Document:

f8k120408ex10iii_chinavalves.htm

     

     

    
      Exhibit
10.3

      

      

      CHINA
VALVES TECHNOLOGY, INC.

      GOVERNANCE
AND NOMINATING COMMITTEE CHARTER

      

      

      The
Purpose of the Governance and Nominating Committee

      

      The
purpose of the Governance and Nominating Committee of China Valves Technology,
Inc. (the “Company”), is to determine the slate of director nominees for
election to the Company’s Board of Directors, to identify and recommend
candidates to fill vacancies occurring between annual stockholder meetings, to
review, evaluate and recommend changes to the Company’s Corporate Governance
Guidelines, and to review the Company’s policies and programs that relate to
matters of corporate responsibility, including public issues of significance to
the Company and its stockholders.

      

      Membership
and Structure

      

      The
membership of the Governance and Nominating Committee consists of at least two
directors, each of whom shall meet the independence requirements established by
the Board of Directors and applicable laws, regulations and listing requirements
of the NASDAQ Stock Market, Inc.  The Board of Directors of the
Company appoints the members of the Governance and Nominating Committee and the
chairperson.  The Board of Directors of the Company may remove any
member from the Governance and Nominating Committee at any time with or without
cause.

      

      Operations

      

      The
Governance and Nominating Committee meets at least twice a
year.  Additional meetings may occur as the Governance and Nominating
Committee or its chairperson deems advisable.  The Governance and
Nominating Committee will cause to be kept adequate minutes of all its
proceedings, and will report on its actions and activities at the next quarterly
meeting of the Board of Directors of the Company.  The Governance and
Nominating Committee members will be furnished with copies of the minutes of
each meeting and any action taken by unanimous consent.  The
Governance and Nominating Committee is governed by the same rules regarding
meetings (including meetings by conference telephone or similar communications
equipment), action without meetings, notice, waiver of notice, and quorum and
voting requirements as are applicable to the Board of Directors of the
Company.  The Governance and Nominating Committee is authorized and
empowered to adopt its own rules of procedure not inconsistent with (a) any
provision of this Charter, (b) any provision of the Bylaws of the Company, or
(c) the laws of the state of Nevada.

      

      Authority

      

      The
Governance and Nominating Committee will have the resources and authority
necessary to discharge its duties and responsibilities.  The
Governance and Nominating Committee has sole authority to retain and terminate
outside counsel, any search firm used to identify director candidates, or other
experts or consultants, as it deems appropriate, including sole authority to
approve the firms’ fees and other retention terms.  Any communications
between the Governance and Nominating Committee and legal counsel in the course
of obtaining legal advice will be considered privileged communications of the
Company and the Governance and Nominating Committee will take all necessary
steps to preserve the privileged nature of those communications.

       

       

      
        
           

        

        
          -1-

          
            

          

        

        
           

        

      

      
 

      The
Governance and Nominating Committee may form and delegate authority to
subcommittees and may delegate authority to one or more designated members of
the Governance and Nominating Committee.

      

      Responsibilities

      

      Subject
to the provisions of the Corporate Governance Guidelines, the principal
responsibilities and functions of the Governance and Nominating Committee are as
follows:

      

      1.           Annually
evaluate and report to the Board of Directors of the Company on the performance
and effectiveness of the Board of Directors to facilitate the directors
fulfillment of their responsibilities in a manner that serves the interests of
the Company’s stockholders.

      

      2.           Annually
present to the Board of Directors a list of individuals recommended for
nomination for election to the Board of Directors of the Company at the annual
meeting of stockholders, and for appointment to the committees of the Board of
Directors (including this Governance and Nominating Committee).

      

      3.           Before
recommending an incumbent, replacement or additional director, review his or her
qualifications, including capability, availability to serve, conflicts of
interest, and other relevant factors.

      

      4.           Assist
in identifying, interviewing and recruiting candidates for the Board of
Directors.

      

      5.           Annually
review the composition of each committee and present recommendations for
committee memberships to the Board of Directors of the Company as
needed.

      

      6.           Periodically
review the compensation paid to non-employee directors for annual retainers
(including the Board of Directors of the Company and committee Chairs) and
meeting fees, if any, and make recommendations to the Board of Directors for any
adjustments.  No member of the Governance and Nominating Committee
will act to fix his or her own compensation except for uniform compensation to
directors for their services as such.

      

      7.           Develop
and periodically review and recommend to the board appropriate revisions to the
Company’s Corporate Governance Guidelines.

      

      8.           Monitor
compliance with the Corporate Governance Guidelines.

      

      9.           Regularly
review and make recommendations about changes to the charter of the Governance
and Nominating Committee.

       

       

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      
 

      10.           Regularly
review and make recommendations about changes to the charters of other board
committees after consultation with the respective committee chairs.

      

      11.           Obtain
or perform an annual evaluation of the Governance and Nominating Committee’s
performance and make applicable recommendations.

      

      12.           Assist
the Chairman of the Board of Directors of the Company, if the Chairman is a
non-management director, or otherwise the Chairman of the Governance and
Nominating Committee acting as Lead Independent Director, in leading the Board
of Directors’ annual review of the Chief Executive Officer’s
performance.

      

      

      Adopted
by the Board of Directors on December 4, 2008

      

       

      
-3-exh10-1.htm

  
    
      Exhibit 10.1

       

      Sixth
Amendment To Revolving

      Credit
and Term Loan Agreement

      

      This
SIXTH AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Amendment”)
is entered into as of December 5, 2008, by and among:  Centerline
Holding Company and Centerline Capital Group Inc. (collectively, the
“Borrowers”); those Persons listed as Guarantors on Schedule 1 hereto
(each, a “Guarantor,” and, collectively, the “Guarantors”); and, pursuant to
Section 23.1 of
the Loan Agreement (as defined below), those Lenders constituting the Required
Lenders, including, pursuant to Section 23.1.1(c),
the Term Loan Lenders directly affected by the execution of this Amendment, each
as set forth on a counterpart signature page hereto, substantially in the form
of Schedule 2
hereto (the “Required Lenders”).

       

      RECITALS

       

      Reference
is made to the following facts that constitute the background of this
Amendment:

       

      A.           The
parties hereto, among others, have entered into: (i) that certain Revolving
Credit and Term Loan Agreement, dated as of December 27, 2007 (as amended,
restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”); and (ii) that certain Waiver No. 4 to Revolving Credit and Term
Loan Agreement, dated as of December 5, 2008 (“Waiver No.
4”).  Capitalized terms used herein and not otherwise defined herein
shall have the same meanings herein as ascribed to them in the Loan
Agreement;

       

      B.           The
scheduled amortization payment of the Term Loan described in Section 4.2.1(iv) of
the Loan Agreement has previously been extended until December 5, 2008, pursuant
to the terms of that certain Fifth Amendment to Revolving Credit and Term Loan
Agreement, executed and delivered on November 21, 2008;

       

      C.           The
Borrowers and the Guarantors now request that the scheduled amortization payment
of the Term Loan described in Section 4.2.1(iv) be
further extended until December 12, 2008; and

       

      D.           The
Required Lenders are willing to grant such request on the terms and conditions
set forth in this Amendment.

       

      NOW,
THEREFORE, in consideration of the foregoing recitals and of the
representations, warranties, covenants and conditions set forth herein and in
the Loan Agreement, and for other valuable consideration the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as
follows:

       

      
        Section
1.         Amendment to Section
4.2.1(iv).  Section 4.2.1(iv) of
the Loan Agreement is hereby amended by deleting the phrase “on or before
December 5, 2008” and replacing it with “on or before December 12,
2008.”

         

        Section
2.         Representations and
Warranties.  The Borrowers and Guarantors, jointly and
severally, represent and warrant to the Lenders, the Swingline Lender, the
Issuing Bank and the Administrative Agent as of the date of this Amendment
that,: (a) assuming the due execution and delivery of Waiver No. 4, no Default
is in existence on the date hereof, or will result from the execution and
delivery of this Amendment or the consummation of any transactions contemplated
hereby (other than Defaults or potential Defaults arising under (i) Section 8.2
of the Loan Agreement with respect to shareholder litigation disclosed to the
Lenders prior to the date hereof and (ii) Section 8.17(i) of
the Loan Agreement arising out of events and circumstances disclosed by the
Borrowers to the Lenders prior to the date hereof); (b) each of the
representations and warranties of the Borrowers and the Guarantors in the Loan
Agreement and the other Loan Documents is true and correct in all material
respects on the effective date of this Amendment (except for representations and
warranties: (i) limited as to time or with respect to a specific event, which
representations and warranties shall continue to be limited to such time or
event; (ii) set forth in Section 8.2 of the
Loan Agreement with respect to shareholder litigation disclosed to the Lenders
prior to the date hereof; and (iii) possibly as set forth in Section 8.17(i) of
the Loan Agreement); and (c) this Amendment and the Loan Agreement are legal,
valid and binding agreements of the Borrowers and the Guarantors and are
enforceable against them in accordance with their
terms.  Notwithstanding the foregoing, and in furtherance of the terms
of Section 3 of
this Amendment, the Borrowers and the Guarantors hereby acknowledge and agree
that the Administrative Agent and the Lenders reserve all of their rights and
remedies with respect to, and the execution of this Amendment shall in no way be
deemed to be a waiver of, any Default.

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Section
3.          Ratification.  Except
as hereby amended, the Loan Agreement, all other Loan Documents and each
provision thereof are hereby ratified and confirmed in every respect and shall
continue in full force and effect, and this Amendment shall not be, and shall
not be deemed to be, a waiver of any Default or of any covenant, term or
provision of the Loan Agreement or the other Loan Documents.  In
furtherance of the foregoing ratification, by executing this Amendment in the
spaces provided below, each of the Guarantors, on a joint and several basis,
hereby absolutely and unconditionally (a) reaffirms its obligations under the
Guaranties, and (b) absolutely and unconditionally consents to (i) the execution
and delivery by the Borrowers of this Amendment, (ii) the continued
implementation and consummation of arrangements and transactions contemplated by
the Loan Agreement (including, without limitation, as amended or waived hereby)
and the other Loan Documents, and (iii) the performance and observance by each
Borrower and each Guarantor of all of its respective agreements, covenants,
duties and obligations under the Loan Agreement (including, without limitation,
as amended hereby) and the other Loan Documents.

         

        Section
4.           Conditions
Precedent.  The agreements set forth in this Amendment are
conditional and this Amendment shall not be effective until receipt by the
Administrative Agent of a fully-executed counterpart of this
Amendment.

         

        Section
5.           Counterparts.  This
Amendment may be executed and delivered in any number of counterparts with the
same effect as if the signatures on each counterpart were upon the same
instrument.  Any counterpart delivered by facsimile or by other
electronic method of transmission shall be deemed an original signature
thereto.

         

        Section
6.           Amendment as Loan
Document.  Each party hereto agrees and acknowledges that this
Amendment constitutes a “Loan Document” under and as defined in the Loan
Agreement.

         

        Section
7.           GOVERNING
LAW.  THIS AMENDMENT SHALL BE DEEMED TO CONSTITUTE A CONTRACT
MADE UNDER THE LAWS OF THE STATE OF NEW YORK, INCLUDING ARTICLE 5 OF THE UCC,
AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO ITS CONFLICTS OF LAW
RULES).

         

        Section
8.           Successors and
Assigns.  This Amendment shall be binding upon each of the
Borrowers, the Guarantors, the Lenders, the Swingline Lender, the Issuing Bank,
the Administrative Agent, the Agents and their respective successors and
assigns, and shall inure to the benefit of each such Person and their permitted
successors and assigns.

         

         

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        Section
9.           Headings.  Section
headings in this Amendment are included herein for convenience of reference only
and shall not constitute a part of this Amendment for any other
purpose.

         

        Section
10.         Expenses.  Each
Borrower jointly and severally agrees to promptly reimburse the Administrative
Agent for all expenses, including, without limitation, reasonable fees and
expenses of outside legal counsel, such Person has heretofore or hereafter
incurred or incurs in connection with the preparation, negotiation and execution
of this Amendment and all other instruments, documents and agreements executed
and delivered in connection with this Amendment.

         

        Section
11.         Integration.  This
Amendment contains the entire understanding of the parties hereto and with any
other Lenders and parties to the Loan Agreement with regard to the subject
matter contained herein.  This Amendment supersedes all prior or
contemporaneous negotiations, promises, covenants, agreements and
representations of every nature whatsoever with respect to the matters referred
to in this Amendment, all of which have become merged and finally integrated
into this Amendment.  Each of the parties hereto understands that in
the event of any subsequent litigation, controversy or dispute concerning any of
the terms, conditions or provisions of this Amendment, no party shall be
entitled to offer or introduce into evidence any oral promises or oral
agreements between the parties relating to the subject matter of this Amendment
not included or referred to herein and not reflected by a writing included or
referred to herein.

         

        Section
12.         Jury Trial
Waiver.  THE BORROWERS, GUARANTORS, ADMINISTRATIVE AGENT AND
LENDERS BY ACCEPTANCE OF THIS AMENDMENT MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS FIRST
AMENDMENT, THE LOAN AGREEMENT, OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE
EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING,
WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR
ACTIONS OF ANY AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR
ENFORCEMENT OF THE LOAN DOCUMENTS, ARISING OUT OF TORT, STRICT LIABILITY,
CONTRACT OR ANY OTHER LAW, AND AGREE THAT NO PARTY WILL SEEK TO CONSOLIDATE ANY
SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT
BEEN WAIVED.

         

      

       

      

      [Remainder of page intentionally left
blank; signature pages follow]

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by
their duly authorized officers or representatives, all as of the date first
above written.

      

      
        	
                BORROWERS:

              	
                CENTERLINE
      HOLDING COMPANY

              
	 
      	
                By:

              	
                /s/ Marc D.
      Schnitzer

              
	 
      	 
      	
                Name:
      Marc D. Schnitzer

              
	 
      	 
      	
                Title:  President
      & Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                CENTERLINE
      CAPITAL GROUP INC.

              
	 
      	
                By:

              	
                /s/ Marc D.
      Schnitzer

              
	 
      	 
      	
                Name:
      Marc D. Schnitzer

              
	 
      	 
      	
                Title:  Chief
      Executive Officer

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

      

      (Signatures
continued on next page)

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
 

      
        	
                GUARANTORS:

              	 
      	
                CENTERLINE
      CAPITAL COMPANY LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Marc D.
      Schnitzer

              
	 
      	 
      	 
      	
                Name:

              	
                Marc
      D. Schnitzer

              
	 
      	 
      	 
      	
                Title:

              	
                President

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      AFFORDABLE HOUSING ADVISORS LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  /s/ Marc D.
      Schnitzer

                

              
	 
      	 
      	 
      	
                Name:

              	
                Marc
      D. Schnitzer

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE/AC
      INVESTORS LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  /s/ Marc D.
      Schnitzer

                

              
	 
      	 
      	 
      	
                Name:

              	
                Marc
      D. Schnitzer

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      HOLDING TRUST

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  /s/ Marc D.
      Schnitzer

                

              
	 
      	 
      	 
      	
                Name:

              	
                Marc
      D. Schnitzer

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      INVESTORS I LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  /s/ Marc D.
      Schnitzer

                

              
	 
      	 
      	 
      	
                Name:

              	
                Marc
      D. Schnitzer

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              

      

      

      

       

       

      (Signatures
continued on next page)

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

      
        	
                GUARANTORS
      (CONT.):

              	 
      	
                CENTERLINE
      REIT INC.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Bryan
      Carr

              
	 
      	 
      	 
      	
                Name:

              	
                Bryan
      Carr

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Financial Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      SERVICING INC.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  /s/ Bryan
      Carr

                

              
	 
      	 
      	 
      	
                Name:

              	
                Bryan
      Carr

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Financial Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      FINANCE CORPORATION

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  /s/ Bryan
      Carr

                

              
	 
      	 
      	 
      	
                Name:

              	
                Bryan
      Carr

              
	 
      	 
      	 
      	
                Title:

              	
                Treasurer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      INVESTOR LP LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Andrew J.
      Weil

              
	 
      	 
      	 
      	
                Name:

              	
                Andrew
      J. Weil

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      INVESTOR LP II LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                      
                  
                    /s/ Andrew J.
      Weil

                  

                

              
	 
      	 
      	 
      	
                Name:

              	
                Andrew
      J. Weil

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CENTERLINE
      CREDIT MANAGEMENT LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Nicholas A. C.
      Mumford

              
	 
      	 
      	 
      	
                Name:

              	
                Nicholas
      A. C. Mumford

              
	 
      	 
      	 
      	
                Title:

              	
                Executive
      Managing Director

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                CM
      INVESTOR LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Marc D.
      Schnitzer

              
	 
      	 
      	 
      	
                Name:

              	
                Marc
      D. Schnitzer

              
	 
      	 
      	 
      	
                Title:

              	
                Chief
      Executive Officer

              

      

       

       

       

      (Signatures
continued on next page)

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
1

      

      Guarantors

       

      1.           Centerline
Investor LP,

      2.           Centerline
Investor LP II,

      3.           CCC,

      4.           CAHA,

      5.           Centerline/AC,

      6.           Holding
Trust,

      7.           Centerline
Investors,

      8.           Centerline
REIT Inc.,

      9.           Centerline
Servicing Inc.,

      10.         Centerline
Finance Corporation,

      11.         Credit
Management, and

      12.         CM
Investor LLC.

       

       

      
 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
2

      

      Form of Signature Page for
Lenders included in Required Lenders for purposes of approving SIXTH AMENDMENT
TO REVOLVING CREDIT AND TERM LOAN AGREEMENT:

      

      The
undersigned hereby evidences its agreement to the terms of the SIXTH AMENDMENT
TO REVOLVING CREDIT AND TERM LOAN AGREEMENT, and the consummation of the
transactions contemplated thereby, amending that certain Revolving Credit and
Term Loan Agreement dated as of December 27, 2007 by and among Centerline
Holding Company and Centerline Capital Group Inc. as the Borrowers, the
Guarantors described therein, the Lenders described therein, and Bank of
America, N.A., as Administrative Agent, Swingline Lender and Issuing Bank, as
such agreement is amended, restated, supplemented or otherwise modified from
time to time.

      

      

      [Name
of Lender]

      

      

      By:
________________________________

      Name:

      Title:

      

      

      Representing
_____% of all Term Loans outstanding, all Revolving Exposure, unused Revolving
Loan Commitments and unused Term Loan
Commitments

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