Document:

Unassociated Document

    

    

     

    PROMISSORY
      NOTE

    (Term)
      

     

     

    
      	
              $87,697

            	
              April
                30, 2008

            

    

     

     

    For
      Value Received,
      Infinity I-China Acquisition Corporation, a Cayman Islands exempt company
      (“Maker”),
      hereby unconditionally promises to pay to the order of Infinity-CSVC Management
      Ltd., an Israeli company (“Lender”),
      in
      lawful money of the United States of America and in immediately available funds,
      the principal sum of EIGHTY SEVEN THOUSAND SIX HUNDRED AND NINETY SEVEN
      ($87,697) (the “Loan”),
      due
      and payable on the dates and in the manner set forth below.

     

    1.
        Principal
      Repayment.
      The
      outstanding principal amount of the Loan shall be due and payable as soon as
      reasonably practicable upon the earliest to occur of (i) November 8, 2008,
      (ii)
      the date on which the Lender declares an Event of Default (as defined below)
      to
      have occurred and (iii) an initial public offering of the securities of the
      Maker (or any successor entity) to the public pursuant to an effective
      registration statement filed under the Securities Act of 1933, as amended (an
      “IPO”),
      (such
      date first to occur being referred to herein as the “Maturity
      Date”).
      This
      Note may be prepaid in whole or in part at any time without notice, premium
      or
      penalty.

     

    2.
        Interest
      Rate and Payments.
      No
      interest shall accrue on the unpaid principal balance of the Loan; provided,
      however,
      that
      Maker promises to pay interest on the outstanding principal amount hereof from
      and after the Maturity Date, or during the continuance of an Event of Default
      (as defined below), at the rate of five percent (5.0%) per annum, (or, if such
      rate exceeds the maximum rate permitted by law, then at such maximum rate
      permitted by law). Interest shall be calculated on the basis of a 365-day year
      for the actual number of days elapsed. 

     

    3.
        Place
      of Payment.
      All
      amounts payable hereunder shall be payable in immediately available funds at
      the
      office of the Lender, unless another place of payment shall be specified in
      writing by the Lender.

     

    4.
        Application
      of Payments.
      Payment
      on this Note shall be applied first to costs and expenses incurred in the
      collection of any sum due hereunder, then to accrued interest, and thereafter
      to
      the outstanding principal balance hereof. Any principal repayment or interest
      payment hereunder not paid when due, whether at stated maturity, by acceleration
      or otherwise, shall bear interest at the rate set forth in the third sentence
      of
      Section 2 hereof (or, if such rate exceeds the maximum rate permitted by law,
      then at such maximum rate permitted by law) until paid in full.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    5.
        Value
      Added Tax. The
      Maker
      shall bear all Value Added Tax arising hereunder including as a result of the
      payment of interest or conversion rate differentials. 

     

    6.
        Representations
      and Warranties. Maker
      represents and warrants to the Lender that: 

     

    (a)
        Maker
      is
      duly organized, validly existing, and in good standing under the laws of its
      jurisdiction of incorporation and is duly qualified and in good standing in
      every other jurisdiction where the nature of its business or the location or
      ownership of its properties requires such qualification; 

     

    (b)
        Maker
      has
      the full corporate power and authority to execute and deliver this Note and
      to
      perform all of the obligations hereunder, and all necessary corporate action
      has
      been taken to execute and deliver this Note and to make the borrowings
      hereunder;

     

    (c)
        this
      Note
      constitutes the legal, valid, and binding obligations of the Maker, enforceable
      against Maker in accordance with its terms, subject to applicable bankruptcy,
      insolvency, reorganization or similar laws generally affecting the enforcement
      of the rights of creditors; and

     

    (d)
        the
      execution, delivery and performance by the Maker of this Note do not (i) violate
      any provisions of the Maker’s Certificate of Incorporation, bylaws or any
      contract, agreement, law, regulation, order, decree or writ to which the Maker
      or any of its properties are subject, or (ii) require the consent or approval
      of
      any person, entity or authority, including, without limitation, any regulatory
      authority or governmental body of the United States of America or any state
      thereof or any political subdivision of any of the foregoing.

     

    7.
        Default.
      Each of
      the following events shall be an “Event
      of Default”
      hereunder:

     

    (a)
        Maker
      fails to pay any of the principal, interest or any other amounts payable under
      this Note within five (5) business days following the date as the same becomes
      due and payable;

     

    (b)
        Maker
      files any petition or action for relief under any bankruptcy, reorganization,
      insolvency or moratorium law or any other law for the relief of, or relating
      to,
      debtors, now or hereafter in effect, or seeks the appointment of a custodian,
      receiver, trustee (or other similar official) of the Maker or all or any
      substantial portion of the Maker’s assets, or makes any assignment for the
      benefit of creditors or takes any action in furtherance of any of the foregoing,
      or fails to generally pay its debts as they become due; or

     

    (c)
        an
      involuntary petition is filed, or any proceeding or case is commenced, against
      the Maker (unless such proceeding or case is dismissed or discharged within
      sixty (60) days of the filing or commencement thereof) under any bankruptcy,
      reorganization, arrangement, insolvency, adjustment of debt, liquidation or
      moratorium statute now or hereafter in effect, or a custodian, receiver,
      trustee, assignee for the benefit of creditors (or other similar official)
      is
      applied for, appointed for the Maker or to take possession, custody or control
      of any property of the Maker, or an order for relief is entered against the
      Maker in any of the foregoing. 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    8.
        Remedies.
      Upon
      the
      occurrence and during the continuance of an Event of Default
      hereunder:

     

    (a)
        all
      unpaid principal, accrued interest and other amounts owing hereunder shall,
      at
      the option of the Lender, and, in the case of an Event of Default pursuant
      to
Section
      6 (b)
      or
(c)
      above,
      automatically, be immediately due, payable and collectible by the Lender
      pursuant to applicable law;

     

    (b)
        any
      and
      all unpaid principal, interest or other amounts due under this Note shall
      thereafter bear interest at the maximum rate set forth in the third sentence
      of
      Section 2 hereof; and

     

    (c)
        the Lender
      may exercise any and all rights and remedies it may have under this Note or
      under applicable law.

     

    All
      rights and remedies shall be cumulative and not exclusive. The failure of the
      holder hereof to exercise all or any of its rights, remedies, powers or
      privileges hereunder or any other agreement or applicable law in any instance
      shall not constitute a waiver thereof in that or any other
      instance.

     

    9.
        Expenses.
      The
      Maker agrees to and shall pay to the Lender on demand, any and all expenses,
      including, without limitation, reasonable attorney’s fees and disbursements,
      incurred or paid by the Lender for collection or enforcement of amounts
      outstanding hereunder.

     

    10.
        Waivers.
      The
      Maker, for itself and its legal representatives, successors and assigns, hereby
      expressly waives demand, protest, presentment, notice of dishonor, notice of
      acceptance, and notice of protest, and all other demands and notices in
      connection with the delivery, acceptance, performance, default or enforcement
      of
      this Note and agrees that any extension, renewal or postponement of the time
      of
      payment or any other indulgence to, or release of any person now or hereafter
      obligated for the payment of this Note shall not affect the Maker’s liability
      hereunder.

     

    11.
        Governing
      Law. This
      Note
      shall be governed by, and construed in accordance with, the laws (and not the
      laws of conflict) of the State of Israel. 

     

    12.
        Successors
      and Assigns.
      This
      Note and all obligations of the Maker hereunder shall be binding upon the
      successors and assigns of the Maker, and shall, together with the rights and
      remedies of the Lender hereunder, inure to the benefit of the Lender, any future
      holder of this Note and their respective successors and assigns, provided,
      however, the Maker may not transfer or assign its rights or obligations
      hereunder without the express written consent of the Lender, and any purported
      transfer or assignment by the Maker without the Lender’s written consent shall
      be null and void. The Lender may assign, transfer, participate or endorse its
      rights under this Note without the consent or approval of the Maker, and all
      such rights shall inure to the Lender’s successors and assigns. No sales of
      participations, other sales, assignments, transfers, endorsements or other
      dispositions of any rights hereunder or any portion thereof or interest therein
      shall in any manner affect the obligations of the Maker under this Note. Upon
      request, the Maker shall, at its own expense, execute and deliver to the
      assignee of this Note, a replacement Note of equal and like tenor in an amount
      assigned to and assumed by such assignee.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    13.
        Entire
      Agreement; Amendments; Invalidity.
      This
      Note constitutes the entire agreement and understanding of the parties, and
      supercedes and replaces in its entirety any prior discussions, agreements,
      etc.,
      all of which are merged herein and therein. None of the terms of this Note
      may
      be amended or otherwise modified except by an instrument executed by each of
      the
      Maker and the Lender. If any term of this Note shall be held to be invalid,
      illegal or unenforceable, the validity of all other terms hereof shall in no
      way
      be affected thereby, and this Note shall be construed and be enforceable as
      if
      such invalid, illegal or unenforceable term had not been included
      herein.

     

    In
      Witness Whereof,
      this
      Note has been duly executed and delivered as of the date first set forth
      above.

    

       

      Maker:
        

       

      Infinity
        I-China Acquisition Corporation. 

       

      By:
        ______________________________

      Amir
        Gal-Or and Avishai Silvershatz 

      Co-Presidents
        and co-Chief Executive Officers

       

    

    
      
         

      

      
        4RIGHT
      OF FIRST REFUSAL AND

    CORPORATE
      OPPORTUNITIES AGREEMENT

    

    THIS
      RIGHT OF FIRST REFUSAL AND CORPORATE OPPORTUNITIES AGREEMENT (this “Agreement”)
      is
      made as of [ ], 2008 by and among Infinity I-China Acquisition Corporation,
      a
      Cayman Islands corporation (the “
      Company”),
      Infinity
      I-China Fund (Cayman), L.P. (“Infinity
      Cayman”),
      Infinity I-China Fund (Israel), L.P. (“Infinity
      Israel”)
      and
      Infinity I-China Fund (Israel 2), L.P.
      (collectively with Infinity Cayman and Infinity Israel, the “Infinity
      Funds”),
      in
      connection with the Company’s proposed public offering of Units pursuant to a
      registration statement on Form F-1, filed by the Company with the Securities
      and
      Exchange Commission (as amended, the “Registration
      Statement”).

    

    RECITALS

    

    WHEREAS,
      the Infinity Funds are the sponsors of the Company, and the Company and the
      Infinity Funds share certain officers and directors; and

    

    WHEREAS,
      because each of the Company and the Infinity Funds will be seeking business
      opportunities in China,
      and on target businesses in the technology industry,
      the
      parties have made this Agreement to clarify the business opportunities for
      which
      each party shall have the right of first refusal.

    

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as
      follows:

    

    1.
      Right
      of First Refusal.
      For the
      term specified in
      Section 2
      of this
      Agreement and subject to subsections (b), (c) and (e) of this Section
      1,
      each of
      the Infinity Funds hereby grants to the Company a right of first refusal as
      follows:

    

    (a) Each
      of
      the Infinity Funds shall first present any investment or acquisition opportunity
      in a business or businesses whose aggregate fair market value is at least equal
      to 80% of the balance of the Company’s trust account (as described in the
      Registration Statement), to a committee of the Company’s independent directors,
      and will not enter into any agreement to purchase or invest in such business
      or
      businesses until the Company’s committee of independent directors determines,
      within the time frame and manner specified below, whether or not to pursue
      such
      business opportunity. 

    

    (b) Notwithstanding
      anything to the contrary in this Agreement, the Company agrees that any such
      business entity with respect to which any of the Infinity Funds has initiated
      any contacts or entered into any discussions or negotiations, formal or
      informal, regarding the Infinity Funds’ acquisition of, or investment in, such
      business prior to the completion of the Company’s offering, as set forth in the
      Registration Statement, will not be a potential acquisition target for Company,
      unless the Infinity Funds decline to pursue such business opportunity and notify
      Company of the same in writing. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (c) After
      review of any potential corporate opportunity, the Company may release the
      right
      of first refusal set forth in this Section 1 with respect to such corporate
      opportunity. Decisions by the Company to release any of the Infinity Funds
      to
      pursue such corporate opportunity will be made by a majority of the Company’s
      independent directors. 

    

    (d) As
      used
      herein, the term “Business
      Combination”
(as
      described more fully in the Registration Statement) shall mean a merger, capital
      stock exchange, asset acquisition, or other similar business combination between
      the Company and one or more operating businesses.

    

    (e) Each
      of
      the Infinity Funds whose general partner, principals, directors, officers or
      employees become aware of a corporate opportunity which is subject to this
      Agreement shall provide written notice of the business opportunity to the
      Company pursuant to this right of first refusal within five (5) business days
      of
      its identification of the corporate opportunity. Any right of first refusal
      granted shall expire ninety (90) days from the date of the written notice,
      provided that, during such ninety (90)-day
      period, the Company has failed to commence discussions with any third party
      regarding a Business Combination.

    

    2.
      Term.
      This
      Agreement shall become effective on its execution and shall remain in effect
      for
      a period to expire upon the earlier of (i) the consummation by the Company
      of a Business Combination or (ii) 24 months (36 months if an extension has
      been approved by the shareholders) following the consummation of the Company’s
      offering pursuant to the Registration Statement. 

    

    3.
      Notices.
      All
      notices or communications hereunder shall be in writing, addressed as
      follows:

    

    To
      the
      Company or any of the Infinity Funds:

    

    [Name
      of
      Company or Infinity Fund] 

    Unit
      5707, The Center

    99
      Queen’s Road Central

    Hong
      Kong

    Attn:
      Robert Barasch, Adv.

    

    with
      copies to:

    

    Stuart
      Neuhauser, Esq.

    Ellenoff,
      Grossman & Schole LLP

    150
      East
      42nd
      Street,
      11th
      Floor

    New
      York,
      New York 10017

    

    Any
      such
      notice or communication shall be delivered by hand or by courier or sent
      certified or registered mail, return receipt requested, postage prepaid,
      addressed as above (or to such other address as such party may designate in
      a
      notice delivered as described above), and the third business day after the
      actual date of mailing shall constitute the time at which notice was
      given.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    4.
      Severability.
      If any
      provision of this Agreement shall be declared to be invalid or unenforceable,
      in
      whole or in part, such invalidity or unenforceability shall not affect the
      remaining provisions hereof which shall remain in full force and
      effect.

    

    5.
      Assignment.
      Neither
      this Agreement nor any rights or obligations hereunder shall be assignable
      or
      otherwise subject to hypothecation by any of the parties hereto.

     

    6.
      Amendment.
      This
      Agreement may only be amended by written agreement of the parties
      hereto.

    

    7.
      Survival.
      The
      respective rights and obligations of the parties hereunder shall survive any
      termination of this Agreement to the extent necessary to the intended
      preservation of such rights and obligations. The provisions of this Section 7
      are in
      addition to the survivorship provisions of any other section of this
      Agreement.

    

    8.
      Governing
      Law.
      This
      Agreement shall be construed, interpreted, and governed in accordance with
      the
      laws of the State of New York, without reference to rules relating to conflicts
      of law.

    

    9.
      Effect
      on Prior Agreements.
      This
      Agreement contains the entire understanding between the parties hereto and
      supersedes in all respects any prior or other agreement or understanding
      concerning the subject matter hereof between the Company and the Infinity
      Funds.

    

    10.
      Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which will be
      deemed an original, but all of which, taken together, shall be deemed one
      document

    

    11.
      Mutual
      Waiver of Jury Trial.
      BECAUSE
      DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
      QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
      PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
      PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
      APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST BENEFITS OF THE JUDICIAL SYSTEM,
      THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
      PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
      AGREEMENT OR ANY DOCUMENTS RELATED HERETO.

    

    12.
      Waiver.
      Each
      party acknowledges and permanently and irrevocably waives any and all claims
      against the other parties hereto in respect of any business opportunities not
      received by it pursuant to the terms of this Agreement.

    

    [Signatures
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    IN
      WITNESS WHEREOF, the parties hereto have executed this Right of First Refusal
      and Corporate Opportunities Agreement as of the date first specified
      above.

     

    INFINITY
      I-CHINA ACQUISITION CORPORATION

     

    By: 

    
      
        

      

      Name:
        Amir Gal-Or

      Title: Co-Chief
        Executive Officer, Co-President and Co-Chairman

    

    
 

    INFINITY
      I-CHINA FUND (CAYMAN), L.P. 

     

    By:

    

    By: 

    
      

    

    Name: 

    Title:  

     

     

    INFINITY
      I-CHINA FUND (ISRAEL), L.P. 

    

    By: 

    

    By: 

    
      

    

    Name: 

    Title:  

     

     

    INFINITY
      I-CHINA FUND (ISRAEL 2), L.P. 

    

    By: 

     

    By: 

    
      

    

    Name: 

    Title:

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