EXHIBIT
4.53
 CREDIT AGREEMENT
 among
 XINHUA FINANCE MEDIA LIMITED
 as Borrower,
 THE SUBSIDIARIES OF THE BORROWER
 FROM TIME TO TIME GUARANTORS HEREUNDER
 as Guarantors,
 THE LENDERS PARTY HERETO,
 and
 PATRIARCH PARTNERS AGENCY SERVICES, LLC
 as Agent
 Dated as of October 21, 2008




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TABLE OF CONTENTS
 PageARTICLE I Defined Terms
    
    
    1Section 1.1 Definitions
    
    
    1ARTICLE II Loans
    
    
    22Section 2.1 Term Loans
    
    
    22Section 2.2 [Reserved]
    
    
    23Section 2.3 Borrowing Mechanics
    
    
    23Section 2.4 Lenders Loan Amounts
    
    
    23Section 2.5 Use of Proceeds
    
    
    23Section 2.6 Evidence of Debt; Register; Notes
    
    
    24Section 2.7 Interest on Loans
    
    
    25Section 2.8 Fees
    
    
    25Section 2.9 Priority of Payments
    
    
    26Section 2.10 Repayment
    
    
    26Section 2.11 Optional Prepayments
    
    
    26Section 2.12 Mandatory Prepayments
    
    
    27Section 2.13 Changed Circumstances
    
    
    28Section 2.14 General Provisions Regarding Payments
    
    
    29Section 2.15 Ratable Sharing
    
    
    30Section 2.16 Termination of Commitments
    
    
    30Section 2.17 Increase in Commitment
    
    
    30ARTICLE III Conditions Precedent; Conditions Subsequent
    
    
    31Section 3.1 Conditions Precedent; Closing Date
    
    
    31Section 3.2 Conditions to Each Borrowing
    
    
    33Section 3.3 Conditions Subsequent
    
    
    35ARTICLE IV Representations and Warranties
    
    
    35Section 4.1 Representations and Warranties of the Credit Parties
    
    
    35Section 4.2 Representations and Warranties of Lenders
    
    
    48ARTICLE V Affirmative Covenants
    
    
    50Section 5.1 Affirmative Covenants
    
    
    50ARTICLE VI Negative Covenants and Financial Covenants
    
    
    56Section 6.1 Negative Covenants
    
    
    56Section 6.2 Financial Covenants
    
    
    61
 i




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TABLE OF CONTENTS
 PageARTICLE VII Increased Costs, Taxes, Indemnification; Set Off; Etc
    
    
    62Section 7.1 Increased Costs; Capital Adequacy
    
    
    62Section 7.2 Taxes; Withholding, Etc
    
    
    63Section 7.3 Indemnification
    
    
    64Section 7.4 Right of Set Off
    
    
    64Section 7.5 Funding Breakage
    
    
    65Section 7.6 Mitigation
    
    
    65ARTICLE VIII Events of Default
    
    
    65Section 8.1 Events of Default
    
    
    65Section 8.2 Remedies
    
    
    68ARTICLE IX The Agent
    
    
    70Section 9.1 Appointment of Agent
    
    
    70Section 9.2 Powers and Duties
    
    
    70Section 9.3 Delegation of Duties
    
    
    70Section 9.4 General Immunity
    
    
    70Section 9.5 Agent Entitled to Act with the Borrower
    
    
    71Section 9.6 Lenders Representations, Warranties and Acknowledgment
    
    
    72Section 9.7 Right to Indemnity
    
    
    72Section 9.8 Successor Agent
    
    
    72Section 9.9 Collateral Documents
    
    
    73Section 9.10 Notice of Default
    
    
    74Section 9.11 Delivery of Documents, Notices, Etc
    
    
    74ARTICLE X Conversion
    
    
    74Section 10.1 Conversion Privilege
    
    
    74Section 10.2 Conversion Procedure
    
    
    76Section 10.3 Conversion Price Adjustments
    
    
    76Section 10.4 Notice of Conversion Price Adjustments
    
    
    86Section 10.5 Effect of Reclassification, Consolidation, Merger or Sale on Conversion
Privilege
    
    
    87Section 10.6 Additional Covenants
    
    
    88ARTICLE XI Miscellaneous
    
    
    90Section 11.1 Amendments and Waivers; Release of Collateral
    
    
    90
 ii




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TABLE OF CONTENTS
 PageSection 11.2 Notices
    
    
    91Section 11.3 Expenses
    
    
    92Section 11.4 Enforceability; Successors and Assigns
    
    
    93Section 11.5 Lenders Obligations Several; Independent Nature of Lenders Rights
    
    
    94Section 11.6 Integration
    
    
    95Section 11.7 No Waiver Remedies
    
    
    95Section 11.8 Execution in Counterparts
    
    
    95Section 11.9 Waiver of Jury
    
    
    95Section 11.10 Severability
    
    
    95Section 11.11 Survival
    
    
    96Section 11.12 Maximum Lawful Interest
    
    
    96Section 11.13 Interpretation
    
    
    97Section 11.14 Ambiguities
    
    
    97Section 11.15 Agent for Service of Process
    
    
    97Section 11.16 Governing Law
    
    
    97Section 11.17 Arbitration
    
    
    98Section 11.18 Jurisdiction
    
    
    98Section 11.19 Judgment Currency
    
    
    99Section 11.20 Waiver of Immunities
    
    
    99Section 11.21 No Short Sales
    
    
    99Section 11.22 Confidentiality
    
    
    99Section 11.23 No Advisory or Fiduciary Relationship
    
    
    100
 Exhibit A
    
    [Reserved]Exhibit B
    
    Form of Funding NoticeExhibit C
    
    Form of Term NoteExhibit D
    
    Form of GuarantyExhibit E
    
    Form of Directors CertificateExhibit F
    
    Form of Closing Date CertificateExhibit G
    
    Form of JoinderExhibit H
    
    Form of Assignment AgreementExhibit I
    
    Form of OpinionExhibit J
    
    Form of Investor and Registration Rights AgreementSCHEDULE I
    
    Commitments
 iii




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Borrower Guarantors Lender Lenders PPAS Agent
 RECITALS
     Defined Terms
 Definitions
 Action
 ADRs
 ADSs
 Affiliate




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controlled by under common control with
 Affiliate Assignee provided however
 Agent
 Agent Fee
 Aggregate Amounts Due
 Agreement
 Applicable Margin
 Approved Media Assets
 Articles of Association
 Asset Sale
 2




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Assignee
 Assignment
 Assignment Agreement
 Assignment Fee
 Authorized Officer
 Authorized Share Failure
 Bankruptcy Code
 Base Rate
 Board
 Borrower
 Borrower Common Shares
 Borrower Security Agreement
 Borrowing
 Borrowing Date
 Business Day
 3




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Capital Expenditures
 Capital Lease
 Capital Stock
 Cash
 Change of Control
 provided
  4




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Class B Common Shares
 Closing Date
 Closing Date Certificate
 Closing Price
 Collateral
 Collateral Documents
 Commitment Fee
 Commitment Period
 Commitments
 Consented Court
 Consents
 5




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Consolidated EBITDA
 Consolidated Net Income ,
 Contract Rate
 Control
 Conversion Amount
 Conversion Date
 Conversion Notice
 Conversion Price
 Conversion Rate
 Conversion Securities
 Convertible Securities
 6




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Convey Companies
 Credit Document
 Credit Party
 Current Market Price
 Determination Date
 Default
 Default Rate
 Deposit Account
 Deposit Agreement
 Depositary
 Disclosure Schedule
 Dollars $
 Domestic Subsidiary
 DTC
 Earn-Out Consideration
 7




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Eligible Assignee accredited investor provided however
 Employee Share Options
 Environmental Laws
 Environmental Liability
 Environmental Permits
 ERISA
 Event of Default
 Exchange Act
 Exempt Issuance
 Expiration Date
 8




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Expiration Time
 Fair Market Value
 FCPA
 Financial Officer Certification
 Financials
 First Anniversary
 Fiscal Quarter
 Fiscal Year
 Foreign Lender
 Foreign Subsidiary
 Fully-Diluted Common Shares
 Funding Notice Exhibit B
 GAAP
 Governmental Action
 9




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Governmental Body
 Group Service Agreement
 Guaranty Exhibit D
 Guarantor Security Agreement
 Guarantors
 Hazardous Materials
 HK Dollar HK$
 HKIAC
 Hong Kong
 Increase Effective Date
 Indebtedness
 10




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Indemnified Agent Person
 Indemnified Persons
 Intellectual Property
 Interest Coverage Ratio
 Interest Expense
 Interest Period provided
  11




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Internal Control Agreement
 Internal Revenue Code
 Investment
 12




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Investor and Registration Rights Agreement Exhibit J
 Joint Venture provided
 Judgment Currency
 Knowledge
 Leasehold Property
 Lender Lenders
 Leverage Ratio
 LIBOR
 13




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LIBOR Loans
 License Agreement License Agreements
 Lien
 Limitation
 Loans
 Loan Payment Amount
 Loan Shares
 Losses
 Margin Stock
 Material Adverse Effect
 Material Contracts
 14




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provided however
 Maturity Date
 Maximum Rate
 Media Assets
 Media Companies
 Member
 MNPI
 Net Cash Proceeds
 New Securities
 15




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Notes
 Notices
 OFAC
 Obligations
 Officers Certificate
 Operating Leases
 Opinion of Counsel
 Optional Prepayment Date
 Options
 Parent
 Participant
 Participation
 Patriot Act
 16




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Payment in Full
 Permit
 Permitted Indebtedness
 Permitted Investments
 Permitted Liens
 Person
 Pledge Agreement
 PPAS
 PRC
 Projections
 Principal Office
 Pro Rata Share
 Purchased Shares
 17




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Qualified Exchange
 Register
 Register of Members
 Regulation
 Regulation M
 Related Fund
 Related Proceedings
 Relevant Property
 Required Lenders
 Required Reserve Amount
 Restricted Junior Payment
 18




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provided however provided further
 Rights
 Rights Plan
 RMB
 Sanctioned Entity
 Sanctioned Person
 SEC
 Second Anniversary
 SEC Reports
 Securities
 19




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Securities Act
 Securities Litigation
 Security Agreements
 Series B Preferred Shares
 Shareholder Approval
 Share Option and Share Grant Plan
 Significant Person
 Solvent
 Specified Courts
 Spinoff Valuation Period
 20




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Structuring Fee
 Sub-Agent
 Subject Securities
 Subordination Agreement
 Subsidiary
 Tax provided
 Term Loan Commitment Schedule I
 Term Loan
 Term Loan Exposure
 Term Note
 Third Anniversary
 21




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Total Debt
 Trading Day
    Trigger Event
 Triggering Distribution
 UBS Loan
 UCC
 UNCITRAL
 Undesignated Shares
 WFOE
 Loans
 Term Loans
  22




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Article X
   Borrowing Mechanics
  provided
  Lenders Loan Amounts
 Use of Proceeds
 23




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Evidence of Debt; Register; Notes
 Lenders Evidence of Debt provided provided further
 Register Register provided
 Notes Exhibit C Term Note
 24




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Interest on Loans
 Applicable Rate plus
 Calculation of Interest Rates provided
 Payment of Interest
 Default Interest
 Fees
 Agent
Fee
 Structuring Fee times
 25




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Commitment
Fee times
  Priority of Payments
 Repayment provided
 Optional Prepayments Optional Prepayment Date provided
 26




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Mandatory Prepayments
 Debt or Equity Offerings
 Change of Control
 27




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Payment Certificate
 Changed Circumstances plus provided
 28




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General Provisions Regarding Payments
 Payments
 Non-Conforming Payments
 Payments to Include Accrued Interest
 Distributions by the Agent
 29




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Business Days
 Ratable Sharing Aggregate Amounts Due provided
 Termination of Commitments
  Request for Increase
 30




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Effective Date and Allocations Increase Effective Date
 Conditions to Effectiveness of Increase Article IV
 Conditions Precedent; Conditions Subsequent
 Conditions Precedent; Closing Date
 Directors Certificates Exhibit E
 31




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Organizational and Capital Structure
 Good Standing Certificates
 Proceedings
 Closing Date Certificate Exhibit F Closing Date
Certificate
 UCC Financing Statements
 Credit Documents
 Security Collateral
 Waivers
 32




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Other Information
 Opinions Exhibit I
 Fees and Expenses
 Conditions to Each Borrowing
 Funding Notice
 Representations and Warranties
 No Default or Event of Default
 33




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Consents
 Available Commitment
 No Material Adverse Effect
 No Order
 Actions to Perfect Security Interests
 Approval of Acquisition provided however
 34




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Conditions Subsequent
 Deposit Accounts
 Appointment of Process Agent
 Representations and Warranties
 Representations and Warranties of the Credit Parties
 Corporate Status; Corporate Authorization Loan Shares
 35




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Execution and Binding Effect
 Tangible Assets
 Senior Indebtedness pari passu
 Laws
 36




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Litigation
 Governmental Approvals and Filings Governmental Action
  Collateral
 Partnerships, Etc
 37




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Fiscal Year
 Subsidiaries
   Capitalization
 Undesignated Shares
 38




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Loan Shares
 39




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Deposit Agreement; Issuance of ADSs
 No Material Misstatements and Omissions
  SEC Reports
 40




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##### 



Independent Accountants
 No Undisclosed Liabilities; No Debt
 Solvency
 41




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Labor Practices
 Employee Benefits
 Environmental Matters
   42




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Insurance
 Intellectual Property
 43




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License Agreements License
Agreement
 Absence of Events of Default
 Absence of Other Defaults
 Material Contracts
 Brokerage Fees
 Margin Regulations
 44




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Taxes
   USA Patriot Act; Etc Patriot Act
 45




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FCPA
 OFAC
 No Material Adverse Change
 Financial Projections Projections
 Indebtedness
 46




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Liens
 Media Assets
 Internal Control Agreements
 Deposit Accounts
 Exchange Listing
 Registration, Information and Special Voting Rights
 47




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Securities Law Compliance
 No Price Stabilization or Manipulation; Compliance with Regulation M, Etc . Regulation M
 Passive Foreign Investment Company
 Representations and Warranties of Lenders
 Purchase Entirely for Own Account
 Accredited Investor
 Investment Experience
 48




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Acknowledgement of Risks
 Country Risk
 Regulatory Environment
 Currency Restrictions
 Execution and Binding Effect
 Resale Restrictions
 49




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Affirmative Covenants
 Affirmative Covenants
 Basic Reporting Requirements
       50




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Visitation; Verification
 Maintenance of Properties
 Notice of Material Events
 Use of Proceeds
 51




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Further Assurances
   Insurance
 Information Regarding Collateral
 52




---



##### 



Existence; Conduct of Business provided
 Payment of Obligations
 Compliance with Regulations
 Compliance with Material Contracts
 Guarantors Exhibit G Exhibit D Exhibit B
 53




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Reserved Shares
 Additional Media Assets provided however
 54




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Blue Sky Compliance
 Disclosure; Other Material, Nonpublic Information th MNPI provided
 55




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##### 



Listing
 Issuance of ADSs
 Negative Covenants and Financial Covenants
 Negative Covenants
 Indebtedness
 56




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Permitted Indebtedness
 Liens Permitted Liens
 Sales and Lease-Backs
 Transactions with Shareholders and Affiliates provided
 57




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##### 



Investments
        Permitted Investment
 Certain Agreements provided
 58




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##### 



provided
 Mergers; Asset Sales provided
 Fiscal Year; Fiscal Quarter
 Restricted Payments
 Operating Leases
 Subsidiaries
 59




---



##### 



Organizational Documents
 Bankruptcy
 Liquidation or Dissolution
 Restrictions on Subsidiary Distributions
 60




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##### 



Media Assets
 Financial Covenants
 Minimum Consolidated EBITDA, Interest Coverage Ratio and Maximum Leverage
Ratio
 MinimumConsolidated
    
    Minimum Interest
    
    Maximum LeverageFiscal Quarter Ending
    
    EBITDA
    
    Coverage Ratio
    
    Ratio4th
Fiscal Quarter
ending in Fiscal
Year 2008
    
    $
    25,480,000
    
    
    
    5.03 : 1
    
    
    
    3.23 : 11st Fiscal Quarter
ending in Fiscal
Year 2009
    
    $
    25,603,000
    
    
    
    3.48 : 1
    
    
    
    4.61 : 12nd Fiscal Quarter
ending in Fiscal
Year 2009
    
    $
    26,031,000
    
    
    
    2.72 : 1
    
    
    
    4.54 : 13rd Fiscal Quarter
ending in Fiscal
Year 2009
    
    $
    29,417,000
    
    
    
    2.72 : 1
    
    
    
    4.02 : 14th Fiscal Quarter
ending in Fiscal
Year 2009
    
    $
    33,298,000
    
    
    
    2.85 : 1
    
    
    
    3.55 : 11st Fiscal Quarter
ending in Fiscal
Year 2010
    
    $
    33,555,000
    
    
    
    2.87 : 1
    
    
    
    3.52 : 12nd Fiscal
Quarter ending in Fiscal
Year 2010
    
    $
    34,450,000
    
    
    
    2.94 : 1
    
    
    
    3.43 : 13rd Fiscal Quarter
ending in Fiscal
Year 2010
    
    $
    35,464,000
    
    
    
    3.03 : 1
    
    
    
    3.33 : 14th Fiscal
Quarter ending in Fiscal
Year 2010
    
    $
    36,627,000
    
    
    
    3.13 : 1
    
    
    
    3.23 : 11st Fiscal Quarter
ending in Fiscal
Year 2011
    
    $
    36,911,000
    
    
    
    3.15 : 1
    
    
    
    3.20 : 1
 61




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MinimumConsolidated
    
    Minimum Interest
    
    Maximum LeverageFiscal Quarter Ending
    
    EBITDA
    
    Coverage Ratio
    
    Ratio2nd Fiscal Quarter
ending in Fiscal
Year 2011
    
    $
    37,895,000
    
    
    
    3.24 : 1
    
    
    
    3.12 : 13rd Fiscal Quarter
ending in Fiscal
Year 2011
    
    $
    39,010,000
    
    
    
    3.33 : 1
    
    
    
    3.03 : 14th Fiscal Quarter
ending in Fiscal
Year 2011
    
    $
    39,650,000
    
    
    
    3.39 : 1
    
    
    
    2.98 : 11st Fiscal Quarter
ending in Fiscal
Year 2012
    
    $
    39,806,000
    
    
    
    3.40 : 1
    
    
    
    2.97 : 12nd Fiscal Quarter
ending in Fiscal
Year 2012
    
    $
    40,347,000
    
    
    
    3.45 : 1
    
    
    
    2.93 : 13rd Fiscal Quarter
ending in Fiscal
Year 2012
    
    $
    40,961,000
    
    
    
    3.50 : 1
    
    
    
    2.88 : 1
 Minimum Cash Balance
 Certain Calculations
 Increased Costs, Taxes, Indemnification; Set Off; Etc.
 Increased Costs; Capital Adequacy
 62




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##### 



Taxes; Withholding, Etc
 Payments to Be Free and Clear
 Withholding of Taxes
  63




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##### 



Indemnification
 Indemnification by the Borrower Indemnified Persons Losses
 Contribution
 Right of Set Off
 64




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##### 



Funding Breakage
  Mitigation Changed
Circumstances Increased Costs; Capital Adequacy Taxes; Withholding,
etc. Funding Breakage provided
 Events of Default
 Events of Default Event of Default
 Failure to Make Payments When Due
 65




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##### 



Breach of Certain Covenants
 Breach of Representations, Etc
 Other Defaults Under Credit Documents
 Default Under Other Indebtedness provided however
 Involuntary Bankruptcy, Appointment of Receiver, Etc
 66




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##### 



Voluntary Bankruptcy, Appointment of Receiver, Etc
 Judgments and Attachments
 Dissolution
 Collateral Documents and other Credit Documents
 67




---



##### 



UBS Loan
 Securities Litigation
  Internal Control Agreements
 Breach of Conversion, Listing or ADS Insurance Obligation
 Remedies
 68




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##### 



Certain Remedies provided
 Remedies in All Events of Default
 Lenders Remedies
 Remedies Non-Exclusive
 69




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##### 



The Agent
 Appointment of Agent
 Powers and Duties
 Delegation of Duties Sub-Agent
 General Immunity
 No Responsibility for Certain Matters
 70




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##### 



Exculpatory Provisions
 Agent Entitled to Act with the Borrower
 71




---



##### 



Lenders Representations, Warranties and Acknowledgment
   Right to Indemnity Indemnified Agent Person provided provided further provided further
 Successor Agent
  72




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##### 



provided
  Collateral Documents
 Agent as the Agent under Collateral Documents
 73




---



##### 



Agents Right to Realize on Collateral
 Notice of Default
 Delivery of Documents, Notices, Etc
 Conversion
 Conversion Privilege
 First Anniversary
 74




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##### 



Conversion Rate Conversion Amount
 Conversion Price
 Second Anniversary
 Third Anniversary
   Portions of Loans
 Accrued Interest
 No Fractional Shares
 Limitation on Borrower Common Shares
 75




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##### 



Limitation
 Conversion Procedure Conversion Notice Conversion Date
   Conversion Price Adjustments
 Adjustments for Capital Stock Issuances Below Conversion Price or Current
Market Price New
Securities
 76




---



##### 



CP2 = CP1 x
    
    (A + B)
   (A + C)
 2 1 1 1 provided
 Effect of Issuance of Options
 77




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##### 



Effect of Issuance of Convertible Securities
 Integrated Transaction
 78




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##### 



Calculation of Consideration Received
  Adjustments for Dividend or Split
 Adjustments for Combinations
 Adjustments for Distributions of Capital Stock, Indebtedness or Other Non-Cash
Assets
 79




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80




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th
 Spinoff Valuation Period th
  Rights Rights Plan
 81




---



##### 



Trigger Event
 Adjustments for Distributions of Cash Triggering Distribution
 82




---



##### 



Determination Date
    Adjustments for Purchases of Common Shares by Tender Offer Expiration Date Expiration Time
  Purchased Shares
 83




---



##### 



Related Definitions & Interpretations
  Current Market Price
 Closing Price
 84




---



##### 



Exempt Issuances Exempt Issuances
 85




---



##### 



Amendments Subject Securities
 No Adjustments for 1% Changes provided however provided further
 Notice of Conversion Price Adjustments
 86




---



##### 



Effect of Reclassification, Consolidation, Merger or Sale on Conversion
Privilege
 Conversion Securities
   87




---



##### 



Additional Covenants
 Reservation of Common Shares
 Requirement to Seek Shareholder Approval Shareholder Approval
 88




---



##### 



Insufficient Authorized Shares Required Reserve
Amount Authorized Share Failure
 Validity
 Compliance with Applicable Regulations; Additional Listing Application
 Taxes
 Protection of Conversion Rights
 89




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##### 



Cancellation of Converted Loans
 Miscellaneous
 Amendments and Waivers; Release of Collateral
 General
 Other Consent
 Prior Unanimous Written Consent
   90




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##### 



Effect of Notices, Waivers or Consents
 Certain Collateral Releases
 Notices Notices
 (a)
    
    If to the Borrower, at:Xinhua Finance Media LimitedSuite 2003-5Vicwood Plaza199 Des Voeux RoadCentral, Hong KongAttention:
    
    John McLeanTelephone:
    
    +852 3196 3939Facsimile:
    
    +852 2541 8266With a copy to:Latham & Watkins41st Floor, One Exchange Square8 Connaught Place, CentralHong KongAttention:
    
    David ZhangTelephone:
    
    +852 2912 2503Facsimile:
    
    +852 2522 7006
 91




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(b)
    
    If to the Agent, at:Patriarch Partners Agency Services, LLC227 West Trade Street, Suite 1400Charlotte, North Carolina 28202Attention:
    
    Loan Administration/XFMTelephone:
    
    (704) 227 1200Facsimile:
    
    (704) 375 0358with a copy to:Patriarch Partners, LLC40 Wall Street, 25th FloorNew York, NY 10005Attention:
    
    Fred ShaneTelephone:
    
    (212) 825-3908Facsimile:
    
    (212) 825-2038with a copy to:Jones Day2727 North Harwood StreetDallas, Texas 75201Attention:
    
    Michael O. Weinberg, Esq.Telephone:
    
    (214) 969-2945Facsimile:
    
    (214) 220-3939
   Expenses
  92




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##### 



Enforceability; Successors and Assigns
 Enforceability Successors and Assigns ab initio
 Assignments Assignment
 93




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##### 



Exhibit H Assignment Agreement Assignment Fee
 Participations Participation Participant
 Lenders Rights to Pledge Loans provided
 Lenders Obligations Several; Independent Nature of Lenders Rights
 94




---



##### 



Integration
 No Waiver Remedies
 Execution in Counterparts
 Waiver of Jury
 Severability
 95




---



##### 



Survival provided however
 Maximum Lawful Interest
 Contract Rate
 ipso facto
 96




---



##### 



provided
 Interpretation
 Ambiguities
 Agent for Service of Process th
 Governing Law . Related Proceedings Specified Courts
 97




---



##### 



Arbitration . UNCITRAL HKIAC
 Jurisdiction provided however provided further Consented
Court
 98




---



##### 



Judgment Currency Judgment Currency
 Waiver of Immunities
 No Short Sales
 Confidentiality
  99




---



##### 



No Advisory or Fiduciary Relationship .
  100




---



##### 



BORROWER:
    
    XINHUA FINANCE MEDIA LIMITEDBy:
    
    /s/ Andrew Chang

Name: Andrew ChangTitle: Chief Financial Officer
  S-1




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GUARANTORS:Address for Notices:Suite 2003-5Vicwood Plaza199 Des Voeux RoadCentral, Hong KongAttention:
    
    General CounselTelephone:
    
    +852 3196 3939Facsimile:
    
    +852 2541 8266With a copy to:Latham & Watkins41st Floor, One Exchange Square8 Connaught Place, CentralHong KongAttention:
    
    David Zhang, Esq.Telephone:
    
    +852 2912 2503Facsimile:
    
    +852 2522 7006
 UPPER STEP HOLDINGS LIMITEDBy:
    
    /s/ Andrew Chang

Name: Andrew ChangTitle: Authorized SignatoryCHINA LEAD PROFITS LIMITEDBy:
    
    /s/ Andrew Chang

Name: Andrew ChangTitle: Authorized SignatorySTAREASE LIMITEDBy:
    
    /s/ Andrew Chang

Name: Andrew ChangTitle: Authorized SignatoryCHINA MEDIA NETWORK LIMITEDBy:
    
    /s/ Andrew Chang

Name: Andrew ChangTitle: Authorized Signatory
    S-2




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AGENT:
    
    PATRIARCH PARTNERS AGENCY SERVICES, LLC, as AgentBy:
    
    /s/ Lynn Tilton

Name: Lynn TiltonTitle: Manager
  S-3




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LENDERS:
 Address for Notices:
    
    ZOHAR CDO 2003-1, LIMITEDc/o Patriarch Partners XIV, LLC
    
    By:
    
    Patriarch Partners VIII, LLC,227 West Trade Street, Suite 1400
    
    
    
    its Collateral ManagerCharlotte, North Carolina 28202Telephone: (704) 227-1200
    
    
    
    By:
    
    /s/ Lynn TiltonFacsimile: (704) 375-0358
    
    
    
    
    
    Name: Lynn TiltonTitle: ManagerZOHAR II 2005-1, LIMITEDBy:
    
    Patriarch Partners XVI, LLC,its Collateral ManagerBy:
    
    /s/ Lynn Tilton

Name: Lynn TiltonTitle: Manager
  S-4




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##### 



SCHEDULE
I
  Lender
    
    Term LoanZOHAR CDO 2003-1, LIMITED
    
    $
    31,000,000.00ZOHAR II 2005-1, LIMITED
    
    $
    9,000,000.00Total
    
    $
    40,000,000.00