Document:

Exhibit 10b

             

            
            SIXTH AMENDMENT TO SECOND AMENDED AND

            
            RESTATED PURCHASE AND SALE AGREEMENT

             

            
            SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED PURCHASE AND SALE
            AGREEMENT (this
            “Amendment”), dated as
            of March 31, 2008, between ARVINMERITOR
            RECEIVABLES CORPORATION, a Delaware
            corporation (the
            “Buyer”) and
            ARVINMERITOR OE, LLC, a
            Delaware limited liability company, EUCLID
            INDUSTRIES, LLC, a Delaware limited
            liability company, MERITOR HEAVY
            VEHICLE BRAKING SYSTEMS
            (USA), INC., a Delaware
            corporation, MERITOR HEAVY VEHICLE
            SYSTEMS, LLC, a Delaware limited liability
            company, MERITOR TRANSMISSION
            CORPORATION, a Delaware corporation, and
            ARVINMERITOR ASSEMBLY LLC,
            a Delaware limited liability company (each of the foregoing other than the Buyer, an
            “Originator” and
            collectively, the
            “Originators”).

            
            FOR GOOD AND VALUABLE CONSIDERATION,
            the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
            that the Second Amended and Restated Purchase and Sale Agreement dated as of September
            19, 2005, between the Buyer and the Originators, as amended (the
            “Agreement”), is hereby
            further amended as follows:

            
            1.          The
            definition of “Designated
            Receivable” in Section 1.1 of the Agreement is amended
            to read as follows:

            
            “Designated
            Receivable” means all indebtedness and other
            obligations (i) arising from the sale of goods or the provision of services by an
            Originator to General Motors Corporation or any of its subsidiaries arising on or after
            May 8, 2006, (ii) arising from the sale of goods or the rendition of services by
            ArvinMeritor OE, LLC at or from the facility located at 181 Bennett Drive, Pulaski,
            Tennessee, in respect of which an invoice is issued for the first time after September
            29, 2006, (iii) arising from the sale of goods or the provision of services by an
            Originator to Ford Motor Company or any of its subsidiaries arising on or after
            November 6, 2006, (iv) arising from the sale of goods or the rendition of services by
            ArvinMeritor OE, LLC or by Meritor Heavy Vehicle Systems, LLC at or from the facilities
            located at 201 North Harris Drive, Dexter, Missouri, 601 South Gladstone, Columbus,
            Indiana, or 950 West Road 450 South, Columbus, Indiana, in respect of which an invoice
            is issued for the first time after February 4, 2007, (v) arising from the sale of goods
            or the rendition of services by ArvinMeritor Emissions Technologies Spartanburg, Inc.
            at or from the facility located at 2651 New Cut Road, Spartanburg, South Carolina, in
            respect of which an invoice is issued for the first time after February 4, 2007, (vi)
            arising from the sale of goods or the rendition of services by ArvinMeritor Assembly,
            LLC at or from the facility located at 24850 Northline Road, Taylor, Michigan in
            respect of which an invoice is issued for the first time after February 4, 2007; and
            (vii) arising from the sale of goods or the provision of services by an Originator
            to Chrysler Holdings LLC or any of its subsidiaries arising on or after March 31,
            2008.

            

             

             

            

            

            

            

             

             

            
            2.          THIS
            AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
            OF NEW YORK. (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER
            THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

            
            3.          This
            Amendment may be executed in any number of counterparts, each of which when so executed
            shall be deemed to be an original and all of which when taken together shall constitute
            one and the same agreement. Delivery of an executed counterpart of a signature page to
            this Amendment by facsimile shall be effective as delivery of a manually executed
            counterpart of this Amendment.

            
            <Signature pages
            follow>

            

             

            	
                        
                        -2-

                    

            

             

            

            

            

            

             

             

            
            IN WITNESS WHEREOF, the parties have
            caused this Amendment to be signed by their duly authorized officers as of the date
            first above written.

            	
                        
                        ARVINMERITOR RECEIVABLES
                        CORPORATION,

                    
	
                        
                        as Buyer

                    	
                        
                         

                    

             

             

            	
                        
                        By:/s/ Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: President and Treasurer

                    
	
                    	
                    	
                    

             

            	
                        
                        ARVINMERITOR OE, LLC, as an Originator

                    

             

             

            	
                        
                        By: /s/ Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: Vice President and Treasurer

                    
	
                    	
                    	
                    

             

            	
                        
                        ARVINMERITOR  ASSEMBLY  LLC, as an
                        Originator

                    

             

             

            	
                        
                        By: /s/ Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: Vice President and Treasurer

                    
	
                    	
                    	
                    

             

            	
                        
                        EUCLID INDUSTRIES, LLC, as an Originator

                    

             

             

            	
                        
                        By: /s/ Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: Vice President and Treasurer

                    
	
                    	
                    	
                    

             

            
            MERITOR HEAVY VEHICLE BRAKING SYSTEMS
                                                      
                                                      
                       (USA), INC., as an
            Originator

             

            	
                        
                        By: /s/Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: Vice President and Treasurer

                    
	
                    	
                    	
                    

             

            	
                        
                        MERITOR HEAVY  VEHICLE  SYSTEMS, LLC,

                    
	
                        
                        as an Originator

                    	
                        
                         

                    

             

             

            	
                        
                        By: /s/ Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: Vice President and Treasurer

                    
	
                    	
                    	
                    

             

             

             

            	
                        
                        -3-

                    

             

             

            

            

            

            

             

             

            
            MERITOR TRANSMISSION CORPORATION, as an
                                                      
                                                                  Originator

             

             

            	
                        
                        By: /s/ Mary
                        Lehmann 

                    	
                        
                         

                    
	
                        
                        Name: Mary Lehmann

                    	
                        
                         

                    
	
                        
                        Title: Vice President and Treasurer

                    
	
                    	
                    	
                    

             

             

             

             

            	
                        
                        -4-Exhibit 4.1

AGREEMENT FOR SHARE EXCHANGE

This AGREEMENT FOR SHARE EXCHANGE (this “Agreement”) is entered into on September 27, 2007, by and among Beautilink Corporation, a British Virgin Islands corporation (“BEAUTILINK”), First Lotus Company Limited, a Hong Kong company (“FIRST LOTUS”), and Lai Fong Chris Ng, the sole shareholder of FIRST LOTUS (the “Shareholder”).  

RECITALS

BEAUTILINK desires to complete a share exchange transaction pursuant to which BEAUTILINK shall acquire certain shares of the common stock of FIRST LOTUS belonging to the Shareholder in exchange for a certain number of shares of the voting stock of BEAUTILINK as set forth below; and 

The Board of Directors of BEAUTILINK and the Board of Directors of FIRST LOTUS have each approved the proposed transaction, contingent upon satisfaction prior to closing of all of the terms and conditions of this Agreement.

AGREEMENT

THE PARTIES desire to make certain representations, warranties, and agreements in connection with completion of the proposed share exchange transaction.

NOW, THEREFORE, in consideration of the foregoing recitals, which shall be considered an integral part of this Agreement, and the covenants, conditions, representations and warranties hereinafter set forth, the parties hereby agree as follows:

ARTICLE I 

THE EXCHANGE

1.1      The Exchange.  At the Closing (as hereinafter defined), BEAUTILINK shall acquire from the Shareholder 100% ownership in FIRST LOTUS.  Consideration to be paid by BEAUTILINK shall be a total of 25,700 shares of its common stock (the “Exchange Shares”).  The Exchange shall take place upon the terms and conditions provided for in this Agreement and in accordance with applicable law.  For Federal income tax purposes, it is intended that the Exchange shall constitute a tax-free reorganization within the meaning of Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). 

1.2    Closing and Effective Time.  Subject to the provisions of this Agreement, the parties shall hold a closing (the "Closing") on (i) the first business day on which the last of the conditions set forth in Article V to be fulfilled prior to the Closing is fulfilled or 

waived or (ii) at such time and place as the parties hereto may agree.  Such date shall be the date of Exchange (the "Effective Time"). 

 ARTICLE II

REPRESENTATIONS AND WARRANTIES

2.1    Representations and Warranties of BEAUTILINK.  BEAUTILINK represents and warrants to FIRST LOTUS as follows:

(a)       Organization, Standing, and Power.  BEAUTILINK is a corporation duly organized, validly existing and in good standing under the laws of the British Virgin Islands, has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification necessary.

 

(b)       Capital Structure.  As of the date of execution of this Agreement, the authorized capital stock of BEAUTILINK consists of 50,000 shares of Common Stock with a par value of $1.00 per share.  The Exchange Shares to be issued pursuant to this Agreement shall be, when issued pursuant to the terms of the resolution of the Board of Directors of BEAUTILINK approving such issuance, validly issued, fully paid and nonassessable and not subject to preemptive rights.  BEAUTILINK has no other options, warrants, calls, agreements or other rights to purchase or otherwise acquire from BEAUTILINK at any time, or upon the happening of any stated event, any shares of the capital stock of BEAUTILINK whether or not presently issued or outstanding except as set forth herein.  After the execution of this Agreement and after the issuance of the Exchange Shares, BEAUTILINK will enter into Subscription Agreements with certain individuals whereby additional BEAUTILINK shares will be purchased.  After the execution of this Agreement, the issuance of the Exchange Shares and the issuance of the shares related to the Subscription Agreements, BEAUTILINK will have a total amount of 50,000 shares outstanding.

(c)    Certificate of Incorporation, Bylaws, and Minute Books.  The copies of the Articles of Incorporation and of the Bylaws of BEAUTILINK, which have been delivered to FIRST LOTUS are true, correct and complete copies thereof.  The minute book of BEAUTILINK, which has been made available for inspection, contains accurate minutes of all meetings and accurate consents in lieu of meetings of the Board of Directors (and any committee thereof) and of the Shareholder of BEAUTILINK since the date of incorporation and accurately reflects all transactions referred to in such minutes and consents in lieu of meetings.

(d)    Authority.  BEAUTILINK has all requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.  The 

execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by the Board of Directors of BEAUTILINK.  No other corporate or shareholder proceedings on the part of BEAUTILINK are necessary to authorize the Exchange, or the other transactions contemplated hereby.

(e)    Conflict with Other Agreements; Approvals.  The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or the loss of a material benefit under, or the creation of a lien, pledge, security interest or other encumbrance on assets (any such conflict, violation, default, right of termination, cancellation or acceleration, loss or creation, a "violation") pursuant to any provision of the Articles of Incorporation or Bylaws or any organizational document of BEAUTILINK or, result in any violation of any loan or credit agreement, note, mortgage, indenture, lease, benefit plan or other agreement, obligation, instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to BEAUTILINK which violation would have a material adverse effect on BEAUTILINK taken as a whole. No consent, approval, order or authorization of, or registration, declaration or filing with, any court, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign (a "Governmental Entity") is required by or with respect to BEAUTILINK in connection with the execution and delivery of this Agreement by BEAUTILINK or the consummation by BEAUTILINK of the transactions contemplated hereby.

(f)    Books and Records.  BEAUTILINK has made and will make available for inspection by FIRST LOTUS upon reasonable request all the books of BEAUTILINK relating to the business of BEAUTILINK.  Such books of BEAUTILINK have been maintained in the ordinary course of business.  All documents furnished or caused to be furnished to FIRST LOTUS by BEAUTILINK are true and correct copies, and there are no amendments or modifications thereto except as set forth in such documents.

(g)    Compliance with Laws.  BEAUTILINK is and has been in compliance in all material respects with all laws, regulations, rules, orders, judgments, decrees and other requirements and policies imposed by any Governmental Entity applicable to it, its properties or the operation of its businesses.

(h)    Dilutive Securities.  BEAUTILINK has no dilutive securities of any kind, including but not limited to warrants, options, or employee stock options outstanding.

(i)    Litigation.  There is no suit, action or proceeding pending, or, to the knowledge of BEAUTILINK, threatened against or affecting BEAUTILINK which is reasonably likely to have a material adverse effect on BEAUTILINK, nor is there any judgment, decree, injunction, rule or order of any Governmental Entity or arbitrator outstanding against BEAUTILINK having, or which, insofar as reasonably can be foreseen, in the future could have, any such effect.

(j)    Tax Returns.  BEAUTILINK has duly filed or will file prior to Closing any tax reports and returns required to be filed by it and has fully paid all taxes and other charges claimed to be due from it by any federal, state or local taxing authorities.  There are not now any pending questions relating to or claims asserted for, taxes or assessments asserted upon BEAUTILINK.

2.2    Representations and Warranties of FIRST LOTUS.  FIRST LOTUS represents and warrants to BEAUTILINK as follows:

(a)    Organization, Standing, and Power.  FIRST LOTUS is a corporation duly organized, validly existing and in good standing under the laws of Hong Kong; each company has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification necessary except for any such failure, which when taken together with all other failures, is not likely to have a material adverse effect on the business of the relevant Acquirer taken as a whole. For purpose of this Section 2.2, “material adverse effect” shall mean, with respect to each Acquirer, the result of one or more events, charges or effects which, individually or in the aggregate, would have a material adverse effect or impact on the business, assets, results of operations, intellectual property rights, prospects or financial condition of such party, taken as a whole, or is reasonably likely to delay or prevent the consummation of the transactions contemplated hereby.

(b)    Capital Structure.  There are no options, warrants, calls, agreements, or other rights to purchase or otherwise acquire from FIRST LOTUS at any time, or upon the happening of any stated event, any share of the capital stock of FIRST LOTUS.

(c)    Certificate of Incorporation, Bylaws, and Minute Books.  Copies of the Certificate of Incorporation and of the other corporate documents of FIRST LOTUS, which will be delivered to BEAUTILINK, are true, correct, and complete copies thereof.  The minute books of FIRST LOTUS which will be made available for inspection contain accurate minutes of all meetings and accurate consents in lieu of meetings of the Board of Directors (and any committee thereof) and of the Shareholder of FIRST LOTUS since the date of incorporation and accurately reflect all transactions referred to in such minutes and consents in lieu of meetings.

(d)    Authority.  FIRST LOTUS has all requisite power to enter into this Agreement and, subject to approval of the proposed transaction by its Shareholder, has the requisite power and authority to consummate the transactions contemplated hereby.  Except as specified herein, no other corporate or shareholder proceedings on the part of FIRST LOTUS are necessary to authorize the Exchange and the other transactions contemplated hereby.

 

(e)    Conflict with Agreements; Approvals.  The execution and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not, conflict with, or result in any violation of any provision of the Certificate of Incorporation or Bylaws of FIRST LOTUS or of any loan or credit agreement, note, mortgage, indenture, lease, benefit plan or other agreement, obligation, instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to FIRST LOTUS or its properties or assets except for any such conflict or violation, which when taken together with all other conflict or violation, is not likely to have a material adverse effect on the business of the relevant Acquirer taken as a whole. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity is required by or with respect to FIRST LOTUS in connection with the execution and delivery of this Agreement by FIRST LOTUS, or the consummation by FIRST LOTUS of the transactions contemplated hereby.

(f)    Books and Records.  FIRST LOTUS has made and will make available for inspection by BEAUTILINK upon reasonable request all the books of account, relating to the business of FIRST LOTUS.  Such books of account have been maintained in the ordinary course of business.  All documents furnished or caused to be furnished to BEAUTILINK by FIRST LOTUS are true and correct copies, and there are no amendments or modifications thereto except as set forth in such documents.

(g)    Compliance with Laws.  FIRST LOTUS is and has been in compliance in all material respects with all laws, regulations, rules, orders, judgments, decrees and other requirements and policies imposed by any Governmental Entity applicable to it, its properties or the operation of its businesses.

(h)    Liabilities and Obligations.  FIRST LOTUS has no material liabilities or obligations (absolute, accrued, contingent or otherwise) except (i) liabilities that are reflected and reserved against on the FIRST LOTUS financial statements delivered to BEAUTILINK that have not been paid or discharged since the date thereof and (ii) liabilities incurred since the date of such financial statements in the ordinary course of business consistent with past practice and in accordance with this Agreement.

(i)    Litigation.  There is no suit, action or proceeding pending, or, to the knowledge of FIRST LOTUS threatened against or affecting FIRST LOTUS, which is reasonably likely to have a material adverse effect on FIRST LOTUS, nor is there any judgment, decree, injunction, rule or order of any Governmental Entity or arbitrator outstanding against FIRST LOTUS having, or which, insofar as reasonably can be foreseen, in the future could have, any such effect.

(j)    Taxes.  FIRST LOTUS has filed or will file within the time prescribed by law (including extension of time approved by the appropriate taxing authority) all tax returns and reports required to be filed with all other jurisdictions where such filing is required by law; and FIRST LOTUS has paid, or made adequate provision for the payment of all taxes, interest, penalties, assessments or deficiencies due and payable on, and with respect to such periods.  FIRST LOTUS knows of (i) no other tax returns or reports which are required to be filed which have not been so filed and (ii) no unpaid assessment for additional taxes for any fiscal period or any basis therefore.

(k)    Licenses, Permits; Intellectual Property.  FIRST LOTUS owns or possesses in the operation of its business all material authorizations that are necessary for it to conduct its business as now conducted.  Neither the execution nor delivery of this Agreement nor the consummation of the transactions contemplated hereby will require any notice or consent under or have any material adverse effect upon any such authorizations.

 2.3    Representations and Warranties of Shareholder.  By execution of this Agreement, Shareholder represents and warrants to BEAUTILINK as follows:

(a)    Shares Free and Clear.  The shares of FIRST LOTUS which Shareholder own are free and clear of any liens, claims, options, charges or encumbrances of any nature.

(b)    Unqualified Right to Transfer Shares.  Shareholder have the unqualified right to sell, assign, and deliver the shares of FIRST LOTUS and, upon consummation of the transactions contemplated by this Agreement, BEAUTILINK will acquire good and valid title to such shares, free and clear of all liens, claims, options, charges, and encumbrances of whatsoever nature.

(c)    Agreement and Transaction Duly Authorized.  Shareholder is authorized to execute and deliver this Agreement and to consummate the share exchange transaction described herein.  Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will constitute a violation or default under any term or provision of any contract, commitment, indenture, other agreement or restriction of any kind or character to which such Shareholder are a party or by which such Shareholder are bound.

(d)    Share Ownership.  Shareholder is presently Shareholder of FIRST LOTUS.

 

ARTICLE III

COVENANTS RELATING TO CONDUCT OF BUSINESS

RESERVED

ARTICLE IV

ADDITIONAL AGREEMENTS AND RELATED TRANSACTIONS

4.1    Restricted BEAUTILINK Shares.  The Exchange Shares will not be registered under the Securities Act, but will be issued pursuant to applicable exemptions from such registration requirements for transactions not involving a public offering and/or for transactions which constitute “offshore transactions” as defined in Regulation S under the Securities Act of 1933.  Accordingly, the Exchange Shares will constitute "restricted securities" for purposes of the Securities Act and the holders of Exchange Shares will not be able to transfer such shares except upon compliance with the registration requirements of the Securities Act or in reliance upon an available exemption therefrom. 

4.2    Access to Information.  Upon reasonable notice, BEAUTILINK and FIRST LOTUS shall each afford to the officers, employees, accountants, counsel and other representatives of the other company, and with respect to FIRST LOTUS, the Acquired Entities, access to all their respective properties, books, contracts, commitments and records and, during such period, each of BEAUTILINK and FIRST LOTUS shall furnish promptly to the other (a) a copy of each report, schedule, registration statement and other document filed or received by it during such period pursuant to the requirements of Federal or state securities laws and (b) all other information concerning its business, properties and personnel as such other party may reasonably request. Unless otherwise required by law, the parties will hold any such information which is nonpublic in confidence until such time as such information otherwise becomes publicly available through no wrongful act of either party, and in the event of termination of this Agreement for any reason each party shall promptly return all nonpublic documents obtained from any other party, and any copies made of such documents, to such other party.

4.3 Legal Conditions to Exchange.  Each of BEAUTILINK and FIRST LOTUS shall take all reasonable actions necessary to comply promptly with all legal requirements which may be imposed on itself with respect to the Exchange and will promptly cooperate with and furnish information to each other in connection with any such requirements imposed upon any of them or upon any of their related entities or subsidiaries in connection with the Exchange.  Each party shall take all reasonable actions necessary to obtain (and will cooperate with each other in obtaining) any 

consent, authorization, order or approval of, or any exemption by, any Governmental Entity or other public or private third party, required to be obtained or made by BEAUTILINK or FIRST LOTUS or any of their related entities or subsidiaries in connection with the Exchange or the taking of any action contemplated thereby or by this Agreement.

ARTICLE V

CONDITIONS PRECEDENT

5.1    Conditions to Each Party's Obligation to Effect the Exchange.  The respective obligations of each party to effect the Exchange shall be conditional upon the filing, occurring, or obtainment of all authorizations, consents, orders or approvals of, or declarations or filings with, or expirations of waiting periods imposed by any governmental entity or by any applicable law, rule, or regulation governing the transactions contemplated hereby.  FIRST LOTUS represents and warrants that it has obtained the appropriate required consents of the PRC government, if any.

5.2    Conditions to Obligations of BEAUTILINK.  The obligation of BEAUTILINK to effect the Exchange is subject to the satisfaction of the following conditions on or before the Closing Date unless waived by BEAUTILINK:

(a)    Representations and Warranties.  The representations and warranties of FIRST LOTUS set forth in this Agreement shall be true and correct in all material respects as of the date of this Agreement and (except to the extent such representations and warranties speak as of an earlier date) as of the Closing Date as though made on and as of the Closing Date, except as otherwise contemplated by this Agreement, and FIRST LOTUS shall complete all government and legal process to transfer the shares of common stock from the Shareholder to BEAUTILINK.

(b)    Performance of Obligations of FIRST LOTUS.  FIRST LOTUS shall have performed in all material respects all obligations required to be performed by it under this Agreement at or prior to the Closing, and BEAUTILINK shall have received a certificate signed on behalf of BEAUTILINK by the President to such effect.

(c)    Closing Documents.  BEAUTILINK shall have received all closing documents as counsel for BEAUTILINK shall reasonably request.

(d)    Consents.  FIRST LOTUS shall have obtained the consent or approval of each person whose consent or approval shall be required in connection with the transactions contemplated hereby under any loan or credit agreement, note, mortgage, indenture, lease or other agreement or instrument, except those for which failure to obtain such consents and approvals would not, in the reasonable opinion of BEAUTILINK, individually or in the aggregate, have a material adverse effect on 

FIRST LOTUS and of its subsidiaries and related entities taken as a whole upon the consummation of the transactions contemplated hereby. FIRST LOTUS shall also have received the approval of its Shareholder in accordance with applicable law.

(e)    Due Diligence Review.  BEAUTILINK shall have completed to its reasonable satisfaction a review of the business, operations, finances, assets and liabilities of FIRST LOTUS and shall not have determined that any of the representations or warranties of FIRST LOTUS or its Shareholder contained herein are, as of the date hereof or the Closing, inaccurate in any material respect or that FIRST LOTUS or its Shareholder is otherwise in violation of any of the provisions of this Agreement.

 

(f)    Pending Litigation.  There shall not be any litigation or other proceeding pending or threatened to restrain or invalidate the transactions contemplated by this Agreement, which, in the sole reasonable judgment of BEAUTILINK, made in good faith, would make the consummation of the Exchange imprudent.  In addition, there shall not be any other litigation or other proceeding pending or threatened against FIRST LOTUS, the consequences of which, in the judgment of BEAUTILINK, could be materially adverse to FIRST LOTUS.

5.3    Conditions to Obligations of FIRST LOTUS.  The obligations of FIRST LOTUS to effect the Exchange is subject to the satisfaction of the following conditions unless waived by FIRST LOTUS:

(a)    Representations and Warranties.  The representations and warranties of BEAUTILINK set forth in this Agreement shall be true and correct in all material respects as of the date of this Agreement and (except to the extent such representations speak as of an earlier date) as of the Closing Date as though made on and as of the Closing Date, except as otherwise contemplated by this Agreement, FIRST LOTUS shall have received a certificate signed on behalf of BEAUTILINK by the President to such effect.

(b)    Performance of Obligations of BEAUTILINK.  BEAUTILINK shall have performed in all material respects all obligations required to be performed by it under this Agreement at or prior to the Closing Date, and BEAUTILINK shall have received a certificate signed on behalf of BEAUTILINK by the President to such effect.

 

(c)    Closing Documents.  FIRST LOTUS shall have received all closing documents as counsel for FIRST LOTUS shall reasonably request.

(d)    Consents.  BEAUTILINK shall have obtained the consent or approval of each person whose consent or approval shall be required in connection with the transactions contemplated hereby.

(e)    Due Diligence Review.  FIRST LOTUS shall have completed to its reasonable satisfaction a review of the business, operations, finances, assets and liabilities of BEAUTILINK and shall not have determined that any of the representations or warranties of BEAUTILINK contained herein are, as of the date hereof or the Closing Date, inaccurate in any material respect or that BEAUTILINK is otherwise in violation of any of the provisions of this Agreement.

(f)    Pending Litigation.  There shall not be any litigation or other proceeding pending or threatened to restrain or invalidate the transactions contemplated by this Agreement, which, in the sole reasonable judgment of FIRST LOTUS, made in good faith, would make the consummation of the Exchange imprudent.  In addition, there shall not be any other litigation or other proceeding pending or threatened against BEAUTILINK the consequences of which, in the judgment of FIRST LOTUS, could be materially adverse to BEAUTILINK.

ARTICLE VI

TERMINATION AND AMENDMENT

6.1    Termination.  This Agreement may be terminated at any time prior to the Effective Time:

(a)    by mutual consent of BEAUTILINK and FIRST LOTUS;

 

(b)    by either BEAUTILINK or FIRST LOTUS if there has been a material breach of any representation, warranty, covenant or agreement on the part of BEAUTILINK or FIRST LOTUS, as the case may be set forth in this Agreement which breach has not been cured within five (5) business days following receipt by the breaching party of notice of such breach, or if any permanent injunction or other order of a court or other competent authority preventing the consummation of the Exchange shall have become final and non-appealable.

6.2    Effect of Termination.  In the event of termination of this Agreement by either BEAUTILINK or FIRST LOTUS as provided in Section 6.1, this Agreement shall forthwith become void and there shall be no liability or obligation on the part of any party hereto.  In such event, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such expenses.

6.3    Amendment.  This Agreement may be amended by mutual agreement of BEAUTILINK and FIRST LOTUS.  Any such amendment must be by an instrument in writing signed on behalf of each of the parties hereto.

6.4    Extension; Waiver.  At any time prior to the Effective Time, the parties hereto, by action taken or authorized by their respective Board of Directors, may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (b) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions contained herein.  Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party.

ARTICLE VII

GENERAL PROVISIONS

7.1    Survival of Representations, Warranties and Agreements.  All of the representations, warranties and agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Effective Time for as long as the applicable status of limitation shall remain open.

7.2    Notices.  All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally, telecopied (which is confirmed) or mailed by registered or certified mail (return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

(a)  If to BEAUTILINK:

____________________________

____________________________

 

____________________________

____________________________

(b)  If to FIRST LOTUS:

 

____________________________

____________________________

 

____________________________

____________________________

7.3    Interpretation.  When a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise indicated.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  Whenever the words "include", "includes" or "including" are used in this Agreement, they shall be 

deemed to be followed by the words "without limitation".  The phrase "made available" in this Agreement shall mean that the information referred to has been made available if requested by the party to whom such information is to be made available.

7.4    Counterparts.  This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when two or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

7.5    Entire Agreement; No Third Party Beneficiaries; Rights of Ownership.  This Agreement (including the documents and the instruments referred to herein) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, and is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.

7.6    Governing Law.  This Agreement shall be governed and construed in accordance with the laws of the State of Florida without regard to principles of conflicts of law.  Each party hereby irrevocably submits to the jurisdiction of any Florida state court or any federal court in the State of Florida in respect of any suit, action or proceeding arising out of or relating to this Agreement, and irrevocably accept for themselves and in respect of their property, generally and unconditionally, the jurisdiction of the aforesaid courts.

7.7    No Remedy in Certain Circumstances.  Each party agrees that, should any court or other competent authority hold any provision of this Agreement or part hereof or thereof to be null, void or unenforceable, or order any party to take any action inconsistent herewith or not to take any action required herein, the other party shall not be entitled to specific performance of such provision or part hereof or thereof or to any other remedy, including but not limited to money damages, for breach hereof or thereof or of any other provision of this Agreement or part hereof or thereof as a result of such holding or order.

 

7.8    Publicity.  Except as otherwise required by law or the rules of the SEC, so long as this Agreement is in effect, no party shall issue or cause the publication of any press release or other public announcement with respect to the transactions contemplated by this Agreement without the written consent of the other party, which consent shall not be unreasonably withheld.

7.9    Assignment.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties.  

Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.

[Remainder of page intentionally left blank; signature page to follow.]

IN WITNESS WHEROF, this Agreement has been signed by the parties set forth below as of the date set forth above.

		
	 

	 
	BEAUTILINK CORPORATION

_/S/ LAI FONG CHRIS NG __________

	 

	Lai Fong Chris Ng

	 

	

FIRST LOTUS COMPANY LIMITED

	 
	

_/S/ LAI FONG CHRIS NG __________

	 

	Lai Fong Chris Ng

	 

	

Shareholder of FIRST LOTUS COMPANY LIMITED

	 
	

_/S/ LAI FONG CHRIS NG __________

	 

	Lai Fong Chris Ng

	 

	Amount of shares exchanged: 25,700

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