Document:

c59401_ex10-4.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.4

Indemnity Transfer Agreement 

(Applicable to domestic trade credit insurance)

This Agreement is entered into by three parties as below:

	
Insured:		
Kunming Shenghuo Pharmaceutical (group) Co., Ltd.	
	
Address:		
No.2 Jingyou Road	
	 		
Kunming Economy and Technology Development Area	
	 		
Yunnan Province	
	 	
	
Indemnity Beneficiary:          		
China Construction Bank Kunming Heping Branch	
	
Address:		
No.328 South Ring Road	
	 		
Kunming City, Yunnan Province	
	 	
	
Insurer:		
Ping An Property & Casualty Insurance Company of China, Ltd.	
	
Address:		
Xinghe Development Centre Plaza	
	 		
Fuhua Road, Futian District	
	 		
Shenzhen, China	

All of the three parties reached an agreement as below in accordance to Article 25 under Basic Provisions: 

	      	
1.     	
The Insured hereby transfers the indemnity rights of the insurance policy number 11619030901009000001 (hereinafter referred to as the
“Insurance Policy”) to the Indemnity Beneficiary.
	
	 
	 	
2.	
The Insurer agrees to the transfer and promises to make indemnity payable to the Indemnity Beneficiary under the Insurance Policy, provided that the interests of third party (whose rights to indemnification
under the laws are superior to that of bank) are not affected.
	
	 
	 	
3.	
The Indemnity Beneficiary accepts this transfer and declares that it has full knowledge of the terms and conditions under the Insurance Policy with which it agrees to comply.
The Indemnity Beneficiary agrees that its indemnity rights are no more than that of the Insured. In the event that the Insurer has claims or defenses against the Insured, such as liability exemptions, indemnity, and failure to perform duty defenses, all of those shall also be applicable to the Indemnity Beneficiary.
	
	 
	 	 	
In the event that the Insured’s claims to accounts receivables are transferred to the Indemnity Beneficiary, the Indemnity Beneficiary hereby agrees that:

	
	 
	 	 	
-        

		The Indemnity Beneficiary may inform
    the Insurer instantly once it is aware
	 

	 	 	       

 		
of the occurrence of overdue debts. If the Indemnity Beneficiary claims indemnity from the Insurer, it shall provide all written evidence related to the debts, all documents related to assignments of the
debts, and submit a form “Notice of Occurrence of Overdue Debts and Application for the Involvement of the Insurer” (the form is attached).
	
	 
	 	 	-        

 		
The Indemnity Beneficiary agrees and accepts the terms and conditions under the Basic Provisions Article 8, 9, 10, 11, and 12 under Section 4, and Article 20 and 21 under Section 5, as well as the
supplementary terms C.102 No.4.
	
	 
	 	 	 	
To avoid any disagreement or disputes during the course of indemnity payment, the Insurer may deem the actions taken by the Insured or Indemnity Beneficiary in the course of interest assignment as
mutually-agreed actions between the Insured and the Indemnity Beneficiary. Any disputes regarding the interest assignment between the Insured and the Indemnity Beneficiary will not affect the payment of indemnities to the Indemnity Beneficiary by
the Insurer.

	
	 
	      	
4.     	
The Insured agrees that this Agreement will not release any of its obligations under the Insurance Policy.
	
	 
	 	 	
Both the Insured and the Indemnity Beneficiary agree that Insurer may not have the obligations to indemnify either of them, in the event that they fail to satisfy their obligations set forth in the insurance
contract.

	
	 
	 	 	
When insured losses happen, the Insured shall claim against the Insurer directly. The Insured shall be responsible for the losses of the Indemnity Beneficiary as a result of the Insured’s failure to
exercise its rights to claim in time. The Indemnity Beneficiary has the right to claim against the Insurer in the event that the Insured’s rights to claim against its debtors as a creditor are also transferred to the Indemnity
Beneficiary.

	
	 
	 	
5.	
The Indemnity Beneficiary has the right to know everything contained in the Insurance Policy, (including but not limited to the terms and conditions, endorsements, and line of credit). If there are any
changes made to the terms of the Insurance Policy, the Insured or the Insurer shall inform each other and the Indemnity Beneficiary in writing.
	
	 
	 	
6.	
Before the Insurance Policy expires, if the Insured requests changes or termination of the Insurance Policy unilaterally, the Insured shall obtain the written approval of the Indemnity Beneficiary in
advance. The Insurer shall not accept such requests by the Insured by the reason of incomplete documents if the written approval by the Indemnity Beneficiary is not attached.
	
	 
	 	
7.	
This Agreement is applicable to all debts insured under the Insurance Policy. This Agreement is signed in triplicate and effective as of June 9, 2009.
	
	 

	
Insured:     		
Kunming Shenghuo Pharmaceutical (Group) Co. Ltd	
	 		
(Stamp)	
	 		
?hua Gao (signed)	

	
Indemnity Beneficiary:     		
China Construction Bank Kunming Heping Branch	
	 		
(Stamp)	
	 		
Tao Yang (signed)	

	Insurer:     	
 Ping An Property & Casualty Insurance Company of China, Ltd.	
	 	Special Seal for Policy	
	 	No.738	
	 	(Stamp)	
	 	Yi Qing (signed)ex10-3.htm

    Exhibit 10.3 

      
        

      

      
        

      

    

    

    LOAN MODIFICATION
AGREEMENT

    (Loan No.
9117000148)

     

    

    This Loan
Modification Agreement ("Modification") is made and entered as of June 20, 2007,
between CALIFORNIA BANK &
TRUST, a California banking corporation ("Bank"); ICON INCOME FUND EIGHT B L.P.; ICON
INCOME FUND NINE, LLC; ICON INCOME FUND TEN, LLC; and ICON LEASING FUND ELEVEN, LLC
(separately and collectively " Original Borrower”), and ICON LEASING FUND TWELVE, LLC
(“Added Borrower”).  As used herein the term “Borrower” means,
separately and collectively, the Added Borrower and the Original
Borrower.

     

    RECITALS

     

    A.           Pursuant
to the terms of a Commercial Loan Agreement ("Loan Agreement") between Bank and
Original Borrower, dated as of August 31, 2005, Bank agreed to make a revolving
line of credit in the principal sum of $17,000,000 (“Line of Credit”) available
to Original Borrower; capitalized terms used and not otherwise defined herein
shall have the meanings assigned to such terms in the Loan
Agreement.

     

    B.           The
Line of Credit was evidenced by a promissory note ("Note") of even date with the
Loan Agreement, executed by Original Borrower in favor of Bank.

     

    C.           Original
Borrower's indebtedness under the Loan Agreement was secured by assets of
Original Borrower under a separate Security Agreement, dated August 31, 2005
("Security Agreement" executed by each entity comprising Original
Borrower).

     

    D.           Under
the terms of a Loan Modification Agreement, dated as of December 26, 2006,
executed by Original Borrower and Bank (“Prior Modification”), the Loan
Agreement was amended.

     

    D.           In
response to Borrower's request and in reliance upon Borrower's representations
made to Bank in support thereof, Bank has agreed to modify the terms of the Loan
Agreement as set forth in this Modification.

     

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Original Borrower, Added Borrower and Bank agree as follows:

     

    1.  Adoption of
Recitals.  Borrower hereby represents and warrants that each of
the recitals set forth above is true, accurate and complete.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

     

    2.  Acknowledgment of
Debt.  Borrower acknowledges that, to the best of Borrower’s
knowledge, there are no claims, demands, offsets or defenses at law or in equity
that would defeat or diminish Bank's present and unconditional right to collect
the indebtedness evidenced by the Note and to proceed to enforce the rights and
remedies available to Bank as provided in the Note, Loan Agreement, Security
Agreement, Prior Modification or any other instrument, agreement, or document
given in connection with the Line of Credit (collectively the "Loan Documents")
or by law.  Until the Line of Credit is paid in full, interest and
other charges shall continue to accrue and shall be due and owing.

     

    3.  Representations and
Warranties.  Borrower hereby represents and warrants that no
material default exists under the Line of Credit and no event of default, breach
or failure of condition has occurred or exists, or would exist with notice or
lapse of time, or both, under any of the Loan Documents that could reasonably be
expected to have a Material Adverse Change, and all representations and
warranties of Borrower in this Modification and the other Loan Documents are
true and correct in all material respects as of the date of this Modification
(other than any such representations and warranties that, by their terms, are
specifically made as of a date other than the date hereof) and shall survive the
execution of this Modification.

     

    4.  Modification of Loan
Documents.  The Loan Documents are hereby supplemented, amended
and modified to incorporate the following, which shall supersede and prevail
over any existing and conflicting provisions thereof:

     

    (a)  Section
1.1 of the Loan Agreement, entitled "Definitions" is modified as
follows:

     

    (i)  By
deleting the definition of “Borrower” and replacing it with the
following:

     

    “Borrower”
shall mean ICON Income Fund Eight B L.P.; ICON Income Fund Nine, LLC; ICON
Income Fund Ten, LLC; ICON Leasing Fund Eleven, LLC; and ICON Leasing Fund
Twelve, LLC, separately and collectively.

     

    

     

    (b)  Section
8.3 of the Loan Agreement, entitled “Financial Information,” is modified by
deleting subsection (a) thereof and replacing it with the
following:

     

    As soon as available, and in any event
within one hundred five (105) days (onehundred twenty (120) days in the case of
Manager) after the end of each fiscalyear, Borrower’s and Manager’s unqualified
CPA audited annual financial statements with balance sheets, income statements
and operating budgets.  Statements shall be prepared by Hays &
Company, LLP or other accounting firm reasonably acceptable to
Bank.

     

     

    (c)  The Note
is superseded and replaced by the Amended Note, described below, and all
references in the Loan Documents to “Note” shall mean and refer to the Amended
Note.

     

    (d)  The
Security Agreement, as previously amended,  is further amended so that
the term “Grantor” as used therein means and refers to Added Borrower and each
entity comprising Original Borrower, separately and collectively.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    (e)  The
Designation of Deposit Accounts, dated August 31, 2005, entered by Original
Borrower is modified to add the following deposit account at Bank as one of
Borrower’s “Designated Accounts”:

     

    ICON Leasing Fund Twelve,
LLC                                                                                     117008191

     

    (f)  The
Alternative Dispute Resolution Agreement, dated August 31, 2005, entered by
Original Borrower and Bank is modified to add Added Borrower among the
“Obligors” as that term is defined therein.

     

    (g)  The
Contribution Agreement, dated August 31, 2005, entered by Original Borrower is
modified to add Added Borrower among the “ICON Funds” as that term is defined
therein.

     

    (h)  Added
Borrower assumes the obligations of Original Borrower under the Loan Documents
and Contribution Agreement, as they may have been previously modified and as
further modified or superseded hereby, and agrees to be bound by terms of the
those Loan Documents and the Contribution Agreement as if Original Borrower had
executed the same and any the prior amendments thereto.

     

    (i)  The form
of the Notice of Borrowing and Compliance Certificate shall be replaced by the
Amended Notice of Borrowing and Amended Compliance Certificate appended
hereto.

     

    (j)  Upon the
effectiveness of this Modification, the Loan Documents which recite that they
are security instruments shall secure, in addition to any other obligations
secured thereby, the payment and performance by Borrower of all obligations
under the Line of Credit, as modified hereby, and any amendments, modifications,
extensions or renewals of the same which are hereafter agreed to in writing by
the parties.

     

    5.  Conditions
Precedent.  This Modification shall only be effective upon
Borrower’s completion of the following conditions precedent to Bank’s
satisfaction.

     

    (a)  Execution
and delivery by Borrower of this Modification and the Amended Note in form
satisfactory to Bank;

     

    (b)  Bank
shall file and is authorized to file a UCC-1 Financing Statement identifying
Added Borrower as “Debtor” in form satisfactory to the Bank with the Delaware
Secretary of State;

     

    (c)  Execution
and delivery to Bank of a Corporate Resolution for Borrowing by Limited
Liability Companies and Limited Partnership in form satisfactory to
Bank;

     

    (d)  Execution
and delivery to Bank of a Certificate of Limited Liability Company and
Authorization to Sign on behalf of Added Borrower;

     

    (e)   Such
other documents or instruments as Bank shall reasonably require;

     

    (f)  After
giving effect to this Modification, the absence of any Event of Default under
the Loan Agreement except as may be expressly waived in writing by Bank;
and

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

     

    (g)  Payment
of Bank's reasonable attorneys fees incurred in preparation of this Modification
and related documents.

     

    6.  Governing
Law.  This Modification shall be construed, governed and
enforced in accordance with the laws of the State of California.

     

    7.  Interpretation.  No
provision of this Modification is to be interpreted for or against either
Borrower or Bank because that party, or that party's representative, drafted
such provision.

     

    8.  Full Force and
Effect.  Except as set forth herein, all other terms and
conditions of the Loan Documents shall remain in full force and
effect.  Upon and after the effectiveness of this Modification, each
reference in the Loan Agreement and Security Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Loan Agreement or
Security Agreement, as applicable, and each reference in the other Loan
Documents to “Loan Agreement”, “Security Agreement”, “thereunder”, “thereof” or
words of like import referring to the Loan Agreement or Security Agreement, as
applicable, shall mean and be a reference to the Loan Agreement or Security
Agreement, as applicable, as modified hereby.

     

    9.  Reaffirmation.  Except
as specifically modified by this Modification, Borrower hereby acknowledges,
reaffirms and confirms its obligations under the Loan Documents.

     

    10.  Entire
Agreement.  This Modification and the Loan Documents represent
the entire agreement of the parties and supersede all prior oral and written
communication between the parties.  If there is any conflict between
this Modification and any documents referred to herein, this Modification shall
prevail.  No amendment of this Modification shall be valid unless it
is in writing and is signed by the parties to this Modification.

     

    11.  Counterparts. This
Modification may be executed in any number of counterparts and by different
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 agreement.  Delivery of an executed
counterpart of a signature page to this Modification by facsimile shall be
effective as delivery of a manually executed counterpart of this
Modification.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties have executed this Modification as of the day and
year first above written.

     

    
      	
              ICON INCOME FUND EIGHT B
      L.P.,

              a
      Delaware limited partnership

              By: ICON CAPITAL CORP.,its
      general partner

               

               

              By:
      /s/ Thomas W.
      Martin        

              Thomas
      W. Martin

              Chief
      Executive Officer

               

            	
              
                CALIFORNIA BANK &
      TRUST,

                a
      California banking corporation

                 

                 

                By: /s/ J. Michael
      Sullivan  

                Name: J.
      Michael Sullivan

                Title: Vice
      President and  Relationship Manager

              

            
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND EIGHT B L.P.

              c/o
      ICON Capital Corp., its general partner

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Thomas
      W. Martin, CEO

              Facsimile
      No.:  (212) 418-4739

               

            	
              Address
      where notices are to be sent:

               

              South
      Bay Commercial Banking

              1690
      South El Camino Real

              San
      Mateo, CA 94402

               

            
	
               

              ICON INCOME FUND NINE,
      LLC,

              a
      Delaware limited liability company

              By:
      ICON CAPITAL
      CORP.,its manager

               

               

              By:
      /s/ Thomas W.
      Martin

              Thomas
      W. Martin

              Chief
      Executive Officer

               

            	 
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND NINE, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Thomas
      W. Martin, CEO

              Facsimile
      No.:  (212) 418-4739

               

            	 

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    

    
      	
               

              ICON INCOME FUND TEN,
      LLC,

              a
      Delaware limited liability company

              By: ICON CAPITAL CORP.,its
      manager

               

               

              By:
      /s/ Thomas W.
      Martin

              Thomas
      W. Martin

              Chief
      Executive Officer

               

            	 
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND TEN, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Thomas
      W. Martin, CEO

              Facsimile
      No.:  (212) 418-4739

               

            	 

    

    

    
      	
              ICON LEASING FUND ELEVEN,
      LLC,

              a
      Delaware limited liability company

              By:
      ICON CAPITAL
      CORP.,its manager

               

               

              By:
      /s/ Thomas W.
      Martin

              Thomas
      W. Martin

              Chief
      Executive Officer

               

            
	
              Address
      where notices are to be sent:

               

              ICON
      LEASING FUND ELEVEN, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Thomas
      W. Martin, CEO

              Facsimile
      No.:  (212) 418-4739

               

            

    
 

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    
      	
              ICON LEASING FUND TWELVE,
      LLC,

              a
      Delaware limited liability company

              By: ICON CAPITAL CORP.,its
      manager

               

               

              By: /s/ Thomas W.
      Martin

              Thomas
      W. Martin

              Chief
      Executive Officer

               

            	 
	
              Address
      where notices are to be sent:

               

              ICON
      LEASING FUND TWELVE, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Thomas
      W. Martin, CEO

              Facsimile
      No.:  (212) 418-4739

               

            	 

    

     

     

    
      	 7

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