Document:

exh_427.htm

Exhibit 4.27

 

English Translations for Reference

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (“this Agreement”) is entered into by the following parties as of December 17, 2014:

 

 

	
Lender:

	
CNinsure Inc., is a liability limited company duly incorporated under the laws of the Cayman Islands (“Party A”).

 

	
Borrowers:

	
Rosyedge Limited, is a liability limited company duly incorporated under the laws of British Virgin Islands (“Party B”).

 

Ojeda Limited, is a liability limited company duly incorporated under the laws of British Virgin Islands (“Party C”).

 

Colour Step Limited, is a liability limited company duly incorporated under the laws of British Virgin Islands (“Party D”).

 

	
Guarantors:

	
Individuals listed in Attachment I (“Party E”).

 

 

WHEREAS:

 

	
1.

	
The borrowers holds 150,000,000 ordinary shares of CNinsure Inc. (NASDAQ ticker symbol: CISG) (the "Shares").

 

	
2.

	
The Borrowers and Guarantors entered into a share purchase agreement, pursuant to which the Borrowers are the nominee owners of the Shares and the Guarantors are the ultimate beneficial owners of the Shares (the “Share Purchase Agreement”). The Shares ultimately beneficially owned by each of the Guarantors are referred to as the Shares of the Subscriber.

 

	
3.

	
The Borrowers desire to borrow a loan from the Lender in an aggregate amount of USD 41,500,000 (Forty One Million and Five Hundred Thousand in US Dollars).

 

 

NOW THEREFOR, after friendly negotiations, all parties hereby agree as follows for mutual observance:

 

	
1.

	
The Lender agrees to grant a loan to the Borrowers in an aggregate principle amount of USD 41,500,000 (Forty One Million and Five Hundred Thousand in US Dollars) at 3% annual interest rate calculating in accordance with the actual loan term, and the Borrowers agree to accept the loan above and pledge the Shares to secure the performance of the loan under this Agreement. The Guarantors agree the Borrowers to secure the loan corresponding to the Shares of the Subscriber under this Agreement by pledging the Shares and voluntarily assume the joint and several guarantee liability for the payment of the loan in connection with the Shares of the Subscriber under this Agreement by offering all of their respective personal assets as guarantee. The scope of the guarantee above includes but not limited to the principal loan amount, interest, fees, penalty, compensation and all expenses in connection with realizing creditor’s right.

 

	
2.

	
All parties unanimously agree and acknowledge that the loan granted to the Borrowers by the Lender shall be solely used for the purchase of the Shares.

 

	
3.

	
The maturity date of the loan under this Agreement shall be  the end of two years after signing this Agreement. The Borrowers may repay the principle and interests of the loan on or before the maturity date. Before the principle of the loan is repaid, interest shall be paid annually. Upon the maturity of the loan, the remaining amount of the principle and interest shall be repaid in a lum sum.

 

	
4.

	
During the loan term, the Lender shall have the right, by giving written notice to the Borrowers, to decide that full or partial amount of the loan under this Agreement is due immediately and request the Borrowers to repay the loan in the manner as specified herein if the Borrowers has any of the following circumstances:

 

  

  

  

 

	 	
4.1

	
the Guarantor resigns from or is dismissed by the Lender or any of its affiliates;

 

	 	
4.2

	
the Guarantor dies or loses its civil capacity or its capacity for civil conduct is restricted;

 

	 	
4.3

	
the Guarantor commits a crime or is involved in a crime;

 

	 	
4.4  

	
Any other third party (including the Borrowers) except the Lender claims more than One Hundred Thousand Renminbi (RMB100,000) against the Guarantor; or

 

	 	
4.5  

	
Arbitration or litigation occurs between the Guarantor and the Lender, any affiliates of the Lender or the Borrower.

 

	
5.  

	
All parties hereby agree and acknowledge that the Borrower shall only repay the loan in the manner as follows: (1) before the loan is due, the Borrowers or their assignees shall repay the loan in cash or into the bank account designated by the Lender; (2) before the loan is due, the Borrowers shall be entrusted by the Guarantor to sell part or all of the Shares and use the proceeds to repay the principal and interests incurred in respect with the Shares of the Subscriber; (3) when the loan is due, the Guarantors unconditionally agree that the Borrowers, under the instruction of the Lender, sell or transfer part or all of the Shares to any individual(s) or company(ies) designated by the Lender and use the proceeds to repay the principal and interests of the loan in connection with the Shares of the Subscribers under this Agreement.

 

	
6.  

	
All the parties hereby agree that if the Borrower receives any proceeds from the sale of the Shares on open market, the Borrower shall use the proceeds to repay to the Lender in priority the principal and interest of the loan under this Agreement. When the loan is due, if the proceeds that the Borrowers received in accordance with the manners listed in Article 5 are not insufficient to repay the principal and interests in full, the Lender shall have the right to request the assistance from the employer of the Guarantor(s) or its affiliate to use all of the income that the Guarantor(s) receives (including but not limited to his or her salaries, proceeds from the sale of stocks or exercise of share options, etc.) to repay the remaining amount of the principal and interests in respect of the Shares of the Subscriber under this Agreement without prior written consent from the Guarantor(s). If the Borrower still can't repay the principal and interests of the loan in full in the means specified in this Article, the Lender has the right to take all necessary legal actions to claim the repayment of the loan from the Borrowers and the Guarantors.

 

	
7.  

	
From the execution date of this Agreement until the termination of this Agreement, the Borrowers and Guarantors hereby represent and warrant to the Lender that:

 

	 	
7.1

	
Borrowers legally own the Shares and the Guarantors are the legal and ultimate beneficial owners of the Shares;

 

	 	
7.2

	
The Borrowers and Guarantors understand all the terms and conditions under this Agreement. Once executed, the terms under this Agreement constitute a legal, valid and binding obligations of the Borrowers and Guarantors which are, enforceable against the Borrowers and Guarantors in accordance with its provisions;

 

	 	
7.3

	
Except for the provisions stipulated in the Share Purchase Agreement and this Agreement, Borrowers and Guarantors shall not mortgage, pledge or otherwise encumber the Shares, offer any transfer of such Shares to any third party, accept any offer from any third party to purchase the Shares, or execute any agreement with any third party to transfer the Shares.

 

	
8.  

	
Borrowers and Guarantors covenant jointly that prior to the fully repayment of the principal and interests under this Agreement, without Lender's prior written consent, they shall not transfer, mortgage or otherwise cause any other security interest to be created on the Shares.

 

	
9.  

	
This Agreement shall be binding on and inure to the benefit of all the parties hereto and their respective successors, heirs and permitted assignees.

 

	
10.  

	
The formation, validity, interpretation, performance, amendment and termination of and resolution of disputes in connection with this Agreement shall be governed by the PRC laws. Any dispute, controversy or claim arising from the interpretation and performance in connection with this Agreement  shall be resolved by the parties through friendly consultations. In case no agreement can be reached within thirty (30) days after one party makes a request for resolution, either party may submit such dispute to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its arbitration rules then in effect at the time of applying for arbitration. The arbitration award shall be final and binding upon both parties.

 

  

  

  

 

	
11.  

	
This Agreement shall be effective as of the date of signing and shall expire until the parties have performed their obligations under this Agreement. This Agreement is severable. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall not affect the validity and enforceability of the remainder of this Agreement. Any obligations arising out of and under this Agreement shall remain in full force and effect after the expiry or early termination of this Agreement. The provision stipulated in Article 10 of this Agreement shall remain valid after the termination of this Agreement.

 

	
12.  

	
This Agreement shall not be amended or modified except with the written consent of both parties. In case of anything not covered herein, the parties may make supplements hereto by signing a written agreement. Any amendment, modification, supplement or annex to this Agreement shall form an integral part of this Agreement.

 

	
13.  

	
This Agreement is executed in five originals, with each of Party A, Party B, Party C, Party D and Party E holding one original. Each original has the same legal effect.

 

 

[No text below]

 

 

 

 

 

 

  

  

  

IN WITNESS WHEREOF, Party A, Party B, Party C, Party D and Party E have executed this Agreement as of the date as first above written.

 

 

Party A:CNinsure Inc.

 

Chop: /s/ Authorized Signature

 

 

Party B:Rosyedge Limited

 

Chop: /s/ Authorized Signature

 

 

Party C: Ojeda Limited

 

Chop:/s/ Authorized Signature

 

 

Party D:Colour Step Limited

 

Chop: /s/ Authorized Signature

 

 

Party E:

 

Chop:ptx_ex41.htm

Exhibit 4.1

EXECUTION COPY

 

PERNIX THERAPEUTICS HOLDINGS, INC.

 

AND

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of April 21, 2015

 

8.00% Convertible Senior Notes due 2019

 

  

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THIS THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), entered into as of April 21, 2015, among Pernix Therapeutics Holdings, Inc., a Maryland corporation (the “Company”) party hereto and Wilmington Trust, National Association, a national banking association (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company, the Guarantors party thereto and the Trustee entered into an indenture, dated as of February 21, 2014 (the “Base Indenture”), relating to the Company’s 8.00% Convertible Senior Notes due 2019 (the “Notes”);

WHEREAS, the Trustee and the Company are parties to the First Supplemental Indenture, dated August 19, 2014 (the “First Supplemental Indenture”), and the Trustee, Worrigan Limited and the Company are parties to the Second Supplemental Indenture, dated August 19, 2014 (the “Second Supplemental Indenture” and, the Base Indenture, as amended by the First Supplemental Indenture and the Second Supplemental Indenture, the “Indenture”); and

 

WHEREAS, the holders of a majority of the aggregate principal amount of the outstanding Notes have consented to the amendments to the Indenture reflected herein and, in accordance with Section 10.02 of the Indenture, all such amendments may be made to the Indenture with the consent of a majority of the aggregate principal amount of the outstanding Notes.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties hereto hereby agree as follows:

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101. Definitions.

 

(a) Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 

(b) The term “ABL Facility” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(c) The term “Account Debtor” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(d) The term “Accounts” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(e) The term “Acquisition Subsidiary” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(f) The last sentence of the term “Affiliate”, beginning with “Solely for purposes of Section 4.13” and ending with “by contract or otherwise” is hereby deleted from Section 1.01 of the Indenture.

 

(g) The term “Anti-Terrorism Laws” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(h) The term “Asset Disposition” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(i) The term “Bank Product Obligations” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

  

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(j) The term “Blocked Person” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(k) The term “Broadly Held” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(l) The term “Contingent Obligations” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(m) The term “Controlled Group” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(n) The term “Core Product” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(o) The term “Cypress” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(p) The term “Cypress Purchase Agreement” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(q) The term “Debt” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(r) The term “Domestic Material Subsidiary” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(s) The term “Earnout/Escrow Payments” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(t) The term “EBITDA” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(u) The term “EBITDA” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(v) The term “Excluded Asset Disposition” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(w) The term “Foreign Subsidiary” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(x) The term “guarantee” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(y) The term “Intellectual Property” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

  

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(z) The term “Inventory” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(aa) The term “Investment” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(bb) The term “Liens” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(cc) The term “Midcap Facility” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(dd) The term “Milestone Payments” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ee) The term “Minimum Liquidity” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ff) The term “Multiemployer Plan” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(gg) The term “Non-Core Product” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(hh) The term “OFAC” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ii) The term “OFAC Lists” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(jj) The term “Ordinary Course of Business” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(kk) The term “Pension Plan” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ll) The term “Permitted Acquisition” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(mm) The term “Permitted Acquisition Debt” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(nn) The term “Permitted Asset Dispositions” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(oo) The term “Permitted Contest” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(pp) The term “Permitted Contingent Obligations” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(qq) The term “Permitted Debt” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

  

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(rr) The term “Permitted Distributions” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ss) The term “Permitted Investments” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(tt) The term “Permitted Liens” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(uu) The term “PML Business” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(vv) The term “Pro Forma Basis” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ww) The term “Restricted Distribution” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(xx) The term “Specified Acquisition” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(yy) The term “Specified Acquisition Subsidiary” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(zz) The term “Specified Assets” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(aaa) The term “Subsidiary Change in Control” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(bbb) The term “Swap Contract” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ccc) The term “Test Period” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(ddd) The term “Total Leverage Ratio” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

(eee) The term “UCC” and the definition thereof are hereby deleted from Section 1.01 of the Indenture.

 

Section 102. Incorporation of Indenture Provisions.  The parties hereto agree that the terms of Sections 17.01 (Provisions Binding on Company’s Successors), 17.04 (Governing Law; Jurisdiction) 17.11 (Execution in Counterparts), 17.12 (Severability) and 17.13 (Waiver of Jury Trial) of the Indenture are incorporated herein by reference, mutatis mutandis.

 

Section 103. Effect of Amendment.  This Third Supplemental Indenture is an amendment supplemental to the Indenture, and the  Indenture and this Third Supplemental Indenture shall henceforth be read together. The Company acknowledges and agrees that this Third Supplemental Indenture only amends, supplements and modifies the terms of the Indenture and does not constitute a novation, and the Company ratifies and confirms the terms and provisions of, and its obligations under, the Indenture (as modified by this Third Supplemental Indenture) and the Notes (as modified by this Third Supplemental Indenture) in all respects.  Pursuant to Section 10.03 of the Indenture, each of the parties hereto acknowledges and agrees that each reference in the Indenture and the Notes to the Indenture shall be deemed to be a reference to the Indenture as amended, supplemented and modified by this Third Supplemental Indenture.

 

Section 104. Trustee Disclaimer. The Trustee accepts the amendments of the Indenture effected by this Third Supplemental Indenture, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.  Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (i) the validity or sufficiency of this Third Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the due execution hereof by the Company or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters.

 

Section 105. Conditions.  The effectiveness of this Third Supplemental Indenture is conditioned on receipt by the Trustee of the written consent of the Required Holders (receipt of which is hereby acknowledged), an Officer’s Certificate and an Opinion of Counsel as required by Section 10.05 of the Indenture.

 

  

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ARTICLE 2

REMOVAL OF AND AMENDMENTS TO CERTAIN COVENANTS AND EVENTS OF DEFAULT

 

Section 201. Each of Sections 4.07, 4.11, 4.13, 6.01(e), 6.01(g) and 6.01(h) of the Indenture is hereby deleted and replaced in its entirety with “Intentionally Omitted.”

 

Section 202. Section 4.10 of the indenture is hereby amended and restated to read as follows:

 

“Section 4.10  Guarantees by Subsidiaries.  Each of the Guarantors that guarantees the Notes immediately prior to the effectiveness of this Third Supplemental Indenture shall remain a Guarantor under the Indenture until such time it is released pursuant to Section 13.03 of the Indenture.”

 

Section 203. Section 6.01(f) of the Indenture is hereby amended and restated to read as follows:

 

“(f) failure by the Company or any Guarantor for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding has been received by the Company or the Guarantor to comply with any of its other agreements contained in the Notes or this Indenture;”

 

ARTICLE 3

CONFORMING CHANGE

 

Section 301. Section 10.01(a) of the Indenture is hereby amended and restated to read as follows:

 

“(a)  to cure any ambiguity, omission, defect or inconsistency;”

 

 

ARTICLE 4

REMOVAL OF CERTAIN PROVISIONS REGARDING CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

 

Section 401. Section 11.01 of the Indenture is hereby amended and restated to read as follows:

 

“Section 11.01.  Company May Consolidate, Etc. on Certain Terms.  Subject to the provisions of Section 11.02, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall expressly assume, by supplemental indenture all of the obligations of the Company under the Notes and this Indenture.

 

For purposes of this Section 11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person (that is not one or more Subsidiaries of the Company or the Company), which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person.”

 

ARTICLE 5

REMOVAL OF CERTAIN SCHEDULES

 

Section 501. Schedule I to the Indenture, Transaction with Affiliates I-1,  is hereby deleted and replaced in its entirety with “Intentionally Omitted.”

 

Section 502. Schedule II to the Indenture, Permitted Contingent Obligations II-1,  is hereby deleted and replaced in its entirety with “Intentionally Omitted.”

 

Section 503. Schedule III to the Indenture, Permitted Debt III-1, is hereby deleted and replaced in its entirety with “Intentionally Omitted.”

 

Section 504. Schedule IV to the Indenture, Permitted Investments IV-1, is hereby deleted and replaced in its entirety with “Intentionally Omitted.”

 

Section 505. Schedule VI to the Indenture, Specified Assets VI-1, is hereby deleted and replaced in its entirety with “Intentionally Omitted.”

 

 

  

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ARTICLE 6

AMENDMENT TO NOTE

 

Section 6.01.    The definition of “Blocker Percentage” included in certain Notes issued under the Indenture is hereby deleted and replaced with “9.9%.”

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the date first above written.

 

	  	

PERNIX THERAPEUTICS HOLDINGS, INC.

 

By: __/s/ Douglas Drysdale_____________

Name: Douglas Drysdale

Title:   Chief Executive Officer

	  
	  	

 

 

WILMINGTON TRUST, NATIONAL

ASSOCIATION, as Trustee

 

By: __/s/ Lynn M. Steiner______________

Name: Lynn M. Steiner

Title:   Vice President

	  

 

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