Hong Yuan Holding Group (HGYN)

[12yearplan]

I guess Mr. Okada has today left to respond to Horizon. Maybe we find out in another 8k this week what was worked out (Fri latest?). Thanks Renee for the great DD, aspects of the investment I'm sure many here would not be privy too (I think of you like the 'CerperWoman' of contracts/filings :).
Good summary Sky of your thinking to date with helpful info - worth a sticky?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=96113585


6.5 Notice of Defaults . As soon as possible, and in any event within five (5) days after the discovery of a Default or an Event of Default, Borrower shall provide Lender with an Officer’s Certificate setting forth the facts relating to or giving rise to such Default or Event of Default and the action which Borrower proposes to take with respect thereto. (page 18)

Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Entry into a Material Definitive Agreement

On January 13, 2014, Cereplast, Inc. (the “Company”) received a Notice of Event of Default (the “Notice”) from Horizon Technology Finance, Inc. with respect to the Company’s Venture Loan and Security Agreement dated December 21, 2010. The Notice was triggered by events of defaults resulting from the inability of the Company to pay interests and principal pursuant to the terms of the Loan documents dated December 21, 2010. The Venture Loan & Security Agreement in the aggregate amount of $5,000,000 were originally issued on December 21, 2010. As of the date of this current report an aggregate amount of $2,800,000 of the Loan remain outstanding.

The Company is currently exploring options to cure the Default and protect the Assets of the Company.