Document:

Unassociated Document

EXHIBIT 10.1

  

  

 

Exhibit 10.1

 

ATEL 15, LLC

 

ESCROW AGREEMENT

 

October 17, 2011

 

U. S. Bank, National Association

San Francisco, California

 

Gentlemen:

 

ATEL 15, LLC, a California limited liability company (the “Fund”), proposes to make a public offering through ATEL Securities Corporation (the “Dealer Manager”) and other registered broker-dealers (the “Selected Dealers”) of not to exceed 15,000,000 of its units of limited liability company member interest (the “Units”) at $10 per Unit. The offering shall be conducted on a best-efforts all-or-none basis for the first 120,000 Units and thereafter on a best-efforts basis for the remaining Units. The offering shall commence at such time as the Fund’s registration statement on Form S-1 with respect thereto (the “Registration Statement”) is declared effective by the Securities and Exchange Commission (“SEC”) which is currently expected to occur on or about October 10, 2011. We are requesting that you consent to act as Depository in connection with the offering.

 

U.S. Bank, National Association (“you” or “Depository”) shall receive, hold in escrow and disburse subscription funds in accordance with the terms and conditions set forth in this letter and in the “Plan of Distribution” section of the prospectus included in the Registration Statement, as amended or supplemented (such prospectus in the form first filed with the SEC pursuant to Rule 424 under the Securities Act of 1933, as amended, and any supplement or amendment to such prospectus thereafter so filed pursuant to such Rule 424 are hereinafter collectively called the “Prospectus”).

 

Upon request of ATEL Managing Member LLC (the “Manager”) or the Dealer Manager, you shall provide reports to the Fund and the Dealer Manager as to the number and amount of subscriptions received by you.

 

The terms and conditions of your engagement as Depository shall be as follows:

 

1. On or before the date of commencement of the offering you shall establish an interest-bearing escrow account which shall be entitled “ATEL 15 Escrow Account” (the “Escrow Account”). The Dealer Manager will comply with Rule 15c2-4 under the Securities Exchange Act of 1934, as interpreted in NASD Notice to Members 84-64, which requires that during the escrow period checks be transmitted by the Dealer Manager to you as escrow agent as soon as practicable, but in any event by noon of the second business day following receipt by the Dealer Manager. The Dealer Manager and Selected Dealers shall instruct subscribers to make checks payable to the order of U.S. Bank, National Association by designating the payee as “U.S. Bank – ATEL 15 Escrow.” You shall return any checks received that are made payable to a party other than the Depository to the Dealer Manager or Selected Dealer who submitted the check.

 

2. The Dealer Manager and the Selected Dealers shall promptly deliver all monies received for the payment of Units to the Depository for deposit in the Escrow Account. You shall receive and hold deposits of subscription funds in the amount of $10 per Unit. The minimum subscription shall be 500 Units ($5,000), subject, however, to such higher minimum subscriptions as are described in the Prospectus as being applicable in certain circumstances. Each deposit shall be accompanied by a Subscription Agreement in the form of that attached as Exhibit C to the Prospectus identifying by name and address the subscriber whose funds are deposited and the amount of the funds deposited by such subscriber.

 

3. Deposits in the form of checks which fail to clear the bank upon which they are drawn shall be returned by the Depository to the subscriber, together with the copy of the Subscription Agreement. You shall concurrently furnish to the Manager and the Dealer Manager a copy of any such Subscription Agreement and check so returned. The Depository shall have no further liability therefor.

 

If the Fund rejects any subscription for which the Depository has already collected funds, the Depository shall promptly issue a refund check to the rejected subscriber. If the Fund rejects any subscription for which the Depository has not yet collected funds but has submitted the subscriber’s check for collection, the Depository shall promptly issue a check in the amount of the subscriber’s check to the rejected subscriber after the Depository has cleared such funds. If the Depository has not yet submitted a rejected subscriber’s check for collection, the Depository shall promptly remit the subscriber’s check directly to the subscriber.

 

4. You shall place funds from the Escrow Account only in the following interest-bearing accounts and short-term obligations as the Fund shall direct: short-term United States government securities, including Treasury bills, securities issued or guaranteed by United States government agencies, certificates of deposit and time or demand deposits in banks and savings and loan associations which are insured by United States government agencies or deposits in members of the Federal Home Loan Bank System; provided, however, that you shall not be required to place any such funds in a manner which is inconsistent with the Prospectus. In the absence of express instructions, you will invest such funds, to the extent reasonably practicable, in a U. S. Bank Money Market Account insured by the FDIC. As Depository you shall not be liable for any loss of interest in the event funds are withdrawn prior to maturity. Interest accrued on subscription funds held in the Escrow Account shall not be an asset of the Fund, but shall either (i) be paid to the respective subscribers upon return of subscription proceeds to subscribers pursuant to paragraph 5 of this Agreement in the event the Minimum Subscriptions (as defined in paragraph 5) are not received prior to termination of the offering); or (ii) be paid to the Fund upon release of subscription proceeds to the Fund for disbursement by the Fund to subscribers, in either case to be divided among the subscribers on a pro rata basis according to the respective numbers of days between the time of deposit of their payments into the Escrow Account and the release of such payments to the Fund or the return thereof to the subscribers, and in either case with the amounts of interest allocated among subscribers to be calculated by the Manager.

  

  

 

 

During the escrow period, the proceeds from the Fund’s offering are not subject to claims by creditors, the Fund, the Fund’s affiliates, you as the escrow agent, or Selected Dealers unless and until the proceeds have been released to the Fund pursuant to the terms of this Agreement.

 

5. If and at such time as amounts in collected funds representing subscriptions for not less than 120,000 Units shall have been deposited with you under this Agreement (the “Minimum Subscriptions”), you shall so notify the Manager and the Dealer Manager and upon receipt of written instructions from each of the Fund and the Dealer Manager, you shall disburse to the Fund all subscription funds held by you. If the offering is terminated prior to receipt of collected funds representing the Minimum Subscriptions, or if collected funds representing the Minimum Subscriptions have not been received on or before the date which is one year from the date that the Registration Statement is declared effective by the SEC, you shall promptly disburse all subscription funds to the subscribers who transmitted them without deduction, penalty or expense to the subscriber, and you shall advise the Fund and the Dealer Manager that you have done so. The subscription funds returned to each subscriber shall be free and clear of any and all claims of the Fund or any of its creditors. In any case, all interest earned on subscription proceeds held by you shall be disbursed to subscribers as provided in paragraph 4, with the Manager providing the Depository with the calculation of interest payable to each subscriber. After all disbursements under this Agreement have been completed, the escrow shall be terminated; provided, however, that an agreement with a branch of Depository will be effective upon escrow holder notifying the branch that the Minimum Subscriptions have been reached and escrow is closed. The branch will agree to facilitate transfers of subscription funds to the Fund in the event subscribers make checks payable to the Depository after the date Minimum Subscriptions have been received. The branch’s sole function in such event shall be to endorse any such subscription checks to the account of the Fund.

 

For purposes of the foregoing, the term “collected funds” shall mean all funds received by the Depository which have cleared normal banking channels and are in the form of cash.

 

Notwithstanding the foregoing, any and all subscription proceeds from Pennsylvania investors deposited with the Depositary will be maintained in a separate escrow account entitled “ATEL 15 Pennsylvania Escrow Account.” The terms of the escrow for Pennsylvania subscriptions will be the same as provided for all subscription proceeds under this Agreement, except as expressly stated in the following paragraphs.

 

The amount of subscription proceeds held in the Pennsylvania Escrow Account will not be counted in determining the Minimum Subscriptions defined above in this Section 5, unless the Pennsylvania Minimum (as defined below) is reached prior to the date that the amount of the Minimum Subscriptions is received from non-Pennsylvania subscribers. The funds in the Pennsylvania Escrow Account will be retained in such account, and will not be released to the Fund upon the release of other escrowed funds at the time the Minimum Subscriptions are reached under the Agreement unless the conditions for release of Pennsylvania subscriptions set forth in this paragraph are first satisfied. If and at such time as the Fund and the Dealer Manager deliver to the Depositary a certificate, together with any other documentation that the Depositary may reasonably require, which demonstrates that the Fund has received a total amount in collected funds which, when added to the total amount held in the Pennsylvania Escrow Account, represent aggregate subscriptions for not less than 750,000 Units (the “Pennsylvania Minimum”), and upon receipt of written instructions from each of the Fund and the Dealer Manager, the Depositary shall disburse to the Fund all subscription funds held in the Pennsylvania Escrow Account.

 

If the offering is terminated prior to receipt of collected funds representing the Pennsylvania Minimum, or if collected funds representing the Pennsylvania Minimum have not been received on or before the date which is 120 days after the date hereof, the Fund and the Dealer Manager will notify each Pennsylvania investor whose subscription proceeds are held in the Pennsylvania Escrow Account within 10 calendar days following the end of such period that such investor has the right to have the escrowed subscription proceeds returned to the investor by notifying the Depositary that such return is desired within 10 calendar days after receipt of such notification of the right to such return. The subscription proceeds held for investors so requesting a return, together with any interest accrued thereon, will be promptly forwarded to such investors, but in no event later than 15 calendar days following receipt by the Depositary of the notice requesting such return.

 

Any subscription proceeds from Pennsylvania investors which remain in the escrow after the expiration of the periods described in the foregoing paragraph will be held until the earlier of the satisfaction of the Pennsylvania Minimum condition or the termination of the offering; provided that at the end of each subsequent 120-day period of the escrow, the investors whose subscription proceeds remain in the escrow will be offered the return rights described in the foregoing paragraph; and provided further that, if the Pennsylvania Minimum is not satisfied within one year from the date that the Registration Statement is declared effective by the SEC, the Depositary shall promptly disburse all subscription funds in the Pennsylvania Escrow Account to the subscribers who transmitted them without deduction, penalty or expense to the subscriber, and the Depositary shall advise the Fund and the Dealer Manager that the Depositary has done so. Any such disbursements to Pennsylvania investors will be on the same terms as all disbursements under this Agreement.

  

  

 

 

6. All fees, costs, and charges of the Depository shall be paid by the Fund. Escrow fees shall be as set forth in Exhibit A hereto. No fees, costs, charges, indemnification for damages suffered by the Depository or any monies whatsoever shall be paid out of or chargeable to the funds on deposit in the Escrow Account.

 

7. The Fund and the Dealer Manager hereby represent and warrant that neither they nor any of their affiliates has made, nor will any such person make, any representation which might imply that you in any way endorse or recommend an investment in Units or guarantee any obligations relating to the Units except those expressly undertaken as Depositary under this Agreement.

 

In consideration of your acting as Depository herein, it is agreed that you shall in no case or event be liable for the failure of any of the conditions of this Agreement or damage caused by the exercise of your discretion in any particular manner, or for any other reason, except gross negligence or willful misconduct with reference to the Escrow Account, and you shall not be liable or responsible for your failure to ascertain the terms or conditions, or to comply with any of the provisions of, any agreement, contract or other document filed herewith or referred to herein, nor shall you be liable or responsible for forgeries or false impersonation.

 

It is further agreed that if any controversy arises between the parties hereto or with any third person with respect to the subject matter of this Agreement, or its terms or conditions, you are entitled at your option to refuse to comply with any claim or demand, so long as such controversy continues and in so doing you shall not be or become liable for damages or interest to any party for your failure or refusal to comply with any conflicting or adverse demands. You shall be entitled to continue so to refrain and refuse so to act until:

 

A. The rights of the adverse claimants have been finally adjudicated in a court assuming and having jurisdiction of the parties and the money, papers and property involved herein or affected hereby; and/or

 

B. All differences shall have been adjusted by agreement and you shall have been notified thereof in writing by all of the persons interested.

 

In the event of any such controversy, you, in your discretion, may file a suit in interpleader for the purpose of having the respective rights of the claimants adjudicated, and deposit with the court all documents and property held hereunder, and the Fund agrees to pay all costs and counsel fees incurred by you in such action and said costs and fees shall be included in the judgment in any such action.

 

You shall not be required to take or be bound by notice of any default of any person, or to take any action with respect to such default involving any expense or liability, unless notice of such default is given to you in writing by the Manager and unless you are indemnified in a manner satisfactory to you against such expense or liability.

 

You shall be protected in acting upon any notice, request, waiver, consent, receipt or other paper or document reasonably believed by you to be signed by the proper party or parties.

 

You may consult with legal counsel if any controversy arises, and you shall incur no liability and shall be fully protected in acting in accordance with the opinion and instructions of counsel.

 

In the event that you perform any service not specifically provided hereinabove, or there is any assignment or attachment of any interest in the subject matter of this Agreement or modification thereof, or any controversy arises hereunder, or you are named a party to, or are required to intervene in, any litigation pertaining to this escrow or the subject matter thereof, you shall be reasonably compensated therefor and reimbursed for all costs and expenses, including attorney’s fees, occasioned thereby.

 

8. The Fund, the Manager and the Dealer Manager represent and agree that none has made nor will any of them in the future make any representation that states or implies that the Escrow Agent has endorsed, recommended or guaranteed the purchase, value, or repayment of the Units offered for sale by the Fund. The Fund further agrees that it will insert in any prospectus, offering circular, advertisement, subscription agreement or other document made available to prospective purchasers of the Units the following in bold face type: “U.S. Bank National Association is acting only as an escrow agent in connection with the offering of the Units, and has not endorsed, recommended or guaranteed the purchase, value or repayment of such Units”, and will furnish to the Escrow Agent a copy of each such prospectus, offering circular, advertisement, subscription agreement or other document at least 5 business days prior to its distribution to prospective purchasers of the Securities”.

 

9. The Depository may resign upon the giving of 30 days’ written notice to the Manager and the Dealer Manager. The Depository may be removed by the Manager and the Dealer Manager, acting jointly, upon 30 days’ prior written notice to the Depository. In such event, it shall be the obligation of the Manager, with the consent of the Dealer Manager, to appoint a successor Depository. The Depository shall turn over to such successor, at the direction of the Fund, all funds, accounts and records held by the Depository pursuant to this Agreement.

  

  

 

 

Any change in the aforesaid terms and conditions shall require the consent of the Dealer Manager. In the event that any questions arise as to the interpretation of such terms and conditions, you shall be authorized to rely upon telegraphic or written instructions from the Dealer Manager and the Manager.

 

If you consent and agree to act as Depository on the terms and conditions set forth above, please so signify by causing a duly authorized officer or employee to sign the enclosed copy of this letter as indicated below and return it to the undersigned, whereupon the terms and conditions of this letter shall constitute an agreement between us. This agreement may be signed in separate counterparts, each of which when so executed and delivered shall be an original for all purposes, but all such counterparts shall constitute one and the same instrument.

 

	
Very truly yours,

	  
	
ATEL 15, LLC,

a California limited liability company

	  	  
	
By:

	
ATEL Managing Member, LLC, Manager

	  	  	  
	  	
By:

	
ATEL Capital Group, LLC

	  	  	  
	  	  	
By:

	/s/ Vasco Morais
	  	  	  	
Vasco Morais

Executive Vice President

	  
	
ATEL SECURITIES CORPORATION,

a California corporation, Dealer Manager

	  	
By:

	/s/ Vasco Morais
	  	  	
Vasco Morais

Executive Vice President

 

We hereby consent to act as Depository on the terms and conditions set forth above. Executed this 18th day of October, 2011.

 

	
U. S. Bank, National Association

One California St., Suite 1000

San Francisco, CA 94111

	  	  
	
By:

	/s/ Danielle Fung
	  	Danielle Fung
	  	
Trust OfficerExhibit 10.1

Date: 16th day of July 2011

Agribusiness Development Agreement

by and between

STEVIA CORP.
as Grower

and

AGRO GENESIS PTE LTD
as Technical Provider

relating to

Stevia Cultivation in Vietnam
<PAGE>
THIS AGREEMENT is made and entered into on the 16th day of July 2011 ("Effective
Date")

BETWEEN:

     STEVIA CORP., a publicly traded corporation (OTCBB: STEV) organized under
     the laws of the State of Nevada of the United States, whose corporate
     headquarters is located at 7117 US 31 S. Indianapolis, IN 46227 USA
     ("COMPANY")

     and

     AGRO GENESIS PTE. LTD., a corporation with company registration number
     200508725H organised under the laws of Singapore, having its registered
     office address at 20 Ang Mo Kio Industrial Park 2A, AMK TechLink #05-04,
     Singapore 567761 ("AGPL")

WHEREAS:

(A)  Company is a farm management company with a strong focus on stevia
     agronomics from plant breeding to good agricultural practices to
     post-harvest techniques and Company plans to invest heavily in research and
     development and intellectual property acquisition and provide farm
     management services to contract growers and other industry growers; and

(A)  AGPL is a science-based agribusiness company with substantial crop growing
     expertise that has developed and patented plant production technology and
     provides innovative products and consulting services; and

(B)  Company wishes to engage AGPL as its primary technology partner to develop
     technology and solutions for stevia growing and leaf production; and

(C)  AGPL has provided a development proposal and both Parties have mutually
     agreed to the Objectives, Roles, Approach, Deliverables, Timetable and
     Budget as set out in "APPENDIX A" hereinafter referred to as the "PROJECT".

NOW IT IS HEREBY AGREED AS FOLLOWS:

1. INTERPRETATION

1.1 DEFINITIONS

In this Agreement, unless the context otherwise requires:

"Business Day" means a day, other than a Saturday or Sunday, on which banks are
open for ordinary banking business in Singapore.

"Companies Act" means the Singapore Companies Act.

"Parties" means, collectively, the Company and AGPL, and the term "Party" shall
refer to either of them as the context may require.

                                       2
<PAGE>
"Year" means any reference to a "year" is to that year in accordance with the
Gregorian calendar.

"USD" means the United States dollar.

"SGD" means the Singapore dollar.

In this Agreement where the context admits:

(A)  "subsidiary", "affiliate" and "holding company" shall have the same
     respective meanings as in the Companies Act and "Subsidiary" shall mean a
     subsidiary of the Company; and

(B)  references to, or to any provision of, any treaty, statute, directive,
     regulation, decision, order, instrument, by-law, or any other law of, or
     having effect in, any jurisdiction ("Laws") shall he construed also as
     references to all other Laws made under the Law referred to, and to all
     such Laws as for the time being amended, reenacted (with or without
     amendment), consolidated or replaced or as their application is modified by
     other Laws from time to time; and

(C)  references to clauses, appendixes and schedules are references to the
     clauses and appendixes of and schedules to this Agreement and references to
     this Agreement include the appendixes, schedules and the Agreed Form
     documents; and

(D)  references to the singular shall include the plural and vice versa and
     references to the masculine, the feminine and the neuter shall include each
     other such gender; and

(E)  "person" includes any individual, partnership, body corporate, corporation
     sole or aggregate, state or agency of a state, and any unincorporated
     association or organisation, in each case whether or not having separate
     legal personality; and

(F)  "company" includes any body corporate.

1.2 HEADINGS

The headings and sub-headings are inserted for convenience only and shall not
affect the construction of this Agreement.

1.3 APPENDIXES & SCHEDULES

Each of the appendixes and schedules shall have effect as if set out herein.

2. ENGAGEMENT

2.1 Company agrees to engage AGPL to manage the Project based on Singapore
Dollars.

2.2 The Project will initially focus on stevia development in Vietnam but may be
amended from time to time to include other locations and countries as mutually
agreed by both Parties.

                                       3
<PAGE>
2.3 The Project's geographic scope is limited to the existing contracted grower
regions in Vietnam surrounding Hanoi and Vinh. Expansion to new geographic
regions under new contracted growers will require a supplement to the Project's
scope and a revised budget. Such proposed expansion and revised budget shall
only be approved by mutual agreement of both Parties.

3. BUDGET, PAYMENTS & STAFFING

3.1 The Project budget is composed of two parts; Consulting Fee and Expenses.
The Consulting Fee is a fixed SGD amount and shall be paid to AGPL as set out in
APPENDIX A. Expenses are USD estimates and shall be managed, approved and paid
by the Company. All proposed expenditures must be submitted to the Company
accountant for approval. All cost overruns must be approved by the Company
President. When possible, payment will be made directly to the provider by
Company. When not possible and AGPL submits reimbursement claims for expenses
incurred on behalf of the Project, AGPL must provide supporting documentation
satisfactory to the Company evidencing the expenses.

3.2 AGPL shall provide certain staff as set forth in APPENDIX A. The Company
shall hire the additional workers necessary to complete the Project. The Company
shall assign such Project workers to work under the direction of AGPL, The
Company shall make best efforts to involve AGPL in the hiring process of workers
to support the Project and AGPL shall make best efforts to participate in the
hiring process. The process of hiring and on- the-job orientation and the
respective roles of each Party to support this process shall be mutually agreed
upon.

3.3 When directing Company assigned Project staff, AGPL shall comply strictly
with all applicable requirements relating to occupational safety and health
legislation or similar laws in the country of operations, and the relevant rules
and regulations thereunder. In addition, the AGPL shall strive to incorporate
higher international standards where applicable and appropriate and not in
conflict with local rules and regulations.

4. RELATIONSHIP OF THE PARTIES

4.1 Nothing in this Agreement shall constitute, or be deemed to constitute a
partnership between the parties, nor except as expressly provided, shall it
constitute, or be deemed to constitute, any party as the agent of any other
party for any purpose..

4.2 Subject to any express provisions to the contrary in this Agreement, neither
Party shall have the right or authority to and shall not do any act, enter into
any contract, make any representation, give any warranty, incur any liability,
assume any obligation, whether express or implied, of any kind on behalf of the
other Party or bind the other Party in any way.

5. TECHNOLOGY & PATENT DEVELOPMENT

5.1 All technology-related patents (e.g. new varieties, cultivation programme,
harvest and post-harvest process) resulting from the Project will be co-owned by
AGPL and the Company. The Company shall have the right of first offer for the
use and distribution rights of yielded patents resulting from the Project.

                                       4
<PAGE>
6. EXCLUSIVE DISTRIBUTION RIGHTS & COMMISSION

6.1 The Company will be the exclusive distributor for AGPL's g'farm system (as
more fully described in APPENDIX B) for stevia growing resulting from the
Project. AGPL will be the exclusive technology partner to support the
distribution.

6.2 AGPL will be paid a commission for the sales of crops from cropping systems
for intercrops and follow crops resulting from the Project as set out in
SCHEDULE 1.

7. CONFIDENTIALITY

7.1 Subject to the provisions of clauses 7.2 and 7.3, each party:

(A)  shall treat as strictly confidential and use solely for the purposes
     contemplated by this Agreement all information, whether technical or
     commercial, obtained or received by it as a result of entering into or
     performing its obligations under this Agreement and relating to the
     negotiations relating to, or the provisions or subject matter of, this
     Agreement or any other party to it ("confidential information");

(B)  shall not, except with the prior written consent of the party from whom the
     confidential information was obtained publish or otherwise disclose to any
     person any confidential information except for the purposes contemplated by
     this Agreement; and

(C)  where any of the confidential information IS also privileged, the waiver of
     such privilege is limited to the purposes of this agreement and does not
     and is not intended to result in any wider waiver of the privilege and each
     party shall take all reasonable steps to protect the privilege of the other
     party in its respective confidential information and shall advice the other
     party promptly in writing if any step is taken by any other person to
     obtain any privileged confidential information of the other party.

7.2 PERMITTED DISCLOSURES

Each party may disclose confidential information which would otherwise be
subject to clause 7.1 if, and only to the extent that it can demonstrate that:

(A)  such disclosure is required by law or by any securities exchange or
     regulatory or governmental body having jurisdiction over it, wherever
     situated, and whether or not the requirement has the force of law;

(B)  the confidential information was lawfully in its possession prior to its
     disclosure by the other party (as evidenced by written records) and had not
     been obtained from the other party;

(C)  the confidential information has come into the public domain other than
     through its fault or the fault of any person to whom the confidential
     information has been disclosed in accordance with clause 7.1;

provided that any such disclosure shall not be made without prior consultation
with the party from whom the confidential information was obtained.

                                       5
<PAGE>
7.3 DISCLOSURES TO CERTAIN PARTIES

Each party may for the purposes contemplated by this Agreement disclose
confidential information to the following persons or any of them, provided that
a written confidentiality undertaking in a form equivalent to clause 7.1 has
been obtained from such person:

(A)  its professional advisers, auditors, bankers and insurers, acting as such;
     and

(B)  its directors, officers, senior employees and sub-contractors.

7.4 SURVIVAL OF RESTRICTIONS

The restrictions contained in this clause shall survive the termination of this
Agreement and shall continue for two years from the date of termination.

8. WARRANTIES

The Company hereby separately represents warrants and undertakes for itself to
and with AGPL and its successors in title as follows:

(A)  The Company has full legal right, power and authority to execute, deliver
     and perform its obligations under this Agreement; and

(B)  There is no provision of any existing contract, agreement or instrument
     binding the Company which has been or would be contravened by the execution
     and delivery of this Agreement or by the performance or observance by the
     Company of any of the terms hereof.

AGPL hereby separately represents warrants and undertakes for itself to and with
the Company and its successors in title as follows:

(A)  AGPL has full legal right, power and authority to execute, deliver and
     perform its obligations under this Agreement; and

(B)  There is no provision of any existing contract, agreement or instrument
     binding AGPL which has been or would be contravened by the execution and
     delivery of this Agreement or by the performance or observance by AGPL of
     any of the terms hereof.

9. TERM AND TERMINATION

9.1 This Agreement shall come into force on the Effective Date and, subject to
earlier termination, shall continue in force for a period of two (2) years
("Term") and shall be extended to be consistent with any future amended Project
and its mutually agreed upon time frame ("Extended Term").

9.2 Either Party may terminate this Agreement forthwith by giving written notice
to the other in any of the following events:

(A)  if the other Party commits any material breach of any of the terms and
     conditions of this Agreement and fails to remedy that breach (if capable of
     remedy) within one month after notice from the other Party requiring it to
     be remedied and giving full particulars of the breach; or

                                       6
<PAGE>
(B)  if the other Party has a winding up petition presented against it or enters
     into liquidation whether compulsory or voluntary (except for the purposes
     of bona fide reconstruction or amalgamation with the prior approval of the
     other Party), or compounds with or makes any arrangement with its creditors
     or makes a general assignment for the benefit of its creditors, or if it
     has a receiver, manager, administrative receiver or administrator appointed
     over the whole or substantially the whole of its undertaking or assets, or
     if it has an administration petition presented or administration
     application made against it or a notice of intention to appoint an
     administrator has been given to any person or if it ceases or threatens to
     cease to carry on its business, or makes any material change in its
     business, or if it suffers any analogous process under any foreign law.

9.3 CONSEQUENCES OF TERMINATION

Upon termination in accordance with this clause 9 or clause 13.4:

(A)  the rights and obligations of the Parties under this Agreement shall
     terminate and be of no future effect, except that clauses 1, 5, 7 and 12
     shall remain in full force and effect;

(B)  any rights or obligations to which any of the Parties to this Agreement may
     be entitled or be subject before such termination shall remain in full
     force and effect;

(C)  termination shall not affect or prejudice any right to damages or other
     remedy which the terminating Party may have in respect of the event which
     gave rise to the termination or any other right to damages or other remedy
     which any Party may have in respect of any breach of this Agreement which
     existed at or before the date of termination.

10. LIMITATION OF LIABILITY

10.1 The provisions of this clause 10 set out the entire financial liability of
AGPL (including any liability for the acts or omissions of its employees, agents
and sub-contractors) to the Company in respect of:

(A)  any breach of this Agreement; and

(B)  any representation, statement or tortuous act or omission including
     negligence arising under or in connection with this Agreement;

(C)  Product liability (for the purposes of this clause 10, Product shall refer
     to those agricultural products used by the Project and supplied by Agra
     Genesis), Product safety only as it pertains to any specific act of
     negligence traceable to AGPL;

(D)  voluntary or involuntary recall of AGPL Products only as it pertains to any
     specific act of negligence traceable to AGPL;

10.2 All warranties, conditions and other terms implied by statute or common law
are to the fullest extent permitted by law, excluded from the terms of this
Agreement.

                                       7
<PAGE>
11. PROVISIONS RELATING TO THIS AGREEMENT

11.1 ASSIGNMENT

Either party may at any time with the prior written consent of the other party,
(such consent not to be unreasonably withheld or delayed) assign all or any part
of its rights and benefits under this Agreement provided that no consent shall
be required for such an assignment to any Affiliate of either party so long as
the assignment does not result in a change to the conditions of the agreement in
any way.

11.2 ENTIRE AGREEMENT

(A)  This Agreement, together with any documents referred to in it, constitutes
     the whole agreement between the parties relating to its subject matter and
     supersedes and extinguishes any prior drafts, agreements, undertakings,
     representations. warranties and arrangements of any nature, whether in
     writing or oral, relating to such subject matter, and can be amended only
     by written agreement amongst the Parties.

(B)  The Parties acknowledge that they have not been induced to enter into this
     Agreement by any representation or warranty other than those contained in
     this Agreement and, having negotiated and freely entered into this
     Agreement, agree that they shall have no remedy in respect of any other
     such representation or warranty except in the case of fraud. The Parties
     acknowledge that their legal advisers have explained to them the effect of
     this clause.

(C)  No variation of this Agreement shall be effective unless made in writing
     and signed by each of the parties.

11.3 RIGHTS ETC CUMULATIVE AND OTHER MATTERS

(A)  The rights, powers, privileges and remedies provided in this Agreement are
     cumulative and are not exclusive of any rights, powers, privileges or
     remedies provided by law or otherwise.

(B)  No failure to exercise nor any delay in exercising by any party to this
     Agreement of any right, power, privilege or remedy under this Agreement
     shall impair or operate as a waiver thereof in whole or in part.

(C)  No single or partial exercise of any right, power privilege or remedy under
     this Agreement shall prevent any further or other exercise thereof or the
     exercise of any other right, powers, privilege or remedy.

11.4 COSTS

Subject to any express provisions to the contrary each party to this Agreement
shall pay its own costs of and incidental to the negotiation, preparation,
execution and carrying into effect of this Agreement.

11.5 INVALIDITY

If any provision of this Agreement shall be held to be illegal, void, invalid or
unenforceable under the laws of any jurisdiction, the legality, validity and
enforceability of the remainder of this Agreement in that jurisdiction shall not

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be affected, and the legality, validity and enforceability of the whole of this
Agreement in any other jurisdiction shall not be affected.

11.6 COUNTERPARTS

This Agreement may be executed in any number of counterparts, which shall
together constitute one Agreement. Any Party may enter into this Agreement by
signing any such counterpart.

11.7 NOTICES

(A)  Any notice (which term shall in this clause include any other
     communication) required to be given under this Agreement or in connection
     with the matters contemplated by it shall, except where otherwise
     specifically provided, be in writing in the English language.

(B)  Any such notice shall be addressed as provided in clause 11.8(C) and may
     be:

     (1)  personally delivered, in which case it shall be deemed to have been
          given upon delivery at the relevant address if it is delivered not
          later than 17.00 hours on a Business Day, or, if it is delivered later
          than 17.00 hours on a Business Day or at any time on a day which is
          not a Business Day, at 09.00 hours on the next Business Day; or

     (2)  if within USA, sent by first class pre-paid post, in which case it
          shall be deemed to have been given two Business Days after the date of
          posting; or

     (3)  if from or to any place outside USA, sent by pre-paid airmail, or by
          air courier in which case it shall be deemed to have been given seven
          Business Days after the date of posting in the case of airmail or two
          Business Days after delivery to the courier, in the case of air
          courier;

     (4)  sent by facsimile, in which case it shall be deemed to have been given
          when dispatched, subject to confirmation of uninterrupted transmission
          by a transmission report provided that any notice dispatched by
          facsimile after 17.00 hours on any Business Day or at any time on a
          day which is not a Business Day shall be deemed to have been given at
          09.00 on the next Business Day; or

     (5)  sent by electronic mail, in which case, it shall be deemed to be given
          when received but subject to the same provisions regarding receipt
          after 17.00 hours as apply to notices sent by facsimile;

(C)  The addresses and other details of the parties referred to in clause
     11.8(B) are, subject to clause 11.8(D):

     Name:                 Stevia Corp.
                           For the attention of: George Blankenbaker, President
     Address:              7117 US 31 S
                           Indianapolis, IN 46227 USA
     Facsimile number:     +(1) 317-536-3222
     E-mail address:       george@stevia.co

                                       9
<PAGE>
     Name:                 Agro Genesis Pte. Ltd.
                           For the attention of: Dr. Sung Do Song, Director
     Address:              20 Ang Mo Kio Industrial Park 2A
                           AMK TechLink #05-04
                           Singapore 567761
     Facsimile number:     +(65) 6733-0967
     E-mail address:       agro@agro-genesis.com

(D)  Any Party to this Agreement may notify the other party of any change to the
     address or any of the other details specified in clause 11.8(C), provided
     that such notification shall only be effective on the date specified in
     such notice or five Business Days after the notice is given, whichever is
     later.

12. LAW AND JURISDICTION

12.1 SINGAPORE LAW

This Agreement shall be governed by, and construed in accordance with, Singapore
law.

12.2 JURISDICTION

In relation to any legal action or proceedings arising out of or in connection
with this Agreement ("Proceedings"), each of the Parties irrevocably submits to
the non-exclusive jurisdiction of the Singapore courts and waives any objection
to Proceedings in such courts on the grounds of venue or on the grounds that
Proceedings have been brought in an inappropriate forum.

12.3 ARBITRATION

(A)  Any dispute or difference arising out of or in connection with this
     Agreement, including any question regarding its existence, validity or
     termination and regardless of the nature of such dispute or difference,
     shall be referred to and finally resolved by arbitration under the
     Singapore International Arbitration Centre which Rules are deemed to be
     incorporated by reference into this Clause, and:

     (1)  the number of arbitrators shall be three, one of whom shall be
          appointed by the Party asserting a claim against the other Party, one
          of whom shall be appointed by the Party against whom a claim has been
          asserted, and the third of whom shall be selected by mutual agreement,
          if possible, within thirty days of the selection of the second
          arbitrator and failing which by the administering authority. In the
          event the Party against whom a claim has been asserted fails to
          appoint the second arbitrator within 15 days after the first
          arbitrator is appointed by the Party asserting a claim, then the
          administering authority shall select the second and third arbitrators
          after expiration of the said 15 days;

     (2)  the seat of arbitration shall he Singapore; and

     (3)  the language to he used in the arbitral proceedings shall be English.

                                       10
<PAGE>
13. FORCE MAJEURE

13.1 EFFECT OF FORCE MAJEURE

Neither Party shall be deemed to be in breach of this Agreement or otherwise
liable to the other as a result of any delay or failure in the performance of
its obligations under this Agreement if and to the extent that such delay or
failure is caused by force majeure (as defined in clause 13.2) and the time for
performance of the relevant obligation(s) shall be extended accordingly.

13.2 DEFINITION OF FORCE MAJEURE

For the purpose of this clause, "force majeure" means any circumstances not
within the reasonable control of the Party concerned including, without
limitation:

(A)  any strike, lockout or other industrial action or any shortage of or
     difficulty in obtaining labour, fuel, raw materials or components; any
     destruction, permanent breakdown, malfunction or damage of or to any
     premises, plant, equipment (including computer systems) or materials;

(B)  any action taken by a governmental or public authority of any kind,
     including, without limitation, not granting a consent, exemption, approval
     or clearance or imposing an embargo, export or import restriction,
     rationing, quota or other restriction or prohibition;

(C)  any civil commotion or disorder, riot, invasion, war, threat of or
     preparation for war;

(D)  any accident, fire, or explosion, (other than in each case, one caused by a
     breach of contract by or assistance of the party concerned) storm, flood,
     earthquake, subsidence, epidemic or other natural physical disaster.

13.3 OBLIGATIONS OF AFFECTED PARTY

A Party whose performance of its obligations under this Agreement is delayed or
prevented by force majeure:

(A)  shall immediately notify the other Party of the nature, extent, effect and
     likely duration of the circumstances constituting the force majeure;

(B)  shall use all reasonable endeavours to minimise the effect of the force
     majeure on its performance of its obligations under this Agreement
     including the making of any alternative arrangements for resuming the
     performance of its obligations which may be practicable without incurring
     material additional expense; and

(C)  shall, subject to clause 13.4, immediately after the cessation of the force
     majeure, notify the other party thereof and resume full performance of its
     obligations under this Agreement.

13.4 TERMINATION FOR FORCE MAJEURE

If any force majeure delays or prevents the performance of the obligations of
either Party for a continuous period in excess of six months, the Party not so
affected shall then be entitled to give notice to the affected Party to
terminate this Agreement, specifying the date (which shall not be less than 30

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Business Days after the date on which the notice is given) on which termination
will take effect. Such a termination notice shall be irrevocable, except with
the consent of both Parties, and upon termination the provisions of clause 9.3
shall apply

14. FINAL PROVISIONS:

14.1 The Agreement shall be in the English language and all the documentation
related hereto shall be in the English language.

14.2 This Agreement is the completed and unique agreement between the Parties.
Some matters arising during the performance of this Agreement may be amended or
supplemented or replaced by an Annex to this Agreement with the consent of all
parties and such addition shall become an integral part of this Agreement.

              THIS SECTION OF THE PAGE IS INTENTIONALLY LEFT BLANK

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<PAGE>
IN WITNESS WHEREOF, each of the Parties has executed this Agreement in a manner
binding upon it as of the Effective Date set forth above.

STEVIA CORP.                                AGRO GENESIS PTE. LTD.

/s/ George Blankenbaker                     /s/ Dr. Sung Do Song
-------------------------------------       ------------------------------------
Authorised Signature                        Authorised Signature
George Blankenbaker                         Dr. Sung Do Song
President                                   Director

                                       13

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