Document:

midwest_ex107.htm

EXHIBIT 10.7

 

CHINA YOUTH MEDIA, INC.

13428 Maxella Avenue, #342

Marina Del Rey, California 90292

 

March 29, 2011

Latitude 20, Inc.

101 Plaza Real South

Suite 201 South

Boca Raton, FL 33432

 

Gentlemen:

The following terms are intended to memorialize and confirm the agreement reached between China Youth Media, Inc., a Delaware corporation (“CHYU”), and Latitude 20, Inc., a Florida corporation (“Latitude”), with respect to the matters hereinafter set forth.  While the parties anticipate executing more definitive agreements regarding the subject matter, this letter agreement shall be binding upon its execution.

1.           CHYU hereby represents that it is a publicly traded company that files reports and other information with the Securities and Exchange Commission (“SEC”) and whose shares of common stock are quoted on the OTC Bulletin Board under the symbol CHYU.

2.           CHYU desires, and Latitude hereby agrees to assist CHYU, to effect a reverse merger or similar transaction with an operating business (the “Target”) whereby the business and assets of such Target shall be acquired by or merged with CHYU, or such Target will become a wholly-owned subsidiary of CHYU on terms as the parties shall mutually agree.  It is agreed that the parties have initially identified Midwest Emissions Control Corp., a North Dakota corporation (“Midwest”) as a possible Target candidate.

3.           Contemporaneously with the execution of this letter agreement, Latitude shall loan (the “Loan”) CHYU the principal amount of $50,000 in exchange for which CHYU shall deliver a convertible promissory note to Latitude in mutually acceptable form which shall (i) be due and payable one year from issuance (the “Maturity Date”) or the end of the Exclusivity Period, as such period may be extended, whichever is later, (ii) bear interest at the rate of 8.0% per annum, and (iii) be convertible into shares of common stock of CHYU at the rate of $.004 per share at the option of Latitude at any time following the Exclusivity Period (as hereinafter defined), as such period may be extended, and until the Maturity Date.  CHYU agrees that the proceeds of such loan shall be used to pay its operating costs consistent with past practices, including but not limited to the reasonable fees, costs and expenses incurred or to be incurred in connection with its Annual Report on Form 10-K for the year ended December 31, 2010 to be filed with the SEC.

 

  

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4.           In consideration for the Loan, and during the period between the date of the execution of this letter agreement and one hundred twenty (120) days thereafter (the “Exclusivity Period”), CHYU will not, nor will it permit any of its officers, directors or agents acting on its behalf, in each case without the written consent of Latitude, to (i) enter into any agreements, understandings or negotiations with, or solicit, initiate or encourage any inquiries, proposals or offers from, any person other than Latitude or a party or parties introduced by Latitude relating to: (a) any acquisition or purchase of any assets of the CHYU or any of its respective subsidiaries (other than sales of inventory or immaterial portions of CHYU’s assets in the ordinary course) or any securities of CHYU or any of its subsidiaries, (b) any acquisition of securities of CHYU which would result in a change in control, or (c) any merger, consolidation or business combination involving CHYU or any of its subsidiaries; or, (ii) with respect to any effort or attempt by any other person to do or to seek any of the types of transactions referred to in (i) herein, participate in any discussions or negotiations, furnish to any other person any data or information with respect to CHYU or any of its subsidiaries or the business of CHYU or any of its subsidiaries, or otherwise cooperate in any way with, assist or participate in or facilitate or encourage any such effort.

 

5.           Notwithstanding anything herein to the contrary, Latitude shall have the option to extend the Exclusivity Period up to three additional successive ninety (90) days periods (each an “Extension Period”), provided written notice thereof is provided by Latitude to CHYU within fifteen (15) days prior to the end of the original Exclusivity Period or such appropriate Extension Period, as the case may be, along with an extension payment of $25,000 for such Extension Period (with it being understood that any extension payment will be in the form of a loan to CHYU containing the same terms and conditions as the Loan provided pursuant to Section 3 above).

6.           Each of the parties hereby represents that (i) it possesses the full power and exclusive right to enter into this agreement; and (ii) the execution, delivery and performance of this agreement by each party does not violate any agreement, instrument, judgment, order or award of any court or arbitrator or any law, rule or regulation to which it is bound or subject.

7.           This agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This agreement shall not be assignable by any of the parties, without the prior written consent of the other parties hereto.

8.           This agreement shall be deemed to be a contract made under the laws of the State of California and for all purposes shall be construed in accordance with the laws of said State, with venue in Los Angeles County, California.  Should any legal proceeding be necessary to construe or enforce the provisions or this agreement, then the prevailing party in such legal action shall be entitled to recover all court costs, reasonable attorney fees and costs of enforcing or collecting any judgment awarded.

 

9.           No modification, amendment or waiver of any of the provisions contained in this agreement, or any future representation, promise or condition in connection with the subject matter of this agreement, shall be binding upon any party to this agreement unless made in writing and signed by all of the parties.

 

10.        This agreement constitutes a single, integrated written contract expressing the entire understanding and agreement of the parties with respect to its subject matter, superseding all prior or contemporaneous agreements, whether written or oral.

 

  

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11.           If any provision of this agreement is declared void or otherwise unenforceable, such provision will be deemed to have been severed from this agreement, which shall otherwise be and remain in full force and effect according to its remaining terms.

12.           This agreement may be executed in one or more counterparts with the same effect as if all of the parties had signed the same document.  All counterparts shall be construed together and shall constitute one and the same instrument.  A signed copy of the agreement which is received via facsimile or other electronic transmission shall be given the same effect for all purposes, as if it were the original.

If the foregoing is acceptable, kindly execute below whereupon this agreement shall be effective in accordance with its terms.

 

	 	CHINA YOUTH MEDIA, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ Jay Rifkin	 
	 	 	Name: Jay Rifkin	 
	 	 	Title:   Chief Executive Officer	 

 

ACCEPTED AND AGREED TO

as of the 30th day of March, 2011

LATITUDE 20, INC.

 

	By:	/s/ Dwayne Bigelow	 	 

 

  

3PROMISSORY
NOTE

	$2,000	October 4, 2011

FOR GOOD AND VALUABLE CONSIDERATION,
the receipt and sufficiency of which is hereby acknowledged, SOI Nevada, LLC, a Nevada limited liability company, (“Maker”)
hereby promises to pay to the order of Sterling Hamilton (“Holder”) the sum of TWO THOUSAND DOLLARS ($2,000). This
Note shall bear interest at the rate of six percent (6%) per annum. All principal and interest due hereunder shall be paid on or
before October 4, 2013. 

Maker hereby waives presentment,
dishonor, notice of dishonor and protest. All parties hereto consent to, and Holder is expressly authorized to make, without notice,
any and all renewals, extensions, modifications, or waivers of the time for or the terms of payment of any sum or sums due hereunder,
or under any documents or instruments relating to or securing this Note, or of the performance of any covenants, conditions or
agreements hereof or thereof or the taking or release of collateral securing this Note. Any such action by Holder shall not discharge
the liability of any party to this Note.

This Note shall be governed
by and construed in accordance with the laws of the State of Nevada without regard to conflict of law principles. Maker shall also
pay Holder any and all costs of collection incurred in connection with this Note, including court costs and reasonable attorney’s
fees.

SOI Nevada, LLC

By: /s/ Sterling Hamilton

Sterling Hamilton,
Managersixamendcreditagrmnt.htm

SIXTH AMENDMENT

 

TO

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This Sixth Amendment to Second Amended and Restated Credit Agreement (this “Amendment”) is executed effective as of January 20, 2012 (the “Effective Date”), by and among AZZ incorporated, a Texas corporation (“Borrower”), and Bank of America, N.A., as Lender, Administrative Agent, Swing Line Lender and L/C Issuer (“Administrative Agent”).

 

A.           Borrower and Administrative Agent are party to that certain Second Amended and Restated Credit Agreement dated as of May 25, 2006 (as heretofore amended, modified, supplemented, restated or amended and restated from time to time, the “Agreement”).

 

B.           Borrower has requested that Administrative Agent amend certain terms and provisions of the Agreement.

 

C.           Borrower and Administrative Agent have agreed, upon the following terms and conditions, to amend the Agreement subject to and upon the terms and conditions provided herein.

 

NOW, THEREFORE, in consideration of the mutual promises herein contained, and for other valuable consideration, the parties hereto agree as follows:

 

Section 1.                      Defined Terms; References.  Unless otherwise specifically defined herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such term in the Agreement.

 

Section 2.                      Amendment to Agreement.  Effective as of the Effective Date, but subject to satisfaction of the conditions precedent set forth in Section 3 hereof, Section 7.06(e) of the Agreement is hereby amended to read in its entirety as follows:

 

“(e)           Borrower may purchase, redeem or otherwise acquire its Equity Interests for an aggregate consideration that does not exceed $50,000,000 from April 29, 2010 through the Maturity Date.”

 

Section 3.                      Conditions to Effectiveness.  This Amendment shall become effective as of the Effective Date when and if Administrative Agent has received the following:

 

(a)           this Amendment, duly executed by Borrower, each Guarantor and Administrative Agent;

 

(b)           if requested by Administrative Agent, a certificate of a Responsible Officer, certifying the names and true signatures of the officers of Borrower and each Guarantor authorized to execute and deliver this Amendment;

 

(c)           (i) if requested by Administrative Agent, for Borrower and each Guarantor that is not a partnership, copies of the resolutions of the Board of Managers or Board of Directors of Borrower or such Guarantor, approving and authorizing the execution, delivery and performance by Borrower or such Guarantor of this Amendment and the transactions contemplated hereby, certified by a Responsible Officer of Borrower or such Guarantor; and (ii) for each Guarantor that is a partnership, evidence of approval and authorization of the execution, delivery and performance by such Guarantor of this

 

1311616_2                                                                       AZZ Sixth Amendment

  

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Amendment and the transactions contemplated hereby, accompanied by a certificate from the general partner or other appropriate managing partner; and

 

(d)           such other assurances, certificates, Loan Documents, other documents, consents and opinions as Administrative Agent may reasonably require.

 

Section 4.                      Representations and Warranties of Borrower.  Borrower represents and warrants to Administrative Agent as set forth below.

 

(a)           The execution, delivery and performance by Borrower and each Guarantor of this Amendment and the transactions contemplated hereby, and the Agreement, as amended hereby, have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of any stockholder, member, partner, security holder or creditor of Borrower or such Guarantor, (ii) violate or conflict with any provision of Borrower’s or such Guarantor’s Articles of Incorporation, Bylaws, partnership agreement, limited liability company agreement, or other organizational documents, (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or leased or hereafter acquired by Borrower or such Guarantor, (iv) violate any Laws applicable to Borrower or such Guarantor (v) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan agreement or any other material agreement to which Borrower or such Guarantor is a party or by which Borrower or such Guarantor or any of its Property is bound or affected.

 

(b)           No authorization, consent, approval, order license or permit from, or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Law the execution, delivery and performance by Borrower or any Guarantor of this Amendment and the transactions contemplated hereby, and the Agreement, as amended hereby.

 

(c)           Each of this Amendment and the Agreement, as amended hereby, has been duly executed and delivered by Borrower and each Guarantor and constitutes the legal, valid and binding obligation of Borrower and each Guarantor, enforceable against Borrower and each Guarantor in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion.

 

(d)           The representations and warranties of Borrower contained in Article V of the Agreement are true and correct as though made on and as of the Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date).

 

(e)           No Default or Potential Default exists or would result from the effectiveness of this Amendment.

 

(f)           Borrower and each Guarantor agrees to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional documents and certificates as Administrative Agent may reasonably request in order to create, perfect, preserve, and protect the guaranties, assurances, and Liens granted, conveyed or assigned by the Agreement and the other Loan Documents.

 

1311616_2                                                                       AZZ Sixth Amendment

  

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Section 5.                      Reference to and Effect on Loan Documents.

 

(a)           On and after the Effective Date, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or any other expression of like import referring to the Agreement, and each reference in the other Loan Documents to “the Agreement,” “thereunder,” “thereof,” “therein” or any other expression of like import referring to the Agreement, shall mean and be a reference to the Agreement as amended and modified by this Amendment.

 

(b)           Except as specifically amended hereby, all provisions of the Agreement and all Collateral Documents shall remain in full force and effect and are hereby ratified and confirmed.

 

(c)           Except as otherwise expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or Administrative Agent under any of the Loan Documents or constitute a waiver of any provision of any of the Loan Documents.

 

Section 6.                      Costs and Expenses.  Borrower agrees to pay on demand all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other instruments, agreements and Loan Documents to be delivered hereunder, including the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with respect thereto and with respect to advising Administrative Agent as to its rights and responsibilities hereunder and thereunder.

 

Section 7.                      Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.  This agreement, when executed by the parties hereto, shall be a “Loan Document” as defined and referred to in the Agreement and the other Loan Documents.  Delivery of an executed counterpart hereof by fax shall be effective as the delivery of a manually executed counterpart hereof.

 

Section 8.                      Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 

Section 9.                      ENTIRETY.  THIS AMENDMENT, THE AGREEMENT, THE NOTES AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO.

 

[Remainder of page intentionally left blank.]

 

1311616_2                                                                       AZZ Sixth Amendment

  

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AZZ incorporated

 

 

	
  

	
By:

	
  /s/ Dana Perry

	 

 

	
  

	
Dana Perry, Vice President

 

BANK OF AMERICA, N.A., as Administrative Agent

 

 

	
  

	
By:

	
  /s/ Allison W. Connally

	 

 

	
  

	
Name:  Allison W. Connally

 

	
  

	
Title:  Senior Vice President

 

BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

 

 

	
  

	
By:

	
  /s/ Allison W. Connally

	 

 

	
  

	
Name:  Allison W. Connally

 

	
  

	
Title:  Senior Vice President

 

1311616_2                                                                       Signature Page to AZZ Sixth Amendment

  

  

  

To induce Administrative Agent to enter into this Amendment, the undersigned hereby consent and agree (a) to its execution and delivery and terms and conditions thereof, (b) that this document in no way releases, diminishes, impairs, reduces, or otherwise adversely affects any guaranties, assurances, or other obligations or undertakings of any of the undersigned under any Loan Documents, and (c) waive notice of acceptance of this Amendment, which Amendment binds each of the undersigned and their respective successors and permitted assigns and inures to the benefit of Administrative Agent and their respective successors and permitted assigns.

 

GUARANTORS:

 

AAA GALVANIZING – JOLIET, INC.

 

AAA GALVANIZING – DIXON, INC.

 

AAA GALVANIZING – CHELSEA, INC.

 

AAA GALVANIZING – HAMILTON, INC.

 

AAA GALVANIZING – PEORIA, INC.

 

AAA GALVANIZING – WINSTED, INC.

 

AZTEC INDUSTRIES, INC.

 

THE CALVERT COMPANY, INC.

 

GULF COAST GALVANIZING, INC.

 

ARKGALV, INC.

 

ARBOR-CROWLEY, INC.

 

ATKINSON INDUSTRIES, INC.

 

AZTEC INDUSTRIES, INC. - MOSS POINT

 

AUTOMATIC PROCESSING INCORPORATED

 

ARIZONA GALVANIZING, INC.

 

HOBSON GALVANIZING, INC.

 

CGIT SYSTEMS, INC.

 

WESTSIDE GALVANIZING SERVICES, INC.

 

CARTER AND CRAWLEY, INC.

 

CENTRAL ELECTRIC COMPANY

 

CENTRAL ELECTRIC MANUFACTURING COMPANY

 

1311616_2                                                                       Signature Page to AZZ Sixth Amendment

  

  

  

ELECTRICAL POWER SYSTEMS, INC.

 

WITT GALVANIZING - CINCINNATI, INC.

 

WITT GALVANIZING - MUNCIE, INC.

 

WITT GALVANIZING - PLYMOUTH, INC.

 

AZTEC MANUFACTURING PARTNERSHIP, LTD.

 

By:           AZZ GROUP, LP, its General Partner

 

By:           AZZ GP, LLC, its General Partner

 

AZTEC MANUFACTURING – WASKOM PARTNERSHIP, LTD.

 

By:           AZZ GROUP, LP, its General Partner

 

By:           AZZ GP, LLC, its General Partner

 

RIG-A-LITE PARTNERSHIP, LTD.

 

By:           AZZ GROUP, LP, its General Partner

 

By:           AZZ GP, LLC, its General Partner

 

INTERNATIONAL GALVANIZERS PARTNERSHIP, LTD.

 

By:           AZZ GROUP, LP, its General Partner

 

By:           AZZ GP, LLC, its General Partner

 

DRILLING RIG ELECTRICAL SYSTEMS CO. PARTNERSHIP, LTD.

 

By:           AZZ GROUP, LP, its General Partner

 

By:           AZZ GP, LLC, its General Partner

 

AZZ GROUP, LP

 

By:           AZZ GP, LLC, its General Partner

 

AZZ GP, LLC

 

AZZ LP, LLC

 

AZZ HOLDINGS, INC.

 

AZZ DELAWARE INC.

 

NORTH AMERICAN GALVANIZING & COATINGS, INC.

 

NAGALV – OHIO, INC.

 

NAGALV – WV, INC.

 

NORTH AMERICAN GALVANIZING COMPANY

 

PREMIER COATINGS, INC.

 

1311616_2                                                                       Signature Page to AZZ Sixth Amendment

  

  

  

REINFORCING SERVICES, INC.

 

ROGERS GALVANIZING COMPANY – KANSAS CITY

 

 

	
  

	
By:

	
  /s/ Dana L. Perry

	 

 

	
  

	
Dana L. Perry, Secretary of each of the foregoing entities

 

1311616_2                                                                       Signature Page to AZZ Sixth Amendment

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