*
|
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.
|
(1)
|
|
Names of reporting person
Kaisa Group Holdings Limited
|
||||
(2)
|
|
Check the appropriate box if a member of a group (see instructions)
(a) ◻ (b) ◻
|
||||
(3)
|
|
SEC use only
|
||||
(4)
|
|
Source of funds (see instructions)
WC
|
||||
(5)
|
|
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ◻
|
||||
(6)
|
|
Citizenship or place of organization
Cayman Islands
|
||||
Number of
shares
beneficially
owned by
each
reporting
person
with:
|
|
(7)
|
|
Sole voting power
None
|
||
|
(8)
|
|
Shared voting power
9,191,050 Common Shares
|
|||
|
(9)
|
|
Sole dispositive power
None
|
|||
|
(10)
|
|
Shared dispositive power
9,191,050 Common Shares
|
|||
(11)
|
|
Aggregate amount beneficially owned by the reporting person
9,191,050 Common Shares
|
||||
(12)
|
|
Check if the aggregate amount in Row (11) excludes certain shares (see instructions) ◻
|
||||
(13)
|
|
Percent of class represented by amount in Row (11)
Approximately 24.04%1
|
||||
(14)
|
|
Type of reporting person (see instructions)
CO
|
1
|
Calculated based on 38,236,391 Common Shares of the Issuer outstanding as of August 6, 2019.
|
|
||||||
(1)
|
|
Names of reporting person
Greater Sail Limited
|
||||
(2)
|
|
Check the appropriate box if a member of a group (see instructions)
(a) ◻ (b) ◻
|
||||
(3)
|
|
SEC use only
|
||||
(4)
|
|
Source of funds (see instructions)
AF
|
||||
(5)
|
|
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ◻
|
||||
(6)
|
|
Citizenship or place of organization
British Virgin Islands
|
||||
Number of
shares
beneficially
owned by
each
reporting
person
with:
|
|
(7)
|
|
Sole voting power
None
|
||
|
(8)
|
|
Shared voting power
9,191,050 Common Shares
|
|||
|
(9)
|
|
Sole dispositive power
None
|
|||
|
(10)
|
|
Shared dispositive power
9,191,050 Common Shares
|
|||
(11)
|
|
Aggregate amount beneficially owned by the reporting person
9,191,050 Common Shares
|
||||
(12)
|
|
Check if the aggregate amount in Row (11) excludes certain shares (see instructions) ◻
|
||||
(13)
|
|
Percent of class represented by amount in Row (11)
Approximately 24.04% 2
|
||||
(14)
|
|
Type of reporting person (see instructions)
CO
|
2
|
Calculated based on 38,236,391 Common Shares of the Issuer outstanding as of August 6, 2019.
|
Item 6.
|
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
|
Item 7.
|
Material to Be Filed as Exhibits.
|
1.
|
Joint Filing Agreement dated as of July 12, 2017, by the Reporting Persons (incorporated by reference to the Schedule 13D dated July 12, 2017)
|
2.
|
Share Purchase Agreement dated as of July 11, 2017, by and among Mr. Ming Kown Koo, Ms. Sui Sin Cho and Kaisa Group Holdings Limited (incorporated
by reference to the Schedule 13D dated July 12, 2017)
|
3.
|
Cash and Securities Deposit Agreement between Greater Sail Limited and Deutsche Bank Trust Company Americas, as depositary.
|
4.
|
Security Deed between Greater Sail Limited and Deutsche Bank AG, Hong Kong branch, as security agent
|
5.
|
Account Control Agreement between Greater Sail Limited and Deutsche Bank Trust Company Americas, as securities intermediary
|
Dated: December 31, 2019
|
|
|
|
|||||
Kaisa Group Holdings Limited
|
||||||||
|
|
|||||||
|
|
By:
|
/s/ Felix Law |
|||||
|
|
Name:
|
|
Felix Law
|
||||
|
|
Title:
|
|
Authorized Person
|
||||
Greater Sail Limited
|
||||||||
|
|
|||||||
|
|
By:
|
|
/s/ Felix Law | ||||
|
|
Name:
|
|
Felix Law
|
||||
|
|
Title:
|
|
Authorized Person
|
1.
|
Joint Filing Agreement dated as of July 12, 2017, by the Reporting Persons (incorporated by reference to the Schedule 13D dated July 12, 2017)
|
2.
|
Share Purchase Agreement dated as of July 11, 2017, by and among Mr. Ming Kown Koo, Ms. Sui Sin Cho and Kaisa Group Holdings Limited (incorporated
by reference to the Schedule 13D dated July 12, 2017)
|
3.
|
Cash and Securities Deposit Agreement between Greater Sail Limited and Deutsche Bank Trust Company Americas, as depositary.
|
4.
|
Security Deed between Greater Sail Limited and Deutsche Bank AG, Hong Kong branch, as security agent
|
5.
|
Account Control Agreement between Greater Sail Limited and Deutsche Bank Trust Company Americas, as securities intermediary
|
GREATER SAIL LIMITED
By___________________________________ Name: Xu Hao
Title: Director
|
|
DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Depositary By__________________________________
Name:
Title:
By__________________________________
Name:
Title:
|
Name
|
Title
|
Specimen Signature
|
Xu Hao
|
Director
|
|
Lee Kin Ping Gigi
|
Director
|
![]() |
Exhibit 4 |
1.
|
DEFINITIONS AND INTERPRETATION
|
1
|
2.
|
GRANT OF SECURITY
|
5
|
3.
|
CONTINUING SECURITY
|
7
|
4.
|
LIABILITY OF THE CHARGOR RELATING TO SECURITY ASSETS
|
8
|
5.
|
REPRESENTATIONS
|
8
|
6.
|
UNDERTAKINGS
|
12
|
7.
|
SECURITIES ACCOUNT
|
16
|
8.
|
RIGHTS AND OBLIGATIONS IN RESPECT OF CHARGED INVESTMENTS
|
17
|
9.
|
POWER TO REMEDY
|
18
|
10.
|
WHEN SECURITY BECOMES ENFORCEABLE
|
18
|
11.
|
ENFORCEMENT OF SECURITY
|
19
|
12.
|
RECEIVER
|
21
|
13.
|
POWERS OF RECEIVER
|
22
|
14.
|
DELEGATION
|
22
|
15.
|
FURTHER ASSURANCES
|
22
|
16.
|
POWER OF ATTORNEY
|
22
|
17.
|
CURRENCIES
|
23
|
18.
|
INCORPORATION OF TERMS OF THE FACILITY AGREEMENT
|
23
|
19.
|
MISCELLANEOUS
|
24
|
20.
|
PARTIAL INVALIDITY
|
24
|
21.
|
RELEASE
|
25
|
22.
|
CONTRACTUAL RECOGNITION OF BAIL-IN
|
25
|
23.
|
NOTICES
|
26
|
24.
|
COUNTERPARTS
|
27
|
25.
|
GOVERNING LAW
|
27
|
SCHEDULE 1: FORM OF LETTER OF INSTRUCTION AND ACKNOWLEDGEMENT
|
29
|
|
SCHEDULE 2: POWERS OF RECEIVER
|
32
|
(1) |
GREATER SAIL LIMITED 順帆有限公司, a BVI business company incorporated and existing under the laws of the British Virgin
Islands with company number 1814786 and whose registered office is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (the "Chargor"); and
|
(2) |
DEUTSCHE BANK AG, HONG KONG BRANCH being DEUTSCHE BANK AKTIENGESELLSCHAFT, a joint stock company with limited liability incorporated in the Federal
Republic of Germany, local court of Frankfurt am Main, HRB no. 30,000, acting through its Hong Kong Branch (as security trustee for the Secured Parties pursuant to the Facility Agreement (each capitalised term as defined below)) (in such
capacity, the "Security Agent").
|
1. |
DEFINITIONS AND INTERPRETATION
|
1.1 |
Definitions
|
(a) |
terms defined in, or construed for the purposes of, the Facility Agreement (as defined below) have the same meanings when used in this Deed (unless the same are otherwise defined in this Deed); and
|
(b) |
the following terms have the following meanings:
|
(a) |
the Initial Charged Securities; and
|
(b) |
all other shares in Nam Tai and all other stocks, shares, securities, bonds, investments and documents relating to Nam Tai held by, to the order or on behalf of the Chargor from time to time, in each case, in respect of the Initial
Charged Securities,
|
(a) |
DTC;
|
(b) |
any other person whose business is or includes the provision of clearance service or the provision of security accounts; or
|
(c) |
any nominee or depository for such person;
|
(a) |
any dividend or interest paid or payable;
|
(b) |
any right, money or property (including any shares, stocks, debentures, bonds or other securities or investments) accruing or offered at any time by way of redemption, substitution, exchange, bonus or preference, under option rights or
otherwise;
|
(c) |
any right against any Clearance System (including any right to deliver any securities to or to the order of the Chargor); and
|
(d) |
any right under any custodian or other similar agreement;
|
(a) |
all additions to or renewals or replacements of such account (in whatever currency) and all investments made out of the same; and
|
(b) |
all rights, benefits and proceeds in respect of such account (including interest and rights to repayment of any monies standing to the credit of such account);
|
(a) |
all the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full; and
|
(b) |
no Finance Party has any further commitment, obligation or liability under or pursuant to the Finance Documents.
|
1.2 |
Interpretation
|
(a) |
Unless a contrary indication appears, any reference in this Deed to:
|
(i) |
the "Chargor", any "Security Grantor", the "Agent", the "Arranger", the "Security Agent", any other "Secured Party", any other "Finance Party"
or any "Party" shall be construed so as to include its successors in title, permitted assigns and permitted transferees;
|
(ii) |
"this Deed", the "Facility Agreement", any other "Finance Document" or any other agreement or instrument shall be
construed as a reference to this Deed, the Facility Agreement, such other Finance Document or such other agreement or instrument as amended, supplemented, extended, restated, novated and/or replaced in any manner from time to time
(however fundamentally and even if any of the same increases the obligations of the Chargor or provides for further advances);
|
(iii) |
"assets" includes any present and future properties, revenues and rights of every description and includes uncalled capital;
|
(iv) |
a Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is
"continuing" if it has not been waived;
|
(v) |
"including" or "includes" means including or includes without limitation;
|
(vi) |
"Secured Liabilities" includes obligations and liabilities which would be treated as such but for the liquidation, administration or dissolution of or similar event affecting the Chargor;
|
(vii) |
a provision of law is a reference to that provision as amended or re-enacted; and
|
(viii) |
the singular includes the plural and vice versa.
|
(b) |
References to clauses and the schedule are to be construed, unless otherwise stated, as references to clauses and the schedule of this Deed and references to this Deed include its schedule.
|
(c) |
Clause and schedule headings are for convenience only and shall not affect the construction of this Deed.
|
(d) |
Each undertaking of the Chargor (other than a payment obligation) contained in this Deed must be complied with at all times during the Security Period and is given by the Chargor for the benefit of the Security Agent and each other
Secured Party.
|
(e) |
If the Security Agent reasonably considers that an amount paid by the Borrower or any Security Grantor to a Secured Party under a Finance Document is capable of being avoided or otherwise set aside on the liquidation or administration
of the Chargor or any Security Grantor, then that amount shall not be considered to have been irrevocably paid for the purposes of this Deed.
|
(f) |
The Parties intend that this document shall take effect as a deed notwithstanding the fact that a Party may only execute this document under hand.
|
(g) |
If there is any conflict or inconsistency between any provisions of this Deed and any provision of the Facility Agreement, the provisions of the Facility Agreement shall prevail.
|
1.3 |
Trust
|
1.4 |
Third party rights
|
(a) |
Save as expressly provided to the contrary in this Deed, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Deed.
|
(b) |
Any Receiver or Delegate may, subject to clause 1.4(a), rely on any clause of this Deed which expressly confers rights on it.
|
1.5 |
Effective Date
|
2. |
GRANT OF SECURITY
|
2.1 |
Nature of security
|
(a) |
in favour of the Security Agent;
|
(b) |
with full title guarantee in accordance with the Law of Property (Miscellaneous Provisions) Act 1994; and
|
(c) |
as continuing security for payment of the Secured Liabilities.
|
2.2 |
Fixed Security
|
(a) |
charges and agrees to charge in favour of the Security Agent all of its present and future right, title and interest in and to the following assets which are at any time owned by the Chargor, or in which it from time to time has an
interest:
|
(i) |
by way of first fixed charge the Initial Charged Securities; and
|
(ii) |
by way of first fixed charge all other Charged Securities (to the extent not charged by clause 2.2(a)(i)),
|
(b) |
as beneficial owner and by way of assignment (by way of security) with first ranking priority, assigns all of its rights, title and interest to the Securities Account and all rights and proceeds relating to the Securities Account ; and
|
(c) |
assigns (by way of security) with first ranking priority, all of its rights, title and interest to the Custodian Agreement.
|
2.3 |
Floating Charge
|
2.4 |
Limited Recourse
|
2.5 |
Conversion of Floating Charge
|
(a) |
Conversion by notice
|
(i) |
an Event of Default has occurred and is continuing; or
|
(ii) |
the Security Agent (acting reasonably) considers any Security Assets to be in danger of being seized or sold under any form of distress, attachment, execution or other legal process or to be otherwise in jeopardy.
|
(b) |
Automatic conversion
|
(i) |
in relation to any Security Asset which is subject to a floating charge if:
|
(A) |
the Chargor creates (or attempts or purports to create) any Security on or over the relevant Security Asset without the prior written consent of the Security Agent; or
|
(B) |
any third party levies or attempts to levy any distress, execution, attachment or other legal process against any such Security Asset; and
|
(ii) |
over all Security Assets of the Chargor which are subject to a floating charge if:
|
(A) |
a receiver is appointed in respect of the Chargor or the Security Agent received notice of intention to appoint such a receiver;
|
(B) |
an Event of Default has occurred under clause 24.6 (Insolvency) or clause 24.7 (Insolvency proceedings) of the Facility Agreement; or
|
(C) |
the Security Agent takes any steps to enforce this Deed after an Event of Default has occurred and was continuing.
|
(c) |
Partial conversion
|
3. |
CONTINUING SECURITY
|
3.1 |
Continuing security
|
3.2 |
Additional and separate security
|
3.3 |
Right to enforce
|
4. |
LIABILITY OF THE CHARGOR RELATING TO SECURITY ASSETS
|
5. |
REPRESENTATIONS
|
5.1 |
General
|
5.2 |
Status
|
(a) |
The Chargor is a BVI business company, duly incorporated with limited liability, validly existing and, in good standing under the law of its Original Jurisdiction.
|
(b) |
The Chargor has the power to own its assets and carry on its business as it is being conducted.
|
5.3 |
Binding obligations
|
(a) |
The obligations expressed to be assumed by the Chargor in this Charge are, subject to the Legal Reservations, legal, valid, binding and enforceable obligations.
|
(b) |
Subject to the Legal Reservations, this Charge creates the security interests which it purports to create and those security interests are valid and effective.
|
5.4 |
Non-conflict with other obligations
|
(a) |
any law or regulation applicable to the Chargor;
|
(b) |
the constitutional documents of the Chargor; or
|
(c) |
any agreement or instrument binding upon the Chargor or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument in any material respect.
|
5.5 |
Power and authority
|
(a) |
The Chargor has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Charge and the transactions contemplated by this Charge.
|
(b) |
No limit on the powers of the Chargor will be exceeded as a result of the grant of security contemplated by this Charge.
|
5.6 |
Validity and admissibility in evidence
|
(a) |
All Authorisations required:
|
(i) |
to enable the Chargor to lawfully to enter into, exercise its rights and comply with its obligations under this Charge; and
|
(ii) |
to make this Charge admissible in evidence in the Chargor’s Relevant Jurisdictions,
|
(b) |
All Authorisations necessary for the conduct of the business, trade and ordinary activities of the Chargor have been obtained or effected and are in full force and effect if failure to obtain or effect those Authorisations has or is
reasonably likely to have a Material Adverse Effect.
|
5.7 |
Governing law and enforcement
|
(a) |
Subject to the Legal Reservations, the choice of the governing law of this Charge will be recognised and enforced in the Relevant Jurisdictions of the Chargor.
|
(b) |
Subject to the Legal Reservations, any judgment obtained in relation to this Charge in the jurisdiction of the governing law of that Charge will be recognised and enforced in the Relevant Jurisdictions of the Chargor.
|
5.8 |
Deduction of Tax
|
5.9 |
No filing or stamp taxes
|
5.10 |
Pari passu ranking
|
5.11 |
Ranking of Security
|
5.12 |
Security and Financial Indebtedness
|
(a) |
No Security or Quasi-Security exists over all or any of the present or future assets of the Chargor other than as permitted by the Facility Agreement.
|
(b) |
The Chargor does not have any Financial Indebtedness outstanding and no Financial Indebtedness or other debt is raised against or in connection with, and no Security exists over Charged Securities, other than any Transaction Security.
|
5.13 |
No Security
|
(a) |
as created by this Deed;
|
(b) |
as created under the Nam Tai Control Agreement; and
|
(c) |
as permitted by the Facility Agreement.
|
5.14 |
No avoidance
|
5.15 |
No proceedings pending
|
(a) |
Save as disclosed in writing to the Security Agent prior to the date of this Deed, no litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which have or are
reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against the Chargor and/or in respect of the Security Assets.
|
(b) |
Save as disclosed in writing to the Security Agent prior to the date of this Deed, no judgment or order of a court, arbitral body or agency which has or is reasonably likely to have a Material Adverse Effect has (to the best of its
knowledge and belief (having made due and careful enquiry)) been made against the Chargor and/or in respect of the Security Assets.
|
5.16 |
Charged Securities
|
(a) |
The Charged Securities are fully paid.
|
(b) |
The Initial Charged Securities are the only Shares held by the Chargor at the date of this Deed and the Initial Charged Securities have been credited (or will be credited, in
|
(c) |
There are no existing shareholder agreements or any other agreements in place, in respect of the Charged Securities, which restrict the ability of the Chargor to deal with and/or transfer the Charged Securities, other than this Charge.
|
5.17 |
Clearance System
|
5.18 |
Accounts
|
(a) |
The Chargor is the sole beneficial owner of the Securities Account and any right, money or property (including any shares, stocks, debentures, bonds or other securities or investments) from time to time in the Securities Account.
|
(b) |
The Securities Account and the rights, monies and properties (including any shares, stocks, debentures, bonds or other securities or investments) referred to in clause 5.18(a) are free of any Security and any other rights or interest
in favour of third parties (except for those created by this Deed or the Custodian Agreement or permitted under the Facility Agreement).
|
5.19 |
Security Assets
|
(a) |
The Chargor:
|
(i) |
is the sole legal and beneficial owner of the Security Assets (other than the Charged Securities which are at the time dematerialised in DTC); and
|
(ii) |
is the sole beneficial owner of the Charged Securities.
|
(b) |
The Security Assets are (i) transferable except that the Charged Securities constitute “restricted securities” (as defined in Rule 144 under the US Securities Act of 1933 (“Rule 144”)) and may only be offered or sold pursuant to
registration under the US Securities Act of 1933 or an exemption from such registration and (ii) not subject to any restriction by contract or otherwise, other than those restrictions set forth in the Finance Documents and the Custodian
Agreement.
|
5.20 |
Custodian Agreement
|
(a) |
The details of the Custodian as specified in clause 1.1 (Definitions) are accurate.
|
(b) |
All amounts owed to it by the Custodian are not subject to any right of set-off or similar right, save as set out in the Custodian Agreement.
|
(c) |
The Chargor is not in default of any of its obligations under the Custodian Agreement.
|
(d) |
There is no prohibition on assignment in the Custodian Agreement.
|
(e) |
The Chargor’s entry into and performance of this Deed will not conflict with any term of the Custodian Agreement.
|
5.21 |
Solvency and Bankruptcy
|
(a) |
No:
|
(i) |
corporate action, legal proceeding or other procedure or step described in paragraph (a) of clause 24.7 (Insolvency proceedings) of the Facility Agreement; or
|
(ii) |
creditors' process described in clause 24.8 (Creditors' process) of the Facility Agreement
|
(b) |
None of the circumstances described in clause 24.6 (Insolvency) of the Facility Agreement applies to the Chargor.
|
5.22 |
Time when representations made
|
(a) |
All the representations and warranties in this clause 5 are made by the Chargor on the date of this Deed and are also deemed to be made by the Chargor on:
|
(i) |
the CP Satisfaction Date (as defined in the Amendment and Restatement Agreement) and the Effective Date; and
|
(ii) |
the first day of each Interest Period.
|
(b) |
Each representation or warranty deemed to be made after the date of this Deed shall be deemed to be made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made.
|
6. |
UNDERTAKINGS
|
6.1 |
Restrictions on dealing
|
(a) |
create or permit to subsist any Security on any Security Asset (except pursuant to or as permitted under this Deed or the Nam Tai Control Agreement);
|
(b) |
sell, transfer, lease, lend or otherwise dispose of (whether by a single transaction or a number of transactions and whether related or not) the whole or any part of its interest in any Security Asset;
|
(c) |
subject to this Deed, take or permit the taking of any action which may result in the rights attaching to any Security Asset being altered in any manner which is adverse to the interests of any of the Finance Parties; or
|
(d) |
(save for the Nam Tai Control Agreement) nominate another person to enjoy or exercise all or any of its specified rights in relation to any Security Asset.
|
6.2 |
Registration
|
(a) |
The Chargor shall:
|
(i) |
promptly after the Effective Date, create or continue to maintain a register of charges (the “Register of Charges”) in accordance with section 162 of the BCA to the extent this has not already
been done;
|
(ii) |
enter particulars as required by the BCA of the security interests created pursuant to this Deed in the Register of Charges and immediately after entry of such particulars has been made, and in any event within five (5) Business Days
after the Effective Date, provide the Security Agent with a certified true copy of the updated Register of Charges in form and substance satisfactory to the Security Agent;
|
(iii) |
effect registration, or assist the Security Agent in effecting registration, of this Deed with the Registrar pursuant to section 163 of the BCA by making the required filing, or assisting the Security Agent in making the required
filing, in the approved form with the Registrar and (if applicable) provide confirmation in writing to the Security Agent within five (5) Business Days after the Effective Date that such filing has been made; and
|
(iv) |
if registration referred to in paragraph (a)(iii) above has not been effected by or on behalf of the Security Agent promptly following receipt, deliver or procure to be delivered to the Security Agent, the certificate of registration
of charge issued by the Registrar evidencing that the requirements of Part VIII of the BCA as to registration have been complied with and the filed stamped copy of the application containing the relevant particulars of this Deed.
|
(b) |
At any time after the occurrence of an Event of Default which is continuing, the Chargor shall execute and deliver to the Security Agent such other documents as the Security Agent shall require to enable it (or its nominees) to be
registered as the owner of or otherwise to acquire a legal title to the Charged Securities and their Related Rights (or to pass legal title to any purchaser).
|
6.3 |
Notification
|
(a) |
notify the Security Agent promptly upon receipt of any notice received by it in relation to the Security Assets; and
|
(b) |
(if required by the Security Agent) shall promptly provide it with a copy of that notice and act in accordance with any instructions from the Security Agent (acting reasonably) in relation to such notice.
|
6.4 |
Calls
|
(a) |
The Chargor shall promptly pay all calls or other payments which may become due in respect of the Security Assets and all other outgoings in respect of the Security Assets.
|
(b) |
If the Chargor fails to make a payment in accordance with clause 6.4(a), the Security Agent may (without prejudice to the rights of the Security Agent under clause 9 (Power to remedy)) make such
payments on behalf of the Chargor.
|
(c) | Any sums so paid by the Security Agent in accordance with clause 6.4(b) shall be repayable by the Chargor to the Security Agent on demand. |
6.5 |
Compliance with laws
|
6.6 |
Information
|
(a) |
Subject to clause 6.6(b):
|
(i) |
the Chargor shall provide the Security Agent with all information which it may reasonably request in relation to the Security Assets; and
|
(ii) |
without limiting its obligations under clause 6.6(a)(i), the Chargor shall comply with all requests for information relating to a Security Asset which is within its knowledge and which are required by the Chargor, the Security Agent or
any Secured Party to comply with the laws of the British Virgin Islands or any other applicable laws or regulations, relating to the Security Assets and, if it fails to do so, the Security Agent may provide such information as it may have
on behalf of the Chargor.
|
(b) |
The Chargor shall not pass on to any Finance Party any Material Non-public Information relating to the Group, the Nam Tai Group, Nam Tai or the Shares.
|
6.7 |
Not prejudice
|
6.8 |
Transfer of Charged Securities
|
(a) |
Forthwith upon the execution of this Deed, the Chargor must, at its own expense:
|
(i) |
sign and deliver to the Custodian a letter of instruction substantially in the form set out in schedule 1 (Form of Letter of Instruction and Acknowledgement) and procure that the Custodian
acknowledges and returns to the Security Agent a copy of such letter; and
|
(ii) |
sign and deliver to the Security Agent all instruments of transfer and bought and sold notes in respect of any Security Asset, each to remain undated and duly signed in blank by or on behalf of the Chargor and other documents which may
be requested by the Security Agent in order to enable the Security Agent or its nominees to be registered as the owner or otherwise obtain a legal title to the Security Assets.
|
(b) |
Forthwith upon any right, money or property (including any share, stock, debenture, bond or other securities or investments) becoming a Security Asset, the Chargor must:
|
(i) |
transfer the same or procure the same to be transferred to the Securities Account; and
|
(ii) |
deliver to the Security Agent all documents referred to in clause 6.8(a)(ii).
|
(c) |
After this Security has become enforceable, the Security Agent shall have the right to complete, date and put into effect any document referred to in this clause 6.8.
|
(d) |
The Chargor further undertakes to promptly take any other action reasonably requested by the Security Agent in order to enable the Security Agent or its nominees to be registered as the owner or otherwise obtain a legal title to the
Security Assets upon the occurrence of an Event of Default which is continuing.
|
6.9 |
Other obligations in respect of Security Assets
|
(a) |
The Chargor must promptly provide a copy to the Security Agent and comply with all requests for information which is within its knowledge and which are made under the US Securities Act of 1933, the US Securities Exchange Act of 1934
and the rules and regulations thereunder and all listing rules of the NYSE (collectively, the “Reporting Requirements”), or any other similar provision contained in any articles of
association or other constitutional document relating to any of the Security Assets. If it fails to do so, the Security Agent may elect to provide such information as it may have on behalf of the Chargor.
|
(b) |
The Chargor must comply with all other conditions and obligations assumed by it in respect of any of the Security Assets.
|
(c) |
The Security Agent is not obliged to:
|
(i) |
perform any obligation of the Chargor;
|
(ii) |
make any payment, or to make any enquiry as to the nature or sufficiency of any payment received by it or the Chargor; or
|
(iii) |
present or file any claim or take any other action to collect or enforce the payment of any amount to which it may be entitled under this Deed,
|
6.10 |
Subscription
|
6.11 |
Custodian Agreement
|
(a) |
The Chargor must not, without the prior consent of the Security Agent:
|
(i) |
agree to amend or waive any material term of, or agree to terminate, or assign, or permit the assignment of, the Custodian Agreement unless otherwise permitted under the Finance Documents; or
|
(ii) |
take any action which might jeopardise the existence or enforceability of the Custodian Agreement,
|
(b) |
The Chargor must:
|
(i) |
duly and promptly perform its obligations under the Custodian Agreement;
|
(ii) |
diligently pursue its rights under the Custodian Agreement; and
|
(iii) |
supply the Security Agent and any Receiver with a copy of the Custodian Agreement and any information and documentation relating to the Custodian Agreement reasonably requested by the Security Agent or any Receiver.
|
6.12 |
Clearance System
|
(a) |
The Chargor must, if so requested by the Security Agent, take whatever action the Security Agent may request from time to time for the dematerialisation or rematerialisation of any Security Asset held in a Clearance System if an Event
of Default is continuing, including:
|
(i) |
the execution of any transfer, conveyance, assignment or assurance of the Shares to the Custodian; or
|
(ii) |
the giving of any notice, order or direction to any person.
|
(b) |
The Chargor shall not dispose of any Shares to any party.
|
(c) |
Without prejudice to the rest of this clause 6, the Security Agent may, at the expense of the Chargor, take whatever action is required for the dematerialisation or rematerialisation of the Security Asset as necessary if an Event of
Default is continuing.
|
7. |
SECURITIES ACCOUNT
|
7.1 |
Securities Account
|
(a) |
The Securities Account must be maintained with the Custodian.
|
(b) |
The Chargor shall not, without the Security Agent’s prior written consent, agree to any variation of the rights attaching to the Securities Account (other than variations of the Custodian’s standard terms and conditions) or close any
Securities Account.
|
7.2 |
Change of Custodian
|
(a) |
The Custodian may only be changed to another bank or financial institution with the prior written consent of the Security Agent (acting on the instructions of all Lenders) and must be changed if the Security Agent (acting on the
instructions of all Lenders) so requires.
|
(b) |
A change only becomes effective when the proposed new Custodian agrees with the Security Agent and the Chargor (in a manner satisfactory to the Security Agent) to fulfil the role of the Custodian under this Deed and enters into a
custodian agreement with the Security Agent and the Chargor in form and substance satisfactory to the Security Agent.
|
(c)
|
If there is a change of Custodian, the Charged Securities and the amount (if any) and assets standing to the credit of the
Securities Account maintained with the old Custodian will be transferred to the Securities Account maintained with the new Custodian immediately upon the appointment taking effect. By this Deed the Chargor irrevocably gives all
authorisations and instructions necessary for any such transfer to be made.
|
(d) |
The Chargor shall take any action which the Security Agent requires to facilitate a change of Custodian and any transfer of credit balances (including the execution of bank mandate forms) and assets and irrevocably appoints the
Security Agent as its attorney to take any such action if the Chargor should fail to do so.
|
7.3 |
No withdrawals
|
8. |
RIGHTS AND OBLIGATIONS IN RESPECT OF CHARGED INVESTMENTS
|
8.1 |
Obligations in relation to Share Collateral distributions
|
(a) |
all cash distributions in respect of the Charged Securities are paid directly into the Shares Cash Top-Up (USD) Account; and
|
(b) |
to the extent that any income or distribution from a dividend is paid or payable in respect of the Charged Securities in the form of other shares or securities of Nam Tai, such shares or securities shall be deposited in the Securities
Account.
|
8.2 |
When no Event of Default is continuing
|
8.3 |
Rights in respect of Charged Investments following an Event of Default
|
(a) |
the Security Agent may complete the documents deposited pursuant to clause 6.8 (Transfer of Charged Securities) for all or any Charged Securities on behalf of the Chargor in favour of itself or
such other person as it may select; and
|
(b) |
the Security Agent or the Custodian may (acting on the instructions of the Majority Lenders) exercise (in the name of the Chargor and without any further consent or authority on the part of the Chargor) any voting rights and any powers
or rights which may be exercised by the legal or beneficial owner of any Security Assets, any person who is the holder of any Security Assets or otherwise.
|
8.4 |
Exoneration of the Security Agent
|
(a) |
ensure that any dividends, distributions or other monies payable in respect of such Charged Security are duly and promptly paid or received by it or its nominee; or
|
(b) |
verify that the correct amounts are paid or received; or
|
(c) |
take any action in connection with the taking up of any (or any offer of any) Related Rights in respect of or in substitution for such Charged Security.
|
9. |
POWER TO REMEDY
|
9.1 |
Power to remedy
|
9.2 |
Mortgagee in possession
|
9.3 |
Monies expended
|
10. |
WHEN SECURITY BECOMES ENFORCEABLE
|
10.1 |
When enforceable
|
10.2 |
Statutory powers
|
10.3 |
Enforcement
|
11. |
Enforcement of Security
|
11.1 |
General
|
11.2 |
Powers of the Security Agent
|
(a) |
(or if so requested by the Chargor by written notice at any time may) appoint any person or persons to be a receiver, manager, receiver and manager or other similar officer of all or any part of the Security Assets and/or of the income
of the Security Assets as the Security Agent may choose in its entire discretion; and/or
|
(b) |
if it has not already done so, effect the transfer of any and all of the Charged Securities into its name or the name(s) of its nominee(s) and/or without liability on the part of any Secured Party in the event of loss, act in all
respects as the legal or beneficial owner of the Charged Securities; and/or
|
(c) |
exercise all or any of the powers conferred on mortgagees by the Act (as amended or extended by this Deed) and/or all or any of the powers which are conferred by this Deed on a Receiver, in each case without first appointing a Receiver
or notwithstanding the appointment of any Receiver; and/or
|
(d) |
exercise (in the name of the Chargor and without any further consent or authority of the Chargor) any voting rights and any powers or rights which may be exercised by the person(s) in whose name the Security Assets are registered or
who is the holder of any of them.
|
11.3 |
Redemption of prior mortgages
|
(a) |
redeem any prior Security against any Security Asset; and/or
|
(b) |
procure the transfer of that Security to itself; and/or
|
(c) |
settle and pass the accounts of the holder of any prior Security and any accounts so settled and passed shall be conclusive and binding on the Chargor.
|
11.4 |
Privileges
|
(a) |
Each Receiver and the Security Agent is entitled to all the rights, powers, privileges and immunities conferred by the Act on mortgagees and receivers when such
|
|
receivers have been duly appointed under the Act, except that section 103 of the Act does not apply.
|
(b) |
To the extent that the Security Assets constitute "financial collateral" and this Deed and the obligations of the Chargor under this Deed constitute a "security
financial collateral arrangement" (in each case for the purpose of and as defined in the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226)) each Receiver and the Security Agent shall have the right
after this Deed has become enforceable to appropriate all or any part of that financial collateral in or towards the satisfaction of the Secured Liabilities.
|
(c) |
For the purpose of clause 11.4(b), the value of the financial collateral appropriated shall be:
|
(i) |
in the case of cash, its face value at the time of appropriation; and
|
(ii) |
in the case of other financial collateral, its market value at the time of appropriation as determined (after appropriation) by the Receiver or the Security Agent by reference to a generally recognised source or such other process as
the Security Agent may reasonably select, including a valuation carried out by an independent firm of accountants or valuers firm of national standing appointed by the Security Agent.
|
11.5 |
No liability
|
(a) |
Neither the Security Agent, any other Secured Party nor any Receiver shall be liable (A) in respect of all or any part of the Security Assets or (B) for any loss or damage which arises out of the exercise or the attempted or purported
exercise of, or the failure to exercise any of, its or his respective powers or (C) taking possession or, or realising all or any part of the Security Assets (unless such loss or damage is caused by its or his gross negligence or wilful
misconduct as finally judicially determined).
|
(b) |
Without prejudice to the generality of clause 11.5(a), neither the Security Agent, any other Secured Party nor any Receiver shall be liable, by reason of entering into possession of a Security Asset, to account as mortgagee in
possession or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable.
|
11.6 |
Protection of third parties
|
(a) |
whether the Secured Liabilities have become payable; or
|
(b) |
whether any power which the Security Agent or the Receiver is purporting to exercise has become exercisable; or
|
(c) |
whether any money remains due under any Finance Document; or
|
(d) |
how any money paid to the Security Agent or to the Receiver is to be applied.
|
11.7 |
Contingencies
|
12. |
RECEIVER
|
12.1 |
Removal and replacement
|
12.2 |
Multiple Receivers
|
12.3 |
Remuneration
|
12.4 |
Payment by Receiver
|
12.5 |
Agent of Chargor
|
(a) |
Any Receiver shall be the agent of the Chargor (which shall be solely liable for his acts, defaults and remuneration) unless and until the Chargor goes into bankruptcy or liquidation, after which time any Receiver shall act as
principal and shall not become the agent of the Security Agent or any other Secured Party. No Receiver shall at any time act as agent for the Security Agent.
|
(b) |
No Secured Party shall incur any liability (either to the Chargor or to any other person) by reason of the appointment of a Receiver or for any other reason.
|
13. |
Powers of Receiver
|
14. |
DELEGATION
|
15. |
FURTHER ASSURANCES
|
16. |
POWER OF ATTORNEY
|
16.1 |
The Chargor, by way of security, irrevocably and severally appoints the Security Agent, each Receiver and any of its or their Delegates to be its attorney in its name and on its behalf, and as its act and deed or otherwise to:
|
(a) |
complete, execute, seal, deliver and perfect any document;
|
(b) |
do any such legal assignments and other assurances, charges, authorities and documents over the moneys, property and assets charged by this Deed;
|
(c) |
perform any acts, things or otherwise which may be required of the Chargor, under this Deed or deemed by such attorney as necessary for any purpose of this Deed or to enhance or perfect the security intended to be constituted by this
Deed;
|
(d) |
exercise (or to delegate) all or any of the rights conferred on the Security Agent and/or any Receiver by this Deed or by statute in relation to this Deed or the Security Assets;
|
(e) |
transfer legal ownership of any Security Assets after this Deed has become enforceable pursuant to clause 10 (When Security becomes enforceable),
|
(a) |
this Deed has become enforceable pursuant to clause 10 (When Security becomes enforceable); or
|
(b) |
the Chargor has failed to comply with clause 15 (Further assurances).
|
16.2
|
All sums expended by the Security Agent or any Receiver under this clause 16 shall be recoverable from the Chargor.
|
17. |
CURRENCIES
|
18. |
INCORPORATION OF TERMS OF THE FACILITY AGREEMENT
|
18.1 |
Incorporation of terms of the Facility Agreement
|
(a) |
clause 10.3 (Default interest);
|
(b) |
clause 14 (Tax gross-up and indemnities);
|
(c) |
clause 16 (Other indemnities);
|
(d) |
clause 18 (Costs and expenses);
|
(e) |
clause 29 (Application of proceeds);
|
(f) |
clause 35 (Calculations and certificates); and
|
(g) |
clause 37 (Remedies and waivers).
|
18.2 |
Incorporation of general provisions
|
18.3 |
Role of the Security Agent
|
19.
|
Miscellaneous
|
19.1 |
Clearance System
|
19.2 |
New accounts
|
19.3 |
Changes to the Parties
|
(a) |
The Chargor may not assign any of its rights under this Deed.
|
(b) |
The Security Agent may assign or transfer all or any part of its rights under this Deed pursuant to the resignation or removal of the Security Agent in accordance with clause 28.13 (Resignation of the
Agent, the Security Agent, the Account Bank and the Calculation Agent) of the Facility Agreement. The Chargor shall, promptly upon being reasonably requested to do so by the Security Agent, enter into such documents as may be
necessary to effect such assignment or transfer.
|
19.4 |
Tacking
|
(a) |
Each Secured Party shall perform its obligations under the Facility Agreement (including any obligation to make available further advances).
|
(b) |
This Deed secures advances already made and further advances to be made.
|
19.5 |
Amendments and waivers
|
20. |
PARTIAL INVALIDITY
|
21.
|
Release
|
21.1 |
Release
|
21.2 |
Reinstatement
|
21.3 |
Indemnity
|
22. |
CONTRACTUAL RECOGNITION OF BAIL-IN
|
(a) |
any Bail-In Action in relation to any such liability, including (without limitation):
|
(i) |
a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;
|
(ii) |
a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and
|
(iii) |
a cancellation of any such liability; and
|
(b) |
a variation of any term of this Deed to the extent necessary to give effect to any Bail-In Action in relation to any such liability.
|
23. |
Notices
|
23.1 |
Communications in writing
|
23.2 |
Addresses
|
(a) |
in the case of the Chargor, that identified with its name below; and
|
(b) |
in the case of the Security Agent, that identified with its name below,
|
23.3 |
Delivery
|
(a) |
Any communication or document made or delivered by one Party to another under, or in connection with, this Deed will only be effective:
|
(i) |
if by email, when actually received (or made available) in readable form;
|
(ii) |
if by way of fax, when received in legible form; or
|
(iii) |
if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post, postage prepaid, in an envelope addressed to it at that address,
|
(b) |
Any communication or document to be made or delivered to the Security Agent will be effective only when actually received by the Security Agent and then only if it is expressly marked for the attention of the department or officer
identified with the signature of the Security Agent below (or any substitute department or officer as the Security Agent shall specify for this purpose).
|
(c) |
Any communication or document which becomes effective, in accordance with clauses 23.3(a) and 23.3(b), after 5.00pm in the place of receipt shall be deemed only to become effective on the following day.
|
23.4 |
Notification of address and fax number
|
23.5 |
Electronic communication
|
(a) |
In addition to communication by email, any communication to be made between the Parties may be made by other electronic means (including, without limitation, by way of posting to a secure website) if the Parties:
|
(i) |
notify each other of any information required to enable the transmission of information by that means; and
|
(ii) |
notify each other of any change to such information supplied by them by not less than five (5) Business Days' notice.
|
(b) |
Any such electronic communication as specified in clause 23.5(a) to be made between the Parties may only be made in that way to the extent that the Parties agree that, unless and until notified to the contrary, this is to be an
accepted form of communication.
|
(c) |
Any such electronic communication as specified in clause 23.5(a) made between the Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic communication made by the
Chargor to the Security Agent only if it is addressed in such a manner as the Security Agent shall specify for this purpose.
|
(d) |
Any electronic communication which becomes effective, in accordance with clause 23.5(c), after 5.00pm in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this
Deed shall be deemed only to become effective on the following day.
|
(e) |
Any reference in this Deed to a communication being sent or received shall be construed to include that communication being made available in accordance with this clause 23.5.
|
24. |
COUNTERPARTS
|
25. |
GOVERNING LAW
|
26. |
ENFORCEMENT
|
26.1 |
Jurisdiction of English courts
|
(a) |
The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including any dispute regarding the existence, validity or termination of this Deed) or any non-contractual
obligation arising out of or in connection with this Deed (a "Dispute").
|
(b) |
The Chargor agrees that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly the Chargor will argue to the contrary.
|
(c)
|
This clause 26.1 is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking
proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.
|
26.2 |
Service of process
|
(a) |
Without prejudice to any other mode of service allowed under any relevant law, the Chargor:
|
(i) |
irrevocably appoints Cogency Global (UK) Limited as its agent under this Charge for service of process in relation to any proceedings before the courts of England in connection with this Deed; and
|
(ii) |
agrees that failure by a process agent to notify the Chargor of the process will not invalidate the proceedings concerned.
|
(b) |
If any person appointed as process agent under this clause 26.2 is unable for any reason so to act, the Chargor must immediately (and in any event within 14 days of the event taking place) appoint another agent on terms acceptable to
the Security Agent. Failing this, the Security Agent may appoint another process agent for this purpose.
|
26.3 |
Waiver of immunities
|
(a) |
suit;
|
(b) |
jurisdiction of any court;
|
(c) |
relief by way of injunction or order for specific performance or recovery of property;
|
(d) |
attachment of its assets (whether before or after judgment); and
|
(e) |
execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it
will not claim any immunity in any such proceedings).
|
1. |
charged in favour of the Security Agent all securities held by us in Nam Tai Property Inc. from time to time, including without limitation, [24.07] per cent. of the issued shares of Nam Tai Property Inc. (being, [9,191,050] shares)
(the "Securities") which are or will be deposited by the Chargor or on its behalf with the Custodian, or transferred into a securities and cash account in the name of the Chargor maintained with
the Custodian with any relevant Clearance System (the "Securities Account");
|
2. |
assigned by way of security in favour of the Security Agent all our rights, title and interest to the Securities Account and all rights and proceeds relating to the Securities Account; and
|
3. |
assigned by way of security in favour of the Security Agent all our rights, title and interest to the custodian agreement dated [**] ("Custodian Agreement") and entered into between, inter alia,
the Chargor and the Custodian.
|
1. |
directs you to, upon written notice from the Security Agent, hold the Securities as nominee for the Security Agent;
|
2. |
directs you to, upon written notice from the Security Agent, deal with the Securities and the Securities Account (and any cash deposited therein) only on the instructions of the Security Agent;
|
3. |
agrees that these instructions may not be revoked or amended without the written agreement of the Security Agent;
|
4. |
agrees that Chargor shall not be entitled to give you any instructions concerning the Securities or the Securities Account;
|
5. |
confirms that we will remain liable under the Custodian Agreement to perform all the obligations assumed by us under the Custodian Agreement and none of the Secured Parties, its agents, any receiver or any other person will at any time
be under any obligation or liability to us under or in respect of the Custodian Agreement;
|
6. |
confirms that we have agreed that we will not amend or waive any provision of or terminate the Custodian Agreement without the prior written consent of the Secured Party;
|
7.
|
directs you to, upon written notice from the Security Agent, hold all sums standing to the credit of, and securities maintained at, the
Securities Account to the order of the Security Agent;
|
8. |
directs you to, upon written notice from the Security Agent, pay or release:
|
(a) |
as soon as reasonably practicable any sum received or standing to the credit of the Securities Account to the Shares Cash Top-Up (USD) Account or otherwise in accordance with the written instructions of the Security Agent; or
|
(b) |
any securities maintained at the Securities Account in accordance with the written instructions of the Security Agent; and
|
9. |
agrees that you may disclose any information in connection with the Securities, the Cash Collateral or the Securities Account to the Security Agent or (if directed in writing by the Security Agent) any other party permitted under the
terms of the Facility Agreement (as defined in the Security Deed),
|
1. |
General powers
|
(a) |
Any Receiver shall have, in relation to the Security Assets:
|
(i) |
all the powers which are conferred on the Security Agent by clause 11.2 (Powers of the Security Agent);
|
(ii) |
all the powers which are conferred by the Act on mortgagees in possession and receivers appointed under the Act; and
|
(iii) |
all powers which are conferred by any other law conferring power on receivers.
|
(b) |
If there is more than one Receiver holding office at the same time, each Receiver may (unless the document appointing him states otherwise) exercise all of the powers conferred on a Receiver under this Deed individually and to the
exclusion of any other Receiver in relation to the Security Assets.
|
2. |
Additional powers
|
(a) |
to take immediate possession of, collect and get in all or any part of the Security Assets and/or income in respect of which he was appointed and, without prejudice to the foregoing, cause to be registered all or any part of the
Security Assets in its own name or in the name of the nominee(s) or in the name of any purchaser(s) thereof;
|
(b) |
to raise and borrower money either unsecured or on the security of any Security Asset either in priority to this Security or otherwise and generally on any terms and for whatever purpose which he thinks fit;
|
(c) |
to manage the Security Assets as he thinks fit;
|
(d) |
to settle, adjust, refer to arbitration, compromise and arrange any claim, account, dispute, question or demand with or by any person who is or claims to be a creditor of the Chargor or relating in any way to any Security Asset;
|
(e) |
to redeem any security and to borrow or raise any money and secure the payment of any money in priority to the Secured Liabilities for the purpose of the exercise of his powers and/or defraying any costs or liabilities incurred by him
in such exercise;
|
(f) |
to sell or concur in selling, exchange, convert into money or otherwise disposing of all or any part of the Security Assets in respect of which he was appointed without the need to observe the restrictions imposed by section 103 of the
Act. The consideration for any such transaction may consist of cash, debentures or other obligations, shares, stock or other valuable consideration (and the amount of such consideration may be dependent upon profit or turnover or be
determined by a third party). Any such consideration may be payable in a lump sum or by instalments spread over such period as he thinks fit;
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(g)
|
to carry out any sale or other disposal of all or any part of the Security Assets by conveying, transferring, assigning or leasing the same in
the name of the Chargor and, for that purpose, to enter into covenants and other contractual obligations in the name of, and so as to bind, the Chargor;
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(h) |
to bring, prosecute, enforce, abandon, defend and take any such action, suit or proceedings (in the name of the Chargor or otherwise) as he shall think fit in respect of the Security Assets and/or income in respect of which he was
appointed (including proceedings for recovery monies in arrears at the date of his appointment);
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(i) |
to form a Subsidiary of the Chargor and transfer to that Subsidiary any Security Asset;
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(j) |
to delegate his powers in accordance with this Deed;
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(k) |
to lend money or advance credit to any customer of the Chargor;
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(l) |
to enter into bonds, covenants, guarantees, commitments, indemnities and other obligations or liabilities as he shall think fit, make all payments needed to effect, maintain or satisfy such obligations or liabilities and use the
company seal(s) (if any) of the Chargor;
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(m) |
to purchase, lease, hire or otherwise acquire any assets or rights of any description that he, in his absolute discretion, considers necessary or desirable for the improvement or realisation of the whole or any part of the Security
Assets or otherwise for the benefit of the whole or any part of the Security Assets;
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(n) |
to effect any repair or insurance and do any other act which the Chargor might do in the ordinary conduct of its business to protect, preserve, maintain, manage or improve any Security Assets as he thinks fit;
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(o) |
to enter into or make any such agreement, arrangement or compromise as he shall think fit;
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(p) |
to insure, and to renew any insurances in respect of, the Security Assets as he shall think fit (or as the Lenders shall direct);
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(q) |
to discharge any person appointed by the Chargor;
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(r) |
to appoint, discharge and employ such managers, officers, agents, accountants, servants, employees, workmen and others and engage such professional advisers as he shall think fit for the purposes of this Deed upon such terms as to
remuneration or otherwise as he thinks fit (including, without prejudice to the generality of the foregoing power, to employ his partners and firm); and
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(s) |
to:
|
(i) |
give valid receipts for all monies and to do all such other things as may seem to him to be incidental or conducive to any other power vested in him or necessary or desirable for the realisation of any Security Asset;
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(ii) |
do all other acts and things which he may consider desirable or necessary for realising any Security Asset or incidental or conducive to any of the rights, powers of discretions conferred on a Receiver under or by virtue of this Deed
or law;
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(iii)
|
exercise in relation to each Security Asset all such powers, authorities and rights as he would be capable of exercising if he were the
absolute beneficial owner of the Security Assets;
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(iv) |
use the name of the Chargor for any of the above purposes; and
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(v) |
execute any assurance or thing which may be proper or desirable for realising any Security Asset.
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EXECUTED as a DEED
by GREATER SAIL LIMITED
順帆有限公司
|
)
)
)
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Name:
Title:
|
By:
Name:
Title:
|
By:
Name:
Title:
|
Address
Fax:
Email:
Attention:
|
Level 52, International Commerce Centre,
1 Austin Road West, Kowloon, Hong Kong
+852 2203 7320
loanagency.hkcsg@list.db.com
Corporate Trust, Trust and Agency Services
|
Deutsche Bank
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Exhibit 5
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1.
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“Account” shall mean the Securities and Cash Account, established and maintained by Securities Intermediary hereunder in the name of Pledgor, identifying the Secured Party as pledgee of Pledgor (as the same
may be redesignated, renumbered or otherwise modified) to hold Collateral (an “Account”). For purposes of the UCC, the Account shall be deemed to consist of a
“securities account” (within the meaning of Section 8-501(a) of the UCC) with respect to securities held therein and a “deposit account” (within the meaning of Section 9-102 of the UCC) with respect to cash deposited in or credited to
the Account.
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2.
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“Amendment and Restatement Agreement” means the amendment and restatement agreement dated on or about the date of this Agreement and made between (amongst others) Kaisa Group Holdings Ltd. as borrower and
Deutsche Bank AG, Hong Kong Branch as agent, in relation to the amendment and restatement of the Original Facility Agreement.
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3.
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“Authorized Person” shall be any person, whether or not an officer or employee of Secured Party or Pledgor, duly authorized by Secured Party or Pledgor, respectively, to give Written Instructions on behalf
of Secured Party or Pledgor, respectively, such persons to be designated in a Certificate of Authorized Persons which contains a specimen signature of such person attached hereto as Schedule 2.
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4.
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“Securities and Cash Account” means the securities and cash account with account number SF0911 opened by the Pledgor and maintained with the Securities Intermediary (including any renewal,
substitution, replacement or re-designation of such account and all sub-accounts), together with:
|
a. |
all additions to or renewals or replacements of such account (in whatever currency) and all investments made out of the same; and
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b.
|
all rights, benefits and proceeds in respect of such account (including interest and rights to repayment of any monies standing to the credit of such account).
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5.
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“Collateral” for purposes of this Agreement shall mean cash and such securities and investment property as described in Schedule 1, attached hereto, and the proceeds thereof, and any other cash, securities or
investment property and the proceeds thereof, deposited in the Account from time to time.
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6.
|
“Document” means the security deed in respect of ordinary shares of Nam Tai Property Inc. owned from time to time by the Pledgor dated _____________________ granted
by the Pledgor in favor of the Secured Party pursuant to the Facility Agreement.
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7.
|
“Facility Agreement” means the Original Facility Agreement as amended and restated pursuant to the Amendment and Restatement Agreement, and as may be further amended, novated, supplemented, substituted,
replaced and/or restated from time to time and notwithstanding any increase in the principal amount of the facility made available to Kaisa Group Holdings Ltd. and/or any change in the obligations of the Security Grantors (as defined
thereunder) under the Finance Documents (as defined thereunder);
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8.
|
“Initial shares” means 9,191,050 Shares held by the Pledgor, being 24.07 per cent. of the issued shares of Nam Tai as at the date of this Agreement;
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9.
|
“Hague Convention” means The Convention on Laws Applicable to Certain Rights in Respect of Securities held with an intermediary, ratified Sept. 28, 2016, S. Treaty
Doc. No.112-6 (2012).
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10.
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“Notice of Exclusive Control” shall mean a written notice signed by an Authorized Person of Secured Party confirming to Securities Intermediary that Secured Party is, as at the time of receipt of
such written notice by the Securities Intermediary, exercising its rights pursuant to the Document to exercise sole and exclusive control over the Account.
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11.
|
“Obligations” shall have the meaning ascribed to the term “Secured Liabilities” under the Document.
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12.
|
“Original Facility Agreement” means the facility agreement **** and made between (amongst others) Kaisa Group Holdings Ltd. as borrower and Deutsche Bank AG, Hong Kong Branch as agent, pursuant to
which the lenders thereunder have made available to Kaisa Group Holdings Ltd. certain term loan facilities in the aggregate principal amount of US$***.
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13.
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“Security Period” means the period beginning on the date of the Document and ending on the date on which the Secured Party notifies the Securities Intermediary that the Document has been released and
discharged in full.
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14.
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“UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York.
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15.
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“Written Instructions” shall mean instructions in writing by an Authorized Person received by Securities Intermediary via letter, facsimile transmission, or other method or system specified by Securities
Intermediary as available for use in connection with this Agreement.
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1.
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Appointment of Securities Intermediary. The Pledgor and Secured Party hereby appoint Deutsche Bank Trust Company Americas as Securities Intermediary in accordance with the terms and conditions set forth
herein, and the Securities Intermediary hereby accepts such appointment.
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2.
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Security Interest. To secure the prompt and complete payment, performance and observance of all of the Obligations, the Pledgor hereby grants to the Secured Party, for its benefit, a security interest in
all of its right, title and interest in, to and under the Account and the Collateral, together with all “investment property” (as defined in Article 9 of the Uniform Commercial Code of the State of New York (the “UCC”)) and cash held
therein and all proceeds of any of the foregoing.
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3.
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The Account
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a.
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Securities Intermediary hereby represents and warrants to Secured Party and Pledgor that (i) the Account has been established in the name of Pledgor, identifying Secured Party as
pledgee of the Account and (ii) to the best of Securities Intermediary’s knowledge, except for the claims and interest of Secured Party and Pledgor in the Account (subject to any claim in favor of Securities Intermediary permitted under
Section 6), Securities Intermediary does not know of any claim to or interest in the Account. All parties agree that the Account is a “securities account” within the meaning of Article 8 of the UCC and that all property, including cash,
held by
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|
Securities Intermediary in the Account shall be treated as “financial assets” within the meaning of Article 8 of the UCC. The Securities Intermediary confirms and agrees that (x) it is a “securities
intermediary” within the meaning of Article 8 of the UCC and (y) for purposes of Article 8 of the UCC, the State of New York is the Securities Intermediary’s jurisdiction. The Securities Intermediary makes no representation or
warranty, and shall have no responsibility or liability, with respect to the effectiveness of this Agreement in granting or perfecting such security interest.
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b.
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Securities Intermediary shallmaintain appropriate records identifying the Collateral in the Account as pledged by Pledgor to Secured Party.
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c.
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All securities or other property underlying any financial assets credited to the Account shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or credited
to another securities account maintained in the name of the Securities Intermediary and in no case shall any financial asset credited to the Account be registered in the name of the Pledgor, payable to the order of the Pledgor or
specially indorsed to the Pledgor .
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4.
|
Deposit into the Account. Pledgor, simultaneously with the execution and delivery of this Agreement, has caused to be deposited with the Securities
Intermediary the Collateral (which, at the date of this Agreement comprises the Initial Shares) and which Collateral shall be held by the Securities Intermediary upon the terms and conditions hereinafter set forth. Thereafter, the
Pledgor shall notify the Securities Intermediary in writing at or prior to the time when further Collateral is sent to the Securities Intermediary pursuant to this Agreement or the Document. The Securities Intermediary shall have no
liability for Collateral, or interest thereon, sent to it that remain unclaimed and/or is returned if such written notification is not given. Any cash maintained in the Account will be non-interest bearing. The Securities Intermediary
shall have no duty to solicit the Collateral.
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5.
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Distribution of Collateral. The Securities Intermediary shall hold the Collateral in its possession until instructed hereunder to deliver the Collateral or
any specified portion thereof in accordance with a Written Instruction signed by an Authorized Person of the Secured Party or (after the expiry of the Security Period) a Written Instruction signed by an Authorized Person of the Pledgor.
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6.
|
Priority of Lien. Securities Intermediary hereby acknowledges the security interest granted to Secured Party by Pledgor. Securities Intermediary hereby
waives and releases all liens, encumbrances, claims and rights of setoff it may have against the Account or any financial asset carried in the Account or any credit balance in the Account and agrees that it shall not assert any such
lien, encumbrance, claim or right against the Account or any financial asset carried in the Account or any credit balance in the Account, save that after the expiry of the Security Period, subject to Section 14(d) of this Agreement, it
may do so for payment of its customary fees and charges relating to the Account including overdraft fees and reimbursement of amounts advanced to settle authorized transactions for the Account. Securities Intermediary shall not agree
with any third party that Securities Intermediary shall
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7.
|
Control. Secured Party and Pledgor hereby intend that this Agreement establish “control” of the Account by
Secured Party for purposes of perfecting Secured Party’s security interest in the Account pursuant to Articles 8 and 9 of the UCC and Securities Intermediary hereby acknowledges that it has been advised of Pledgor’s grant to Secured
Party of a security interest in the Account. Securities Intermediary shall comply at all times with entitlement orders and instructions with respect to disposition of funds in the Account originated by Secured Party concerning the
Account without further consent by Pledgor. Secured Party may, subject to terms of this Agreement, exercise sole and exclusive control of the Account and the Collateral held therein at any time by
delivering to Securities Intermediary, with a copy to Pledgor, a Notice of Exclusive Control. The foregoing covenant is for the benefit of Pledgor only and will not be deemed to constitute a limitation on Secured Party’s right, as
between Securities Intermediary and Secured Party to originate entitlement orders with respect to the Account and the Collateral or in Securities Intermediary’s obligation to comply with those entitlement orders.
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8.
|
Registration of Security Interest. The Pledgor shall, immediately after execution of this Agreement:
|
a.
|
create and maintain a register of charges (the "Register of Charges") of the Pledgor in accordance with section 162 of the BVI Business Companies Act, 2004 (as amended) of the British Virgin Islands (the
"BVI BC Act") to the extent this has not already been done;
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b.
|
enter particulars as required by the BVI BC Act of the security interests created pursuant to this Agreement in the Register of Charges and immediately after entry of
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c.
|
effect registration, or assist the Secured Party in effecting registration, of this Agreement with the Registrar of Corporate Affairs of the British Virgin Islands (the "Registrar of
Corporate Affairs") pursuant to section 163 of the BVI BC Act by making the required filing, or assisting the Secured Party in making the required filing, in the approved form with the Registrar of Corporate Affairs and (if applicable)
provide confirmation in writing to the Secured Party that such filing has been made.
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9.
|
Statements and Notices of Adverse Claims. Securities Intermediary shall send copies of all monthly statements concerning the Account to each of Pledgor and
Secured Party at the address set forth in the heading of this Agreement within five business days of the end of each month. Upon receipt of written notice of any lien, encumbrance or adverse claim against the Account or in any
financial asset carried therein, Securities Intermediary shall make reasonable efforts to notify Secured Party and Pledgor thereof.
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10.
|
Limited Responsibility of Securities Intermediary. Securities Intermediary shall have no responsibility or liability to Pledgor for complying with a Notice
of Exclusive Control or complying with entitlement orders concerning the Account originated by Secured Party given in accordance with this Agreement. Securities Intermediary shall have no responsibility or liability to Secured Party
with respect to the value of the Account or any asset held therein given in accordance with this Agreement. Securities Intermediary shall have no duty to investigate or make any determination as to whether a default exists under any
agreement between Pledgor and Secured Party and shall comply with a Notice of Exclusive Control even if it believes that no such default exists.
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11.
|
Indemnification of Securities Intermediary. Pledgor hereby agrees to indemnify, defend and hold harmless Securities Intermediary, its directors, officers,
agents and employees against any and all claims, causes of action, liabilities, lawsuits, demands and damages, including without limitation, any and all court costs and reasonable attorney’s fees, in any way related to or arising out of
or in connection with this Agreement or any action taken or not taken pursuant hereto, except to the extent as a result of Secured Party’s or Securities Intermediary’s gross negligence or willful misconduct. This indemnity shall be a
continuing obligation of Pledgor and its successors and assigns, notwithstanding the earlier of resignation of the Securities Intermediary or termination of this Agreement.
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12.
|
Compensation of Securities Intermediary. The Securities Intermediary shall be entitled to payment from Pledgor for customary fees and expenses for all
services rendered by it hereunder as separately agreed to in writing between the Pledgor and the Securities Intermediary (as such fees may be adjusted from time to time). It is understood by all parties that the annual fee may be
deducted from the Collateral when it becomes due, after the expiry of the Security Period. Annual fees are due annually in advance for each year or any part thereof. The Pledgor shall reimburse the Securities Intermediary on demand for
all loss, liability, damage, disbursements, advances or expenses paid or incurred by it in the administration of its duties hereunder, including, but not limited to, all counsel, advisors' and agents' fees and disbursements and all
taxes or other governmental charges, except to the extent arising out of the Securities Intermediary’s gross negligence or willful misconduct. After the expiry of the Security Period, the Securities Intermediary will have a right of set
off on the funds in the Collateral for payment of customary fees and expenses and all such loss, liability, damage or expenses. Such compensation and expenses shall be paid from the Collateral to the extent not otherwise paid within
thirty (30) days after an invoice has been rendered. The obligations contained in this Section 12 shall survive the termination of this Agreement and the resignation or removal of the Securities Intermediary.
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13.
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Resignation of Securities Intermediary. The Securities Intermediary may resign and be discharged from its duties hereunder at any time by giving thirty
(30) calendar days’ prior written notice of such resignation to the Pledgor and Secured Party. The Pledgor and Secured Party may remove the Securities Intermediary at any time by giving thirty (30) calendar days’ prior written notice
to the Securities Intermediary. Upon such notice, a successor Securities Intermediary shall be appointed by the Secured Party, after consultation with the Pledgor, who shall provide written notice of such to the resigning Securities
Intermediary. Such successor Securities Intermediary shall become the Securities Intermediary hereunder upon the resignation or removal date specified in such notice. If the Secured Party does not appoint a successor Securities
Intermediary within thirty (30) days after such notice, the Securities Intermediary may apply to a court of competent jurisdiction for the appointment of a successor Securities Intermediary or for other appropriate relief. The costs and
expenses (including its attorneys’ fees and expenses) incurred by the Securities Intermediary in connection with the resignation and/or replacement of the Securities Intermediary shall be paid by the Pledgor. Upon receipt of the
identity of the successor Securities Intermediary, the Securities Intermediary shall either deliver the Collateral then held hereunder to the successor Securities Intermediary. Upon its resignation and delivery of the Collateral as set
forth in this
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14.
|
The Securities Intermediary.
|
a.
|
The duties, responsibilities and obligations of Securities Intermediary shall be limited to those expressly set forth herein and no duties, responsibilities or obligations shall be inferred or implied
against the Securities Intermediary. The Securities Intermediary shall not be subject to, nor required to comply with, any other agreement to which the Pledgor or Secured Party is a party, even though reference thereto may be made
herein, or to comply with any direction or instruction (other than those contained herein or delivered in accordance with this Agreement) from the Pledgor or Secured Party or an entity acting on its behalf. The Securities Intermediary
shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder.
|
b.
|
If at any time the Securities Intermediary is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects the
Collateral (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of the Collateral), the Securities Intermediary is authorized to comply therewith in
any manner it or legal counsel of its own choosing deems appropriate; and if the Securities Intermediary complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative
process, Securities Intermediary shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined
to have been without legal force or effect.
|
c.
|
The Securities Intermediary shall not be liable for any action taken or omitted or for any loss or injury resulting from its actions or its performance or lack of performance of its duties hereunder in
the absence of gross negligence or willful misconduct on its part. In no event shall the Securities Intermediary be liable (i) for acting in accordance with or conclusively relying upon any instruction, notice, demand, certificate or
document from the Pledgor and Secured Party or any entity acting on behalf of the Pledgor or Secured Party delivered in accordance with the terms of this Agreement, (ii) for any indirect, consequential, punitive or special damages,
regardless of the form of action and whether or not any such damages were foreseeable or contemplated, (iii) for the acts or omissions of its nominees, correspondents, designees, agents, subagents or subcustodians selected by it with
reasonable care, (iv) for the investment or reinvestment of any cash held by it hereunder, in each case in good faith, in accordance with the terms hereof, including without limitation any liability for any delays (not resulting from
its gross negligence or willful misconduct) in the investment or reinvestment of the Collateral, or any loss of interest or income incident to any such delays, or (v) for an amount in excess of the value of the Collateral, valued as of
the date of deposit, but only to the extent of direct money damages.
|
d.
|
After the expiry of the Security Period, if any fees, expenses or costs incurred by, or any obligations owed to, the Securities Intermediary or its counsel by the Pledgor hereunder are not paid within 30
days after being due (such 30-day period, the “Grace Period”), the Securities Intermediary may reimburse itself therefor from the Collateral and may sell, liquidate, convey or otherwise dispose
of any investment in respect of the Collateral for such purpose provided that the Pledgor does not (1) notify the Securities Intermediary within the Grace Period (“Dispute Notice”) of any dispute
of the amount of such sums payable and (2) initiate a proceeding in relation to such dispute under Section 26 below (“Dispute Proceeding”) within 60 days of issuance of the Dispute Notice. If the
Dispute Proceeding has been initiated by the Pledgor after the expiry of the Security Period, the Pledgor may request for the withdrawal of the securities and investment property in the Account to be replaced with cash deposited in the
Account to cover the amounts of such sums disputed and the Securities Intermediary shall transfer the securities and investment property in the Account as requested by the Pledgor promptly after such amount is deposited by the Pledgor
into the Account. After the expiry of the Security Period, the Securities Intermediary may in its sole discretion withhold from any distribution of any interest earned in respect of the Collateral an amount it believes would, upon sale
or liquidation, produce proceeds equal to any unpaid amounts to which the Securities Intermediary is entitled to hereunder.
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e.
|
After the expiry of the Security Period, as security for the due and punctual performance of any and all of the Pledgor's obligations to the Securities Intermediary hereunder, now or hereafter arising,
the Pledgor agrees to pledge, assign and grant to the Securities Intermediary a continuing security interest in, and a lien on, the Collateral and all distributions thereon or additions thereto. The security interest of the Securities
Intermediary shall after the expiry of the Security Period be valid, perfected and enforceable by the Securities Intermediary against the Pledgor and all third parties in accordance with the terms of this Agreement.
|
f.
|
The Securities Intermediary may consult with legal counsel of its own choosing, at the expense of the Pledgor and Secured Party, as to any matter relating to this Agreement, and the Securities
Intermediary shall not incur any liability in acting in good faith in accordance with any advice from such counsel.
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g.
|
The Securities Intermediary shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the
Securities Intermediary (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of
terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility).
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h.
|
The Securities Intermediary shall be entitled to conclusively rely upon any order, judgment, certification, demand, notice, instrument or other writing delivered to it hereunder believed by it in good
faith to be genuine without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service thereof. The Securities Intermediary may act in conclusive reliance upon
any instrument or signature believed by it to be genuine and may assume that any person purporting to give receipt or advice to make any statement or execute any document in connection with the provisions hereof has been duly authorized
to do so.
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i.
|
The Securities Intermediary shall not be responsible in any respect for the form, execution, validity, value or genuineness of documents or securities deposited hereunder, or for any description therein,
or for the identity, authority or rights of persons executing or delivering or purporting to execute or deliver any such document, security or endorsement. The Securities Intermediary shall not be called upon to advise any party as to
the wisdom in selling or retaining or taking or refraining from any action with respect to any securities or other property deposited hereunder.
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j.
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The Securities Intermediary shall not be under any duty to give the Collateral held by it hereunder any greater degree of care than it gives its own similar property and shall not be required to invest
any funds held hereunder except as directed in this Agreement. Uninvested funds held hereunder shall not earn or accrue interest.
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k.
|
When the Securities Intermediary acts on any information, instructions, communications, (including, but not limited to, communications with respect to the delivery of securities or the wire transfer of
funds) sent by facsimile, email or other form of electronic or data transmission, the Securities Intermediary, absent gross negligence or willful misconduct, shall not be responsible or liable in the event such communication is not an
authorized or authentic communication of the Pledgor or Secured Party or is not in the form the Pledgor and Secured Party sent or intended to send (whether due to fraud, distortion or otherwise). The Pledgor and Secured Party shall
indemnify the Securities Intermediary against any loss, liability, claim or expense (including legal fees and expenses) it may incur with its acting in accordance with any such communication.
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l.
|
In the event of any dispute between or conflicting claims among the Pledgor and Secured Party and any other person or entity with respect to any Collateral, the Securities Intermediary shall be entitled,
in its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such Collateral so long as such dispute or conflict shall continue, and the Securities Intermediary shall not be or become
liable in any way to the Pledgor and Secured Party for failure or refusal to comply with such conflicting claims, demands or instructions. The Securities Intermediary shall be entitled to refuse to act until, in its sole discretion,
either (i) such conflicting or adverse claims or demands shall have been determined by a final order, judgment or decree of a court of competent jurisdiction, which order, judgment or
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m.
|
The Securities Intermediary shall have no responsibility for the contents of any writing of the arbitrators or any third party contemplated herein as a means to resolve disputes and may conclusively rely
without any liability upon the contents thereof.
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n.
|
The Securities Intermediary does not have any interest in the Collateral deposited hereunder but is serving as securities intermediary only and having only possession thereof. The Pledgor shall pay or
reimburse the Securities Intermediary upon request for any transfer taxes or other taxes relating to the Collateral incurred in connection herewith and shall indemnify and hold harmless the Securities Intermediary from any amounts that
it is obligated to pay in the way of such taxes. Any payments of income from the Account shall be subject to withholding regulations then in force with respect to United States taxes. The Pledgor and Secured Party will provide the
Securities Intermediary with appropriate W-9 forms for tax identification number certifications, or W-8 forms for non-resident alien certifications. It is understood that the Securities Intermediary shall only be responsible for income
reporting with respect to income earned on the Collateral and will not be responsible for any other reporting. This paragraph shall survive notwithstanding any termination of this Agreement or the resignation or removal of the
Securities Intermediary.
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o.
|
For purposes of sending and receiving instructions or directions hereunder, all such instructions or directions shall be, and the Securities Intermediary may conclusively rely upon such instructions or
directions, delivered, and executed by representatives of the Pledgor or Secured designated on Schedule 2 attached hereto and made a part hereof (each such representative, an Authorized Person) which such designation shall
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p.
|
Notwithstanding any provision to the contrary in this Agreement, the Securities Intermediary shall not, during the Security Period, claim or exercise any security interest, set-off, counter-claim or other
right in respect of the Collateral or the Account. The Securities Intermediary shall be entitled to claim or exercise any security interest, set-off, counter-claim or other right in respect of the Collateral and the Account after the
expiry of the Security Period.
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15.
|
Termination. The rights and powers granted herein to Secured Party have been granted in order to perfect its security interest in the Account, are powers
coupled with an interest and shall not be affected by the lapse of time. The obligations of Securities Intermediary under Sections 10, 11 and 13 above shall continue in effect until the earlier of (i) the date
on which Pledgor makes suitable arrangements with the consent of Secured Party following the resignation of Securities Intermediary and (ii) Secured Party has notified Securities Intermediary in writing that this Agreement is to be
terminated.
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16.
|
Representations. The Pledgor and the Secured Party each represent and warrant to the Securities Intermediary that
(i) it has the power to execute this Agreement, to deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance and (ii) its
obligations under this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting
creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).
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17.
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Ambiguity. In the event of any ambiguity or uncertainty hereunder or in any Written Instructions, Securities
Intermediary may, in its sole discretion, refrain from taking any action other than to retain possession of the Collateral, unless Securities Intermediary receives new or revised Written Instructions which eliminate such ambiguity or
uncertainty; provided that nothing in the foregoing sentence shall affect the rights or obligations of Secured Party and Securities Intermediary under Section 7 of this Agreement.
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18.
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Entire Agreement. This Agreement, any schedules or exhibits hereto and the instructions and notices required or permitted to be executed and delivered
hereunder set forth the entire agreement of the parties with respect to the subject matter hereof.
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19.
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Amendments. No amendment, modification or termination of this Agreement, nor any assignment of any rights hereunder, shall be binding on any party hereto
unless it is in writing and is signed by each of the parties hereto, and any attempt to so amend, modify, terminate or assign except pursuant to such a writing shall be null and void. No waiver of any rights hereunder shall be binding
on any party hereto unless such waiver is in writing and signed by the party against whom enforcement is sought.
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20.
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Severability. If any term or provision set forth in this Agreement shall be invalid or unenforceable, the remainder of this Agreement,
or the application of such term or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall be construed in all respects as if such invalid or unenforceable term or provision were
omitted.
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21.
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Successors. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their
respective successors and permitted assigns.
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22.
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Notices. Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and
signed by an authorized person and shall be deemed to have been properly given (i) when delivered in person, or (ii) when sent by telecopy or other electronic means as approved in advance by the Securities Intermediary and electronic
confirmation of error free receipt is received or (iii) upon receipt of notice sent by certified or registered mail, return receipt requested, postage prepaid, addressed to the party at the address set forth next to such parties’ name
at the heading of this Agreement. Any party may change its address for notices in the manner set forth above.
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2.3
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Conflict. In case of inconsistency between this Agreement and the cash and securities deposit agreement dated **** and entered into
between the Pledgor and the Securities Intermediary in relation to the Account and the Collateral, the terms in this Agreement will prevail.
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24.
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Effective Date. Notwithstanding anything to the contrary in this Agreement, this Agreement shall be effective only on and upon the
Effective Date (as defined in the Amendment and Restatement Agreement).
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25.
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Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of
this Agreement.
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26.
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Governing Law; Jurisdiction; Waiver of Immunity; Jury Trial Waiver. This Agreement and the Account shall be governed by and construed
in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The law of the State of New York is applicable to all cases appealed to issues specified in Article 2(1) of the
Hague Convention. This Section 26 amends and supersedes any contrary provision contained in all documents and agreements relating to the establishment or opening of the Account. The State of New York shall be deemed to be the location
of Securities Intermediary. Secured Party, Pledgor and Securities Intermediary hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. To the
extent that in any jurisdiction Secured Party or Pledgor may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Secured Party and
Pledgor each irrevocably agrees not to claim, and hereby waives, such immunity. Secured Party, Pledgor and Securities Intermediary each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out
of or relating to this Agreement.
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27.
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Representations. Each party hereby represents and warrants that the individual executing this Agreement on its behalf has the requisite power and
authority to do so and to bind such party to the terms of this Agreement.
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28.
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USA PATRIOT Act Section 326 Customer Identification Program. In order to comply with the laws, rules, regulations and executive orders in effect
from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States
(“Applicable Law”), the Securities Intermediary is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Securities Intermediary.
Accordingly, each of the parties agree to provide to the Securities Intermediary, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Securities
Intermediary to comply with Applicable Law.
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Greater Sail Limited 順帆有限公司, as Pledgor |
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|
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By: ______________________________
Name:
Title:
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|
|
|
|
|
Deutsche Bank AG, Hong Kong Branch, as Secured Party
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|
|
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By: ______________________________
Name:
Title:
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|
|
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|
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By: ______________________________
Name:
Title:
|
|
|
Deutsche Bank Trust Company Americas,
as Securities Intermediary
|
|
By: ______________________________
Name:
Title:
|
|
By: ______________________________
Name:
Title:
|
By:
Name:
Title:
|
By:
Name:
Title:
|
Name
|
Title
|
Specimen Signature
|
Name
|
Title
|
Specimen Signature
|
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