Document:

Sichuan Shareholder Loan Agreement dated December 19, 2007

 Exhibit 4.14 
 EXECUTION VERSION 
 19 DECEMBER 2007 
 HE JI LUN 
 as Lender 
 and 
 SICHUAN TIME SHARE ADVERTISING & COMMUNICATION CO., LTD.

 as Borrower 
  
  
 SICHUAN SHAREHOLDER LOAN
AGREEMENT 
  
  
  

 CONTENTS 
  

					
	CLAUSE	  	PAGE
			
	1.	  	Definitions	  	1
			
	2.	  	Purpose	  	4
			
	3.	  	Loan	  	4
			
	4.	  	Interest	  	5
			
	5.	  	Repayment	  	5
			
	6.	  	Prepayment	  	5
			
	7.	  	Taxes	  	5
			
	8.	  	Default Interest and Indemnity	  	6
			
	9.	  	Representations	  	6
			
	10.	  	Covenants	  	9
			
	11.	  	Events of Default	  	10
			
	12.	  	Payments	  	11
			
	13.	  	Accounts and Evidence of Debt	  	11
			
	14.	  	Assignment	  	11
			
	15.	  	Law and Jurisdiction	  	11
			
	16.	  	Miscellaneous	  	12
		
	Schedule 1 Drawdown Notice	  	14

  

 THIS SICHUAN SHAREHOLDER LOAN AGREEMENT (the “Agreement”) is made on 19 December
2007: 
 BETWEEN: 
  

	(1)	HE JI LUN, 

 (ID No. 510 132 1972 0220 0077), a national of the People’s Republic of China (the “Lender”); and 

  

	(2)	SICHUAN TIME SHARE ADVERTISING & COMMUNICATION CO., LTD., a company organised under the laws of the People’s Republic of China (the
“Borrower”). 

 WHEREAS: 
  

	(A)	The Lender is a shareholder of the Borrower. 

  

	(B)	Pursuant to a subscription agreement (the “Subscription Agreement”) dated 18 December 2007 between China Time Share Media Co. Ltd. (the
“Issuer”), the Lender and the Subscribers named therein, the Issuer has agreed to issue on or about 19 December 2007 US$20,000,000 in aggregate principal amount of 5.00 per cent. secured convertible notes due 2010
(the “Notes”) convertible into ordinary shares (the “Shares”), US$0.0001 par value each for the time being, in the share capital of the Issuer with warrants exercisable to subscribe for US$8,000,000 in
Shares (the “Warrants”). 

  

	(C)	The Issuer has agreed with the Subscribers that the proceeds from such issue (being US$20,000,000, the “Issue Proceeds”) will be paid to Xi’an Time
Share Technology & Information Co., Ltd. (“Xi’an WFOE”) as registered capital. 

  

	(D)	The Lender has on 19 December 2007 entered into a loan agreement as borrower with Xi’an WFOE as lender (the “Xi’an Loan Agreement”) pursuant
to which Xi’an WFOE has agreed to make available a loan in an amount equals to RMB Equivalent of the Issue Proceeds on the Date of Determination (the “Initial Amount”) to the Lender (the “Initial
Loan”). 

  

	(C)	The Lender has agreed to lend the proceeds from the Initial Loan to the Borrower in accordance with the terms of this Agreement. 

 NOW IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

  

	1.1	In this Agreement: 

  

 1 

 “Acceleration Premium” means an amount of premium, rounded (if necessary) to two decimal
places with 0.005 being rounded upwards, calculated by the Lender in accordance with the following formula: 
 Acceleration Premium =
(0.15 x n x Loan) 
 Where: 
 “Days Outstanding” means the numbers of days from, and including, the date of this Agreement to, but excluding, the date of payment of the Loan and Acceleration Premium, calculated on the basis of a year of 365 days.

 n = (Days Outstanding/365). 
 “Advance” means an advance made, or to be made, by the Lender to the Borrower; 
 “Assignment of
Rights” has the meaning ascribed to it in the Xi’an Loan Agreement;  
 “Authorisation” means:

  

	 	(a)	an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or registration; or 

  

	 	(b)	in relation to anything which will be fully or partly prohibited or restricted by law if a Governmental Agency intervenes or acts in any way within a specified period after
lodgement, filing, registration or notification, the expiry of that period without intervention or action; 

 “Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for foreign exchange business in the PRC; 
 “Date of Determination” has the meaning ascribed to it in the Xi’an Loan Agreement; 
 “Drawdown
Notice” means a notice in the form set out in Schedule 1 hereof; 
 “Encumbrance” means a mortgage, pledge, option,
right of first refusal or security or claim of any other nature used to secure any person’s obligation or any preferential arrangement having similar effect; 
 “Event of Default” means any of those events specified in Clause 11; 
 “Facility” means the loan facility made available under this Agreement as described in Clause 3.1; 
 “Governmental Agency” means any government or any governmental agency, semi-governmental or judicial entity or authority (including, without limitation, any stock exchange or any self-regulatory organisation established
under statute); 
 “HK Dollar” means the lawful currency of Hong Kong SAR; 
  

 2 

 “Issue Proceeds” has the meaning ascribed to it in the Xi’an Loan Agreement;

 “Issuer” means China Time Share Media Co. Ltd.; 
 “Loan” means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan;

 “Material Adverse Effect” means a material adverse effect on (a) the ability of the Borrower to perform its
obligations under this Agreement or (b) the validity or enforceability of this Agreement or the rights or remedies of the Lender under this Agreement; 
 “Maturity Date” means date of maturity of Notes; 
 “PRC” or
“China” means the People’s Republic of China excluding, for the sole purposes of this Agreement, Hong Kong, Macau and Taiwan; 
 “Person” means any natural person, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated organization, authority or any other entity whether acting in an individual, fiduciary
or other capacity; 
 “Representation” means the representation made by the Borrower in Clause 9 and
“Representations” means all those representations; 
 “RMB” means the lawful currency of the PRC; 
 “RMB Equivalent” has the meaning ascribed to it in the Xi’an Loan Agreement; 
 “Subsidiary” means, in relation to any company, corporation or entity, a company, corporation or entity: 
  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company, corporation or entity; 

  

	 	(b)	more than half the issued share capital, registered capital or equity interest of which is beneficially owned, directly or indirectly by the first mentioned company, corporation or
entity; or 

  

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company, corporation or entity; 

 “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in
connection with any failure to pay or any delay in paying any of the same); and 
 “US$” means the lawful currency of the
United States of America. 
 Unless the context requires otherwise, capitalised terms used in this Agreement shall have the meanings ascribed
to them in the Xi’an Loan Agreement. 
  

 3 

	2.	PURPOSE 

 The purpose of the Loan is to provide
financing for (a) strategic equity or asset acquisitions by the Borrower and (b) working capital, the installation and acquisition of advertising space and general corporate purpose of the Borrower. The Borrower undertakes to apply all
amounts it draws down under the Facility in or towards the satisfaction of such purpose. 
  

	3.	LOAN 

  

	3.1	The Lender shall grant to the Borrower, upon the terms and subject to the conditions herein, a RMB loan facility in an aggregate amount of no more than the Initial Amount.

  

	3.2	Except as otherwise agreed by the Lender, the Borrower shall not deliver the Drawdown Notice hereunder unless each of the following conditions has been satisfied by the Borrower or
waived by the Lender: 

  

	 	3.2.1	the Lender has received evidence that all necessary registrations and other formalities have been completed in order to ensure that this Agreement is valid and enforceable;

  

	 	3.2.2	the Xi’an Loan Agreement and each Security Document have been duly executed and stamped by the parties thereto; and 

  

	 	3.2.3	all documents and evidence required, pursuant to the terms of any of the documents referred to in Clause 3.2.2 above, has been delivered to the Subscribers upon execution of such
document. 

  

	3.3	The Loan will be made available in full in one Advance. 

  

	3.4	Except as otherwise provided herein, the Advance shall only be made by the Lender to the Borrower if: 

  

	 	3.4.1	the Lender has confirmed to the Borrower that the Initial Loan has been made to the Lender under the Xi’an Loan Agreement and has provided a copy of the conversion invoice
dated the Date of Determination stating the RMB Equivalent of the Issue Proceeds (being the amount available under the Facility); 

  

	 	3.4.2	no later than two Business Days (or such shorter period as the Lender may agree) prior to the proposed drawdown date of the Advance, the Lender has received from the Borrower a duly
completed Drawdown Notice in respect of the Advance; and 

  

	 	3.4.3	as at the proposed drawdown date of the Advance: 

  

	 	(a)	no Event of Default has occurred or is continuing; 

  

 4 

	 	(b)	the Borrower is not and has not been in breach of any of its obligations under this Agreement; 

  

	 	(c)	each Representation set out in Clause 9 is true, accurate and not misleading; and 

  

	 	(d)	all acts, conditions and matters required to be done, fulfilled and performed in order (i) to enable it lawfully to enter into, exercise its rights under and perform and comply
with the obligations expressed to be assumed by it in this Agreement (ii) to ensure that the obligations expressed to be assumed by it in this Agreement are legal, valid and binding and (iii) to make this Agreement admissible in evidence
in the PRC, have been done, fulfilled and performed. 

  

	4.	INTEREST 

 There is no interest applicable to the
Loan. 
  

	5.	REPAYMENT 

 The Borrower shall repay the Loan in
full on the Maturity Date. 
  

	6.	PREPAYMENT 

 The Borrower may not prepay all or any
part of the Loan. 
  

	7.	TAXES 

  

	7.1	All payments to be made by the Borrower to the Lender hereunder shall be free and clear of and without deduction for or on account of Tax unless the Borrower is required to make
such a payment subject to the deduction of withholding tax, in which case the sum payable by the Borrower in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the
making of such deduction or withholding, the Lender will receive and retain (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or
withholding been made or required to be made. 

  

	7.2	If the Borrower makes any payment to the Lender hereunder in respect of which it is required to make any deduction or withholding, it shall pay the full amount required to be
deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall deliver to the Lender, within fourteen (14) days after it has made such payment to the applicable
authority, an original receipt (or a certified copy thereof) issued by such authority evidencing the payment to such authority of all amounts so required to be deducted or withheld in respect of such payment. 

  

 5 

	8.	DEFAULT INTEREST AND INDEMNITY 

  

	8.1	If any sum payable by the Borrower hereunder is not paid when due in accordance with this Agreement, the Borrower shall pay interest on such overdue amount (including overdue
default interest) from the date of this Agreement to the date of actual payment (both inclusive) at the rate of four (4) per cent per annum. 

  

	8.2	The Borrower shall indemnify the Lender against any actions, charges, claims, costs, damages, demands, expenses, fees, liabilities, losses and proceedings which the Lender may
sustain or incur as a consequence of any default by the Borrower in the performance of any of its obligations under this Agreement. 

  

	9.	REPRESENTATIONS 

 The Borrower makes the
representations and warranties set out in this Clause 9 to the Lender on the date of this Agreement. 
  

	9.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the laws of the PRC. 

  

	 	(b)	It and each of its Subsidiaries has the power to own and operate its assets and carry on its business as it is being conducted. 

  

	9.2	Binding obligations 

 The obligations expressed to
be assumed by it in this Agreement are legal, valid, binding and enforceable obligations. 
  

	9.3	No conflict 

 The entry into and performance by it
of, and the transactions contemplated by, this Agreement do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its and each of its Subsidiaries’ constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its Subsidiaries’ assets. 

  

	9.4	Power and authority 

 It has the power to enter
into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement. 
  

 6 

	9.5	Validity and admissibility in evidence 

 All
Authorisations required or desirable: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in this Agreement; 

  

	 	(b)	to make this Agreement admissible in evidence in its jurisdiction of incorporation; and 

  

	 	(c)	for it and its Subsidiaries to carry on their business, and which are material, 

  

	  	have been obtained or effected and are in full force and effect. 

  

	9.6	Solvency 

  

	 	(a)	It is able to meet its obligations and pay its debts as they fall due, it does not admit and has not admitted any inability to pay its debts as they fall due and it has not
suspended making payments on any of its debts. 

  

	 	(b)	It has not by reason of actual or anticipated financial difficulties commenced, and does not intend to commence, negotiations with one or more of its creditors with a view to
rescheduling any of its indebtedness. 

  

	 	(c)	The fair value of its assets is not less than its liabilities (taking into account contingent and prospective liabilities). 

  

	 	(d)	It has sufficient capital to carry on its business. 

  

	 	(e)	No moratorium has been, or may, in the reasonably foreseeable future be, declared in respect of any of its indebtedness. 

  

	9.7	Material Adverse Effect 

  

	 	(a)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or to which any of its assets are subject
which might have a Material Adverse Effect. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its
(or any of its Subsidiaries’) assets are subject which might have a Material Adverse Effect. 

  

	 	(c)	None of it or any of its Subsidiaries is in violation of or non-compliance with any applicable law, rule or regulation which violation or non-compliance might have a Material
Adverse Effect. 

  

 7 

	9.8	Information 

 All information supplied by or on
behalf of the Borrower is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect, and does not omit to state any material fact that is necessary to make the statements contained in such
information not misleading in the light of the circumstances under which the statements contained in such information were made. 
  

	9.9	Private and commercial acts 

 Its execution of this
Agreement constitutes, and its exercise of its rights and performance of its obligations hereunder will constitute, private and commercial acts done and performed for private and commercial purposes. 
  

	9.10	No immunity 

 In any proceedings taken in its
jurisdiction of incorporation in relation to this Agreement, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process. 
  

	9.11	No proceedings pending or threatened 

 No legal or
governmental investigation, no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of
its knowledge and belief) been started or threatened, or are pending, against it or any of its Subsidiaries or its or any of its Subsidiaries’ assets. 
  

	9.12	Taxes 

  

	 	9.12.1	It has duly and punctually paid and discharged: 

  

	 	(a)	all Taxes imposed upon it or its assets within the time period allowed without incurring penalties; and 

  

	 	(b)	all other liabilities from time to time when they fall due and within any applicable grace period (save in each case to the extent that (1) payment is being contested in good
faith; (2) it has maintained adequate reserves for those Taxes or liabilities; and (3) payment can be lawfully withheld). 

  

	 	9.12.2	It is not materially overdue in the filing of any Tax returns. 

  

	 	9.12.3	No claims are being or are reasonably likely to be asserted against it with respect to Taxes. 

  

	9.13	Pari Passu 

 Under the laws of the PRC in force at
the date hereof, the claims of the Lender against the Borrower under this Agreement will rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred solely by any bankruptcy, insolvency,
liquidation or other similar laws of general application. 
  

 8 

	9.14	Encumbrance 

 There is no Encumbrance over all or
any of its present or future revenues or assets, other than the Encumbrance created pursuant to the Security Documents. 
  

	9.15	Fulfilment of Obligations 

 All acts, conditions and
matters required to be done, fulfilled and performed in order (i) to enable it lawfully to enter into, exercise its rights under and perform and comply with the obligations expressed to be assumed by it in this Agreement (ii) to ensure
that the obligations expressed to be assumed by it in this Agreement are legal, valid and binding and (iii) to make this Agreement admissible in evidence in the PRC, have been done, fulfilled and performed as at the date of this Agreement, save
for the payment of stamp duty on this Agreement (if any) by or on behalf of each party hereto. 
  

	9.16	No default 

 No Event of Default is continuing or
might reasonably be expected to result from the making of the Advance. 
  

	10.	COVENANTS 

 The Borrower shall: 
  

	10.1	obtain, comply with the terms of, and do all that is necessary (including the registration, filing, stamping and reporting of this Agreement with or to all relevant Governmental
Agency) to maintain in full force and effect all authorizations, approvals, licences and consents required in or by the laws and regulations of the PRC to enable it to lawfully enter into and perform its obligations under this Agreement or to ensure
the legality, validity, enforceability or admissibility in evidence in the PRC of this Agreement; 

  

	10.2	after the delivery of a duly completed Drawdown Notice and before the proposed making of the Advance requested therein, notify the Lender of the occurrence of any event which
results in or may reasonably be expected to result in any Representation being untrue, inaccurate or misleading at or before the time of the proposed making of the Advance; 

  

	10.3	promptly inform the Lender of the occurrence of any Event of Default and, upon receipt of a written request to that effect from the Lender, confirm to the Lender that, save as
previously notified to the Lender or as notified in such confirmation, no Event of Default has occurred; 

  

	10.4	ensure that at all times the claims of the Lender against it under this Agreement rank at least pari passu with the claims of all its other unsecured creditors save those
whose claims are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application; and 

  

 9 

	10.5	not, without the prior written consent of the Lender, create or permit to subsist any Encumbrance over all or any of its present or future revenues or assets unless such subsequent
Encumbrance is created expressly by its terms to be subject and subordinate to the indebtedness hereunder. 

  

	11.	EVENTS OF DEFAULT 

 If: 
  

	11.1	the Borrower fails to pay any sum due from the Borrower hereunder on the date, in the currency and in the manner specified herein; 

  

	11.2	the Borrower fails to comply with any provision of this Agreement and the Security Documents (to which it is a party) (other than those referred to in Clause 11.1 above);

  

	11.3	any Representation or any representation and warranty made by the Borrower in any notice, document, certificate or statement delivered by it pursuant hereto or in connection
herewith was or proves to have been untrue, inaccurate or misleading when made; 

  

	11.4	the Borrower is unable to pay its debts as they fall due, or takes any corporate action or other steps or commences any legal proceedings with respect to winding-up or dissolution
of the Borrower; 

  

	11.5	by or under the authority of any government or any person (a) the management of the Borrower is wholly or partially replaced or the authority of the Borrower in the conduct of
its business is wholly or partially curtailed, or (b) all or a majority of the registered capital of the Borrower or the whole or any part of its revenues or assets is seized, nationalised, expropriated or compulsorily acquired; or

  

	11.6	there is an occurrence of an event of default under the Xi’an Loan Agreement; 

  

	11.7	there is an occurrence of an event of default under the Notes or the Warrants; or 

  

	11.8	at any time it becomes unlawful for the Borrower to perform any of its obligations hereunder, or any of the obligations of the Borrower hereunder are not legal, valid and binding,

 then, and in any such case and at any time thereafter, the Lender may, by written notice to the Borrower, declare the Loan to
be immediately due and payable (whereupon the same shall become so payable together with the Acceleration Premium, accrued default interest thereon and any other sums then owed by the Borrower hereunder). 
  

 10 

	12.	PAYMENTS 

  

	12.1	On each date on which this Agreement requires an amount to be paid by one party to another party hereunder, such party shall make the same available to the other party by payment in
RMB and in immediately available, freely transferable and cleared funds to such account of the other party as such other party shall from time to time have specified in writing for this purpose. 

  

	12.2	In the event any amount hereunder is required to be paid on a day other than a Business Day, such amount shall be payable on the next succeeding Business Day.

  

	12.3	All payments to be made by any party hereunder shall be calculated without reference to any set-off or counterclaim and shall be made free and clear of and without any deduction for
or on account of any set-off or counterclaim. 

  

	13.	ACCOUNTS AND EVIDENCE OF DEBT 

 The Lender shall
maintain accounts evidencing the amounts lent by it hereunder. In any legal action or proceeding arising out of or in connection with this Agreement, the entries made in such accounts shall be conclusive evidence of the existence and amounts of
obligations of the Borrower. 
  

	14.	ASSIGNMENT 

  

	14.1	This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

  

	14.2	Neither the Borrower nor the Lender shall be entitled to assign or transfer all or any of its rights, benefits and obligations hereunder save for the assignment by the Lender under
the Assignment of Rights. 

  

	15.	LAW AND JURISDICTION 

  

	15.1	This Agreement shall be governed by and be construed in accordance with the PRC laws. 

  

	15.2	Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be
settled by arbitration. 

  

	15.3	The appointing authority shall be China International Economic and Trade Arbitration Commission (“CIETAC”) and the arbitration shall be conducted in accordance with
the CIETAC’s arbitration rules in effect at the time of arbitration and as may be amended by the rest of this Clause. The place of arbitration shall be in Beijing and the language of the arbitration shall be English. 

 

	15.4	 The arbitral tribunal (the “Tribunal”) shall consist of three arbitrators: one to be appointed by the Lender, one to be appointed by the Borrower
and the third to be appointed by mutual agreement between the first two arbitrators already appointed or, 

  

 11 

	 	 
failing agreement within 30 days, by the then Chairman of the CIETAC. It is hereby expressly agreed that if there is more than one claimant, party and/or
more than one respondent party, the claimant parties shall together nominate one arbitrator and the respondent parties shall together nominate one arbitrator. If the claimant or respondent parties fail to agree upon a nominee within 30 days of the
first written proposal by one of the claimant or respondent parties to the others, the CIETAC shall proceed to appoint an arbitrator on their behalf. 

  

	15.5	The award of the Tribunal shall be final and binding and shall be the exclusive remedy among the parties regarding any claims, counterclaims, issues, or accountings presented to the
Tribunal. To the fullest extent allowed by applicable laws, each party hereby waives any right to appeal such award. Judgment upon the award may be entered in any court having jurisdiction thereof. 

  

	15.6	By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of
arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies in aid of arbitration as may be available under the jurisdiction of a court, the Tribunal shall have full authority to request the court to
grant provisional remedies and to award damages for the failure of any person to respect the Tribunal's orders to that effect. 

  

	15.7	The costs of the arbitration shall be allocated between the relevant parties by the arbitrators and shall be set forth in the arbitral award in accordance with the Rules. Any
amounts subject to dispute that are ultimately awarded (a) in US dollars shall bear interest at the Federal Funds Rate in effect from time to time and published by the US Federal Reserve Board of Governors, and (b) in HK dollars shall bear
interest at the rate that is 1 % above the best lending rate for HK dollars in effect from time to time and quoted by The Hongkong and Shanghai Banking Corporation Limited, in each case, from the earlier of (i) the date of the request for
arbitration, and (ii) the date such amount would have become due and owing but for the Dispute until the date the arbitral award is paid in full. 

  

	16.	MISCELLANEOUS 

  

	16.1	This Agreement is written and executed in English. 

  

	16.2	No failure by any party to exercise, nor any delay by any party in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

  

	16.3	If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 

  

 12 

	16.4	Any notice, demand or other communication required to be given or made under this Agreement shall be in writing in the English language and shall be delivered personally, or sent by
post pre-paid (or air mail if overseas) or by fax, to each of the relevant parties at the address or fax number set out below: 

  

			
	HE JI LUN	 	
	
	Dayu Building, Beijing Representative Office of Sichuan Provincial Government
	No. 312 Long Zhao Shu, Xiao Hong Men Street
	Chaoyang District, Beijing 100078
	The People’s Republic of China
	 For the attention of:
	 	He Ji Lun
	 Fax Number:
	 	+ 86 10 8769 7911

  

			
	SICHUAN TIME SHARE ADVERTISING & COMMUNICATION CO., LTD.
	
	Dayu Building, Beijing Representative Office of Sichuan Provincial Government
	No. 312 Long Zhao Shu, Xiao Hong Men Street
	Chaoyang District, Beijing 100078
	The People’s Republic of China
	For the attention of:	 	The Board of Directors
	 Fax Number:
	 	+ 86 10 8769 7911

  

	16.5	This Agreement may be executed in any number of counterparts each of which shall constitute one and the same instrument. 

  

 13 

 SCHEDULE 1 
 DRAWDOWN NOTICE 
  

			
	 From:
	  	SICHUAN TIME SHARE ADVERTISING & COMMUNICATION CO., LTD.
		
	 To:
	  	HE JI LUN, 

  
 Dear Sirs, 
  

	1.	We refer to a loan agreement (the “Loan Agreement”) dated 19 December 2007 executed between you as the lender and us as the borrower. Terms defined in
the Loan Agreement shall have the same meanings when used in this notice. 

  

	2.	We hereby notify you that, pursuant to the Loan Agreement, we intend to borrow an Advance upon the terms and subject to the conditions contained in the Loan Agreement in an
amount of RMB Equivalent of the Issue Proceeds as of the Date of Determination. 

  

	3.	We hereby confirm that, as at the date hereof, each of the conditions set out in Clause 3.2 of the Loan Agreement remains satisfied. 

  

	4.	The proceeds of the Advance shall be credited to [insert account details] no later than [insert date]. 

 Yours faithfully 
 SICHUAN TIME SHARE ADVERTISING &
COMMUNICATION CO., LTD. 

	
	
	  
	Name:
	Title:
	Date:

  

 14 

 IN WITNESS WHEREOF the duly authorised representatives of the parties hereto have caused this Agreement to be
executed on the day first mentioned. 
 Lender 
 HE JI
LUN, 

 
  

	
	 /s/ He Ji Lun

 Borrower 
 SICHUAN TIME SHARE ADVERTISING & COMMUNICATION CO., LTD.English translation of Rights Assignment Agreement dated December 19, 2007

 Exhibit 4.15 
 RIGHTS ASSIGNMENT AGREEMENT 
 among 
 He Jilun 
 and 
 Sichuan Time Share Advertising & Communication Co., Ltd. 
 and 

 Xi’an Time Share Technology Information Co., Ltd. 
  

 RIGHTS ASSIGNMENT AGREEMENT 
 This Rights Assignment Agreement (hereinafter “Agreement”) has been entered into on December 19
th, 2007 in Beijing, China, between the following parties: 
 Party A: He Jilun 
 Address: #10, Zhengdong Street 124, Wujin Town, Xinjin County, Sichuan Province 
 Party B: Sichuan Time Share Advertising & Communication Co., Ltd 
 Address: Guixi Industrial Park, High-Tech DC, Chengdu 
 Party C: Xi’an Time Share Technology Information Co., Ltd 
 Address: Guixi Industrial Park, High-Tech DC, Chengdu 
 The above signing
parties are hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”. 
 WHEREAS 
  

	 A)
	 Party A has signed the Loan Agreement (hereinafter “Loan Agreement”) with Party B on
December 19th, 2007, and according to the Loan Agreement, Party A shall provide Party B with a loan in RMB of an amount equivalent to USD
20 million (the exchange rate between USD and RMB shall be the rate on the date of the actual transaction). 

  

	B)	Party A desires to assign the rights of acquiring repayment of the principal and interest of the USD 20 million equivalent loan (the exchange rate between USD and RMB shall be
the rate on the date of the actual transaction) under the Loan Agreement to Party C according to the terms of this Agreement, and Party C agrees to assign such rights according to this Agreement. 

 THEREFORE, Party A , Party B and Party C hereby agree as follows: 
  

	1.	DEFINITIONS 

 Unless otherwise stipulated, the following terms used
in the Agreement shall be interpreted as follows: 
 Payment Rights: Party A has the rights of acquiring repayment of the principal and interest of the USD
20 million equivalent loan in RMB (the exchange rate between USD and RMB shall be the rate on the date of the actual transaction) according to the Loan Agreement, and Party A has other rights including but not limited to the Breach Relief
Rights according to the Loan Agreement. 
 Effective Date: The date on which this Agreement is signed and sealed by the duly authorized representatives of
the parties under the Agreement. 
  

 1 

 China: The term refers to the People’s Republic of China, and does not include Hong Kong, Macao and Taiwan for the
purpose of this Agreement. 
 Chinese Laws: The term refers to effective laws, administrative rules and regulations, regional rules, judicial interpretations
and other standards that are legally binding in China as of the Effective Date. 
  

	2.	TRANSFER OF REPAYMENT RIGHTS 

 Party A agrees to
transfer to Party C the repayment rights under the Loan Agreement; Party B acknowledges and agrees with the transfer of such rights; and Party C accepts the transfer of such rights. 
 As of the Effective Date, Party A shall not have the repayment rights under the Loan Agreement, and Party C has the right to request repayment from Party
B for the loan principal and interest, as stipulated under the Loan Agreement. 
 The transfer of Party A’s repayment rights under the
Agreement is irrevocable and non-withdrawable. Party B shall bear the obligation of repaying Party C from the Effective Date. 
  

	3.	REPRESENTATIONS, WARRANTIES AND COVENANTS 

 Party A
represents, warrants and covenants as follows: 
 Party A is a citizen of China with full civil capacity; has the right to
sign, render and fulfill this Agreement; and is able to serve independently as an entity in a lawsuit; 
 Party A’s
signing, rendering and fulfillment of this Agreement does not breach any other agreements signed by Party A with any third party at the date of signing of this Agreement as well as any other contracts and agreements that are legally binding; and do
not violate any Chinese Laws without any authorization or approval from the government; 
 The Loan Agreement signed between
Party A and Party B is legally effective, and shall be equally binding upon both parties; 
 The repayment rights that Party
A has according to the Loan Agreement are legally effective, and are transferable properties by law; 
 Party A shall not
have the repayment rights from Party B from the Effective Date, but Party A shall provide all necessary efforts to Party C for its payment rights; 
 The occurrence of Events of Default under the Loan Agreement signed between Party A and Party C on December 19th, 2007 constitutes the breach of this Agreement by Party A. 
 Party B represents, warrants and covenants as follows: 
 Party B is a limited liability company legally registered and effectively existing under Chinese Laws with an independent corporate status; has complete and independent legal status and capacity to sign, render and
fulfill this Agreement; and is able to serve independently as an entity in a lawsuit; 
  

 2 

 Party B has acquired corporate authorization and the approval needed for the signing
and fulfillment of this Agreement; its signing and fulfillment of the Agreement do not violate any corporate regulations or internal policy rules as well as any Chinese Laws, contracts or agreements that are legally binding; and do not need any
authorization or approval from the China government; 
 The Loan Agreement signed between Party B and Party A is legally
effective, and shall be equally binding upon both parties. 
 Party C represents, warrants and covenants as follows: 
 Party C is a limited liability company legally registered and effectively existing under the Chinese Laws with an independent corporate
status; has complete, independent legal status and capacity to sign, render and fulfill this Agreement; and is able to serve independently as an entity in a lawsuit; 
 Party C has acquired internal authorization and the approval needed for the signing and fulfillment of this Agreement; its signing and
fulfillment of the Agreement do not violate any corporate regulations or internal policy rules as well as any Chinese Laws, contracts or agreements that are binding; and do not need any authorization or approval from the China government;

  

	4.	BREACH OF AGREEMENT 

 The Parties agree and confirm that if any
Party is virtually in default or breaches any provision of the Agreement (hereinafter “Breaching Party”), it constitutes the breach of the Agreement (hereinafter “Breach”), and any Party whose benefits are harmed (hereinafter
“Observant Party”) has the right to request the Breaching Party to correct or remedy the Breach within a reasonable period of time. If the Breaching Party fails to correct or remedy the Breach within the reasonable time or within ten
(10) days from the date the Observant Party issues notice to the Breaching Party of the Breach, the Observant Party has the right to request for forced fulfillment of the obligations of the Breaching Party under the Agreement. 
  

	5.	CONFIDENTIALITY 

 The Parties agree that materials and information
obtained or acquired from another Party in the performance of the Agreement are confidential (“Confidential Information”) and agree to take all reasonable actions to maintain them confidential. Each Party shall not disclose, provide or
transfer Confidential Information to any third party, or use it for any purpose other than the performance of this Agreement, without prior written consent of the providing party. 
  

	6.	NOTICE 

 Any notice, request, inquiry and other
correspondence required by or made according to this Agreement shall be made available in writing to the concerned Party. 
 The notices shall
be deemed to have been served in the case of facsimile or telegram at the time of transmission; in the case of courier, at the time of first service; or in the case of mail, five (5) days after it has been postmarked. 
  

 3 

	7.	MISCELLANEOUS 

 This Agreement shall take effect
immediately after being signed and sealed by the legal representative or authorized representatives of the Parties, and shall be automatically terminated at the date on which the loan is repaid in full. 
 The Agreement is executed in three (3) originals in Chinese, with each Party hereto holding one (1) original. 
 The Agreement shall be construed, enforced, performed, amended, interpreted and terminated in accordance with the Chinese Laws. 
 Any controversy or claim arising out of or relating to this Agreement shall be settled through negotiations by the Parties, and any Party may request
settling such dispute by binding arbitration through the China International Economic and Trade Arbitration Commission. Arbitration procedures and any proceedings shall be conducted in Beijing using the Chinese language. The arbitration award shall
be final and binding to the Parties. 
 The headings of the articles of this Agreement are provided only for index, and in no circumstances
such headings shall affect the interpretation of the terms of the Agreement. 
 Each provision of the Agreement shall be deemed to be separate
and independent to one another, and the invalidity, noncompliance or unenforceability of any such provision shall not affect the validity, compliance and enforceability of any other provision of this Agreement. 
 Any amendment or supplement to the Agreement shall be made in writing, and become effective after being signed by the Parties of the Agreement.

 Neither Party shall assign any benefit or interest in or under the Agreement. 
 This Agreement shall be binding upon the legitimate successors of the Parties. 
  

 4 

 [Execution page, no text] 
 Party A: He Jilun (signature) 
 Party B: Sichuan Time Share Advertising & Communication Co., Ltd. 
 Legal / Authorized Representative 
 (signature) 
 Party C: Xi’an Time Share Technology Information Co., Ltd. 
 Legal /
Authorized Representative 
 (signature) 
  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]