Document:

Prepared by R.R. Donnelley Financial -- Assignment of Promissory Note

 EXHIBIT 10.108 
  
 ASSIGNMENT OF PROMISSORY NOTE 
  
 In consideration of the reduction of the
indebtedness owed by Tarrant Apparel Group, a California corporation (“Assignor”), to Tarrant Company Limited, a corporation formed under the laws of Hong Kong (“TCL”) and to Trade Link Holdings Company, a corporation formed
under the laws of Hong Kong (“TLH”), Assignor hereby grants, assigns, conveys and transfers, without recourse, 84.745% to TCL and 15.225% to TLH or such other person as shall be designated by TCL and TLH, respectively, of its interest,
right, privilege, benefit and remedies in, to and under that certain Amended Secured Promissory Note in the original principal amount of U.S. $47,702,128 dated October 5, 2000, and amended as of December 18, 2001 (the “Note”), executed by
Tex Transas, S.A. de C.V., in favor of Tarrant Mexico, S. de R.L. de C.V. 
  
 Assignor hereby represents and warrants
to TCL and TLH that no previous assignment or security interest in the Note has been made or given by Assignor. Assignor hereby irrevocably constitutes and appoints TCL’s and THL’s Chief Financial Officer (together, the
“Officers”) as its attorney-in-fact, which power is coupled with an interest, so the Officers shall have the right to demand, receive and enforce Assignor’s rights with respect to the Note, to give appropriate receipts, releases and
satisfactions, and to do any and all acts with the same force and effect as Assignor could have done. 
  
 If any
provision of this Assignment shall be invalid, illegal or unenforceable, it shall not affect or impair the validity, legality and enforceability of the other provisions of this Assignment. This Assignment may not be amended, modified or changed, nor
shall any waiver of any provision hereof be effective, except by a written instrument signed by the party against whom enforcement of the waiver, amendment, change, or modification is sought. Assignor shall indemnify and hold harmless TCL and TLH
against any liabilities, claims, costs or expenses, including reasonable attorneys’ fees, incurred by TCL and TLH as a result of this Assignment or TCL’s and TLH’s exercise of its rights hereunder. 
  
 This Assignment shall be binding upon Assignor and its successors and assigns, and shall inure to the benefit of TCL and TLH and their
respective successors and assigns. TCL and THL may assign all or any portion of its interest in the Note or its rights created hereunder and, in such event, Assignor, at its sole expense, shall promptly execute, acknowledge and deliver such
additional documents, instruments and agreements as may be required by TCL and THL in connection with any such assignment. This Assignment shall be governed by and construed in accordance with the laws of the State of California. 

 1 

  
 IN WITNESS WHEREOF, Assignor has cause this Assignment to be executed as of the
date set forth below. 
  
 
	 “Assignor”
 TARRANT APPAREL GROUP
 
	 
	 By:
 	 	 /s/    EDDY YUEN        

	 
	 Its:
 	 	  

 
  
 Dated: December 26, 2001. 
 

 2Prepared by R.R. Donnelley Financial -- Assignment of Promissory Note

 EXHIBIT 10.109 
  
 ASSIGNMENT OF PROMISSORY NOTE 
  
 In consideration of the reduction of the variable
capital of Tarrant Mexico, S. de R.L. de C.V. (“Assignor”) held by Tarrant Apparel Group, a California corporation (“TAG”), Assignor hereby grants, assigns, conveys and transfers, without recourse, to TAG or such other person as
shall be designated by TAG, all of its interest, right, privilege, benefit and remedies in, to and under that certain Amended Secured Promissory Note in the original principal amount of U.S. $47,702,128 dated October 5, 2000, and amended as of
December 18, 2001 (the “Note”), executed by Tex Transas, S.A. de C.V. in favor of Assignor. 
  
 Assignor
hereby represents and warrants to TAG that no previous assignment or security interest in the Note has been made or given by Assignor. Assignor hereby irrevocably constitutes and appoints TAG’s Chief Financial Officer (the “Officer”)
as its attorney-in-fact, which power is coupled with an interest, so the Officer shall have the right to demand, receive and enforce Assignor’s rights with respect to the Note, to give appropriate receipts, releases and satisfactions, and to do
any and all acts with the same force and effect as Assignor could have done. 
  
 If any provision of this Assignment
shall be invalid, illegal or unenforceable, it shall not affect or impair the validity, legality and enforceability of the other provisions of this Assignment. This Assignment may not be amended, modified or changed, nor shall any waiver of any
provision hereof be effective, except by a written instrument signed by the party against whom enforcement of the waiver, amendment, change, or modification is sought. Assignor shall indemnify and hold harmless TAG against any liabilities, claims,
costs or expenses, including reasonable attorneys’ fees, incurred by TAG as a result of this Assignment or TAG’s exercise of its rights hereunder. 
  
 This Assignment shall be binding upon Assignor and its successors and assigns, and shall inure to the benefit of TAG and its successors and assigns. TAG may assign all or any portion of its interest in
the Note or its rights created hereunder and, in such event, Assignor, at its sole expense, shall promptly execute, acknowledge and deliver such additional documents, instruments and agreements as may be required by TAG in connection with any such
assignment. This Assignment shall be governed by and construed in accordance with the laws of the State of California. 
 

 1 

  
 IN WITNESS WHEREOF, Assignor has cause this Assignment to be executed as of the
date set forth below. 
  
 
	 “Assignor”
 TARRANT MEXICO, S. DE R.L. DE C.V.
 
	 
	 By:
 	 	 /s/    CORAZON REYES
        
 

 
  
 Dated:  December 26, 2001. 

 2Prepared by R.R. Donnelley Financial -- Assignment of Promissory Note

 EXHIBIT 10.110 
  
 [LOGO] 
 TARRANT COMPANY LIMITED 
 13th Floor, Lladro Centre 
 72-80 Hoi Yuen Road 
 Kwun Tong, Kowloon 
 Hong Kong 
  
 [26 December 2001] 
  
 Tarrant Apparel Group 
 3151 East Washington Boulevard 
 Los Angeles, CA 90023 
 United States of America 
  
 Dear Sirs 
  
 Re: Assignment of Promissory Note for full settlement of indebtedness 
  
 I, the undersigned, being a director of the Company, hereby confirm our receipt of your assignment of [84.745% (equivalent to US$38,049,726)] of your entire right, title and interest in and to the Promissory Note in the amount of
US$44,899,054 issued by Tex Transas, S.A. de C.V The said assignment of the Promissory Note from your company to us has been applied for full settlement of the amount of [US$38,049,726] due by your company to us. 
  
 
	 Yours faithfully
 For and on behalf of
 TARRANT COMPANY LIMITED
 
	 
	 /s/    EDDY
YUEN        
 

	 Director
 

 

 [LOGO] 
 TRADE LINK HOLDINGS
LIMITED 
 13th Floor, Lladro Centre 
 72-80 Hoi Yuen Road

 Kwun Tong, Kowloon 
 Hong Kong 
  
 [26 December 2001] 
  
 Tarrant Apparel Group 
 3151 East Washington
Boulevard 
 Los Angeles, CA 90023 
 United States of America 
  
 Dear Sirs 
  
 Re: Assignment of Promissory Note for partial settlement of indebtedness 
  
 I, the undersigned, being a director of the Company, hereby confirm our receipt of your assignment of [15.255% (equivalent to
US$6,849,328)] of your entire right, title and interest in and to the Promissory Note in the amount of US$44,899,054 issued by Tex Transas, S.A. de C.V The said assignment of the Promissory Note from your company to us has been applied for partial
settlement of the amount of US$22,814,139 due by your company to us. 
  
 
	 Yours faithfully
 For and on behalf of
 TRADE LINK HOLDINGS LIMITED
 
	 
	 /s/    EDDY
YUEN        
 

	 Director
 

 
 

 2 

 [LOGO] 
 TRADE LINK HOLDINGS
LIMITED 
 (Incorporated in Hong Kong) 
  
 WRITTEN RESOLUTIONS OF ALL DIRECTORS OF THE COMPANY PURSUANT TO ARTICLE 15 OF THE ARTICLES OF ASSOCIATION OF THE COMPANY 
  
 ACCEPTANCE OF ASSIGNMENT OF PROMISSORY NOTE FOR PARTIAL SETTLEMENT OF INDEBTEDNESS DUE BY TARRANT APPAREL GROUP TO THE COMPANY 
  
 It was noted that Tarrant Apparel Group (“TAG”), the Company’s ultimate holding company, is indebted to the Company in the amount of US$22,814,139, arising from the sale of apparel
products by the Company to TAG (the said amount is hereinafter referred to as “TLH Indebtedness”). 
  
 It
was further noted that TAG is also indebted to Tarrant Company Limited (“TCL”), the Company’s immediate holding company incorporated in Hong Kong, in the amount of US$38,049,726 (the said amount is hereinafter referred to as “TCL
Indebtedness”). 
  
 It was further noted that TAG holds the entire right, title and interest in and to a
promissory note in the amount of US$44,899,054 issued by Tex Transas, S.A. de C.V. (the “Note”). 
  
 It was
further noted that TAG proposed to assign to TCL 84.745% (equivalent to US$38,049,726) and to the Company 15.255% (equivalent to US$6,849,328) of its entire right, title and interest in and to the Note for full settlement of TCL Indebtedness and
partial settlement of TLH Indebtedness respectively. 
  
 There was tabled before this meeting a proposed form of
assignment for the above-mentioned assignment of the Note from TAG to TCL and to the Company respectively. 
  
 The
Board of Directors of the Company considered that the acceptance of the said assignment of the Note would be in the interest and to the benefit of the Company. IT WAS THEREFORE RESOLVED THAT TAG’s assignment of 15.255% of its entire right,
title and interest in and to the Note to the Company be accepted by the Company. 
  
 IT WAS FURTHER RESOLVED THAT any
Director of the Company be authorized to execute and, where required, affix the Company’s Common Seal onto, the necessary documents on behalf of the Company and to take such action as such Director may, in his sole discretion, deem to be
necessary to effect the aforementioned assignment of the Note. 
 

 1 

  
 IT WAS FURTHER RESOLVED THAT upon the aforementioned assignment of 15.255% of the
Note to the Company is effected, the amount of indebtedness due by TAG to the Company would be reduced by US$6,849,328 and that the Company’s accounting records be updated to reflect such transactions accordingly. 
  
 Dated the 26th day of December, 2001. 
  
 
	 
	 /s/    YUEN Tak Yu        
 
	 	  	 	  
 

	 YUEN Tak Yu
 	 	  	 	 LAU Po Law
 

 

 [LOGO] 
 TARRANT COMPANY LIMITED

 (Incorporated in Hong Kong) 
  
 MINUTES
OF A MEETING OF DIRECTORS OF THE COMPANY HELD AT 13TH. FLOOR, LLADRO CENTRE, 72-80 HOI YUEN ROAD, KWUN TONG, KOWLOON, HONG KONG ON 26 DECEMBER 2001 AT 11:30 A.M. 
  
 
	 PRESENT
 	 	  
	 Mr. LAU Po Law
 Mr. Charles LAI
 	 	 /s/    Mr. LAU Po Law
 /s/    Mr. Charles
LAI
 
	  	 	  
	 CHAIRMAN
 	 	 Mr. LAU Po Law was in the chair.
 
	  	 	  
	 QUORUM
 	 	 It was noted that a quorum was present pursuant to the Company’s Articles of Association.
 
	  	 	  
	 ACCEPTANCE OF ASSIGNMENT OF PROMISSORY NOTE FOR PARTIAL SETTLEMENT OF INDEBTEDNESS DUE BY TARRANT APPAREL GROUP TO THE COMPANY
 

 

 

 

 	 	 It was noted that Tarrant Apparel Group (“TAG”), the Company’s ultimate holding company, is indebted to the Company in the amount of
US$38,049,726, arising from the sale of apparel products by the Company to TAG (the said amount is hereinafter referred to as “TCL Indebtedness”).
  
 It was further noted that TAG is also indebted to Trade Link Holdings Limited (“THL”), the Company’s subsidiary incorporated in Hong Kong, in the amount of US$22,814,139 (the said amount is hereinafter
referred to as “TLH Indebtedness”).
  
 It was further noted that TAG holds the entire right, title and interest in and to a
promissory note in the amount of US$44,899,054 issued by Tex Transas, S.A. de C.V. (the “Note”).
  
 It was further noted that TAG
proposed to assign to the Company 84.745% (equivalent to US$38,049,726)] and to TLH 15.255% (equivalent to US$6,849,328) of its entire right, title and interest in and to the Note for full settlement of TCL Indebtedness and partial settlement of TLH
Indebtedness respectively.
  
 There was tabled before this meeting a proposed form of assignment for the above-mentioned assignment of the
Note from TAG to the Company and TLH respectively.
 

 

  
 
	  	 	 The board of directors of the Company considered that the acceptance of the said assignment of the Note would be in the interest and to the benefit of the
Company. It was therefore resolved that TAG’s assignment of 84.745% of its entire right, title and interest in and to the Note to the Company be accepted by the Company.
  
 It was further resolved that any director of the Company be authorized to execute and, where required, affix the Company’s Common Seal onto, the necessary documents on behalf of the Company and to
take such action as such director may, in his sole discretion, deem to be necessary to effect the aforementioned assignment of the Note.
  
 It was further resolved that upon the aforementioned assignment of 84.745% of the Note to the Company is effected, the amount of indebtedness due by TAG to the Company would be reduced by US$38,049,726 and that the Company’s
accounting records be updated to reflect such transactions accordingly.
 
	  	 	  
	 END OF MEETING
 	 	 There being no further business, the chairman declared the meeting closed.
 

 
  
 
	 
	 /s/    LAU PO
LAW        
 

	 Chairman
 

 
 

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