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ex_10-4.htm - Generated by SEC Publisher for SEC Filing

  

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT (the "Agreement") dated this 14th day of October, 2016 BETWEEN: CNC MACHINERY CHINA CO., LTD of 194 XINHUA RD, HEPING QU, TIANJIN SHI, CHINA, 300050 (the “Seller”) OF THE FIRST PART and ARCOM of HUNAN PROVINCE, LONGHUI COUNTY, YANG GU AO TOWN, LEI FENG VILLAGE, UNIT4, NO.20, 422200  (the “Buyer”) OF THE SECOND PART

 

IN CONSIDERATION OF THE COVENANTS and agreements contained in this Purchase Agreement the parties to this Agreement agree as follows:

 

Purchase of Goods

1.      The Buyer will purchase from the Seller the following goods (the “Goods”): 

 

MILLING-ENGRAVING CNC MACHINE, MODEL: STO CNC 6090, OAK WOOD, ELASTIC BAND, FABRIC, KRAFT PAPER, NEEDLE AND THREAD, WOOD VARNISH. 

 

The additional items can be purchased from the Seller, the list of which should be specified in the invoice to each order of Goods from the Seller. 

 

Purchase Price

2.      The Seller will sell, transfer and deliver the Goods to the Buyer. The Buyer will pay to the Seller the sum in USD currency, which will be specified in the invoice to each order of the Goods by the Buyer, paid by wire transfer as required in clause 4 of this Agreement.

 

3.      The Buyer will make payment by wire transfer for the Goods at the time when the Goods are received by the Buyer or, in the alternative, when any document of title or registered Bill of Sale of the Goods, bearing any necessary endorsement, is tendered to the Buyer.

 

4.      The Buyer has the right to pay owned amount to the Seller in parts.

 

Delivery of Goods

5.      The Goods will be deemed received by the Buyer when delivered to the Buyer. The method of shipment will be door-to-door shipment, from the warehouse of the Seller to the place of delivery of the Buyer, specified as DDT (Delivered duty paid) in accordance to Incoterms (International Commercial Terms 2010, CC. Retrieved March 14, 2014). The Seller will be responsible for all shipping services until the goods will be deemed received by the Buyer.

 

Risk of Loss

6.      Risk of loss will be on the Seller until the goods will be deemed received by the Buyer. 

 

Warranties

7.      The Seller assumes and can authorize other person to assume on the behalf of the Seller liability in connection with the sale of the Goods. 

 

8.      The Buyer has been given the opportunity to inspect the Goods or to have it inspected. Further, the Seller warranties acceptable conditions of the Goods.

 

Title

9.      Title to the Goods will remain with the Seller until delivery and actual receipt of the Goods by the Buyer or, in the alternative, the Seller delivers a document of title or registered Bill of Sale of the Goods, bearing any necessary endorsement, to the Buyer.

 

Security Interest

10.   The Seller retains a security interest in the Goods until paid in full.

 

 

	

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Inspection

11.   The Buyer will make inspection at the time and place of delivery.

 

Claims

12.   The Buyer's failure to give notice of any claim within 10 days from the date of delivery will constitute an unqualified acceptance of the Goods and a waiver by the Buyer of all claims with respect to the Goods.

 

Excuse of Delay or Failure to Perform

13.   The Seller will is liable in any way for any delay, non-delivery or default in shipment due to labor disputes, transportation shortage, delays in receipt of material, priorities, fires, accidents and other causes beyond the control of the Seller or its suppliers. If the Seller, in its sole judgment, will be prevented directly or indirectly, on account of any cause beyond its control, from delivering the Goods at the time specified or within one month after the date of this Agreement, then the Seller will have the right to terminate this Agreement by notice in writing to the Buyer, which notice will be accompanied by full refund of all sums paid by the Buyer pursuant to this Agreement.

 

Cancellation

14.   The Seller reserves the right to cancel this Agreement:

 

a.      If the Buyer fails to pay for any shipment when due;

b.      In the event of the Buyer's insolvency or bankruptcy; or

c.      If the Seller deems that its prospect of payment is impaired.

 

Notices

15.   Any notice to be given or document to be delivered to either the Seller or Buyer pursuant to this Agreement will be sufficient if delivered personally or sent by prepaid registered mail to the address specified below. 

 

SELLER: 194 XINHUA RD, HEPING QU, TIANJIN SHI, CHINA, 300050

BUYER: HEZHOU N RD 12, HECHENG QU, HUAIHUA SHI, HUNAN SHENG, CHINA, 418000

 

General Provisions

16.   Headings are inserted for the convenience only and arc not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

 

17.   All representations and warranties of the Seller contained in this Agreement will survive the closing of this Agreement.

 

18.   The Buyer may not assign its right or delegate its performance under this Agreement without the prior written consent of the Seller, and any attempted assignment or delegation without such consent will be void. An assignment would change the duty imposed by this Agreement, would increase the burden or risk involved and would impair the chance of obtaining performance or payment.

 

19.   This Agreement cannot be modified in any way except in writing signed by all the parties to this Agreement.

 

20.   This Agreement will be governed by and construed in accordance with the laws of the State of Nevada, USA. 

 

21.   If any clause of this Agreement is held unconscionable by any court of competent jurisdiction, arbitration panel or other official finder of fact, the clause will be deleted from this Agreement and the balance of this Agreement will remain in full force and effect.

 

22.   This Agreement will inure to the benefit of and be binding upon the Seller and the Buyer and their respective successors and assigns.

 

	

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23.   This Agreement may be executed in counterparts. Facsimile signatures are binding and are considered to be original signatures.

 

24.   Time is of the essence in this Agreement.

 

25.   This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise. 

 

 

IN WITNESS WHEREOF the parties have executed this Purchase Agreement on this 14th day of October 2016.

 

 

____________________________/s/ Wang Lin

CNC MACHINERY CHINA CO., LTD 

194 XINHUA RD, HEPING QU, TIANJIN SHI

CHINA, 300050 

(The “Seller”)

 

__________________________/s/ Hui Ping Liu

ARCOM

HUNAN PROVINCE, LONGHUI COUNTY, YANG GU AO TOWN 

LEI FENG VILLAGE, UNIT4, NO.20

CHINA, 422200  

(The “Buyer”)

	

   3Exhibit

THIS UNSECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE PAYOR THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

UNSECURED PROMISSORY NOTE

$250,000.00    December 30, 2016
Thornton, Colorado

For value received, Ascent Solar Technologies, Inc., a Delaware corporation (“Payor”), promises to pay to Global Ichiban Ltd or its assigns (“Holder”) the principal sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) with interest on the outstanding principal amount at the rate of twelve percent (12%) per annum.  Interest shall commence with the date of funding.  Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed.  The principal and accrued interest on this note (the “Note”) shall be due and payable on June 30, 2017 (the “Maturity Date”), provided that the Maturity Date of all Notes (as defined below) may be extended with the written consent of Holder.
1.The obligations under this Note will be unsecured.
2.    All payments of interest and principal shall be in lawful money of the United States of America and shall be made pro rata among all Holders.  All payments shall be applied first to accrued expenses due under this Note, next to interest and thereafter to principal.
3.    The entire outstanding principal balance and all unpaid accrued interest shall become fully due and payable on the Maturity Date.  On the Maturity Date, Payor shall pay the Holder the outstanding principal balance, plus an amount equal to all accrued interest.  
4.    Promptly upon the occurrence thereof, Payor shall furnish to Holder written notice of the occurrence of any Event of Default (as defined below) hereunder.
5.    If action is instituted to collect this Note, the Payor promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action.
6.    Payor may prepay this Note prior to the Maturity Date.
7.    If there shall be any Event of Default hereunder, at the option of, and upon the declaration of the Holder of this Note and upon written notice to the Payor (which election and notice shall not be required in the case of an Event of Default under Section 7(b) or 7(c)), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable.  The occurrence of any one or more of the following shall constitute an “Event of Default”:

(a)    Payor fails to pay timely any of the principal amount due under any of the Notes on the date the same becomes due and payable or any accrued interest or other amounts due under any of the Notes on the date the same becomes due and payable;
(b)    Payor (i) files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect; (ii) makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; (iii) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property; (iv) is unable, or admits in writing its inability, to pay its debts generally as they mature, (v) is dissolved or liquidated; (vi) becomes insolvent (as such term may be defined or interpreted under any applicable statute); or (vii) takes any action for the purpose of effecting any of the foregoing; or
(c)    An involuntary petition is filed against Payor (unless such petition is dismissed or discharged within thirty (30) days under any bankruptcy statute now or hereafter in effect) or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of Payor.
8.    Upon the occurrence or existence of any Event of Default (other than an Event of Default described in Section 7(b) or 7(c)) and at any time thereafter during the continuance of such Event of Default, Holder may, by written notice to the Payor, declare all outstanding principal and accrued interest on this Note immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.  Upon the occurrence or existence of any Event of Default described in Section 7(b) or 7(c), immediately and without notice, all outstanding principal and interest on this Note shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.
9.    The Payor hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this Note.
10.    This Note shall be governed by and construed under the laws of the State of Colorado, as applied to agreements among Colorado residents, made and to be performed entirely within the State of Colorado, without giving effect to conflicts of laws principles.
11.    Any term of this Note (excluding the principal amount of the Note and the interest rate of the Note) may be amended or waived with the written consent of Payor and Holder.  Upon the effectuation of such waiver or amendment in conformance with this Section 11, the Payor shall promptly give written notice thereof to the record holders of the Notes who have not previously consented thereto in writing.

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IN WITNESS WHEREOF, Payor and Holder have caused this Note to be executed as of the date first written above.

PAYOR: 

ASCENT SOLAR TECHNOLOGIES, INC.

By:    /s/ Victor Lee
Name:  Victor Lee
Title:  Chief Executive Officer

HOLDER: 

GLOBAL ICHIBAN LTD

For and on Behalf of
LT Asia Management Ltd

By:    /s/ Ashley Ong
Name:  Ashley Ong
Title:  Authorized Signatory

SIGNATURE PAGE TO UNSECURED PROMISSORY NOTE

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