.00

                
	
                  Employers
      Insurance Company of Wausau

                	
                  1,600,000.00

                
	
                  Liberty
      Mutual Insurance Company

                	
                  6,400,000.00

                
	
                  Confluent
      3 Limited

                	
                  666,666.67

                
	
                  Qualcomm
      Global Trading, Inc.

                	
                  1,733,333.33

                
	
                  Van
      Kampen Senior Loan Fund

                	
                  800,000.00

                
	
                  Van
      Kampen Senior Income Trust

                	
                  800,000.00

                
	
                  Centaurus
      Loan Trust

                	
                  180,000.00

                
	
                  Clydesdale
      CLO 2007 Ltd.

                	
                  960,000.00

                
	
                  Clydesdale
      Strategic CLO I Ltd.

                	
                  150,000.00

                
	
                  NCRAM
      Loan Trust

                	
                  210,000.00

                
	
                  NCRAM
      Senior Loan Trust 2005

                	
                  1,350,000.00

                
	
                  Nomura
      Bond & Loan Fund

                	
                  150,000.00

                
	
                  Oppenheimer
      Master Loan Fund LLC

                	
                  2,585,000.00

                
	
                  Oppenheimer
      Senior Floating Rate Fund

                	
                  2,415,000.00

                
	
                  Raymond
      James Bank FSB

                	
                  5,000,000.00

                
	
                  Ridgeworth
      Funds Seix Floating Rate High Whitehorse II Ltd Fund

                	
                  9,260,000.00

                
	
                  Rochdale
      Fixed Income Opportunities Portfolio

                	
                  740,000.00

                
	
                  ECP
      CLO 2008-1 Ltd.

                	
                  1,000,000.00

                
	
                  Loan
      Funding XIII LLC

                	
                  500,000.00

                
	
                  Cornerstone
      CLO Ltd.

                	
                  500,000.00

                
	
                  Stone
      Tower CLO III Ltd.

                	
                  500,000.00

                
	
                  Stone
      Tower CLO IV Ltd.

                	
                  1,500,000.00

                
	
                  Stone
      Tower CLO V Ltd.

                	
                  1,500,000.00

                
	
                  Stone
      Tower CLO VII Ltd.

                	
                  500,000.00

                
	
                  Stone
      Tower Credit Funding I Ltd.

                	
                  15,000,000.00

                
	
                  Stonetower
      CLO VI Ltd.

                	
                  500,000.00

                
	
                  Whitehorse
      II Ltd.

                	
                  2,000,000.00

                
	
                  Total:

                	
                  $115,042,631.01

                

        

         

        
          
             

          

          
            13

            
              

            

          

          
             

          

        

         

        SCHEDULE II

         

        Subsidiary
Guarantors

         

        CB
Holdco, Inc.

        CB
Richard Ellis Investors, Inc.

        CB
Richard Ellis Investors, L.L.C.

        CB
Richard Ellis, Inc.

        CB/TCC
Holdings LLC

        CB/TCC,
LLC

        CBRE
Capital Markets of Texas, LP

        CBRE
Capital Markets, Inc.

        CBRE Loan
Services, Inc.

        CBRE
Technical Services, LLC

        CBRE/LJM
Mortgage Company L.L.C.

        CBRE/LJM-Nevada,
Inc.

        HoldPar
A

        HoldPar
B

        Insignia/ESG
Capital Corporation

        The
Polacheck Company, Inc.

        Trammell
Crow Company

        Trammell
Crow Services, Inc.

        Vincent
F. Martin, Jr., Inc.

        Westmark
Real Estate Acquisition Partnership, L.P.

         

        
          
             

          

          
            14

            
              

            

          

          
             

          

        

         

        SCHEDULE III

         

        Subsidiary
Guarantors

         

        TC
Houston, Inc.

        TCCT Real
Estate, Inc.

        TCDFW,
Inc.

         

        
          
             

          

          
            15Unassociated Document

     

    Exhibit
10.36

    

    Health
Products Production Equipment Lease Agreement

    

    This
Agreement is entered in Wuqing Tianjin on the day of November 20,
2009.

    

    Party A:
Tianjin Tianshi Biological Development Co., Ltd

    Address:
No.6 Yuanquan Road, Wuqing New-tech Industry Park, Tianjin

    Business
License Number: XXXXX

    Legal
Representative: Baolan Li

    

    Party B:
Tianjin Tianshi Biological Engineering Co., Ltd

    Address:
No.6 Yuanquan Road, Wuqing New-tech Industry Park, Tianjin

    Business
License Number: XXXXX

    Legal
Representative: Jinyuan Li

    

    Whereas
Party A has the sole ownership and right to use the health products production
Equipment referred to in this Agreement and desires to lease this Equipment (the
“Leased Equipment”) to Party B and Party B desires and agrees to rent the Leased
Equipment; therefore, in accordance with the applicable laws and regulations and
through good faith negotiations, Party A and Party B agree the following
provisions, which shall be observed by each of the parties:

    

    Article
1  The Leased Equipment

    1.1 Party
A acknowledges and agrees to lease and Party B acknowledges and agrees to rent
the Leased Equipment (See Appendix I). The Leased Equipment shall meet the
specified functions, standards and data. Party A shall provide Party B with all
applicable and necessary diagram papers, data and other technical
materials.

    

    Article
2  Lease Term

    2.1 The
Lease Term is two years, beginning on January 1, 2010 and terminating on
December 31, 2010.

    2.2 If
Party B desires to extend this Lease Agreement, an extension request is required
within three months prior to the expiry of this Lease Agreement. Upon the
consent of Party A to the said extension request, Party A and Party B shall
enter a new lease agreement with respect to some relevant issues. Party B has
the preemptive right to rent the Leased Equipment under the same lease
conditions.

    

    Article 3
Delivery

    3.1 Party
A shall prepare and provide Party B with two copies of the draft of the
Acceptance Manual prior to January 1, 2010. Party B shall review and approve the
Acceptance Manual within ten working days as of the receipt of the said copies,
or give comments on amending the Acceptance Manual.

    3.2 Party
A shall deliver the Leased Equipment to the location designated by Party B
within ten days as of the date on which Party B approves the Acceptance Manual
and notifies Party A.

    3.3 Party
A warrants that it has the sole ownership of the Leased Equipment and there are
not any claims from any third party relating to the Leased
Equipment.

    3.4 Party
A warrants that there are not any unstated flaws with the Leased Equipment on
delivery and agrees to undertake the guarantee of responsibility for such
flaws.

    

    Article
4  Rent

    4.1 The
rent is Renminbi Seventy Six Thousand Nine Hundred and Forty Four point Seventy
(RMB76,944.70) per month and RMB Nine Hundred and Twenty
Three  Thousand Three Hundred and Thirty Six point Forty (RMB
923,336.40) in total through the lease term.

    4.2 Under
the Lease term, Party B, as Lessee, shall undertake the costs incurred from the
use, maintenance, repair and management of the Leased Equipment.

    4.3 When
the Lease term expires, Party B shall pay in full any rent due and any other
fees legally required to be paid by Lessee.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Article
5  Payment

    5.1 Party
A shall provide Party B with a monthly invoice for the rent. Party B shall pay
the rent quarterly prior to the 25th day of the last month in the quarter by
wire transferring to the following bank account designated by Party
A:

    Bank
Name: Wuqing Branch, Industrial and Commercial Bank of China

    Account
Number: XXXXXX

    5.2 If
the rent is overdue, Party B shall pay a late charge to Party A. The sum of the
late charge shall be equal to the number of days overdue times 3/10000ths of the
amount of the overdue rent.

    

    Article
6  The transfer of leasehold

    6.1 Under
the lease term, in the case that Party A transfers all or part of the Leased
Equipment, Party A shall ensure that the assignee continues to fulfill this
Agreement. Under the same transfer conditions, Party B has preemptive right to
purchase the Leased Equipment.

    

    Article
7  Insurance

    7.1 Under
the lease term, the ownership of the Leased Equipment belongs to Party A. After
the receipt of the Leased Equipment, Party B shall insure the Leased Equipment
with an insurance company in the name of Party A and assume the premium charge.
Party B shall give Party A the insurance policy as an appendix to this lease
Agreement.

    

    Article
8  Sublease and Mortgage

    8.1 Under
the lease term, Party B has the right to use the Leased Equipment, but has no
right to transfer or mortgage the Leased Equipment. Without the consent of Party
A, Party B has no right to add or remove any components to or from the Leased
Equipment or relocate the Leased Equipment. Party A has the right to examine the
Leased Equipment to confirm if it is in a good use and working condition. Party
B shall facilitate such examination at its best effort.

    

    Article
9  Breach Liability

    9.1  Under
the lease term, if Party B fails to pay the rent for more than three months and
fails to make the payment within 15 days of the day on which Party A notifies
Party B to pay the rent, Party A has the right to rescind this
Agreement.

    9.2 If
Party B desires to terminate this Agreement before the expiry date, a prior two
months written notice of Party B and the written consent of Party A are
required.

    9.3 If
Party B can not use the Leased Equipment as usual as a result of the actions of
Party A, Party B is entitled to refuse to pay the rent and to rescind this
Agreement prior to the expiry. Party A shall assume responsibility for such
breach and compensate the loss of Party B incurred herefrom.

    

    Article
10  Force Majeure

    10.1 If
Party A is unable to continue the performance of the Agreement because of the
modification or promulgation of laws and regulations by the government relating
to lease acts, Item 2 of this article will be applied.

    10.2
Unless the special items specified in the Agreement or the supplementary
Agreements, the breaching party is exempted from its breach responsibilities in
the case of occurrence of wars, strikes, fires, earthquakes and some other
unforeseen, unavoidable the incidents which cause impossibility of performance
of the Agreement in whole or in part. However, if the delay of the performance
occurred prior to the force majeure, the breach responsibility can not be
exempted.

    10.3 If
the Agreement can not be performed due to the force majeure, the affecting party
shall promptly notify the other party and take all possible measures to reduce
the possible damages to the other party. If the force majeure exists more than a
month, any party has the right to notify the other party to terminate this
Agreement or its supplement the Agreement in writing at any time.

    

    Article
11 Tax

    11.1 The
stamp duty, registration fees, notary fees and other related taxes and fees
relating to this Agreement, which are required by the state regulations and
Tianjin municipal provisions, shall be assumed and shared by the Lessor, Party A
and the Lessee, Party B in accordance with the relevant provisions. Party A
shall go through the relevant registration procedures.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Article
12  Notification

    12.1 All
notifications required by this Agreement, all the documents exchanged between
Party A and Party B and the other notifications and requirements related to the
Agreement shall be given in writing. The following notifications are deemed to
be served upon: 1) that the letters and faxes are sent out, which Party A sends
to Party B or Party B sends to Party A; 2) after 10 days as of the mailing date
of the registered letters to the address shown on the first page of this
Agreement and the other party as the addressee, and 3) that the registered
letters are sent by person to the address shown on the first page of this
Agreement.

    

    Article
13 Applicable law

    13.1 The
formation, effect, interpretation, implementation, modification, termination and
settlement of the dispute of this Agreement will apply to and be governed by the
laws of China.

    13.2 With
respect to all disputes arising from the Agreement, the parties shall negotiate
in good faith firstly. If the negotiation cannot reach a resolution, the parties
agree that the Court in the location of the Lessee has the
jurisdiction.

    

    Article
14  Miscellaneous

    14.1 The
parties shall enter into supplemental agreements on any further issues which are
excluded in this Agreement.

    14.2 If
this Agreement is modified by hand, the parties shall confirm the modification
by sealing. Otherwise such modification is void.

    14.3 If
any provisions of the agreement are deemed null and void, such provisions will
not affect the validity of the other provisions.

    14.4 This
Agreement will become effective after the parties sign and seal on this
Agreement. This Agreement executes in two copies and each party takes one, which
shall be in the same legal effect.

    

    Party A:
Tianjin Tianshi Biological Development Co., Ltd

    Address:
No.6 Yuanquan Road, Wuqing New-tech Industry Park, Tianjin

    Business
License Number: XXXXX

    /s/
Baolan Li

    Legal
Representative: Baolan Li

    

    Party B:
Tianjin Tianshi Biological Engineering Co., Ltd

    Address:
No.6 Yuanquan Road, Wuqing New-tech Industry Park, Tianjin

    Business
License Number: XXXXX

    /s/
Jinyuan Li

    Legal
Representative: Jinyuan Li

     

    
      
         

      

      
        3

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