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China Oumei Real Estate Inc.: Exhibit 10.30 - Filed by newsfilecorp.com

Exhibit 10.30 

Loan Term Extension Agreement 

Borrower: Qingdao Xudong Real Estate Development Co., Ltd.

Address: Dongli Village, Li Cang District, Qingdao City 
Regal
Representative: Li Xiaoguang 

Lender: Industrial and Commercial Bank of China, Qingdao
Chengyang branch 
Address: No.219, Zheng Yang Road, Chengyang District,
Qingdao 
Responsible person: Sun Yunbo 

Guarantor 1: Qingdao Longhai Road & Bridge Group Co., Ltd.

Address: No.1431, Cha Lan Road, Ji Mo city, Qingdao 
Legal
Representative: Guan Yiguo 

Guarantor 2: Qingdao Xudong Real Estate Development Co., Ltd.

Address: Dong Li Cun, Li Cang district, Qingdao 
Legal Representative: Li
Xiaoguang 

According to: 

	1. 	
      Borrower cannot pay off the loan on the maturity date
      under the Real Estate Industry Loan Contract (Code: Year 2007 Cheng Gong
      Jie Zi No.034, hereinafter referred to as the “Original Loan Contract”)
      and request the Lender to extend the term of the loan.

	 	 
	2. 	
      Guarantors agreed to continue to provide security
      interest to the Borrower pursuant to the following guarantee agreements
      (following is “Original Guarantee Agreements”):

Name of guarantee contract: Guarantee Contract,

Code: Year 2007 Cheng Gong Bao Zi No.034 
Name of surety
contract: Mortgage Contract, 
Code: Year 2007 Cheng Gong Di Zi
No.034 

	3. 	
      Lender agrees to extend the maturity date of the
      outstanding loans in accordance with the terms of this
  Agreement.

Section 1. The loan amount under the Original Loan Contract is
RMB 200 million, among which RMB 0 has been paid off. This Agreement covers the
outstanding loan amount of RMB 200 million. 

Section 2. The term of the Original Loan Contract is from May
28, 2007 to May 27, 2010. The extended term of the loan is from May 27, 2010 to
November 25, 2011. 

Section 3. 

Floating interest rate- the interest rate shall be the sum of
the benchmark interest rate and the floating range. The benchmark interest rate
is the benchmark interest rate of People’s Bank of China for the period from the
date of this Agreement and the maturity date of the loan and the floating range
is float upward (float upward/float downward/zero) by 12%. The
floating range will be consistent during the term of this Agreement. After the
withdrawal of the loan by the Borrower, the interest rate is 3-month per period,
adjustable every period. 

Section 4. The new interest rate applies to the extended loan
term. 

Section 5. The Borrower repays the loan according to the
following amortization table: 

	Date 	Amount (million RMB) 
	August 25, 2010
    	2
  
	November 25,
      2010 	3
  
	February 25,
      2011 	5
  
	May 25, 2011 	6
  
	August 25, 2011
    	8
  
	November 25,
      2011 	176
    

Section 6. In the event that the Borrower fails to repay the
loan balance to the Lender under this Agreement, the Lender is entitled to
charge an extra 50% as penalty interest rate over the agreed interest rate under
this Agreement. The penalty interest starts to apply on the first overdue date.

Section 7. Guarantors represent that they will continue to
guarantee all of the Borrower’s obligations under the Original Loan Agreement
and this Agreement pursuant to the Original Guarantee Contract. 

Section 8. Unless as otherwise provided in this Agreement, the
Original Loan Contract and the Original Guarantee Contract are still effective.

Section 9: This Agreement becomes effective upon the
satisfaction of the following conditions and will expire upon the repayment of the total
outstanding balance under this Agreement: 

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Borrower. has provided, to Lender’s satisfaction, guarantees
relating to its obligations under this Agreement and the Original Loan Contract.
This Agreement has been executed by the parties and the related guarantee
procedure has been completed. 

Section 10. This Agreement has 4 originals; Borrower,
Lender and each Guarantor shall hold one copy and each copy has the same legal
force. 

Section 11. Any appendix of the Agreement is an integral part
of this Agreement and has same legally force as this Agreement. 

Section 12 Others 

1) All the funds that the Borrower
received later for the construction of Dongli Garden Phase 1 shall be deposited
in the bank account with the Lender and monitored by the Lender. Such funds may
only be used for the construction of Dongli Garden Phase 1 project. 

2) All the procedures for pledging and
insurance for the unpledged high-rise building in Dongli Garden Phase 1 project
shall be completed by the end of August 2010. 

3) All the pledging registration
procedures and construction insurance procedures (naming Lender as the
beneficiary) need to be completed within 15 business days following the time
when such unpledged properties turn to be pledgable. 

4) All the sales revenues (including
the revenues from extended GFAs) that Dongli Garden Phase 1 project received
shall be deposited into its bank account with the Lender for repayment of the
loan under this Agreement and shall not be used for any other purposes. 

5) Borrower shall make the payment
every quarter. The repaid principal amount of the first quarter after the
extension shall not be less than RMB 2 million, RMB 3 million for the second
quarter, RMB 5 million for the third quarter, RMB 6 million for the fourth
quarter and RMB 8 million for the fifth quarter repayment. All of the
outstanding loan amount shall be repaid at once during the sixth quarter. 

6) In the event that the Borrower
acquires the land use right for the Dongli Garden Phase 2 during the term of
this Agreement, it shall assist the Lender unconditionally in completing the required pledge
procedures to guarantee the loan under this Agreement. 

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7) In the event that a third party
acquires the land use right for the Dongli Garden Phase 2, the Borrower shall
deposit all of the relocation compensation that the Borrower received into the
account with the Lender, which has the priority to use it for the repayment of
this loan. 

BORROWER: 
Qingdao Xudong Real Estate Development
Co., Ltd. 
Authorized Representative: /s/ Li Xiaoguang 

LENDER: 
Industrial and Commercial Bank of China,
Qingdao Chengyang branch 
Authorized Representative: /s/ Sun Yunbo 

GUARANTOR 1: 
Qingdao Longhai Road & Bridge Group
Co., Ltd. 
Authorized Representative: /s/ Guan Yiguo 

GUARANTOR 2: 
Qingdao Xudong Real Estate Development
Co., Ltd. 
Authorized Representative: /s/ Li Xiaoguang 

Date: May 20, 2010

4exhibit10-a.htm

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT 

 

     ARVINMERITOR RECEIVABLES CORPORATION, a Delaware Corporation (“Borrower”), ARVINMERITOR, INC., an Indiana corporation, in its capacity as the initial Collection Agent and Performance Guarantor (together with its successors, “ArvinMeritor”), the financial institution(s) listed on the signature pages hereof (each individually a “Lender” and collectively “Lenders”) and GMAC COMMERCIAL FINANCE LLC, a Delaware limited liability company, for itself as a Lender and as Agent, enter into this Second Amendment to Loan and Security Agreement effective as of October 29, 2010 (the “Effective Date”).

 

BACKGROUND 

 

     A. Borrower, ArvinMeritor, Agent and Lenders are parties to a Loan and Security Agreement dated as of September 8, 2009 (as amended from time to time, the “Loan Agreement”) and related agreements and documents. All capitalized terms used in this Amendment but not otherwise defined have the meanings given in the Loan Agreement and references to “Sections” are intended to refer to sections of the Loan Agreement.

 

     B. The parties are entering into this Amendment concurrently with the execution of the Sale Agreement Amendment (as defined below), under which the Originators and Borrower agree to exclude certain Accounts of the Originators from the Accounts purchased by Borrower from the Originators.

 

     In consideration of the foregoing, and the respective agreements, warranties and covenants in this Amendment, the parties agree as follows: 

 

TERMS AND CONDITIONS 

 

1. CONSENT AND AMENDMENTS. 

 

     1.1 Consent to Sale Agreement Amendment. Notwithstanding the terms of Section 7.17, Agent and Lenders consent to the execution, delivery, and performance by the Borrower and the Originators of a First Amendment to Third Amended and Restated Purchase and Sale Agreement in the form attached hereto as Exhibit C (“Sale Agreement Amendment”).

 

     1.2 No Future Purchases of Permitted Obligor Accounts. Borrower agrees that Borrower will not purchase from the Originators any Permitted Obligor Account. All Accounts purchased by Borrower that are not Permitted Obligor Accounts will continue to be subject to all terms and conditions of the Loan Agreement, including Section 10.2, as amended hereby. Upon execution thereof by Borrower and the Originators, Borrower will provide Agent a fully executed copy of the Sale Agreement Amendment. Within 5 Business Days of the Effective Date, Borrower will provide Agent with a listing of all Accounts of Permitted Obligors that are not Permitted Obligor Accounts and that were uncollected on the Effective Date. 

 

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     1.3 Definition of Eligible Accounts. The definition of “Eligible Accounts” in the Loan Agreement is amended as follows as of the Effective Date: 

 

a. The word “or” is deleted from the end of subsections 25, 26, 27, and 28 and the period at the end of subsection 29 is changed to a semicolon; and

 

b. The following are added as subsections 30 and 31:

 

     “(30) Accounts with respect to which Permitted Obligors are the Account Debtors; and

 

     (31) Designated Accounts, Excluded Sale Accounts, and Permitted Obligor Accounts, that Borrower is not obligated to purchase under the terms of the Account Sale Agreement.” 

 

     1.4 Definitions of Volvo and Mack. The definitions of “Volvo” and “Mack” are amended by deleting the phrase “and its Affiliates and Subsidiaries” from each definition. 

 

     1.5 Definition of Intercreditor Agreement. The definition of the term “Intercreditor Agreement” in Section 1 is amended and restated to read as follows: 

 

     “‘Intercreditor Agreement’ means the Intercreditor Agreement dated on or about October 29, 2010, among the Agent, JPMorgan Chase Bank, N.A., as agent under the Parent Credit Agreement, and Viking Asset Purchaser No 7 IC, as Initial Purchaser under the RPA and the other Purchasers from time to time party thereto.” 

 

     1.6 New Definitions. The following definitions are added to Section 1 as of the Effective Date: 

 

     “Excluded Sale Accounts” means Accounts arising from the sale to an Account Debtor of steel or other raw material inventory acquired by an Originator solely for the purpose of reselling such raw material inventory to such Account Debtor to be used by such Account Debtor to manufacture goods for the Originator. 

 

     “Permitted Obligor Account” means (i) any Account arising from the sale of goods or the provision of services by an Originator to Mack Trucks, Inc., Volvo Group North America, Inc, or Volvo Construction Equipment N.A. in respect of which an invoice is issued for the first time after October 28, 2010, and (ii) any Account arising from the sale of goods or the provision of services by an Originator to any other Person designated as a Permitted Obligor pursuant to the Accounts Sale Agreement (provided that such Person purchases goods or services for Volvo or Mack or their Affiliates, and is a "Permitted Obligor," as such term is defined in the RPA), in respect of which an invoice is issued for the first time after the effective date of such Person’s designation as Permitted Obligor. 

 

2 

 

 

     “RPA” means the Receivables Purchase Agreement, dated as of October 29, 2010, between the Originators, as Sellers, Viking Asset Purchaser No 7 IC, as Initial Purchaser, and the other Persons from time to time parties thereto as Purchasers, as amended, modified, supplemented, restated, refinanced, refunded or replaced and in effect from time to time. 

 

     1.7 Amendments of Section 10.2. Effective as of the Effective Date, a new subsection (D) is added to Section 10.2, reading as follows: 

 

     (D) Exclusion of Permitted Obligor Accounts. For all purposes of subsection (B) and (C) above, the term “Accounts” as used therein shall exclude Permitted Obligor Accounts, and the Collection Agent shall have no duties, responsibilities, liabilities, or obligations to Borrower, the Agent, or any Lender in respect of Permitted Obligor Accounts. In addition, until the RPA Termination Date (as defined in the Intercreditor Agreement), the term “Third Party Proceeds” shall exclude payments of Permitted Obligor Accounts, and Agent’s obligations in respect of payments on Permitted Obligor Accounts shall be governed by the terms of the Intercreditor Agreement. 

 

     1.8 Borrowing Base Certificate. From and after the Effective Date, the form of Borrowing Base Certificate attached to this Amendment as Exhibit A will replace the form of Borrowing Base Certificate attached as Exhibit B to the Loan Agreement. 

 

2. CONDITION PRECEDENT. 

 

     This Amendment will not be of any force or effect unless Agent receives a fully executed copy of the Officer's Certificate in the form of Exhibit B. 

 

3. ACKNOWLEDGEMENTS. 

 

     3.1 Acknowledgment of Liens. Borrower hereby acknowledges, confirms and agrees that Agent, for the benefit of Lenders, has and will continue to have valid, enforceable and perfected first-priority Liens upon and in the Collateral pursuant to the Loan Documents or otherwise granted to or held by Agent and Lenders. 

 

     3.2 Binding Effect of Documents. Borrower hereby acknowledges, confirms and agrees that: (a) each of the Loan Documents to which it is a party has been duly executed and delivered to Agent and Lenders by Borrower, and each is and will remain in full force and effect, as amended hereby, as of the date hereof, (b) the agreements and obligations of Borrower contained in the Loan Documents, as amended by this Amendment, and in this Amendment constitute the legal, valid and binding obligations of Borrower, enforceable against it in accordance with their respective terms (except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors' rights and except to the extent that availability of the remedy of specific performance or injunctive relief and other equitable remedies are subject to the discretion of the court before which any proceeding therefore may be brought), and Borrower has no valid defense to the enforcement of such obligations, and (c) subject to the terms and provisions of this Amendment, Agent and Lenders are and will be entitled to the rights, remedies and benefits provided for under the Loan Documents and applicable law. 

 

3 

 

 

4. REPRESENTATIONS AND WARRANTIES. 

 

     4.1 Borrower hereby represents and warrants to Agent and Lenders, that: 

 

     a. There is no Default or Event of Default currently in existence; 

 

     b. The representations and warranties of Borrower contained in the Loan Agreement and the other Loan Documents, as amended hereby, are true and correct in all material respects as of the date hereof with the same effect as though made on the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date; 

 

     c. This Amendment has been duly authorized, executed and delivered to Agent by Borrower, is enforceable in accordance with its terms and is in full force and effect; and 

 

     d. The execution, delivery and performance of this Amendment or any other agreement in connection herewith by Borrower will not violate any requirement of law or contractual obligation of Borrower and will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues. 

 

5. MISCELLANEOUS. 

 

     5.1 Effect of Amendment. Except as modified pursuant hereto, no other changes or modifications to the Loan Documents are intended or implied and in all other respects the Loan Documents hereby are ratified, restated and confirmed by all parties hereto as of the effective date hereof. To the extent of conflict between the terms of this Amendment and the other Loan Documents, the terms of this Amendment will govern and control. The Loan Agreement and this Amendment will be read and construed as one agreement. 

 

4 

 

 

     5.2 Further Assurances. At Borrower's expense, Agent will execute and deliver such additional documents and take such further action as may be necessary or desirable to effectuate the provisions and purposes of this Amendment. 

 

     5.3 Successors and Assigns. This Amendment will be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns. 

 

     5.4 Entire Agreement. This Amendment constitutes the entire understanding of the parties in connection with the subject matter of this Amendment. This Amendment may only be modified or amended in a writing signed by all parties. 

 

     5.5 Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other document furnished in connection with this Amendment will survive the execution and delivery of this Amendment and the other documents, and no investigation by Agent or any Lender or any closing will affect the representations and warranties or the right of Agent and Lenders to rely upon them. 

 

     5.6 Costs and Expenses. Without limiting and in addition to Agent and any other Lender's other rights to reimbursement under the Loan Documents, Borrower agrees to pay to Agent (a) all reasonable fees and disbursements of any counsel to Agent or any Lender connection with the preparation, negotiation, execution, or delivery of this Amendment and any agreements contemplated hereby and (b) reasonable out-of-pocket expenses which will at any time be incurred or sustained by Agent as a consequence of or in any way in connection with the preparation, negotiation, execution, or delivery of this Amendment and any agreements contemplated hereby. 

 

     5.7 Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable will not impair or invalidate the remainder of this Amendment. 

 

     5.8 Counterparts. This Amendment and all other documents and agreements provided for herein or delivered or to be delivered hereunder or in connection herewith may be executed in any number of counterparts, and by the parties hereto and/or thereto on the same or separate counterparts, and each such counterpart, when executed and delivered, will be deemed an original, but all such counterparts will together constitute but one and the same agreement or document, as applicable. 

 

[Signatures continued on next page] 

 

5 

 

 

[Signature page to Second Amendment to Loan and Security Agreement dated October 29, 2010]

 

	GMAC COMMERCIAL FINANCE LLC, as
	Agent
	 
	By:  	/s/ George Grieco
	 	Name:  	George Grieco
	 	Title:	Managing Director
	 	 	 
	WELLS FARGO BANK, NA
	 
	By:  	/s/ Eero Maki
	 	Name:	Eero Maki
	 	Title:	Senior VP
	 
	COLE TAYLOR BANK
	 
	By:  	/s/ Richard A. Simons
	 	Name:	Richard A. Simons
	 	Title:	Group Senior Vice President
	 
	ARVINMERITOR RECEIVABLES
	CORPORATION
	 
	By:  	/s/ Kevin Nowlan
	 	Kevin Nowlan
	 	President and Treasurer
	 
	ARVINMERITOR, INC.
	 
	By:  	/s/ Jeffrey Craig
	 	Jeffrey Craig
	 	Senior Vice President and
	 	Chief Financial Officer

6 

 

 

EXHIBIT A 

 

BORROWING BASE CERTIFICATE

 

 

7 

 

 

EXHIBIT B 

 

OFFICER'S CERTIFICATE 

 

     The undersigned, the Assistant Secretary of ArvinMeritor Receivables Corporation (the "Borrower") and Secretary of ArvinMeritor, Inc. (“ArvinMeritor”) certifies to GMAC Commercial Finance LLC ("Agent") as follows: 

 

	      	1.	      	Borrower and ArvinMeritor have requested that Agent and Lenders amend the Loan and Security Agreement dated September 8, 2009 as provided in the Second Amendment to Loan and Security Agreement set forth above (the "Amendment ")
	 	 
	 	2.	 	The boards of directors of Borrower and ArvinMeritor, as applicable, have authorized and approved the execution of the Amendment.
	 	 
	 	3.	 	No further approvals or authorizations are necessary for Borrower and ArvinMeritor to execute the Amendment or any agreements or documents executed or delivered in connection with the Amendment.

	 
	Print Name:  	 

Dated: October 29, 2010 

 

8 

 

 

EXHIBIT C 

 

[Form of First Amendment to Third Amended

and Restated Purchase and Sale Agreement] 

 

 

9

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