Exhibit 4.34

 

LOAN AGREEMENT

 

among

 

Column A

(“Borrower”)

 

and

 

SHANGHAI MECOX LANE SHOPPING CO., LTD.

(“ML Shopping”)

 

and

 

MAI WANG TRADING (SHANGHAI) CO., LTD.

(“Lender”)

 

Dated Column B

 











 

This LOAN AGREEMENT (this “Agreement”) is made on Column B in                    , the People’s Republic of China (“China”) by and among the following parties:

 

(A).                            Column  A  (“Borrower”),  a  citizen  of  China  with  Chinese  Identification  No.:  Column  C,  whose  address  is  Column  D;

 

(B).                            Shanghai Mecox Lane Shopping Co., Ltd. (“ML Shopping”), a domestic limited liability company organized and existing under the laws of China having its registered address at Unit 203, No. 68, Xiu Shan Road, Chong Ming Industrial Park, Shanghai, China; and

 

(C)                               MAI WANG TRADING (Shanghai) Co., Ltd. (the “Lender”), a wholly foreign owned enterprise organized and existing under the laws of China having its registered address at Room 317, No.54, South Ferry Road, Shanghai, China.

 

The Borrower, the Lender, and ML Shopping shall hereinafter be referred to individually as a “Party” and collectively as “Parties.”

 

RECITALS

 

The Borrower borrowed a total amount of Column E from the Lender on Column B (the “Loan Date”), for the sole purpose of his capital contribution for Column F of the equity interest of ML Shopping (the “Interests”).

 

ML Shopping is a company with a duly approved business scope of the sales and courier service of garment, office equipment, computers, furniture, gold and silver ornaments and household commodities; marketing services; and design and production of a variety of advertisements in China (the “Business”).  The Parties intend to enter into several other agreements to advance ML Shopping’s Business. The Parties intend to secure all payments due to the Lender under each of these agreements by executing an Equity Pledge Agreement (the “Equity Pledge Agreement”) through which the Borrower pledges his equity interests in ML Shopping as collateral for all payments due under this Agreement and the aforementioned other agreements.  Additionally, the Borrower intends to enter into an exclusive purchase option agreement to grant an exclusive option to the Lender to purchase the Interests (the “Exclusive Purchase Option Agreement”).  The Parties further intend that this loan shall be consideration for the Lender’s purchase of the Interests from the Borrower.

 

Therefore, the Parties agree as follows:

 

ARTICLE I.
 DEFINITIONS AND INTERPRETATIONS

 

1.1                               Definitions.  Unless otherwise provided, the expressions below shall have the following meanings throughout this Agreement:

 

“Business” shall have the meaning set forth in Recitals.

 

“CIETAC” shall mean the China International Economic and Trade Arbitration Commission.

 

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“China” shall mean the People’s Republic of China.

 

“Default Interest” shall have the meaning set forth in Section 13.3.

 

“Encumbrance” shall mean any lien, encumbrance, hypothecation, right of others, proxy, voting trust or similar arrangement, pledge, security interest, collateral security agreement, mortgage, objection, title defect, title retention agreement, option, restrictive covenant, restriction on transfer, right of first refusal or first offer, or any comparable interest or, of any nature whatsoever.

 

“Equity Pledge Agreement” shall have the meaning set forth in the Recitals.

 

“Event of Default” shall have the meaning set forth in Section 13.1.

 

“Exclusive Purchase Option Agreement” shall have the meaning set forth in the Recitals.

 

“Government Licenses” shall mean all licenses, permits, approvals, permissions, consents, waivers or registrations required or issued by a government authority of China.

 

“Interests” shall have the meaning set forth in Recitals.

 

“Loan” shall have the meaning set forth in Section 2.1.

 

“Loan Date” shall have the meaning set forth in the Recitals.

 

“Material Adverse Effect” shall mean any change or effect (or aggregation of changes and effects) that is materially adverse to the business, financial condition, assets, liabilities, operations, or prospects of ML Shopping.

 

“Note” shall have the meaning set forth in Section 2.2.

 

“Principal Agreements” shall mean this Agreement, the Exclusive Purchase Option Agreement, Exclusive Business Cooperation Agreement and the Power of Attorney (set forth on Schedule 1 of the Equity Pledge Agreement).

 

“RMB” shall mean Renminbi, the official currency of China.

 

“Term” shall have the meaning set forth in Section 5.1.

 

1.2                               Headings.  The headings in this Agreement are for convenience only and shall not affect the construction of the Agreement.

 

1.3                               Interpretation.  Unless otherwise provided, the words, expressions, and references below shall have the following meanings:

 

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(a)                                 References to the sections and schedules of this Agreement include any amendments to them that may occur from time to time.

 

(b)                                 References to this Agreement or any other agreement or document include any amendments, notations, or supplements to the agreements or documents that may occur from time to time.

 

(c)                                  References to any statute or statutory provision include any amendments, extensions, consolidations, or replacements pertaining to the statute or provision and any statute or provision that amends, extends, consolidates, or replaces the statute or provision, and shall also include any orders, regulations, instruments, or other subordinate legislation made under the relevant statute or provision.

 

(d)                                 Words denoting the singular include the plural and vice versa.

 

(e)                                  References to a “Person” include individuals, firms, partnerships, joint ventures, companies, corporations, unincorporated bodies of Persons, states, and any agencies of states and their assigns, transferees, or successors in title.

 

(f)                                   The words “including” and “in particular” simply illustrate or emphasize certain terms within a provision and they shall not limit any provision in any way.

 

ARTICLE II.
 LOAN

 

2.1                               The Parties hereby acknowledge that the Lender has made available to the Borrower a loan in the principal amount of Column E (the “Loan”) on the Loan Date.

 

2.2                               The Borrower shall execute and deliver a promissory note substantially in the form of Exhibit A (the “Note”) to the Lender dated even date herewith.  The Note shall represent the obligation of the Borrower to repay the Loan.

 

ARTICLE III.
 PURPOSE

 

3.1                               The Borrower hereby acknowledges that the proceeds from the Loan have been used exclusively as contribution of his registered capital to ML Shopping.  The Borrower undertakes not to use the Loan for any purpose other than as set forth herein without the Lender’s prior written consent.

 

ARTICLE IV.
 INTEREST

 

4.1                               Except as set forth in Section 7.1 and 13.3, the Loan under this Agreement shall be interest free.

 

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ARTICLE V.
 TERM OF THE LOAN

 

5.1                               Term of the Loan.  The term of the Loan is from the execution date of this Agreement until the earlier of (i) the date on which the Lender, at its sole and absolute discretion, delivers the Exercise Notice to the Borrower pursuant to the Exclusive Purchase Option Agreement, whereby the Borrower shall transfer the Interests to the Lender or to the Lender’s designated natural or legal Persons; and (ii) the date on which ML Shopping is dissolved, liquidated, becomes bankrupt or otherwise terminated in accordance with the Articles of Association of ML Shopping and relevant PRC laws and regulations (the “Term”).

 

ARTICLE VI.
 REPAYMENT AND PREPAYMENT

 

6.1                               Repayment.  The Parties agree that the repayment of the Loan shall only be made by the Borrower of his successors or assigns transferring all Interests held by him at the time of repayment to the Lender or to the Lender’s designated natural or legal Persons in accordance with the Exclusive Purchase Option Agreement. The Parties further agree that the transfer price for such Interests to be paid by the Lender or its designated natural or legal Persons shall be mutually set off against the outstanding amount of the Loan under this Agreement, to the extent permitted by applicable law. Once the Borrower has transferred all the Interests held by him at the time of repayment to the Lender in accordance with the Exclusive Purchase Option Agreement, it shall be deemed to have fully paid off the Loan to the Lender.

 

6.2                               Prepayment.  The Borrower shall not make any prepayment without the Lender’s prior written approval.

 

ARTICLE VII.

 

REPAYMENT AMOUNT

 

7.1                               The Parties agree that the share transfer price to be paid by the Lender or its designated natural or legal Persons shall be mutually set off against the Loan under this Agreement in accordance with Section 6.1 above. When the Borrower transfers the Interests to the Lender or to the Lender’s designated natural or legal Persons pursuant to the Exclusive Purchase Option Agreement, in case the PRC law (then applicable) requires that the share transfer price should be based on an appraisal of assets by an organization acceptable to the Lender, the Parties agree that the setting off shall be handled in the following manner:

 

In the event that the share transfer price is equal to or less than the principal of the Loan, the Parties agree that the share transfer price shall be set off against the principal of the Loan in its entirety; and hence the Borrower shall be deemed to have fully paid off all principal of the Loan to the Lender and no interest incurred thereon shall be paid. In the event that the share transfer price is more than the principal of the Loan, the Parties agree that the share transfer price shall be set off against the principal and the interest of the Loan together, such that any excess in amount between the share transfer price and the principal of the Loan shall be deemed interest accrued thereon.

 

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7.2                               In the event that ML Shopping is dissolved, liquidated, becomes bankrupt or otherwise terminated in accordance with the Articles of Association of ML Shopping and relevant PRC laws and regulations before the Lender has exercised the Purchase Option pursuant to the Exclusive Purchase Option Agreement, the repayment amount by the Borrower shall be limited to all of the proceeds the Borrower shall have received from such dissolution, liquidation, bankruptcy or termination, if any, provided that any shortfall between such proceeds and the principal of the Loan does not result from the Borrower’s negligence, fraud, breach of duty or wilful misconduct.

 

ARTICLE VIII.
 CHANGES IN CIRCUMSTANCES

 

8.1                               Illegality.  If it is or becomes illegal in China for the Lender to continue to make the Loan under this Agreement to the Borrower, the Lender may demand immediate repayment of the principal amount of the Loan and promptly notify the Borrower of such demand.  The Borrower shall prepay the principal amount of the Loan to the Lender immediately upon receiving the Lender’s demand for repayment of the Loan.  The Lender may also assign the Loan to any third party who may continue to make the Loan to the Borrower.  Prior to making any demand under this Section 8, the Lender will take reasonable steps to establish alternatives to demanding immediate prepayment as may be available to the Lender, including effecting a transfer of the Loan to an affiliate of ML Shopping.  Such alternative measures will be adopted solely at the discretion of the Lender, provided that in the opinion of the Lender, the adoption of such alternative will not have any adverse effect on the Lender.

 

8.2                               Notification.  Any notification or demand issued by the Lender under this Section 8 will contain reasonable details, and shall be conclusive and binding upon the Borrower in the absence of any manifest error.

 

ARTICLE IX.
 EQUITY PLEDGE

 

9.1                               Equity Pledge.  The Borrower shall irrevocably and unconditionally pledge the Interests to the Lender pursuant to the Equity Pledge Agreement signed among the Borrower, ML Shopping and the Lender dated even date herewith.

 

9.2                               Notarization.  The Borrower and the Lender shall duly register the pledge of the Interests with a Chinese Public Notary in accordance with Section 4.3 of the Equity Pledge Agreement and take all further actions requested by the Lender to register or perfect such pledge.

 

ARTICLE X.
 REPRESENTATIONS AND WARRANTIES

 

10.1                        Acknowledgement of Reliance.  The Borrower hereby acknowledges that the Lender has entered into this Agreement in full reliance upon the representations and warranties made under this Section 10.

 

10.2                        Representations and Warranties.  The Borrower represents and warrants to the Lender as follows:

 

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(a)                                 the Borrower has the legal capacity to execute and perform this Agreement. The Borrower has obtained all necessary and proper approvals and authorizations for the execution and performance of this Agreement;

 

(b)                                 this Agreement constitutes the Borrower’s legal, valid and binding obligations enforceable in accordance with its terms;

 

(c)                                  the Borrower is not currently engaged in any disputes, litigation, arbitrations, administrative proceedings, or any other legal proceeding; nor is the Borrower subject to any potential disputes, litigation, arbitration, administrative proceedings, or any other legal proceeding;

 

(d)                                 the information, exhibits, and reports furnished by the Borrower to the Lender in connection with this Agreement and collateral documents are true and accurate in all material respects; such information, exhibits, and reports are not misleading, do not omit material facts, and the Borrower has made all reasonable inquiries to verify the facts and statements contained therein;

 

(e)                                  the Borrower has fully disclosed in writing to the Lender all facts relating to the Borrower, which the Borrower knows or should reasonably know are material to the Lender in the context of this Agreement;  and

 

(f)                                   there has not been any occurrence of any event that may have a Material Adverse Effect on ML Shopping or its Business.

 

10.3                        Repetition.  The representations and warranties set out in Section 10.2 of this Agreement shall continue after the execution of this Agreement, and shall be deemed to be true and effective throughout the Term of this Agreement and the other Principal Agreements.

 

ARTICLE XI.
 AFFIRMATIVE COVENANTS

 

11.1                             During the Term of this Agreement, the Borrower irrevocably covenants to the following:

 

(a)                                the Borrower shall abide by the provisions of this Agreement and perform all obligations under the other Principal Agreements, and refrain from any action or omission that may affect the viability or enforceability of this Agreement or any of the other Principal Agreements;

 

(b)                                the Borrower shall provide the Lender with all relevant business information concerning the Business and financial condition of ML Shopping at the Lender’s request;

 

(c)                                 the Borrower shall appoint or remove any Persons designated by the Lender as directors or officials of ML Shopping upon the Lender’s request; and

 

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(d)                                the Borrower shall ensure that ML Shopping remains exclusively engaged in its current Business unless otherwise instructed by the Lender.

 

ARTICLE XII.
 NEGATIVE COVENANTS

 

12.1                        The Borrower irrevocably covenants that he shall not:

 

(a)                                cause the shareholders meeting or the board of directors of ML Shopping to approve the merger or consolidation of ML Shopping with any Person or business entity of any kind, the acquisition of any business enterprise, or investment in any Person or business enterprise, without the prior written consent of the Lender;

 

(b)                                approve, cause or allow ML Shopping to declare the bankruptcy, insolvency, liquidation or dissolution of ML Shopping without the prior written consent of the Lender;

 

(c)                                 act or omit to act in any manner that may have a material impact upon the assets, business, and liabilities of ML Shopping without the prior written consent of the Lender; or

 

(d)                                engage directly or indirectly in any business activities which compete with those of the Lender other than operating ML Shopping within the scope of its current Business.

 

12.2                        The Borrower agrees that the rights acquired by the Lender in accordance with this Agreement shall not be interrupted or harmed by the Borrower or any of his heirs or representatives through any legal proceedings.

 

ARTICLE XIII.
 DEFAULT, RIGHTS AND REMEDIES

 

13.1                        Event of Default.  Any of the following shall constitute an event of default (“Event of Default”) under this Agreement:

 

(a)                                   The Borrower is suspected to be engaged in or be involved in any criminal activity;

 

(b)                                    The Borrower is in violation of any of its obligations, representations, warranties and covenants under this Agreement and the other Principal Agreements;

 

(c)                                    the Borrower fails to immediately repay the Loan or perform any of his obligations under this Agreement or any of the other Principal Agreements upon the request of the Lender;

 

(d)                                   Cross-default:

 

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(i)                       any indebtedness of the Borrower, including those under any of the Principal Agreements, is declared or becomes due and payable prior to its maturity;

 

(ii)                    any indebtedness of the Borrower, including those under any of the Principal Agreements, is not paid when due; or

 

(iii)                 any creditor or creditors of the Borrower, including those under any of the Principal Agreements, becomes entitled to declare any such indebtedness due and payable prior to its maturity;

 

(e)                                    a creditor or holder attaches or takes possession of the assets of the Borrower or causes a distress, execution, sequestration, or other process to be levied or enforced against any of the assets of the Borrower;

 

(f)                                     the declaration of any administrative or judicial proceedings, judgment, order, or decisions against the Borrower;

 

(g)                                    the Borrower stops or suspends payment of his debts or is unable or admits inability to pay his debts as they fall due or commences negotiations with one or more of his creditors with a view to the readjustment or rescheduling of all or part of its indebtedness or proposes or enters into any composition or other arrangement for the benefit of its creditors generally or any class of creditors;

 

(h)                                   the commencement of any proceedings in relation to the Borrower under any law, regulation or procedure relating to reconstruction or readjustment of debts; or

 

(i)                                       the Borrower takes any action or any legal proceedings are started or other steps taken for (i) the Borrower to be adjudicated or found bankrupt or insolvent, (ii) the appointment of a liquidator, administrator, trustee, receiver or similar officer of the Borrower or the whole or any part of his undertaking, assets, rights or revenues or (iii) the enforcement of any Encumbrance over all or any part of the assets of the Borrower.

 

13.2                        Acceleration.  Upon the occurrence of any Event of Default specified in Section 13.1 above, the Loan shall automatically become immediately due and payable together with all Default Interest accrued and all other obligations payable under this Agreement without any notice.

 

13.3                        Default Interest.

 

(a)                                Upon the occurrence of any Event of Default, the Borrower shall pay a default interest (“Default Interest”) on the Loan from Column B until the date of the occurrence of the Event of Default at a rate of 1.5% per annum, or at another legally permitted rate determined by the Lender at its sole discretion.

 

(b)                                For the purpose of this Section 13.3, upon the occurrence of any Event of Default, the Lender will declare in the Notice of Default the amount of Default Interest and the due date for the payment of the Default Interest.

 

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(c)                                 Any Default Interest payable under this Section 13.3 which is not paid when due according to the Notice of Default shall be added to the overdue sum and bear Default Interest accordingly.

 

13.4                        Notwithstanding the remedies provided in Sections 13, the Lender may exercise any other remedies, which may be available under this Agreement and the Principal Agreements or the applicable law upon the occurrence of any Event of Default.

 

ARTICLE XIV.
 NOTICES

 

14.1                        Each notice or other communication to be given under this Agreement shall be given in written English or Chinese, and shall be made by telex, fax, or letter.  Each notice, communication or other document to be delivered to any Party shall be made or delivered to the Party’s address or fax number as set out below:

 

(a)                                 To the Borrower:

 

Address: Column D

Tel: (86 21) 64950500 ext Column G

Fax: (86 21) 64950508

Attention: Column A

 

(b)                                 To the Lender:

 

Address: Room 317, No.54, South Ferry Road, Shanghai, China

Tel:  (86 21) 64950555

Fax:  (86 21) 64950508

Attention: ZHANG BANG

 

(c)                                  To ML Shopping:

 

Address: Unit 203, No. 68 Xiu Shan Road

Chong Ming Industrial Park, Shanghai, China 

Tel:  8621 64950555

Fax:  8621 64950508

Attention: ZHANG BANG

 

ARTICLE XV.
 ASSIGNMENTS AND TRANSFERS

 

15.1                        The Borrower shall not assign or delegate its rights and obligations under this Agreement without the Lender’s prior written consent.

 

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15.2                        The Lender may assign any or all of its rights and obligations under this Agreement.  Any such assignee shall have all of the Lender’s rights and obligations under this Agreement as if it were the original party to this Agreement. If the Lender assigns its rights and obligations under this Agreement, the Borrower shall promptly execute all agreements or other documents necessary to perfect such assignment upon the Lender’s request.

 

15.3                        This Agreement shall be binding upon the Borrower and his successors and any assignees permitted by the Lender, and it shall be enforceable by the Lender and each of its successors and assignees.

 

15.4                        In the event that the Lender undergoes restructuring for any reason, the Borrower shall execute a new agreement with the newly restructured the Lender on the same terms and conditions as this Agreement at the request of the Lender.

 

ARTICLE XVI.
 CONFIDENTIALITY

 

16.1                        Each Party hereto agrees to treat information relating to the existence and all material aspects of the transactions contemplated hereby and/or contained herein that is provided to such party by another party or its representatives, as confidential information and agrees not to disclose such information to any Person without the prior written consent of the disclosing Party, except that each Party may disclose such confidential information (i) to its attorneys, accountants, advisors and consultants, provided such persons are subject to confidentiality obligations, (ii) on a need-to-know basis, to its affiliates, and their employees, officers and directors provided such persons are subject to confidentiality obligations, (iii)  any applicable government authority as required by applicable laws or as appropriate to ensure that all Government Licenses of ML Shopping continue in effect and are not in danger of being suspended, terminated or not renewed, and (iv) as otherwise required by applicable laws. Prior to any disclosure under (iii) or (iv) above, the disclosing Party shall have notified the other Parties of the disclosing Party’s intention to make such disclosure and the contents thereof.

 

16.2                        This Section 16 shall survive for a period of two years following the termination of this Agreement.

 

ARTICLE XVII.
 GOVERNING LAW AND SETTLEMENT OF DISPUTES

 

17.1                        Governing Law.  This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and governed by the laws of China.

 

17.2                        Settlement of Disputes.  In the event that a dispute arises in connection with this Agreement, and the Parties cannot resolve the dispute through good faith discussions, either Party shall submit the dispute to arbitration before the Shanghai branch of China International Economic and Trade Arbitration Commission (“CIETAC”) according to the rules of arbitration as administered by the CIETAC at the time.  There shall be a single arbitrator.  If the Parties do not agree to appoint an arbitrator who has consented to participate within twenty (20) days after the issuance of a notice of arbitration by any Party hereto, CIETAC shall appoint

 

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an arbitrator.  Arbitration proceedings shall be in English and shall take place in Shanghai, China.  The arbitration decision shall be final and binding upon the Parties.

 

ARTICLE XVIII.
 AMENDMENTS AND WAIVER

 

18.1                        Amendment. This Agreement may not be modified or amended except by a writing signed by the Lender.

 

18.2                        No Implied Waivers.  The rights of the Lender under this Agreement may be exercised as often as necessary, are in addition to any rights under law, and may not be waived except specifically in a writing signed by the Lender.  The Lender’s delay in exercising any right is not a waiver of such right.

 

ARTICLE XIX.
 MISCELLANEOUS

 

19.1                        Further Assurance.  The Borrower agree to execute and deliver such further documents and do such other acts and things as the Lender may reasonably request in order to fulfil the obligations of the Borrower under this Agreement and protect the Lender’s interests.

 

19.2                        Entire Agreement.  This Agreement, the Note, the Equity Pledge Agreement and the other Principal Agreements constitute the entire Agreement between the Parties hereto in relation to the Loan and supersede all previous proposals, agreements, or other written or oral communications.  The Exhibit referred to herein is incorporated in this Agreement by reference and constitute an integral part of this Agreement.

 

19.3                        Termination.  This Agreement shall become effective on the date it is executed.  This Agreement may be terminated by the Lender at its sole discretion.

 

19.4                        Severability and Replacement.  In the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

19.5                        Languages.  This Agreement shall be written in English and Chinese.  Each Party shall have one equally valid copy of the Agreement in each language.  Both languages shall be equally effective.  In case of any discrepancies between the two languages, the English version shall prevail.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS whereof the Parties hereto have caused this Agreement to be duly executed by their authorised representatives on the date set out above.

 

 

	
Lender: Mai Wang Trading (Shanghai) Co., Ltd.
    	
 
    
	
 
    	
 
    
	
[seal: Mai Wang Trading (Shanghai) Co., Ltd.]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Borrower: Column   A
    	
 
    
	
 
    	
 
    
	
By:
    	
    /s/ Column A
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
ML Shopping: Shanghai Mecox Lane Shopping Co., Ltd.
    	
 
    
	
 
    	
 
    
	
[seal: Shanghai Mecox Lane Shopping Co., Ltd.]
    	
 
    
			


 











 

Exhibit A   Promissory Note

 

FOR VALUE RECEIVED, Column A, a Chinese citizen (the “Borrower”), hereby unconditionally promises to pay to the order of Mai Wang Trading (Shanghai) Co., Ltd., a Chinese wholly foreign owned company, or its assignee(s) (collectively, the “Lender”), the principal sum of Column E, as the principal amount under the loan (“Loan”).

 

1.                                      Maturity:  The Loan shall become due and payable until the earlier of (i) the date on which the Lender, at its sole and absolute discretion, delivers the Exercise Notice to the Borrower pursuant to the Exclusive Purchase Option Agreement, whereby the Borrower shall transfer the Interests to the Lender or to the Lender’s designated natural or legal Persons; and (ii) the date on which ML Shopping is dissolved, liquidated, becomes bankruptcy or otherwise terminated in accordance with the Articles of Association of ML Shopping and relevant PRC laws and regulations from the date of the execution of this note.  The Loan may be renewed pursuant to the Loan Agreement executed between the Lender and the Borrower as of Column B (the “Loan Agreement”).

 

2.                                      Default and Remedy:  Upon the occurrence of any Event of Default specified in the Loan Agreement, the Loan shall automatically become immediately due and payable together with all Default Interest (as defined in the Loan Agreement) accrued and all other obligations payable under the Loan Agreement without any notice.

 

 

	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Column   A
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    


 











 

	
 
    	
 
    	
Column A
    	
 
    	
Column B
    	
 
    	
Column C
    	
 
    	
Column D
    	
 
    	
Column E
    	
 
    	
Column F
    	
 
    	
Column G
    	
 
    
	
1
    	
 
    	
HUANG WEI LING
    	
 
    	
Nov 8, 2013
    	
 
    	
310104197806140025
    	
 
    	
Room 303, No. 12, Wannansi Village,   Xuhui District, Shanghai, China
    	
 
    	
RMB3,000,000
    	
 
    	
60
    	
%
    	
8330
    	
 
    
	
2
    	
 
    	
LIU GUISHENG
    	
 
    	
Sep 17, 2010
    	
 
    	
330328197802163479
    	
 
    	
Room 601, No.6, Lane 157, Zhenhua Road,   Shanghai, China
    	
 
    	
RMB500,000
    	
 
    	
10
    	
%
    	
8163
    	
 
    
	
3
    	
 
    	
SANG XIAOBING
    	
 
    	
Feb 10, 2012
    	
 
    	
330702197207060430
    	
 
    	
Room 203, Building 2, No. 11,   Tongqu Lane, Wucheng Disctrict, Jinhua, Zhejiang Province, China
    	
 
    	
RMB1,500,000
    	
 
    	
30
    	
%
    	
8288