Document:

ex10-1.htm

 

 

FORBEARANCE AND MODIFICATION AGREEMENT

This Forbearance and Modification Agreement (this “Agreement") is made as of January 16, 2014 by and among Ranor, Inc., a Delaware corporation, having a place of business and mailing address of 1 Bella Drive, Westminster, MA 01473-1058  (the “Borrower”), TechPrecision Corporation, a Delaware corporation, having a place of business and mailing address of 3477 Corporate Parkway - Suite 140, Center Valley, PA 18034 (the "Guarantor”) and Santander Bank, N.A. (formerly known as Sovereign Bank), a national banking association, with a place of business at 75 State Street, Boston, MA 02109 (the "Lender").

Reference is hereby made to the following documents (hereinafter collectively referred to as the “Loan Documents”) by and among the Borrower and the Guarantor (collectively, the "Obligors") and the Lender:

	
A.

	
Documents relating to certain term loans made by the Lender to the Borrower dated on or about February 24, 2006, except as otherwise noted, including, without limitation, the following:

	  	
a.

	
A certain Loan and Security Agreement, as supplemented and amended to date (the “Loan Agreement”);

	  	
b.

	
A certain Amended and Restated Capex Promissory Note in the original principal amount of $3,000,000.00 dated December 19, 2008 (the “Capex Note”);

	  	
c.

	
A certain Staged Advance Note in the original principal amount of $1,900,000.00 dated March 29, 2010 (the “Staged Advance Note”); and

	  	
d.

	
A certain Depository Account, Security and Pledge Agreement between the Lender and the Guarantor relating to a deposit account numbered 7674013774; and

	  	  	  
	
B.

	
Documents relating to the issuance of certain Massachusetts Development Finance Agency Revenue Bonds, dated on or about December 30, 2010, including, without limitation, the following:

	  	
a.

	
A certain Bond Purchase Agreement among the Lender, the Obligors and Massachusetts Development Finance Agency;

	  	
b.

	
Massachusetts Development Finance Agency Revenue Bonds, Ranor Issue, Series 2010A, in the principal amount of $4,250,000.00 (the “Series A Bonds”);

	  	
c.

	
Massachusetts Development Finance Agency Revenue Bonds, Ranor Issue, Series 2010B, in the principal amount of $1,950,000.00 (the “Series B Bonds”);

	  	
d.

	
A certain Mortgage, Loan and Security Agreement among the Lender, the Borrower and Massachusetts Development Finance Agency, recorded with the Worcester County Registry of Deeds at Book 7331, Page 96 (the “Mortgage”);

	  	
e.

	
A certain Collateral Assignment of Leases and Rents among the Lender and the Borrower, recorded with the Worcester County Registry of Deeds at Book 7331, Page 178;

	  	
f.

	
A certain Depository Account, Security and Pledge Agreement between the Lender and the Borrower relating to a demand deposit account numbered 41300001280;

	  	
g.

	
A certain Guaranty executed by the Guarantor; and

	  	
h.

	
A certain ISDA 2002 Master Agreement, and confirmations of trades issued thereunder.

 

 

 

 

  

Page 1 of 7

  

 

 

All capitalized terms used in this Agreement which are not defined herein, but which are defined in or by reference in the Loan Agreement, shall have the same meanings herein as therein.

The Obligors acknowledge and agree that certain Events of Default have occurred and are continuing as a result of the Borrower’s failure to comply with certain terms of the Loan Documents.  As a result of those Events of Default, the Lender may, if it so elects, accelerate the payment in full of all of the Borrower’s obligations to the Lender under the Loan Documents.  The Borrower acknowledges and agrees that the Lender has no obligation to make additional loans or otherwise extend credit to the Borrower under the Loan Documents or otherwise.  The Borrower has requested that the Lender forbear from accelerating the payment in full of the Borrower’s obligations to the Lender under the Loan Documents.

In response to the Borrower’s request, the Lender agrees to forbear from accelerating the payment in full of such obligations to the Lender until the Forbearance Termination Date (as hereinafter defined) upon the following terms and conditions:

	

1 

	
Ratification of Existing Agreements. All of the Obligors' obligations, indebtedness and liabilities to the Lender as evidenced by or otherwise arising under the Loan Documents and this agreement (the “Indebtedness”), except as otherwise expressly modified in this Agreement upon the terms set forth herein and therein, are, by the Obligors' execution of this Agreement, ratified and confirmed in all respects by the Obligors. By the Obligors' execution of this Agreement, the Obligors represent and warrant that no counterclaim, right of set-off or defense of any kind exists or is outstanding with respect to the Indebtedness.

 

	
2

	
Forbearance Obligations.

	
2.1

	
The Lender agrees to forbear from accelerating the payment the Indebtedness and instituting proceedings to enforce its rights and remedies under the Loan Documents until that date (the "Forbearance Termination Date") which is defined as the earliest to occur of:

	
2.1.1

	
March 31, 2014;

	
2.1.2

	
an Event of Default under the Loan Documents (other than those Events of Default now existing, any existing defaults not having been waived hereunder);

	
2.1.3

	
the failure of the Obligors to comply with the terms of this Agreement;

	
2.1.4

	
the initiation of any federal or state bankruptcy, insolvency or similar proceeding by or against the Obligors;

	
2.1.5

	
the commencement of litigation or legal proceedings by the Obligors against the Lender or any of its affiliates; or

	
2.1.6

	
the failure of the Obligors to comply with any term or condition of any other agreement, document or instrument evidencing any other indebtedness to the Lender.

	
2.2

	
Upon the termination of the Lender's forbearance obligations hereunder, the Lender shall be free in its sole and absolute discretion to proceed to enforce any or all of its rights and remedies under or in respect of the Loan Documents and applicable law.  All of the Obligors' obligations and liabilities to the Lender hereunder (including without limitation the Obligors' payment obligations) shall survive the Forbearance Termination Date, and all of such obligations are secured under the Loan Documents and any other documents, instruments or agreements pursuant to which the Obligors may, from time to time, grant to the Lender collateral security for the Obligors' obligations to the Lender.

 

 

 

 

  

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3

	
Interest.

	
3.1

	
Notwithstanding anything to the contrary set forth in the Loan Documents, the outstanding principal amounts owing from the Borrower to the Lender pursuant to the Series A Bonds and the Series B Bonds shall bear interest after January 1, 2014 at interest rates per annum equal to two percent (2.0%) greater than the rates of interest set forth in the Loan Documents.  Interest shall continue to be payable at the times and in the manner set forth in the Loan Documents.

	
3.2

	
Notwithstanding any provisions of the Loan Documents to the contrary, upon the occurrence of the Forbearance Termination Date the outstanding principal balance of the Series A Bonds and the Series B Bonds shall bear interest at the default rates set forth in the Loan Documents.

	  	  
	
4

	
Financial Reports.  The Borrower shall continue to provide to the Lender all financial reports and other information required to be provided under the Loan Documents.  The Obligors shall at any time or from time to time execute and deliver such further instruments, and take such further action as the Lender may reasonably request, in each case further to effect the purposes of this Agreement and the Loan Documents.

	  	  
	
5

	
Covenants.  Without any prejudice or impairment whatsoever to any of the Lender's rights and remedies contained in the Loan Documents, the Obligors covenant and agree with the Lender as follows:

	
5.1

	
Notwithstanding anything to the contrary set forth in any of the Loan Documents, the Obligors agree to pay in full in cash the Indebtedness on the Forbearance Termination Date.

	
5.2

	
The Guarantor authorizes the Lender to apply $840,000.00 from the funds on deposit in account number 7674013774 to permanently repay the outstanding balances of the Capex Note and the Staged Advance Note, and to pre-pay a portion of the principal balance of the Series B Bonds, to be applied in the inverse order of maturity.

	
5.3

	
The Lender acknowledges that no pre-payment fee or consideration shall be payable with respect to the repayment of the principal of the Capex Note or the Staged Advance Note, except that, in the event that the repayment is made during a time period for which the Borrower has elected LIBOR based interest with respect to either of such notes, a Yield Maintenance Fee (as defined in each of the notes) may be payable with respect to certain pre-payments.

	
5.4

	
The Obligors shall comply and continue to comply with all of the terms, covenants and provisions contained in the Loan Documents, except as such terms, covenants and provisions are expressly modified by this Agreement upon the terms set forth herein.

	
5.5

	
The Loan Agreement is hereby amended by deleting therefrom Section 5.10(a), and substituting therefor the words, “Intentionally omitted.”

	
5.6

	
The Loan Agreement is hereby amended by deleting therefrom Section 5.10(b), and substituting therefor the words, “Intentionally omitted.”

	
5.7

	
The Loan Agreement is hereby amended by deleing therefrom Section 5.10(c), and substituting therefor, the following:

	  	  
	  	
“(c)  Leverage Ratio.  Borrower will not permit its Leverage Ratio to be greater than 1.75 to 1.0, at any time, tested quarterly.”

	  	  
	
6

	
Forbearance Fees.  The Borrower shall pay to the Lender a non-refundable forbearance fee equal to three percent (3.0%) of the outstanding principal balance of the Indebtedness after effecting the prepayment provided for in the preceding section of this Agreement (the "Forbearance Fee"), which shall be deemed fully earned by the Lender upon the execution hereof.  The Forbearance Fee shall be payable in installments, as follows:

 

 

 

  

Page 3 of 7

  

 

	
6.1

	
a first installment on the execution of this agreement in an amount equal to one third (1/3) of the Forbearance Fee;

	
6.2

	
a final installment to be paid on the earlier to occur of (i) payment of the Indebtedness in full, or (ii) February 28, 2014; provided, however that in the event that the Indebtedness is paid in full on or before December 30, 2013, payment of one-sixth of the Forbearance Fee shall be waived by the Lender.

	
 

	  
	
7

	
Expenses.  The Obligors agree to pay to the Lender upon demand (a) an amount equal to any and all out-of-pocket costs or expenses (including legal fees and disbursements) incurred or sustained by the Lender in connection with the preparation of this Agreement and all related matters and (b) from time to time after the Forbearance Termination Date, any and all out-of-pocket costs or expenses (including legal fees and disbursements and reasonable consulting, accounting, appraisal and other similar professional fees and expenses) hereafter incurred or sustained by the Lender in connection with the administration of credit extended by the Lender to the Borrower or the preservation of or enforcement of any rights of the Lender under this Agreement and the Loan Documents or in respect of any of the Obligors' other obligations to the Lender.

	  	  
	
8

	
Partial Payment Not Waiver.  Any partial payments made by the Borrower or the Guarantor or any other party on behalf of the Borrower or the Guarantor and accepted by the Lender will not constitute a waiver of any default, waiver of demand, or waiver of any other right held by the Lender under the Loan Documents or this Agreement.  Except as otherwise modified or amended by this Agreement, all of the terms of the Loan Documents shall remain in full force and effect and are expressly ratified and confirmed by the Borrower and the Guarantor.

	  	  
	
9

	
No Waiver.  Except as otherwise expressly provided for in this Agreement, nothing in this Agreement shall extend to or affect in any way any of the Obligors' obligations or any of the rights of the Lender and remedies of the Lender arising under the Loan Documents, and the Lender shall not be deemed to have waived any or all of such rights or remedies with respect to any Event of Default or event or condition which, with notice or the lapse of time, or both would become an Event of Default under the Loan Documents and which upon the Obligors' execution and delivery of this Agreement might otherwise exist or which might hereafter occur.

	  	  
	
10

	
Release of the Lender.  By execution of this Agreement, the Borrower and the Guarantor jointly and severally acknowledge and confirm that they do not have any offsets, defenses or claims against the Lender, or any of its officers, agents, directors or employees whether asserted or unasserted.  To the extent that they may have such offsets, defenses or claims, the Borrower and the Guarantor and each of their respective successors, assigns, parents, subsidiaries, affiliates, predecessors, employees, agents, heirs, executors, as applicable, jointly and severally, release and forever discharge the Lender, its subsidiaries, affiliates, officers, directors, employees, agents, attorneys, successors and assigns, both present and former (collectively the "Lender Affiliates") of and from any and all manner of action and actions, cause and causes of action, suits, debts, controversies, damages, judgments, executions, claims and demands whatsoever, asserted or unasserted, in law or in equity which against the Lender and/or the Lender Affiliates they ever had, now have or which any of the Borrower’s or the Guarantor’s successors, assigns, parents, subsidiaries, affiliates, predecessors, employees, agents, heirs, executors, as applicable, both present and former ever had or now has, upon or by reason of any manner, cause, causes or thing whatsoever, including, without limitation, any presently existing claim or defense whether or not presently suspected, contemplated or anticipated.

 

 

 

  

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11

	
Waiver of Requirement of Prejudgment Bond.  In the event of litigation between the Lender and any Obligor in which the Lender seeks injunctive or other equitable relief, each of the Obligors waives any and all rights to require the Lender to provide or furnish a bond or other surety in connection with the issuance of preliminary or permanent injunctive or other equitable relief under Rule 65 of the Federal Rules of Civil Procedure and under any similar rule or provision of the laws or rules of procedure adopted in any jurisdiction wherein the Lender may seek to enforce tis rights.

	  	  
	
12

	
Voluntary Agreement.  The Obligors represent and warrant that they are represented by legal counsel of their choice, are fully aware of the terms contained in this Agreement and have voluntarily and without coercion or duress of any kind, entered into this Agreement and the documents executed in connection with this Agreement.

	  	  
	
13

	
Notices.  Any notice, payment, demand or communication required or permitted to be given by any provision of this Agreement will be deemed to have been given when delivered personally to the party designated to receive such notice or, on the third business day after the same is sent by certified mail, postage and charges prepaid, directed to the following addresses or to such other or additional addresses as any party might designate by written notice to the other parties:

 

 

 

	
To the Lender:

	
With a copy to the Lender’s counsel:

	
John P. Bowen, Vice President

Santander Bank, N.A.

MA1-WCM-0301

446 Main Street

Worcester, MA 01608

	
Bertin C. Emmons, Senior Counsel

Santander Bank, N. A.

NH1-CBO-0410

125 Main Street

Salem, NH 03079

	
To the Borrower:

	
To the Guarantor:

	
Ranor, Inc.

1 Bella Drive

Westminster, MA 01473-1058

Attention: Robert Francis, President

 

	
TechPrecision Corporation

3477 Corporate Parkway - Suite 140

Center Valley, PA 18034

Attention: Richard Fitzgerald, CFO

 

 

	
14

	
Entire Agreement; Binding Affect.  This Agreement constitutes the entire and final agreement among the parties and there are no agreements, understandings, warranties or representations among the parties except as set forth herein.  This Agreement will inure to the benefit and bind the respective heirs, administrators, executors, representatives, successors and permitted assigns of the parties hereto.

	  	  
	
15

	
Severability.  If any clause or provision of this Agreement is determined to be illegal, invalid or unenforceable under any present or future law by the final judgment of a court of competent jurisdiction, the remainder of this Agreement will not be affected thereby.  It is the intention of the parties that if any such provision is held to be invalid, illegal or unenforceable, there will be added in lieu thereof a provision as similar in terms to such provision as is possible, and that such added provision will be legal, valid and enforceable.

 

 

 

  

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16

	
Headings.  All headings contained in this Agreement are for reference purposes only and are not intended to affect in any way the meaning or interpretation of this Agreement.

	  	  
	
17

	
Governing Law.  This Agreement is executed and delivered in the Commonwealth of Massachusetts and it is the desire and intention of the parties that it be in all respects interpreted according to the laws of the Commonwealth of Massachusetts.  The Obligors specifically and irrevocably consent to the jurisdiction and venue of the federal and state courts of the Commonwealth of Massachusetts with respect to all matters concerning this Agreement or the Loan Documents or the enforcement of any of the foregoing.  The Obligors agree that the execution and performance of this Agreement shall have a Commonwealth of Massachusetts situs and accordingly, the Obligors consent to personal jurisdiction in the Commonwealth of Massachusetts.

	  	  
	
18

	
Counterparts.  This Agreement may be executed in counterparts, each of which will be deemed an original document, but all of which will constitute a single document.  This document will not be binding on or constitute evidence of a contract between the parties until such time as a counterpart of this document has been executed by each of the parties and a copy thereof delivered to each party under this Agreement.

	  	  
	
19

	
Amendment.  Neither this Agreement nor any of the provisions hereof can be changed, waived, discharged or terminated, except by an instrument in writing signed by the parties against whom enforcement of the change, waiver, discharge or termination is sought.

	  	  
	
20

	
WAIVER OF JURY TRIAL.  THE OBLIGORS KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE OR HEREAFTER HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE UNDERLYING TRANSACTIONS.  THE OBLIGORS CERTIFY THAT NEITHER THE LENDER NOR ANY OF ITS REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDER WOULD NOT IN THE EVENT OF ANY SUCH SUIT, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO TRIAL BY JURY.

	  	  
	
21

	
Restriction on Assignment.  The Obligors may not assign any obligations hereunder or under any related agreement to any person without the prior written consent of the Lender.  The Lender may without notice to or consent of any person, sell, assign, grant a participation in or otherwise dispose of all or any portion of the Note, the Agreement and the related agreements.  In connection therewith, the Lender may disclose to a prospective purchaser, assignee, participant or transferee any information possessed by the Lender relating to the loan and the collateral securing the loan.

 

[THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK.  THE SIGNATURE PAGE FOLLOWS.]

 

 

 

  

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Witness:

	
RANOR, INC.

	
 

 

/s/ James Marx                       

	
 

 

By:

	
 

 

/s/ Robert Francis                             

Robert Francis, President

	  	
 

TECHPRECISION CORPORATION

	
 

 

/s/ Danny Khouly                 

	
 

 

By:

	
 

 

/s/ Richard Fitzgerald                       

Richard Fitzgerald, CFO

	  	
 

SANTANDER BANK, N.A.

	
 

 

/s/ Jan Stone                          

	
 

 

By:

	
 

 

/s/ John P. Bowen                            

John P. Bowen, Vice President

 

 

 

Page 7 of 7primeglobal_ex10-1.htm

 Exhibit 10.1

PGCG ASSETS HOLDINGS SDN. BHD.

 

(Company No. 983271-U)

 

SUBSCRIPTION AGREEMENT

 

PGCG ASSETS HOLDINGS SDN. BHD. [Company No. 983271-U], a company incorporated in Malaysia under the Companies Act, 1965 with its registered office at No. 37-2 (Room 1), 2nd Floor, Jalan Metro Perdana 7, Taman Usahawan Kepong, Kepong Utara, 52100 Kuala Lumpur Malaysia (the “Company”), has authorized capital stock consisting of 5,000,000 shares of Common Stock, par value RM$1.00 per share (“Common Stock”).  The Company now desires to issue and sell to the undersigned (the “Subscriber”), and the Subscriber desires to purchase from the Company, the number of shares of Common Stock set forth below next to the Subscriber’s name on the signature page hereto (such shares, the “Shares”) in connection with an offering of up to ____________ shares of Common Stock at a purchase price of RM$_______ per share, up to an aggregate of _____________(the “Offering”).

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

	
1.  

	
Purchase.

 

	
     (a)  

	
Subject to the terms and conditions hereof, the Subscriber agrees to purchase from the Company, and the Company agrees to issue and sell to the Subscriber, the Shares at an aggregate purchase price equal to the aggregate amount set forth next to the Subscriber’s name on the signature page hereto (the “Funds”).

 

	
     (b)  

	
The Company has authorized the issuance and sale of the Shares subject to the terms and conditions hereof.

 

	
     (c)  

	
Contemporaneously with the Subscriber’s execution and delivery to the Company of an executed counterpart to this Agreement, the Subscriber shall tender the Funds to the Company by wire transfer of immediately available funds to an account or accounts specified in writing by the Company to the Subscriber.

 

	
2.  

	
Delivery of Agreement.  The Subscriber hereby delivers to the Company, and the Company hereby accepts, an executed counterpart of this Subscription Agreement

 

	
3.  

	
Representations and Warranties of the Subscriber.  The Subscriber hereby represents and warrants to the Company that:

 

	
    (a)

 

 

  

	
The Subscriber:  (i) if a natural person, represents that he or she has reached the age of 21 and has full power and authority to execute and deliver this Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and has adequate means for providing for his or her current financial needs and anticipated future needs and possible contingencies and emergencies and has no need for liquidity in the investment in the Shares; (ii) if a corporation, partnership, association, joint stock company, trust, unincorporated organization or other entity, represents that:  such entity was not formed for the specific purpose of acquiring the Shares; such entity is duly organized, validly existing and (if applicable in the applicable jurisdiction) in good standing (or similar status under local law) under the laws of the jurisdiction of its organization; the consummation of the transactions contemplated hereby will not result in a violation of its charter or other organizational documents; such entity has full power and authority to execute and deliver this Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and to purchase and hold the Shares; the execution and delivery of this Agreement has been duly authorized by all necessary corporate or other action on its part; and this Agreement has been duly executed and delivered on behalf of such entity; (iii) if executing this Agreement in a representative or fiduciary capacity, represents that it has full power and authority to execute and deliver this Agreement in such capacity and on behalf of the subscribing individual, ward, partnership, trust, estate, corporation or other entity for whom the undersigned is executing this Agreement, and such individual, ward, partnership, trust, estate, corporation or other entity has full right and power to perform his, her or its obligations pursuant to this Agreement and make an investment in the Company, and that this Agreement constitutes a legal, valid and binding obligation of such subscribing individual, ward, partnership, trust, estate, corporation or other entity; and (iv) the execution and delivery of this Agreement will not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the Subscriber (or, if applicable, such subscribing individual, ward, partnership, trust, estate, corporation or other entity) is a party or by which he, she or it is bound;

 

  

-1-

  

	
     (b)  

	
The Subscriber has received and reviewed this Agreement ; it, its attorney and its accountant have had access to, and an opportunity to review, all documents and other materials requested of the Company; it and they have been given an opportunity to ask any and all questions of, and receive answers from, the Company concerning the terms and conditions of the offering and to obtain all information that it or they believe necessary or appropriate to verify the accuracy of this Agreement, all Exhibits hereto and any other documents and materials requested of the Company and to evaluate the suitability of an investment in the Shares; and, in evaluating the suitability of an investment in the Shares, it and they have not relied upon any representations or other information (whether oral or written);

 

	
     (c)  

	
Assuming due execution and delivery by the Company of this Agreement, this Agreement constitutes the legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and

 

	
     (d)  

	
No broker has acted on behalf of the Subscriber in connection with this Agreement, and there are no brokerage commissions, finders’ fees or commissions payable in connection herewith based on any agreement, arrangement or understanding with the Subscriber or any action taken by the Subscriber.

 

	
4.  

	
Representations and Warranties of the Company.  The Company hereby represents and warrants to the Subscriber that:

 

	
     (a)  

	
Organization.  The Company is duly organized and validly existing under the laws of Malaysia  and has the corporate power and authority to own its properties and assets and to carry on its business as now conducted.  The Company is duly qualified or authorized to do business as a foreign corporation in each jurisdiction in which the conduct of its business or the ownership of its properties or assets requires such qualification or authorization, except where the failure to be so qualified would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company.

 

  

-2-

  

	
     (b)  

	
Authorization of Agreement; Enforceability.  The Company has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.  The execution, delivery and performance by the Company of this Agreement have been duly authorized by all necessary corporate action on the part of the Company.  This Agreement has been duly and validly executed and delivered by the Company and, assuming the due authorization, execution and delivery thereof by the Subscriber, this Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

	
5.  

	
Reliance.  The Subscriber acknowledges and agrees that the Company and its agents are relying on the truth and accuracy of the foregoing representations and warranties in the offering of the Shares for sale to the Subscriber without having first registered the Shares under the Securities Act.  All representations, warranties and covenants contained in this Subscription Agreement shall survive the execution and delivery of this Subscription Agreement and the consummation of the transactions contemplated hereunder.

 

	
6.  

	
Restrictions on Transfer of the Shares.

 

	
     (a)  

	
No Transfer; Opinion of Counsel.  The Subscriber acknowledges that there are restrictions on the transferability of the Shares.  Since the Shares are not registered under the Securities Exchange laws, the Subscriber acknowledges and agrees that it shall have no right at any time to sell, assign, pledge, hypothecate, distribute (as a dividend or otherwise), transfer or otherwise dispose of or encumber the Shares (except by will or by the laws of descent and distribution), unless the Company shall first have been provided with an opinion of counsel acceptable to the Company that such sale is exempt from such registration under the Securities Act and any applicable  securities laws.

 

	
7.  

	
Notice to Subscriber.  Correspondence and notices to the Subscriber shall be sent to the address listed below the signature of the Subscriber on the signature page of this Agreement until such time as the Subscriber shall notify the Company, in writing, of a different address to which such correspondence and notices are to be sent.

 

	
8.  

	
Miscellaneous.

 

	
     (a)  

	
The Subscriber agrees that this Agreement is not transferable or assignable.

 

	
     (b)  

	
The Subscriber agrees that, except as expressly permitted by any applicable  law, the Subscriber may not cancel, terminate or revoke this Agreement or any agreement of the Subscriber made hereunder, and this Agreement shall survive the death or legal disability of the Subscriber and shall be binding upon the Subscriber’s heirs, executors, administrators, successors and assigns.

 

  

-3-

  

	
     (c)  

	
This Agreement and the Exhibits hereto constitute the entire agreement among the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by both parties.

 

	
     (d)  

	
Headings are for convenience only and are not deemed to be part of this Agreement.

 

	
     (e)  

	
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.  A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar instantaneous electronic transmission device, pursuant to which the signature of, or on behalf of, such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes as of the date first written above.  At the request of any party hereto, all parties hereto agree to execute an original of this Agreement, as well as any facsimile, telecopy or other reproduction hereof.

 

	
     (f)  

	
This Agreement and the rights and obligations of the parties hereunder shall be enforced, governed and construed in all respects in accordance with the internal substantive laws of Malaysia (without reference to principles of conflicts or choice of law that would cause the application of the internal laws of any other jurisdiction).

 

	
     (g)  

	
If any part of any provision of this Agreement or any other agreement or document given pursuant to or in connection with this Agreement shall be invalid or unenforceable in any respect, such part shall be ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Agreement.

 

	
9.  

	
Confidentiality. Except as may be required by applicable law or as otherwise agreed among the parties hereto, neither the Company nor the Subscriber nor any of their respective Affiliates (as defined below) shall at any time divulge, disclose, disseminate, announce or release any information to any person (i) concerning this Agreement or the transactions contemplated hereby, without first obtaining the prior written consent of the other party hereto or (ii) any trade secrets or other confidential information of the other  party hereto (or its Affiliates), without first obtaining the prior written consent of such other party hereto; provided, however, that each party shall be entitled to disclose information with respect to the Subscriber’s investment in the Company on any reports such Subscriber furnishes to its investors or as otherwise required by any federal, state, local or foreign law (including common law), statute, code, ordinance, rule, regulation or other requirement or guideline.  An “Affiliate” of any specified person shall mean any other person that directly or indirectly controls, or is under common control with, or is controlled by, such specified person.  As used in this definition, “control” (including with its correlative meanings, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

 

[Signature Page Follows]

 

  

-4-

  

IN WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement as of January 20  , 2014.

 

 

SUBSCRIBER:

 

 

	 	 	 
	 	 	 
Total Ringgit Amount of Subscription

	 	 	 
	 	 	RM$
	 
Company Number

	 	 
Price Per Share

	 	 	 
	 	 	 
	 	 	 
Total Number of Shares

 

 

 

Mailing Address and Phone Number of Subscriber:

 

______________________________

 

______________________________

 

______________________________

 

Telephone: _____________________

 

 

Accepted and agreed to as of January 20, 2014:

 

PGCG ASSETS HOLDINGS SDN. BHD.

By:  ____________________________________

Name: Liong Tat Teh

Title: Chief Financial Officer

Mailing Address and Phone Number of Company:

 

11-2, Jalan 26/70A,

Desa Sri Hartamas

50480 Kuala Lumpur

Malaysia

Telephone:  03 6201 3198  Fax :  03 6201 3226

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]