Document:

Exhibit 4.7

 

THIS SUPPLEMENTAL AGREEMENT is made on the 31st day of January 2011 AMONGST:-

 

(1)                                  FAST BOOST HOLDINGS LIMITED (Company Registration. 1463677), a corporation incorporated under the laws of the British Virgins Islands with its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, the British Virgin Islands (the “Borrower”);

 

(2)                                  PHILLIP VENTURES ENTERPRISE FUND 2 LTD. (Company Registration: 200609453C), a company incorporated in Singapore with its registered address at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101 (the “Lender”);

 

(3)                                  FAME BRILLIANT GROUP LIMITED (Company Registration No. 1462170) a corporation incorporated under the laws of the British Virgins Islands with its registered office at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, the British Virgin Islands (“Fame Brilliant”);

 

(4)                                  HONG JINSHAN  (Hong Kong Passport/IC No.: R333454(5)), of Room 502, Block 3D, Donggang Huayuan, Zhifang Road, Shishi City, Fujian, the People’s Republic of China (“Hong”); and

 

(5)                                  OR SIU FONG  (Hong Kong Passport/IC No.: P722887(6)), of Flat C, 22/F., Block 5, Laguna Verde The Greenwood, 8 Laguna Verde Avenue, Hong Kong (“Or”),

 

(Hong and Or shall collectively be termed the “Founders”, and each, a “Founder”),

 

(collectively, the “Parties” and, each, a “Party”).

 

BACKGROUND:-

 

(A)                              The Parties entered into a convertible loan agreement dated 24 December 2008 under which the Lender extended a loan of S$4 million to the Borrower.  This agreement was varied by a supplemental agreement dated 15 January 2010.  (This convertible loan agreement, as varied by the supplemental agreement and the supplemental agreement referred to in Recital (E) shall be termed the “First Agreement”.

 

(B)                                The Parties entered into a second convertible loan agreement dated 15 January 2010 under which the Lender extended another loan of S$4 million to the Borrower. (This convertible loan agreement, as varied by the supplemental agreement referred to in Recital (E) shall be termed the “Second Agreement”.)  Pursuant to the First Agreement and the Second Agreement (collectively, the “Convertible Loan Agreements”), the Lender extended an aggregate sum of S$8.0 million to the Borrower.

 

(C)                                The Parties has since agreed to abandon the IPO, and in its stead, it is intended that the Group will undertake an initial public offering in the United States of America (the “New  IPO”).  In connection with the New IPO:

 

1

 

(i)                                     ZUOAN FASHION LIMITED (the “Cayman Listco”) was incorporated as an exempted company in the Cayman Islands with limited liability with effect from 24 August 2010; and

 

(ii)                                  A share swap was undertaken such that the Cayman Listco (instead of the Listco) became the holding company of the Borrower,

 

(the “Additional Restructuring Steps”).

 

(D)                               It was further intended that after the completion of the Restructuring Exercise and the Additional Restructuring Steps, the Group would be enlarged to include the Cayman Listco in place of Listco, and Cayman Listco would undertake the New IPO, an initial public offering of American depository shares representing ordinary shares in the capital of Cayman Listco (the “ADS”s), and apply for the ADSs to be listed on NYSE (the “US  Listing”).

 

(E)                                 In connection with the US Listing, the Parties entered into a supplemental agreement dated 3 December 2010 to amend the terms and conditions of the convertible loan agreements referred to in Recitals (A) and (B).

 

(F)                                 Following further negotiation between the Parties, the Parties intend to further amend the Convertible Loan Agreements as set out in this Supplemental Agreement.

 

IT IS HEREBY AGREED as follows:-

 

1.                                DEFINITIONS

 

1.1                           Unless otherwise defined, terms and phrases defined in the Convertible Loan Agreements shall have the same meanings when used in this Supplemental Agreement.

 

1.2                           The provisions of Clauses 1.2 to 1.5 of the First Agreement shall mutatis mutandis apply to this Supplemental Agreement as if repeated in this Supplemental Agreement.

 

2.                                      AMENDMENT OF THE CONVERTIBLE LOAN AGREEMENTS

 

2.1                                 Clause 1.1 of both Convertible Loan Agreements shall be amended as follows:

 

(a)                                  The definition of “Maturity Date” shall be replaced in its entirety by the following:

 

““Maturity Date”                                                                                              means 28 February 2011, or such other date and subject to such terms and conditions as may be mutually agreed amongst the Parties.”

 

(b)                                 The definition of “Preliminary IPO Price” shall be replaced in its entirety by the following:-

 

““Preliminary IPO Price” means the estimated IPO Price computed based on the estimated offering price per ADS in the US Listing as communicated by the Underwriter to the Cayman Listco, which shall be computed as follows

 

	
Preliminary IPO Price =
    	
Estimated   Offering Price
    	
 
    
	
 
    	
Number   of Cayman Listco Shares
    	
 
    
	
 
    	
Represented By one ADS”;
    	
 
    

 

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(c)                                  The definition of “Estimated Price Range” in shall be deleted:

 

(d)                                 The following new definition of “Estimated Offering Price” shall be inserted such that it appear in alphabetical order amongst the list of words and expressions defined:

 

““Estimated Offering Price” means the mid-point of the estimated offering price range or the estimated offering price per ADS as disclosed in the Registration Statement, provided, however, in case the estimated offering price range or the estimated offering price per ADS disclosed in the Registration Statement is revised by any subsequent amendment to the Registration Statement, the Estimated Offering Price shall equal the mid-point of the estimated offering price range or the estimated offering price per ADS as revised and disclosed in such subsequent amendment to the Registration Statement”.

 

3.                                      CONFIRMATION AND INCORPORATION; CONFIRMATION OF NO BREACH

 

3.1                                 Except to the extent expressly varied or amended by the provisions of this Agreement, the terms and conditions of the Convertible Loan Agreements are hereby confirmed by the Parties and shall remain in full force and effect.

 

3.2                                 The Convertible Loan Agreements and this Agreement shall be read and construed as one document and this Agreement shall be considered to be part of the Convertible Loan Agreements and, without prejudice to the generality of the foregoing, where the context so allows, references to the Convertible Loan Agreements, in any document or instrument however expressed, shall be read and construed as references to the Convertible Loan Agreements as varied or amended and supplemented by this Agreement.

 

3.3                                 Each of the Parties confirm that there is no breach by the other Parties under the Convertible Loan Agreements (as amended by this Agreement), and without prejudice to the confirmation, to release the other Parties from any such breach.

 

4.                                      MISCELLANEOUS

 

4.1                                 Each Party shall bear its own legal, professional and other costs and expenses incurred in connection with the negotiation, preparation or completion of this Supplemental Agreement.

 

4.2                                 This Supplemental Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any Party may enter into this Agreement by signing any such counterpart. Each counterpart may be signed and executed by the Parties and transmitted by facsimile or electronic transmission and shall be as valid and effectual as if executed as an original.

 

4.3                                This Agreement shall be governed by and shall be construed in accordance with, the laws of the Republic of Singapore.

 

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4.4                                 For avoidance of doubt, a party who is not a Party to this Agreement has no rights under the Contracts (Right of Third Parties) Act (Cap. 53B) of Singapore to enforce any term of this Agreement, but this does not affect any right or remedy of third party which exists apart from this Act.

 

4.5                                 In relation to any legal action or proceedings arising out of or in connection with this Agreement (“Proceedings”), each Party irrevocably and unconditionally submits to the jurisdiction of the courts of Singapore and waives any objection to the Proceedings in any such courts on the grounds of venue or on the grounds that the Proceedings have been brought in an inconvenient forum or similar grounds.

 

4

 

 

IN WITNESS WHEREOF, the Parties have entered into this Supplemental Agreement on the date as set out above.

 

 

THE BORROWER

 

	
SIGNED by
    	
)
    	
 
    
	
OR SIU FONG 
    	
)
    	
 
    
	
for and on behalf of
    	
)
    	
/s/   Or Siu Fong
    
	
FAST BOOST GROUP HOLDINGS LIMITED
    	
)
    	
 
    
	
in the   presence of:
    	
)
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   TSANG CHI HON
    	
 
    	
 
    
	
Signature of   witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TSANG   CHI HON
    	
 
    	
 
    
	
Name of   witness (block letters)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Flat H, 4/F, Hang Yue Building, 334-350 Des Voeux   Road West, HK
    	
 
    
	
Address of witness
    	
 
    
				

 

5

 

	
FAME BRILLIANT
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED by
    	
)
    	
 
    
	
OR SIU FONG 
    	
)
    	
 
    
	
for and on behalf of
    	
)
    	
/s/   Or Siu Fong
    
	
FAME BRILLIANT GROUP LIMITED
    	
)
    	
 
    
	
in the   presence of:
    	
)
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   TSANG CHI HON
    	
 
    	
 
    
	
Signature of   witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TSANG   CHI HON
    	
 
    	
 
    
	
Name of   witness (block letters)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Flat H, 4/F, Hang Yue Building, 334-350 Des Voeux   Road West, HK
    	
 
    
	
Address of witness
    	
 
    
				

 

6

 

	
THE LENDERS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED   by
    	
)
    	
 
    
	
TIMOTHY   CHAN
    	
)
    	
 
    
	
for and on   behalf of
    	
)
    	
/s/   Timothy Chan
    
	
PHILLIP   VENTURES ENTERPRISE FUND 2 LTD
    	
)
    	
 
    
	
in the   presence of:
    	
)
    	
 
    
	
 
    	
 
    	
 
    

 

	
/s/ PAULINE CHOON
    	
 
    	
 
    

 

7

 

	
THE FOUNDERS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED by
    	
)
    	
 
    
	
HONG JINSHAN 
    	
)
    	
/s/   Hong Jinshan
    
	
in the   presence of:
    	
)
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   TSANG CHI HON
    	
 
    	
 
    
	
Signature of   witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TSANG   CHI HON
    	
 
    	
 
    
	
Name of   witness (block letters)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Flat H, 4/F, Hang Yue Building, 334-350 Des Voeux   Road West, HK
    	
 
    
	
Address of witness
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED by
    	
)
    	
 
    
	
OR SIU FONG 
    	
)
    	
/s/   Or Siu Fong
    
	
in the   presence of:
    	
)
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   TSANG CHI HON
    	
 
    	
 
    
	
Signature of   witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TSANG   CHI HON
    	
 
    	
 
    
	
Name of   witness (block letters)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Flat H, 4/F, Hang Yue Building, 334-350 Des Voeux   Road West, HK
    	
 
    
	
Address of witness
    	
 
    
					

 

8Exhibit 10.44

 

FIRST MODIFICATION OF PROMISSORY NOTE, MORTGAGE DEED

AND SECURITY AGREEMENT  AND OTHER LOAN DOCUMENTS

 

THIS AGREEMENT, made as of the 27th day of October, 2010, by and between RIVERBEND CROSSINGS III HOLDINGS LLC,  a Pennsylvania limited liability company, having a principal office and mailing address at c/o Griffin Land & Nurseries, Inc., 204 West Newberry Road, Bloomfield, Connecticut 06002 (the “Grantor”) and NEWALLIANCE BANK, a Connecticut banking corporation having an office at 195 Church Street, New Haven, Connecticut 06510 (the “Grantee”).

 

R  E  C  I  T  A  L  S

 

A.            The Grantor and the Grantee entered into a loan transaction in the original principal amount of $4,300,000.00 (the “Loan”), which is evidenced by a Promissory Note in said amount dated January 27, 2010 (the “Note”).

 

B.            The Note is secured by, among other things, a Mortgage Deed and Security Agreement dated January 27, 2010 (the “Mortgage”), recorded February 3, 2010 with the Lehigh County Recorder of Deeds as Instrument Number 2010003016, which Mortgage affects certain property known as 871 Nestle Way, Breinigsville, Pennsylvania (the “Property”), as more particularly described therein; (2) a Collateral Assignment of Leases and Rentals dated January 27, 2010 (the “Assignment of Leases”) recorded February 3, 2010 with the Lehigh County Recorder of Deeds as Instrument Number 2010003017; (3) a Security Agreement dated January 27, 2010 (the “Security Agreement”); (4) an Assignment of Contracts, Warranties, Permits and Approvals dated January 27, 2010 (the “Assignment of Contracts”); and (5) an Environmental Compliance and Indemnity Agreement dated January 27, 2010 (the “Environmental Indemnity”).  The Note, the Mortgage, the Security Agreement, the Assignment of Leases, the Assignment of Contracts and the Environmental Indemnity are referred to collectively herein as the “Loan Documents”).

 

C.            The Grantor has requested that the Grantee reduce the interest rate applicable to the Loan.

 

D.           As a condition to reducing the interest rate applicable to the Loan, the Grantee requires that the Grantor enter into this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and for One Dollar ($1.00) and other valuable consideration received to their mutual satisfaction, the Grantor and the Grantee hereby agree as follows:

 

1.             Modification of Note.  The Note is hereby modified as follows:

 

(a)           The current monthly payment of principal and interest in the amount of $29,281.67 shall be due and payable on November 1, 2010.  Notwithstanding anything to the contrary contained in the Note, commencing as of November 1, 2010, the Interest Rate on the outstanding principal balance of the Note shall be a fixed rate of five and one-quarter percent (5.25%) per annum for the balance of the term.  Commencing on the first day of December, 2010, and continuing to, but not including the Maturity Date, principal and interest at the Interest Rate shall be due and payable on the first day of each month, based on a 291 month amortization schedule.  As a result, commencing with the payment due December 1, 2010, monthly payments of principal and interest in the amount of $26,023.07 shall be due and payable on the first day of each month.

 

 

(b)           All references in the Note to the term “Mortgage” shall mean said instrument as modified hereby and as it may be further modified or amended in the future.  All references in the Note to the term “Loan Documents” shall mean the Loan Documents as modified hereby and as they may be further modified or amended in the future.

 

2.             Modification of Mortgage.  The Mortgage is hereby modified as follows:

 

(a)           All references in the Mortgage to the term “Note” shall be deemed to mean the Note as modified by this Agreement and as it may be further modified or amended in the future.  All references in the Mortgage to the term “Loan Documents” shall mean the Loan Documents as modified hereby and as they may be further modified or amended in the future.

 

(b)           In consideration of the modification of the Note as described above, the Grantor hereby grants, conveys, transfers and assigns to the Grantee, the Mortgaged Property (as defined in the Mortgage), to have and to hold unto the Grantee and its successors and assigns forever upon the terms and conditions described in the Mortgage.

 

3.             Modification of Other Loan Documents.  The Assignment of Leases, the Security Agreement and each of the other Loan Documents are hereby modified as follows:

 

(a)           All references therein to the terms “Promissory Note” or “Note”, “Mortgage”, “Assignment of Leases”, “Security Agreement” and “Loan Documents” shall be deemed to mean the Note, the Mortgage, the Assignment of Leases, the Security Agreement and the Loan Documents, respectively, as modified hereby and as they may be further amended or modified in the future.

 

4.             Miscellaneous.

 

(a)           Grantor and Grantee agree that the principal amount outstanding under the Note as of the date hereof is $4,252,695.98.

 

(b)          All capitalized terms utilized in this Agreement, but not defined herein, shall have the meaning ascribed thereto in the Loan Documents, as amended hereby.

 

(c)          Except as expressly modified hereby, all the terms and conditions of the Note, the Mortgage, the Assignment of Leases, the Security Agreement and the other Loan Documents shall remain in full force and effect, and the Grantor hereby modifies and restates all its obligations and liabilities thereunder.

 

(d)          This Agreement shall be governed by the laws of the State of Connecticut and shall be binding upon and shall inure to the benefit of, the Grantor, the Grantee, and their respective heirs, administrators, executors, successors and assigns, as applicable.

 

(e)          Grantor agrees to pay Grantee a Modification Fee of $200,000.00 at the time of this Modification in satisfaction of all of Grantee’s fees, costs and expenses relating to this Modification.

 

[The Remainder of This Page Has Been Intentionally Left Blank]

 

2

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and date first above written.

 

	
In   the presence of:
    	
 
    	
RIVERBEND   CROSSINGS III HOLDINGS LLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Riverbend   Lehigh Valley Holdings I LLC
    
	
 
    	
 
    	
 
    	
Its   Sole Member
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
Griffin   Land & Nurseries, Inc.
    
	
 
    	
 
    	
 
    	
 
    	
Its   Sole Member
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
/s/   Anthony Galici
    	
 
    	
 
    	
 
    	
By:
    	
/s/   Michael Gamzon
    
	
Print   Name: Anthony Galici
    	
 
    	
 
    	
 
    	
 
    	
Name:   Michael   Gamzon
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
Its:   Executive Vice President
    
	
/s/   Frederick M. Danziger
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Print   Name: Frederick M. Danziger
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
STATE   OF NEW YORK
    	
)
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
)
    	
       ss. New   York
    
	
COUNTY   OF NEW YORK
    	
)
    	
 
    	
 
    	
 
    	
 
    

 

On this 27th day of October, 2010, before me a Notary Public in and for the State of New York, the undersigned officer, personally appeared Michael Gamzon, who acknowledged him/herself to be the Executive Vice Prsident of Griffin Land & Nurseries, Inc., the sole member of Riverbend Lehigh Valley Holdings I LLC, which is the sole member of RIVERBEND CROSSINGS III HOLDINGS LLC, a Pennsylvania limited liability company, and that he as such officer of Griffin Land & Nurseries, Inc., being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of Riverbend Crossings III Holdings LLC by him/herself as such officer of the sole member of the sole member of said limited liability company.

 

	
 
    	
/s/   Theresa Gordon
    
	
 
    	
Name:  Theresa Gordon
    
	
 
    	
Notary   Public
    
	
 
    	
My   Commission Expires:  August 23,   2013
    

 

[Signatures Continued on Next Page]

 

 

	
In the presence of:
    	
NEWALLIANCE   BANK
    
	
 
    	
 
    
	
/s/   Al Clemente
    	
 
    	
By:
    	
/s/   Peter M. Hausherr
    
	
Print   Name:  Al Clemente
    	
 
    	
 
    	
Name:  Peter M. Hausherr
    
	
 
    	
 
    	
 
    	
Its:  Vice President
    
	
/s/   Gardner Abbott
    	
 
    	
 
    
	
Print   Name:  Gardner Abbott
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
STATE   OF CONNECTICUT
    	
)
    	
 
    
	
 
    	
)
    	
ss.   New Haven
    
	
COUNTY   OF HARTFORD
    	
)
    	
 
    
					

 

 

On this 27th day of October, 2010, personally appeared Peter M. Hausherr, Vice President of NewAlliance Bank, signer and sealer of the foregoing instrument, and acknowledged the same to be his free act and deed and the free act and deed of said bank, before me.

 

 

	
 
    	
/s/   Roa Jentana
    
	
 
    	
Name:  
    
	
 
    	
Notary   Public
    
	
 
    	
My   Commission Expires:  April 30,   2011

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