Document:

ex10-2.htm

Exhibit 10.2

 

	WELLS FARGO 	REVOLVING LINE OF CREDIT NOTE
	$594,135.00	
Beverly Hills, California

December 1, 2011

 

FOR VALUE RECEIVED, the undersigned HemaCare Corporation and Coral Blood Services, Inc. (“Borrower”) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its office at Beverly Hills RCBO, 433 N. Camden Drive, Suite 505, Beverly Hills, CA 90210, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of $594,135.00, or so much thereof as may be advanced and be
outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

 

1.          INTEREST:

 

1.1         Interest. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a rate per annum 0.25000% above the Prime Rate in effect from time to time. The term “Prime Rate” means at any time the rate of interest most recently announced within Bank at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Bank's base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by
the recording thereof after its announcement in such internal publication or publications as Bank may designate. Each change in the rate of interest hereunder shall become effective on the date each Prime Rate change is announced within Bank.

 

1.2         Payment of Interest. Interest accrued on this Note shall be payable on the 1st day of each month, commencing January 1, 2012.

 

1.3         Default Interest. From and after the maturity date of this Note, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or otherwise, or at Bank's option upon the occurrence, and during the continuance of an Event of Default, the outstanding principal balance of this Note shall bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to 4% above the rate of interest from time to time applicable to this Note.

 

2.          BORROWING AND REPAYMENT:

 

2.1         Borrowing and Repayment. Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of the Credit Agreement between Borrower and Bank defined below; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount stated above. The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of
principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder. The outstanding principal balance of this Note shall be due and payable in full on December 1, 2012.

 

2.2         Advances. Advances hereunder, to the total amount of the principal sum available hereunder, may be made by the holder at the oral or written request of (a) Lisa Bacerra or Pete van der Wal, any one acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the office designated above, or (b) any person, with respect to advances deposited to the
credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account. The holder shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

 

  

  

  

 

2.3        Application of Payments. Each payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.

 

3.         EVENTS OF DEFAULT:

 

This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of December 4, 2009, as amended from time to time (the “Credit Agreement”). Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an “Event of Default” under this Note.

 

4.         MISCELLANEOUS:

 

4.1        Remedies. Upon the occurrence of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate. Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances,
charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder's rights and/or the collection of any amounts which become due to the holder under this Note, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

 

4.2        Obligations Joint and Several. Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

 

4.3        Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of California.

 

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

 

	HemaCare Corporation	 	 	 	 
	 	 	 	 	 	 
	By: 	
/s/ Lisa Bacerra

	 	 	 	 
	 	Lisa Bacerra, Chief Financial Officer, Secretary	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Pete van der Wal	 	 	 	 
	 	Pete van der Wal, Chief Executive Officer	 	 	 	 
	 	 	 	 	 	 
	 
Coral Blood Services, Inc.

	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Lisa Bacerra

	 	 	 	 
	 	Lisa Bacerra, Chief Financial Officer, Secretary	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Pete van der Wal	 	 	 	 
	 	Pete van der Wal, Chief Executive Officer	 	 	 	 

 

 

Page 2cdiiex-10_1.htm

 

 

Exhibit 10.1

 

Golden Trust Magnesium Industry Co., Ltd.

 

Equity Transfer Contract Amendment

Entered by

CDI China, Inc.

(Party A)

And

Marvelous Honor Holdings Inc. Shareholders: Lianling Dong, Ping Liu, Jianzhong Ju, Lifei Huang, Xumin Cui

(Party B)

Marvelous Honor Holding Inc.

(Target Company)

And

Golden Trust Magnesium Industry Co. Ltd

And

Kong Tung

January 12, 2012

  

  

  

This amendment (the “Amendment”) was entered by and between the following parties on January 12 , 2012 by:

(a) Party A: CDI China, Inc., a Florida corporation with its registered address at 431 Fairway Drive, Suite 200, Deerfield Beach, Florida 33441 (“CDI China”);

Authorized Representative of CDI China: Yuejian Wang

Title:Chief Executive Officer

Nationality: U.S.

(b) Party B: Shareholders of Marvelous Honor Holding Inc.:

The shareholders of Marvelous are Lianling Dong, Ping Liu, Jianzhong Ju, Lifei Huang, Xumin Cui, among which, Lianling Dong owns 31.59% interest, Ping Liu owns 12.99% interest, Jianzhong Ju owns 18.39% interest, Lifei Huang owns 18.52% interest, Xuming Cui owns 18.52% interest. Marvelous is a Brunei registered company with its registered address at Rm51, 5th Floor, Britannia House, Jalan Cator, Bandar Seri Begawan BS 8811, Negara Brunei Darussalam. And Party B legally holds 72.5% of the equity of Golden Trust Magnesium Industry Co., Ltd.

	
(c)  

	
Target Company: Marvelous Honor Holding Inc.

Marvelous is a Brunei registered company with its registered address at Rm51,5th Floor, Britannia House, Jalan Cator, Bandar Seri Begawan BS 8811, Negara Brunei Darussalam.

Authorized Representative: Xumin Cui

Title:Executive Director, Legal Representative

Nationality: China Hong Kong

	
(d)  

	
Golden Trust Magnesium Industry Co. Ltd., a limited liability company established and existing under the laws of China with its registered address at Loudong Village, Gucheng Town, Xiaoyi City, Shanxi Province, China

Authorized Representative: Kong Tung

Title:Chairman, Legal Representative

Nationality: China Hong Kong

	
(e)  

	
Kong Tung:

Nationality: China Hong Kong

The parties above will be collectively referred to as the “Parties”, or individually referred to as “One Party”.

Through negotiation and consultation, the Parties agree to sign this amendment to the Marvelous Honor Holding Inc. (“Target Company”) Equity Transfer Contract (“Agreement”) dated August 30, 2011.

	
I.  

	
The clause regarding the closing date under Section 4.3 of the Agreement is hereby amended to be February 29, 2012. The Parties agree to delete Section 4.3.1 in the Agreement and replace it with:

4.3.1 Closing.  The date of closing (“Closing Date”) of the transactions contemplated by this Contract shall occur following completion of the conditions set forth in Section 4.4, and upon delivery of the Purchase Price as described in Section 4.2 herein. The Closing shall take place at a mutually agreeable time and place but in no event later than February 29, 2012.

	
II.  

	
WHEREAS, Mr. Jianzhong Ju has agreed to sell his 18.39% equity interest in the Target Company (the “18.39% Ju Interest”) to Party A for RMB 10,799,528  (US $ 1,700,713 currency ratio 6.35:1) in cash rather than in shares of CDII common stock.  Party A shall have the right, but not the obligation, to purchase the 18.39% Ju Interest for cash and acquire the remaining 81.61% equity interest of the Target Company with shares of CDII common stock.  The number of shares of CDII common stock set forth in the Agreement shall be reduced by 18.39% for a total reduction in the number of shares of CDII common stock of 1,787,015.

	
III.  

	
If there is dispute between this Amendment and the Agreement, this Amendment shall prevail. This Amendment shall act as supplementary agreement to the Agreement, and is automatically terminated at the termination of the Agreement.

	
IV.  

	
This Amendment shall have ten copies of the same format, each party holds two copies.

  

  

  

Party A: CDI China, Inc.

Signature: /s/ James (Yuejian) Wang

Printed Name: James (Yuejian) Wang

English Name:

Title:

Nationality:

Date:

 

Party B: Lianling Dong, Ping Liu, Jianzhong Ju, Lifei Huang, Xumin Cui (Shareholders of Marvelous Honor Holding Inc.):

Signature:                      /s/ Lianling Dong                                /s/ Ping Liu                      /s/ Jianzhong Ju

/s/ Lifei Huang                                           /s/Xumin Cui

Occupation:

Nationality:

Date:

Target Company: Marvelous Honor Holding Inc.

Signature: /s/Xumin Cui

Printed Name: Xumin Cui

English Name:

Title:

Nationality:

Date:

Golden Trust Magnesium Industry Co., Ltd.

	
        Signature: /s/ Kong Tung

Printed Name: Kong Tung

English Name:

Title:

Nationality:

Date:

Kong Tung

Signature: /s/ Kong Tung

Printed Name: Kong Tung

English Name:

Nationality:

Date:

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