Document:

Exhibit 10.24

 

Loan
Agreement

 

[Unofficial
Translation]

  

This
Loan Agreement (the “Agreement”) was executed on December 2, 2014, by and between Mr. Zhenyong Liu (the Lender,
or “Party A”) and Hebei Baoding Orient Paper Milling Co., Ltd (the Company, or “Party B”), whereas
Mr. Zhenyong Liu agree to transfer a loan of RMB60,000,000 yuan (RMB Sixty Million Yuan) to the Company to long term loan. Both
parties further agree on the following terms:

  

	1.	Amount and Terms of the Loan.
    Party A loaned RMB60,000,000 yuan (RMB Sixty Million Yuan) to Party B with a three year term.

 

	2.	Usage of the Loan. The loan
    can only be used in the production and operation of the Company, such as purchasing raw material and equipment. It cannot
    be used in any other respects of the Company.

 

	3.	Repayment Date. Repayment date
    will be three years starting from the receipt of the loan. The loan carries an annual interest rate based on the People’s
    Bank of China. Interests shall be paid at the end of each year.

 

	4.	Liabilities. During the performance
    of this Agreement, any event of default by either party, which results in an adverse effect to the other party, shall assume
    corresponding liabilities according to the Contract Law.

 

	5.	Effectiveness. This Agreement
    is executed in two copies when the signatures or seals are made by both parties, one of which held by Party A, and the other
    held by Party B, are equally authentic. Any other matters not expressly stated herein, will be resolved through negotiation.

 

Party
A: Mr. Zhenyong Liu

 

/s/
Zhenyong Liu

 

December
2, 2014

 

 

Party
B: Hebei Baoding Orient Paper Milling Co., Ltd

 

Seal

 

December
2, 2014Exhibit
10.25

 

Loan
Agreement

 

[Unofficial
Translation]

  

This
Loan Agreement (the “Agreement”) was executed on March 1, 2015, by and between Mr. Zhenyong Liu (the Lender,
or “Party A”) and Hebei Baoding Orient Paper Milling Co., Ltd (the Company, or “Party B”), whereas
Mr. Zhenyong Liu agree to transfer a loan of RMB120,000,000 yuan (RMB One Hundred and Twenty Million Yuan) to the Company to long
term loan. Both parties further agree on the following terms:

  

	1.	Amount
    and Terms of the Loan. Party A loaned RMB120,000,000 yuan (RMB One Hundred and Twenty Million
    Yuan) to Party B with a three year term.

 

	2.	Usage
    of the Loan. The loan can only be used in the production and operation of the Company, such as purchasing raw material
    and equipment. It cannot be used in any other respects of the Company.

 

	3.	Repayment
    Date. Repayment date will be three years starting from the receipt of the loan. The loan carries an annual interest rate
    based on the People’s Bank of China. Interests shall be paid at the end of each year.

 

	4.	Liabilities.
    During the performance of this Agreement, any event of default by either party, which results in an adverse effect to the
    other party, shall assume corresponding liabilities according to the Contract Law.

 

	5.	Effectiveness.
    This Agreement is executed in two copies when the signatures or seals are made by both parties, one of which held by Party
    A, and the other held by Party B, are equally authentic. Any other matters not expressly stated herein, will be resolved through
    negotiation.

 

Party
A: Mr. Zhenyong Liu

 

/s/
Zhenyong Liu

 

March
1, 2015

 

 

Party
B: Hebei Baoding Orient Paper Milling Co., Ltd

 

Seal

 

March
1, 2015MUTUAL PARTNERSHIP AGREEMENT

 

On this 20th day of March 2015, in the city of Yangon,
Myanmar, TOA Holdings, Inc., a Delaware Corporation whose address is 1-1-36, Nishiawaji, Higashiyodogawa-ku, Osaka, 553-0031, entered
into a mutual partnership agreement with Best Job Co., Ltd, a Myanmar Corporation, whose address is Room 41, 39th street,
Kyauktada Township, Yangon, Myanmar.

 

TOA Holdings, Inc. is herein for the purposes of this agreement,
and as approved by the Company’s President and CEO Hajime Abe, represented by Ryuich Yasue, the general manager of TOA Holdings,
Inc.

 

Best Job Co. Ltd., is herein for the purposes of this agreement,
and as approved by the Company’s CEO Myo Thant, represented by Ye Lin Aung, the managing director of Best Buy Co. Ltd.

 

Provisions of Agreement

 

TOA Holdings Inc. “TOA Holdings”, and Best Job Co.
Ltd. “Best Job” both mutually agree to work together exclusively on future construction and other related projects.
There is no certainty to the scope of exactly what these projects may be but at this current time, both parties intend to provide
landscaping services, and services related to land development.

 

Both parties agree to working exclusively on all future projects
pertaining to the above services until at such time, in writing both parties agree to the termination of the exclusivity of this
agreement.

 

If in the event there is a project that one of the above parties
intends to begin work on with another third party, which may be considered to be a construction or related project, the other party
herein must be notified and must also provide approval in writing.

 

Potential Projects

- Development of land, construction of physical property

- Home, Garden, landscaping

- Opening of home and garden centers

-employee training centers

 

Duties

All expenses incurred in the above projects will be the responsibility
of TOA Holdings, Inc. and will be paid in a timely manner.

 

Best Job Co. Ltd will be responsible for managing all projects
and ensuring the project is completed in a proper and timely manner.

 

Allocation of Profits

The gross profits resulting from any of the above projects between
the two parties shall be divided as follows:

TOA Holdings: 60%

Best Job 40%.

 

Terms of Agreement

This agreement will become valid at the execution of this agreement
at such date and time. If both parties agree in writing to the termination of this agreement then this agreement will become null
and void.

 

Agreement to Abide Law and Other Fixed Provisions

This mutual partnership agreement is governed by the existing
laws of Myanmar. If agreed by both parties in writing, in the event of any violation of the terms of this agreement, mediation
may be a potential course of action to come to a resolution.

 

Having read and understood the words particulars of above deed
made deed and signed without deceived, persuaded and threatened in the presence of the following witness their own free will.

 

/s/ Ryuich Yasue

Ryuichi Yasue, General Manager

TOA Holdings, Inc.

 

/s/ Ye Lin Aung

Ye Lin Aung, Managing Director

Best Job Co. Ltd.Exhibit101to8-Kfiling3-25-2015

EXHIBIT 10.1
EXECUTION VERSION

AMENDMENT NO. 2 TO CREDIT AGREEMENT
THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment No. 2”) is made this 24th day of March, 2015 by and among CSS INDUSTRIES, INC., a Delaware corporation (together with its successors and/or assigns, “Borrower”), the banks and other financial institutions signatory hereto, together with other such banks and financial institutions as may from time to time become parties to this Agreement (together with their successors and/or assigns, collectively, the “Lenders”; and each individually, a “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders hereunder (in such capacity, together with its successors and/or assigns in such capacity, the “Administrative Agent”).  
BACKGROUND
The Borrower, Guarantor, Administrative Agent and Lenders are parties to that certain Credit Agreement dated March 17, 2011, as amended by that certain Amendment No. 1 to Credit Agreement (“Amendment No. 1”) dated as of December 17, 2013 (as amended hereby and as may be further amended or otherwise modified from time to time, the “Credit Agreement”).
The Borrower has requested, and the Administrative Agent and Lenders have agreed, subject to the terms and conditions hereof, to amend the Credit Agreement in certain respects as set forth herein.
In consideration of the foregoing premises and the agreements hereinafter set forth, and intending to be legally bound hereby, the parties hereto agree as follows:
A.    Definitions.
1.    General Rule. Except as expressly set forth herein, all capitalized terms used and defined herein have the respective meanings ascribed thereto in the Credit Agreement. 
2.    Amended and Restated Defined Terms. The following definition set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Commitment Termination Date” means March 16, 2020.
3.    Amendment to the Defined Term “Permitted Acquisition”. Subparagraph (a) of the definition of “Permitted Acquisition” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows:
(a)   consideration for any one such acquisition may not exceed $40,000,000 and consideration for all such acquisitions may not exceed $50,000,000 during any fiscal year and $250,000,000 in the aggregate during the term of this Agreement.

B.    Amendments to Credit Agreement
1.    Modification of Section 2.3(c) of the Credit Agreement.  Section 2.3(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(c)    Unused Fee.  In consideration of the Commitments, the Borrower agrees to pay to the Administrative Agent for the ratable benefit of the Lenders in accordance with their respective Commitments a commitment fee (the “Unused Fee”) in an amount equal to 0.275% per annum on the average daily unused amount of the Aggregate Committed Amount. For purposes of computation of the Unused Fee, LOC Obligations shall be considered usage of the Aggregate Committed Amount. The Unused Fee shall be payable quarterly in arrears on the first Business Day of each calendar quarter.
2.    Modification of Section 5.9(a) of the Credit Agreement.  Section 5.9(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(a)       Tangible Net Worth.  Maintain a Tangible Net Worth, as of the last day of each fiscal quarter of the Borrower, of not less than $170,000,000.
C.    Representations and Warranties.  The Borrower hereby represents and warrants to the Lenders, as to themselves and their Subsidiaries, as follows:
1.Representations.  As of the Amendment No. 2 Effective Date (defined below) and after giving effect thereto, the Borrower represents and warrants as follows:  (i) the representations and warranties set forth in Article III of the Credit Agreement are true and correct in all material respects, except for any representation or warranty made as of an earlier date, which representation and warranty shall remain true and correct as of such earlier date; (ii) there is no Event of Default or Default under the Credit Agreement, as amended hereby, which has not been cured or waived; and (iii) no Material Adverse Effect has occurred or is continuing. 
2.Power and Authority.  The Borrower has the power and authority under the laws of its jurisdiction of formation and under its formation documents to enter into and perform this Amendment No. 2 and the other documents and agreements required hereunder (collectively, the “Amendment Documents”); all necessary actions (corporate or otherwise)  for the execution and performance by the Borrower of the Amendment Documents have been taken; and each of the Amendment Documents and the Credit Agreement, as amended, constitute the valid and binding obligations of the Borrower, enforceable in accordance with its respective terms.
3.No Violations of Law or Agreements.  The execution and performance of the Amendment Documents by the Borrower and the Guarantors party thereto will not:  (i) violate any provisions of any law or regulation, federal, state, local, or foreign, or any formation document of the Borrower or (ii) result in any breach or violation of, or constitute a default or require the obtaining of any consent under, any material agreement or instrument by which the Borrower or its property may be bound.

D.    Conditions to the Effectiveness of Amendment No. 2.  This Amendment No. 2 shall be effective upon the date of the Administrative Agent’s receipt of the following documents, each in form and substance reasonably satisfactory to the Administrative Agent (the “Amendment No. 2 Effective Date”):
1.Amendment No. 2.  This Amendment No. 2 duly executed and delivered by each of the Borrower, the Lenders, and the Administrative Agent.
2.Acknowledgement of Guarantors.  The Consent and Reaffirmation, duly executed and delivered by each of the Guarantors, in the form attached hereto as Exhibit A.
3.Payment of Amendment Fee.  Payment to the Administrative Agent for the ratable benefit of the Lenders, an amendment fee of $100,000.
4.Payment of the Administrative Agent’s Legal and Other Fees.  Payment to the Administrative Agent for all reasonable fees and expenses (including without limitation reasonable fees and expenses of counsel) incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Amendment No. 2.
5.Amended and Restated Notes. At the request of any Lender, an executed amended and restated Note in favor of such Lender.
6.Other Documents.  Such additional documents as the Administrative Agent may reasonably request.
E.    Miscellaneous.
1.The Borrower hereby (i) affirms all the provisions of the Credit Agreement, as amended by this Amendment No. 2; and (ii) agrees that the terms and conditions of the Credit Agreement shall continue in full force and effect, as amended hereby.
2.The Borrower agrees to pay the Administrative Agent for all reasonable fees and expenses (including without limitation reasonable fees and expenses of counsel) incurred by the Administrative Agent and its counsel in connection with the due diligence review, the preparation, execution and delivery of this Amendment No. 2, and the future administration by the Administrative Agent of this Amendment No. 2 and the transactions contemplated hereby.
3.This Amendment No. 2 shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to conflicts of law or choice of law principles.
4.This Amendment No. 2 may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the same agreement.
5.Entirety.  This Amendment No. 2, together with the other Amendment No. 1, the Credit Agreement, and the other Loan Documents, represents the entire agreement of the parties hereto and thereto, and supersedes all prior agreements and understandings, oral and written, if any, including 

any commitment letters or correspondence relating to the Amendment No. 2, the other Loan Documents or the transactions contemplated herein or therein.
6.No Waiver.  The execution, delivery and performance of this Amendment No. 2 shall not operate as a waiver of any right, power or remedy of the Administrative Agent, any Issuing Lender, or Lenders under the Credit Agreement and the agreements and documents executed in connection therewith or constitute a waiver of any provision thereof.

(Signature Pages to Follow)

IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 2 the day and year first written above.
BORROWER:
CSS INDUSTRIES, INC., 
a Delaware corporation

By: /s/ Vincent A. Paccapaniccia    
Name:    Vincent A. Paccapaniccia    
Title:    Vice President-Finance and Chief Financial Officer

LENDERS:

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Lender 
        
By: /s/ Melissa G. Landay        
Name:    Melissa G. Landay
Title:    Vice President

CITIZENS BANK OF PENNSYLVANIA, 
as Lender 
        
By: /s/ Devon Sparks            
Name:        Devon Starks
Title:        Senior Vice President

ADMINISTRATIVE AGENT:

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Administrative Agent
        

By: /s/ Melissa G. Landay        
Name:        Melissa G. Landay
Title:        Vice President

EXHIBIT A
CONSENT AND REAFFIRMATION

Each of the undersigned hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 2 to Credit Agreement (the “Amendment”); (ii) consents to the Borrower’s execution and delivery of the Amendment; (iii) agrees to be bound by the Amendment; (iv) affirms that nothing contained in the Amendment shall modify in any respect whatsoever any Loan Document to which it is a party except as expressly set forth in the Amendment; and (v) reaffirms that such Loan Documents shall continue to remain in full force and effect.  Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, each of the undersigned understands that Administrative Agent and the Lenders have no obligation to inform such undersigned of such matters in the future or to seek the undersigned’s acknowledgement or agreement to future amendments, waivers or consents, and nothing herein shall create such a duty.  Capitalized terms have the meanings assigned to them in the Amendment.

IN WITNESS WHEREOF, each of the undersigned has duly executed this Consent and Reaffirmation on and as of the date of the Amendment.
GUARANTORS:
PAPER MAGIC GROUP, INC.,  
a Pennsylvania corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

BERWICK OFFRAY LLC,  
a Pennsylvania limited liability company

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

CLEO INC,  
a Tennessee corporation 

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

PHILADELPHIA INDUSTRIES, INC.,  
a Delaware corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    President

LION RIBBON COMPANY, LLC,  
a Delaware limited liability company

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

Signature Page to Consent and Reaffirmation

C.R. GIBSON, LLC,  
a Delaware limited liability company

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

W.J.S. FURNITURE, INC.,  
a Delaware corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

PAPER MAGIC DISTRIBUTION, INC.,  
a Delaware corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

CRG DISTRIBUTION, INC.,  
a Delaware corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

LR TEXAS CORP.,  
a Texas corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

Signature Page to Consent and Reaffirmation

BOC DISTRIBUTION, INC.,  
a Delaware corporation

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia    
Title:    Vice President

BERWICK MANAGEMENT LLC,  
a Pennsylvania limited liability company

By:    Berwick Offray LLC,    

By: /s/ Vincent A. Paccapaniccia    
Name:  Vincent A. Paccapaniccia        
Title:    Vice President

Signature Page to Consent and Reaffirmation

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