Document:

Unassociated Document

    
      PLEDGE
        AGREEMENT

       

      This
        PLEDGE
        AGREEMENT,
        dated
        as of August 31, 2007 (this “Agreement”),
        is
        executed between GAH-CDC Holdings LLC, a Delaware limited liability company
        (the
“Pledgor”)
        and Sichenzia
        Ross Friedman Ference LLP, in its capacity as collateral agent (with its
        successors in such capacity, the “Collateral
        Agent”)
        for
        the benefit of the Secured Parties (as defined below).

       

      WITNESSETH:

       

      (1) The
        Pledgor has simultaneously with the execution of this Agreement entered into
        a
        Non-Recourse Continuing Guaranty in favor of the Secured Parties (the
“Guaranty”);

       

      (2) The
        Pledgor owns the issued and outstanding shares of Common Stock, par value
        $.001
        per share, of Golden Autumn Holdings Inc. (the “Company”)
        set
        forth on Exhibit
        A
        attached
        hereto and made a part hereof (the “Shares”);
        and

       

      (3) The
        Pledgor is required to execute and deliver this Agreement as a condition
        of the
        Secured Parties to the closing of a Securities Purchase Agreement, dated
        as of
        the date hereof, between the Company and the Secured Parties (the “SPA”).

       

      NOW,
        THEREFORE,
        for and
        in consideration of the foregoing and of any financial accommodations or
        extensions of credit heretofore, now or hereafter made to or for the benefit
        of
        the Secured Parties pursuant to the SPA or any other agreement, instrument
        or
        document executed pursuant to or in connection therewith, and for other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby
        acknowledged, the Pledgor and the Collateral Agent hereby agree as
        follows:

       

      1. Defined
        Terms.
        Unless
        otherwise defined herein, each capitalized term used herein that is defined
        in
        the SPA shall have the meaning specified for such term in the SPA. Terms
        used in
        Article 8 or Article 9 of the Uniform Commercial Code as in effect from time
        to
        time in the State of New York are used herein as therein defined. In addition
        as
        used herein, “Secured
        Parties”
means
        each of the Collateral Agent and the holders of any Note (the “Holders”).
        

       

      2. Pledge.
        The
        Pledgor hereby pledges to the Collateral Agent, for the benefit of the Secured
        Parties, and grants to the Collateral Agent for the benefit of the Secured
        Parties, a security interest in, the following (collectively, the “Pledged
        Collateral”):
        

       

      (a) All
        of
        the right, title and interest of the Pledgor in the Shares, whether now existing
        or hereafter arising, and the certificates representing the shares of such
        capital stock (such now-existing shares being identified on Exhibit
        A
        attached
        hereto and made a part hereof), all of said Shares being hereinafter
        collectively referred to as the “Pledged
        Stock”
        herewith delivered to the Collateral Agent,
        accompanied by an undated stock power in the form of Exhibit
        B
        attached
        hereto and made a part hereof duly executed in blank by the Pledgor, and,
        subject to Section
        9
        hereof,
        all dividends, distributions, cash, instruments and other property from time
        to
        time received, receivable or otherwise distributed in respect of, or in exchange
        for, any or all of the Pledged Stock; 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b) All
        Additional Shares (as defined below) from time to time acquired by the Pledgor
        from the date hereof in any manner, and the certificates representing such
        Additional Shares (any such additional Shares shall constitute part of the
        Pledged Stock and the Collateral Agent is irrevocably authorized to amend
        Exhibit
        A
        from
        time to time to reflect such additional Shares), and subject to Section
        9
        hereof,
        all options, warrants, dividends, distributions, cash, instruments and other
        rights and options from time to time received, receivable or otherwise
        distributed in respect of or in exchange for any or all of the Shares or
        Additional Shares; and

       

      (c) All
        proceeds of the foregoing. 

       

      3. Security
        for Liabilities.
        The
        Pledged Collateral secures the full and prompt payment, performance and
        observance when due (whether at stated maturity, by acceleration or otherwise)
        of (i) the payment of all of the principal of and interest and premium, if
        any,
        on the Notes, (ii) all other Obligations under the Guaranty, and (iii) all
        obligations of the Pledgor under this Agreement (all such obligations referred
        to in Clauses (i), (ii) and (iii) now or hereafter existing being hereinafter
        collectively referred to as the “Liabilities”).
        

       

      4. Delivery
        of Pledged Collateral; Registration and Acknowledgments.
        All
        certificates representing or evidencing the Pledged Collateral, if any, and
        a
        copy of the UCC financing statements filed with the State of Nevada pursuant
        to
        Section 26 below, shall be physically delivered to and held by or on behalf
        of
        the Collateral Agent, pursuant hereto and shall be in suitable form for transfer
        by delivery and shall be accompanied by duly executed instruments of transfer,
        powers, or assignments in blank as appropriate (such instruments of transfer,
        powers, or assignments in blank, being the “Powers”),
        all
        in form and substance satisfactory to the Collateral Agent. After the occurrence
        and during the continuance of an Event of Default under any Note, the Collateral
        Agent shall have the right, at any time in its discretion and without notice
        to
        the Pledgor, to transfer to or to register in the name of the Collateral
        Agent
        or any of its nominees any or all of the Pledged Collateral, subject only
        to the
        revocable rights specified in Sections
        8
        and
9.
        In
        addition, the Collateral Agent shall have the right at any time to exchange
        certificates or instruments representing or evidencing Pledged Collateral
        for
        certificates or instruments of smaller or larger denominations. 

       

      5. Pledged
        Collateral Adjustments.
        If,
        during the term of this Agreement: 

       

      (a) Any
        stock
        dividend, reclassification, readjustment or other change is declared or made
        in
        the capital structure of the Pledged Entity (as defined below), or any option
        included within the Pledged Collateral is exercised, or both, or

       

      (b) Any
        subscription warrants, shares, or any other rights or options or other
        securities shall be issued in connection with the Pledged Collateral,

       

      then
        all
        new, substituted and additional shares, warrants, rights, options or other
        securities, issued by reason of any of the foregoing, shall be immediately
        delivered to and held by the Collateral Agent, under the terms of this Agreement
        and shall constitute Pledged Collateral hereunder. 

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      6. Subsequent
        Changes Affecting Pledged Collateral.
        The
        Pledgor represents and warrants that it has made its own arrangements for
        keeping itself informed of changes or potential changes affecting the Pledged
        Collateral (including, but not limited to, rights to convert, rights to
        subscribe, payment of distributions, reorganization or other exchanges, offers
        to purchase and voting rights), and the Pledgor agrees that none of the
        Collateral Agent or any of the Secured Parties shall have any obligation
        to
        inform the Pledgor of any such changes or potential changes or to take any
        action or omit to take any action with respect thereto. The Collateral Agent
        may, after the occurrence and during the continuance of an Event of Default,
        without notice and at its option, transfer or register the Pledged Collateral
        or
        any part thereof into its or its nominee’s name with or without any indication
        that such Pledged Collateral is subject to the security interest hereunder.
        

       

      7. Representations
        and Warranties.
        The
        Pledgor represents and warrants as follows: 

       

      (a) The
        Pledgor is the sole legal and beneficial owner of the Shares set forth opposite
        its name on Exhibit
        A
        attached
        hereto and made a part hereof, free and clear of any Lien, except for the
        Lien
        created by this Agreement and Permitted Liens; 

       

      (b) All
        of
        the Pledged Stock has been duly authorized and validly issued, is fully paid
        and
        non-assessable; the Pledgor has acquired its ownership in the Pledged Collateral
        in good faith without notice of any adverse claims;

       

      (c) All
        of
        the Pledged Stock is presently represented by the certificates listed on
        Exhibit
        A
        hereto
        and are a “Certificated Security” within the meaning given to such term in
        Section 8-102(a)(4) of the UCC (as defined below). As of the date hereof,
        there
        are no existing options, warrants, calls or commitments of any character
        whatsoever relating to the Pledged Stock; 

       

      (d) The
        Pledgor has full power and authority to enter into this Agreement and perform
        the obligations hereunder; 

       

      (e) There
        are
        no restrictions upon the voting rights associated with, or upon the transfer
        of,
        any of the Pledged Collateral; 

       

      (f) The
        Pledgor has the right to vote, pledge, assign and grant a security interest
        in
        or otherwise transfer such Pledged Collateral free of any Liens, except as
        set
        forth in paragraph (e) above; 

       

      (g) No
        authorization, approval, or other action by, and no notice to or filing with,
        any governmental authority and no consent from any other party (including,
        without limitation, any stockholder, partner, member or creditor of the Pledgor
        or any of its Affiliates) is required either (i) for the pledge of the Pledged
        Collateral pursuant to this Agreement or for the execution, delivery or
        performance of this Agreement by the Pledgor or (ii) for the exercise by
        the
        Collateral Agent of the voting or other rights provided for in this Agreement
        or
        the remedies in respect of the Pledged Collateral pursuant to this Agreement
        (except for the filing of UCC financing statement with the appropriate office
        in
        the State of Nevada pursuant to Section 26 below, and except for those that
        may
        be required in connection with such disposition by laws affecting the offering
        and sale of securities generally); 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (h) The
        pledge of the Pledged Collateral pursuant to this Agreement, together with
        the
        delivery of the stock certificates in accordance with Section
        4
        hereof
        to the Collateral Agent, creates a valid and perfected first priority security
        interest in the Pledged Collateral, in favor of the Collateral Agent for
        the
        benefit of the Secured Parties, securing the payment and performance of the
        Liabilities; the Collateral Agent shall have “control” (within the meaning given
        to such term in Section 8-106 of the UCC) of the Pledged Collateral and the
        Collateral Agent will be a “protected purchaser” (within the meaning given to
        such term in Section 8-303 of the UCC); 

       

      (i) This
        Agreement has been duly executed and delivered by and on behalf of the Pledgor
        and constitutes the legal, valid and binding obligation of the Pledgor,
        enforceable against the Pledgor in accordance with its terms; 

       

      (j) There
        is
        no action, suit, proceeding, governmental investigation or arbitration, at
        law
        or in equity, or before or by any Governmental Authority, pending, or to
        the
        knowledge of the Pledgor, threatened against the Pledgor, the Pledged Entity
        (as
        defined below) or any of its property which will materially and adversely
        affect
        the value of the Pledged Collateral or the ability of the Pledgor to perform
        its
        obligations under this Agreement; 

       

      (k) The
        execution, delivery and performance of this Agreement by the Pledgor (i)
        does
        not violate any indenture, mortgage, or any other agreement to which the
        Pledgor
        is a party or by which any of its properties or assets may be bound; (ii)
        complies with all corporate organization documents of the Pledgor; and (iii)
        does not violate any restriction on such transfer or encumbrance of the Pledged
        Collateral; 

       

      (l) The
        Powers are effective endorsements duly executed by an appropriate person
        and
        give the Collateral Agent the authority they purport to confer; 

       

      (m) The
        Pledged Stock constitutes such percent of the issued and outstanding shares
        of
        Shares of the issuer thereof as set forth in Exhibit
        A
        hereto;
        and

       

      (n) The
        Pledged Entity has been duly incorporated and is validly existing as a
        corporation in good standing under the laws of the State of Nevada.

       

      8. Voting
        Rights.
        During
        the term of this Agreement, and except as provided in this Section
        8
        below,
        the Pledgor shall have the right to vote the Pledged Stock on all corporate
        questions in a manner not inconsistent with the terms of this Agreement After
        the occurrence and during the continuation of an Event of Default under either
        Indenture, the Collateral Agent shall have the right to, following written
        notice from the Collateral Agent to the Pledgor, exercise all voting rights
        pertaining to the Pledged Collateral, including the right to take action
        by
        shareholder consent. 

       

      9. Dividends
        and Other Distributions.
        (a) So
        long as no Event of Default under the Notes or Guaranty shall have occurred
        and
        be continuing: 

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (i) The
        Pledgor shall be entitled to receive and retain any and all dividends and
        distributions paid in respect of the Pledged Collateral, notwithstanding
        such
        dividends and distributions being subject to the pledge and assignment thereof
        pursuant to Section
        2,
        provided,
        however,
        that
        any and all

       

      (A) dividends
        and distributions paid or payable other than in cash with respect to, and
        instruments and other property received, receivable or otherwise distributed
        with respect to, or in exchange for, any of the Pledged Collateral;

       

      (B) dividends
        and other distributions paid or payable in cash with respect to any of the
        Pledged Collateral on account of a partial or total liquidation or dissolution
        or in connection with a reduction of capital, capital surplus or paid-in
        surplus; and

       

      (C) cash
        paid, payable or otherwise distributed with respect to principal of, or in
        redemption of, or in exchange for, any of the Pledged Collateral;

       

      shall
        be
        Pledged Collateral, and shall be forthwith delivered to the Collateral Agent
        to
        hold, for the benefit of the Secured Parties, as Pledged Collateral and shall,
        if received by the Pledgor, be received in trust for the Collateral Agent,
        for
        the benefit of the Secured Parties; and

       

      (ii) The
        Collateral Agent shall execute and deliver (or cause to be executed and
        delivered) to the Pledgor all such proxies and other instruments as the Pledgor
        may reasonably request for the purpose of enabling the Pledgor to receive
        the
        dividends which it is authorized to receive and retain pursuant to clause
        (i)
        above.

       

      (b) After
        the
        occurrence and during the continuation of an Event of Default under the Notes
        or
        Guaranty: 

       

      (i) All
        rights of the Pledgor to receive the dividends and other distributions which
        it
        would otherwise be authorized to receive and retain pursuant to Section
        9(a)(i)
        hereof
        shall cease, and all such rights shall thereupon become vested in the Collateral
        Agent, for the benefit of the Secured Parties, which shall thereupon have
        the
        sole right to receive and hold as Pledged Collateral such dividends and other
        distributions;

       

      (ii) All
        dividends and other distributions which are received by the Pledgor contrary
        to
        the provisions of clause (i) of this Section
        9(b)
        shall be
        received in trust for the Collateral Agent, for the benefit of the Secured
        Parties;

       

      (iii) The
        Pledgor shall, upon the reasonable request of the Collateral Agent, at the
        Pledgor’s expense, execute and deliver, and cause the Pledged Entity and its
        officers and directors to execute and deliver, all such instruments and
        documents, and do or cause to be done all such other acts and things, as
        may be
        required by applicable law or may be necessary or, in the opinion of the
        Pledgor
        or its counsel, advisable to register the applicable Pledged Collateral under
        the provisions of the Securities Act, and to exercise its best efforts to
        cause
        the registration statement relating thereto to become effective and to remain
        effective for such period as prospectuses are required by law to be furnished,
        and to make all amendments and supplements thereto and to the related prospectus
        which, in the opinion of the Collateral Agent, the Pledgor or its counsel,
        are
        necessary or advisable, all in conformity with the requirements of the
        Securities Act and the rules and regulations of the Commission applicable
        thereto;

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (iv) The
        Pledgor shall, at the Pledgor’s expense, use its best efforts to qualify the
        Pledged Collateral under U.S. state securities or “Blue Sky” laws and to obtain
        all necessary governmental approvals for the sale of the Pledged
        Collateral;

       

      (v) The
        Pledgor, if applicable, shall, at the Pledgor’s expense, cause the Pledged
        Entity to make available to the holders of its securities, as soon as
        practicable, earning statements which will satisfy the provisions of Section
        11(a) of the Securities Act; and

       

      (vi) The
        Pledgor shall, at the Pledgor’s expense, do or cause to be done all such other
        acts and things as may be necessary to make such sale of the Pledged Collateral
        or any part thereof valid and binding and in compliance with applicable
        law.

       

      The
        Pledgor will reimburse the Collateral Agent for all expenses incurred by
        the
        Collateral Agent, including, without limitation, attorneys’ and accountants’
fees and expenses in connection with the foregoing. Upon or at any time after
        the occurrence and during the continuation of an Event of Default, if any
        Secured Party determines that, prior to any public offering of any securities
        constituting part of the Pledged Collateral, such securities should be
        registered under the Securities Act and/or registered or qualified under
        any
        other federal or state law and such registration and/or qualification is
        not
        practicable, then the Pledgor agrees that it will be commercially reasonable
        if
        a private sale, upon at least ten (10) Business Days’ notice to the Pledgor, is
        arranged so as to avoid a public offering. The Collateral Agent shall incur
        no
        liability as a result of a sale of the Pledged Collateral, or any part thereof,
        at any private sale conducted in a commercially reasonable manner. The Pledgor
        hereby waives any claims against the Collateral Agent arising by reason of
        the
        fact that the sales price established and/or obtained at such private sale
        was
        less than prices which could have been obtained for such security on any
        market
        or exchange or in any other public sale.

       

      10. Transfers
        and other Liens.
        Other
        than as permitted under each Indenture, the Pledgor agrees that it will not,
        without the prior written consent of the Collateral Agent: (i) sell, transfer
        or
        otherwise dispose of, or create or permit to exist any Lien upon or with
        respect
        to, any of the Pledged Collateral, except as expressly permitted by this
        Agreement or the Indentures; or (ii) take any action in connection with any
        of
        the Pledged Collateral which would materially impair the value of the Pledged
        Collateral or otherwise materially and adversely affect the interest or rights
        of the Collateral Agent or the Secured Parties hereunder. 

       

      The
        Pledgor further agrees that it will procure, or take reasonable efforts to
        procure, that the Pledged Entity and any other direct or indirect subsidiary
        thereof shall carry on business only in the ordinary course and will not
        dispose
        of or agree to dispose of a substantial part of its assets or undertaking
        or
        take any action in connection with any of the Pledged Collateral which would
        materially impair the value of the Pledged Collateral or otherwise materially
        and adversely affect the interest or rights of the Collateral Agent or the
        Secured Parties hereunder. 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      11. Defense
        of Title.
        The
        Pledgor will defend the title to the Pledged Collateral and the Liens of
        the
        Collateral Agent in the Pledged Collateral against the claim of any Person
        (other than Permitted Liens) and will maintain and preserve such Liens, except
        with respect to Permitted Liens. 

       

      12. Additional
        Shares.
        The
        Pledgor will, upon obtaining ownership of any additional Shares otherwise
        required to be pledged to the Collateral Agent pursuant to this Agreement,
        which
        Shares are not already Pledged Collateral (the “Additional
        Shares”),
        promptly (and in any event within three (3) Business Days) deliver to the
        Collateral Agent an amendment to this Agreement, duly executed by the Pledgor
        and in form and substance satisfactory to the Secured Parties, in respect
        of any
        such Additional Shares, pursuant to which the Pledgor shall pledge to the
        Collateral Agent all of such Additional Shares. The Pledgor hereby authorizes
        the Collateral Agent to attach such amendment to this Agreement and agrees
        that
        all Pledged Stock listed on any such amendment delivered to the Collateral
        Agent
        shall for all purposes hereunder be considered Pledged Collateral. 

       

      13. Remedies.(a) (a)
        The
        Collateral Agent shall have, in addition to any other rights given under
        this
        Agreement or by law, all of the rights and remedies with respect to the Pledged
        Collateral of a secured party under the Uniform Commercial Code as in effect
        in
        the State of New York (the “UCC”)
        (whether or not the UCC applies to the affected Pledged Collateral). In
        addition, after the occurrence and during the continuation of an Event of
        Default under the Notes or Guaranty, the Collateral Agent shall have such
        powers
        of sale and other powers as may be conferred by applicable law. With respect
        to
        the Pledged Collateral or any part thereof which shall then be in or shall
        thereafter come into the possession or custody of the Collateral Agent or
        which
        the Collateral Agent shall otherwise have the ability to transfer under
        applicable law, the Collateral Agent may, in its sole discretion, without
        notice, except as specified below, after the occurrence and during the
        continuation of an Event of Default, sell or cause the same to be sold at
        any
        exchange, broker’s board or at public or private sale, in one or more sales or
        lots, at such price as the Collateral Agent or any Secured Party may deem
        best,
        for cash or on credit or for future delivery, without assumption of any credit
        risk, and the purchaser of any or all of the Pledged Collateral so sold shall
        thereafter own the same, absolutely free from any claim, encumbrance or right
        of
        any kind whatsoever. The Collateral Agent or any Secured Party may, in its
        own
        name, or in the name of a designee or nominee, buy the Pledged Collateral
        at any
        public sale and, if permitted by applicable law, buy the Pledged Collateral
        at
        any private sale. The Pledgor agrees to pay to the Collateral Agent all expenses
        (including, without limitation, court costs and attorneys’ and paralegals’ fees
        and expenses) of, or incident to, the enforcement of any of the provisions
        hereof. The Collateral Agent agrees to distribute any proceeds of the sale
        of
        the Pledged Collateral in accordance with the Indentures and the Pledgor
        shall
        remain liable for any deficiency following the sale of the Pledged Collateral.
        

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (b) Unless
        any of the Pledged Collateral threatens to decline speedily in value or is
        or
        becomes of a type sold on a recognized market, the Collateral Agent will
        give
        the Pledgor reasonable notice of the time and place of any public sale thereof,
        or of the time after which any private sale or other intended disposition
        is to
        be made. Any sale of the Pledged Collateral conducted in conformity with
        reasonable commercial practices of banks, commercial finance companies,
        insurance companies or other financial institutions disposing of property
        similar to the Pledged Collateral shall be deemed to be commercially reasonable.
        Notwithstanding any provision to the contrary contained herein, the Pledgor
        agrees that any requirements of reasonable notice shall be met if such notice
        is
        received by the Pledgor as provided in Section
        29
        below at
        least ten (10) Business Days before the time of the sale or disposition.
        Any
        other requirement of notice, demand or advertisement for sale is waived,
        to the
        extent permitted by law. The Collateral Agent shall not be obligated to make
        any
        sale of the Pledged Collateral regardless of notice of sale having been given.
        The Collateral Agent may adjourn any public or private sale from time to
        time by
        announcement at the time and place fixed therefor, and such sale may, without
        further notice, be made at the time and place to which it was so
        adjourned.

       

      (c) In
        view
        of the fact that U.S. federal and state securities laws may impose certain
        restrictions on the method by which a sale of the Pledged Collateral may
        be
        effected after an Event of Default, the Pledgor agrees that after the occurrence
        and during the continuation of an Event of Default, the Collateral Agent
        may,
        from time to time, attempt to sell all or any part of the Pledged Collateral
        by
        means of a private placement restricting the bidders and prospective purchasers
        to those who are qualified and will represent and agree that they are purchasing
        for investment only and not for distribution. In so doing, the Collateral
        Agent
        may solicit offers to buy the Pledged Collateral, or any part of it, from
        a
        limited number of investors deemed by the Collateral Agent, in its reasonable
        judgment, to be financially responsible parties who might be interested in
        purchasing the Pledged Collateral. If the Collateral Agent solicits such
        offers
        from not less than four (4) such investors, then the acceptance by the
        Collateral Agent of the highest offer obtained therefrom shall be deemed
        to be a
        commercially reasonable method of disposing of such Pledged Collateral;
provided,
        however,
        that
        this Section does not impose a requirement that the Collateral Agent solicit
        offers from four (4) or more investors in order for the sale to be commercially
        reasonable. 

       

      (d) The
        Pledgor agrees to the maximum extent permitted by applicable law that, following
        the occurrence and during the continuance of an Event of Default, it will
        not at
        any time plead, claim or take the benefit of any appraisal, valuation, stay,
        extension, moratorium or redemption law now or hereafter in force in order
        to
        prevent or delay the enforcement of this Agreement, or the absolute sale
        of the
        whole or any part of the Pledged Collateral or the possession thereof by
        any
        purchaser at any sale hereunder, and the Pledgor waives the benefit of all
        such
        laws to the extent it lawfully may do so. The Pledgor agrees that it will
        not
        interfere with any right, power and remedy of Collateral Agent provided for
        in
        this Agreement or now or hereafter existing at law or in equity or by statute
        or
        otherwise, or the exercise or beginning of the exercise by Collateral Agent
        of
        any one or more of such rights, powers or remedies. No failure or delay on
        the
        part of Collateral Agent to exercise any such right, power or remedy and
        no
        notice or demand which may be given to or made upon the Pledgor by the
        Collateral Agent with respect to any such remedies shall operate as a waiver
        thereof, or limit or impair the Collateral Agent’s right to take any action or
        to exercise any power or remedy hereunder, without notice or demand, or
        prejudice its rights as against the Pledgor in any respect. 

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      (e) The
        Pledgor further agrees that a breach of any of the covenants by the Pledgor
        contained in this Section
        13
        will
        cause irreparable injury to the Collateral Agent, that the Collateral Agent
        shall have no adequate remedy at law in respect of such breach and, as a
        consequence, agrees that each and every covenant contained in this Section
        13
        shall be
        specifically enforceable against the Pledgor, and the Pledgor hereby waives
        and
        agrees not to assert any defenses against an action for specific performance
        of
        such covenants. 

       

      14. Security
        Interest Absolute.
        All
        rights of the Collateral Agent and security interests hereunder, and all
        obligations of the Pledgor hereunder, shall be absolute and unconditional
        irrespective of: 

       

      (i) Any
        lack
        of validity or enforceability of the Indentures or any other agreement or
        instrument relating thereto;

       

      (ii) Any
        change in the time, manner or place of payment of, or in any other term of,
        all
        or any part of the Liabilities, or any other amendment or waiver of or any
        consent to any departure from the Indentures or this Agreement;

       

      (iii) Any
        exchange, release or non-perfection of any other collateral, or any release
        or
        amendment or waiver of or consent to departure from any guaranty, for all
        or any
        part of the Liabilities; 

       

      (iv) the
        insolvency of the Pledgor or the Pledged Entity; or

       

      (v) any
        other
        circumstance which might otherwise constitute a defense available to, or
        a
        discharge of, the Pledgor in respect of the Liabilities or of this
        Agreement.

       

      15. Collateral
        Agent Appointed Attorney-in-Fact.
        The
        Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with full
        authority, in the name of the Pledgor or otherwise, after the occurrence
        and
        during the continuation of an Event of Default, from time to time in the
        Collateral Agent’s sole discretion, to take any action and to execute any
        instrument which the Collateral Agent or any Secured Party may deem necessary
        or
        advisable to accomplish the purposes of this Agreement, including, without
        limitation, to receive, endorse and collect all instruments made payable
        to the
        Pledgor representing any dividend or other distribution in respect of the
        Pledged Collateral or any part thereof and to give full discharge for the
        same
        and to arrange for the transfer of all or any part of the Pledged Collateral
        on
        the books of the Pledged Entity to the name of the Collateral Agent or the
        Collateral Agent’s nominee. 

       

      16. Waivers.
        The
        Pledgor waives to the fullest extent permitted by applicable laws presentment
        and demand for payment of any of the Liabilities, protest and notice of dishonor
        or Event of Default with respect to any of the Liabilities and all other
        notices
        to which the Pledgor might otherwise be entitled except as otherwise expressly
        provided herein or in the Indentures. 

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      17. Term.
        This
        Agreement shall remain in full force and effect until the final satisfaction
        in
        full of the Note either by way of payment in full of the principal, interest
        and
        premium, if any, due on the Note or by way of conversion of the Note into
        the
        shares of the common stock of the Company. Upon the termination of this
        Agreement as provided above (other than as a result of the sale of the Pledged
        Collateral), the Collateral Agent will release the security interest created
        hereunder and, if it then has possession of any Pledged Stock pledged hereunder,
        will deliver such Pledged Stock previously delivered to it and the Powers
        to the
        Pledgor. 

       

      18. Reinstatement.
        This
        Agreement shall remain in full force and effect and continue to be effective
        should any petition be filed by or against the Pledgor or the Pledged Entity
        for
        liquidation or reorganization, should the Pledgor or the Pledged Entity become
        insolvent or make an assignment for the benefit of creditors or should a
        receiver or trustee be appointed for all or any significant part of the
        Pledgor’s or the Pledged Entity’s assets, and shall continue to be effective or
        be reinstated, as the case may be. 

       

      19. Definitions.
        The
        singular shall include the plural and vice versa and any gender shall include
        any other gender as the context may require. 

       

      20. Binding
        Effect; Successors and Assigns.
        This
        Agreement shall be binding upon the Pledgor and its successors and assigns,
        and
        shall inure to the benefit of the Collateral Agent and the Secured Parties,
        and
        their respective successors and assigns. Nothing set forth herein or in any
        other Security Document is intended or shall be construed to give any other
        Person any right, remedy or claim under, to or in respect of this Agreement,
        the
        Indentures or any Collateral. The Pledgor’s successors shall include, without
        limitation, a receiver, trustee or debtor-in-possession of or for the Pledgor.
        

       

      21. Governing
        Law.
        This
        Agreement has been executed and delivered by the parties hereto in New York,
        New
        York. Any dispute between the Collateral Agent and the Pledgor arising out
        of or
        related to the relationship established between them in connection with this
        Agreement, and whether arising in contract, tort, equity, or otherwise, shall
        be
        resolved in accordance with the laws of the State of New York. 

       

      22. Consent
        to Jurisdiction; and Service of Process.
        THE
        COLLATERAL AGENT HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF THE
        STATE
        OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK.
        THE
        PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
        IN
        NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
        TO
        HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE PLEDGOR AND THE COLLATERAL
        AGENT PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING
        TO THIS AGREEMENT; PROVIDED
        THAT THE
        COLLATERAL AGENT AND THE PLEDGOR ACKNOWLEDGE THAT ANY APPEALS FROM THOSE
        COURTS
        MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY; AND,
        PROVIDED,
        FURTHER,
        NOTHING
        IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE COLLATERAL AGENT
        FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
        TO
        REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE GUARANTEED OBLIGATIONS,
        OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF COLLATERAL AGENT.
        THE
        PLEDGOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN
        ANY
        ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND THE PLEDGOR HEREBY WAIVES
        ANY
        OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
        VENUE OR FORUM NON CONVENIENS
        AND
        HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
        APPROPRIATE BY SUCH COURT. THE PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF
        THE
        SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
        AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE
        MADE BY
        REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE PLEDGOR AT THE ADDRESS SET
        FORTH
        IN THE INDENTURES AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON
        THE
        EARLIER OF ACTUAL RECEIPT THEREOF OR FIVE (5) DAYS AFTER DEPOSIT IN THE U.S.
        MAILS, PROPER POSTAGE PREPAID. The Collateral Agent shall have the right
        to
        proceed against the Pledgor or its personal property in a court in any location
        to enable the Collateral Agent to obtain personal jurisdiction over the Pledgor,
        to realize on the Pledged Collateral or any other security for the Liabilities
        or to enforce a judgment or other court order entered in favor of the Collateral
        Agent. 

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      23. Waiver
        of Jury Trial.
        The
        Pledgor and the Collateral Agent waives any right to trial by jury in any
        dispute, whether sounding in contract, tort, or otherwise, between the
        Collateral Agent and the Pledgor arising out of or related to the transactions
        contemplated by this Agreement or any other instrument, document or agreement
        executed or delivered in connection herewith. Either the Pledgor or the
        Collateral Agent may file an original counterpart or a copy of this Agreement
        with any court as written evidence of the consent of the parties hereto to
        the
        waiver of their right to trial by jury. 

       

      24. Advice
        of Counsel.
        The
        Pledgor represents and warrants to the Collateral Agent that it has discussed
        this Agreement and, specifically, the provisions of Sections 21 through 23
        hereof, with the Pledgor’s lawyers. 

       

      25. Severability.
        If any
        provision of this Agreement is held to be prohibited or unenforceable in
        any
        jurisdiction the substantive laws of which are held to be applicable hereto,
        such prohibition or unenforceability shall not affect the validity or
        enforceability of the remaining provisions hereof and shall not invalidate
        or
        render unenforceable such provision in any other jurisdiction. 

       

      26. Further
        Assurances.
        The
        Pledgor agrees that at any time and from time to time, at the expense of
        the
        Pledgor, the Pledgor will promptly execute and deliver all further instruments
        and documents, and take all further action, that may be required by applicable
        law or may be necessary or desirable, or that the Collateral Agent or any
        Secured Party may reasonably request, in order to perfect and protect any
        security interest granted or purported to be granted hereby or to enable
        the
        Collateral Agent to exercise and enforce its rights and remedies hereunder
        with
        respect to any of the Pledged Collateral, including, without limitation,
        the
        filing of financing statements under Article 9 of the Uniform Commercial
        Code of
        Nevada, which initial filing shall be completed or caused to be completed
        by the
        Pledgor no later than one month from the date hereof. The Pledgor hereby
        further
        agrees that it shall not make any change to its name or jurisdiction or the
        form
        of its organization without prior written notice or otherwise permitted under
        the Indenture.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      27. The
        Collateral Agent’s Duty of Care.

       

      (a) The
        Collateral Agent shall not be liable for any acts, omissions, errors of judgment
        or mistakes of fact or law including, without limitation, acts, omissions,
        errors or mistakes with respect to the Pledged Collateral, except for those
        arising out of or in connection with the Collateral Agent’s (i) gross negligence
        or willful misconduct, or (ii) failure to use reasonable care with respect
        to
        the safe custody of the Pledged Collateral in the Collateral Agent’s possession.
        Without limiting the generality of the foregoing, the Collateral Agent shall
        be
        under no obligation to take any steps necessary to preserve rights in the
        Pledged Collateral against any other parties but may do so at its option.
        All
        expenses incurred in connection therewith shall be for the sole account of
        the
        Pledgor, and shall constitute part of the Liabilities secured hereby.

       

      (b) Without
        limiting the generality of the foregoing, (i) the Collateral Agent shall
        not be
        subject to any fiduciary or other implied duties, regardless of whether an
        Event
        of Default has occurred and is continuing and (ii) the Collateral Agent shall
        not have any duty to take any discretionary action or exercise any discretionary
        powers, except discretionary rights and powers expressly contemplated hereby,
        provided that it shall not amount to gross negligence or willful misconduct
        or a
        failure to use reasonable care.

       

      (c) No
        provision of this Agreement shall require the Collateral Agent to expend
        or risk
        its own funds or otherwise incur any financial liability in the performance
        of
        any of its duties hereunder, or in the exercise of any of its rights or powers,
        if it shall have reasonable grounds for believing that repayment of such
        funds
        or adequate indemnity against such risk or liability is not reasonably assured
        to it. The Collateral Agent shall have no duties or responsibilities except
        those expressly set forth in this Agreement, the SPA or the Notes. The
        Collateral Agent shall not be liable for any delay or failure to act as may
        be
        required hereunder when such delay or failure is due to any act of God,
        interruption or other circumstances beyond its control provided
        it
        exercises such diligence as the circumstances may reasonably require. The
        Collateral Agent shall be entitled to rely on any communication, instrument,
        paper or other document reasonably believed by it to be genuine and correct
        and
        to have been signed or sent by the proper person. The Collateral Agent may
        consult with, and obtain advice from, legal counsel as to the construction
        of
        any of the provisions of this Agreement, and shall incur no liability in
        acting
        in good faith in accordance with the reasonable advice of such
        counsel.

       

      (d) The
        Collateral Agent shall not be deemed to have notice of any Event of Default
        unless an officer of the Collateral Agent has actual knowledge thereof or
        unless
        written notice of any such Event of Default is received by the Collateral
        Agent
        at the office of the Collateral Agent specified in or pursuant to Section
        29
        hereof. 

       

      (e) The
        Collateral Agent’s sole duty with respect to the custody, safekeeping and
        physical preservation of the Pledged Collateral shall be to deal with it
        in the
        same manner as the Collateral Agent deals with similar property for its own
        account.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      (f) In
        no
        event shall the Collateral Agent be liable for special, indirect or
        consequential loss or damage of any kind whatsoever (including but not limited
        to lost profits), even if the Collateral Agent has been advised of the
        likelihood of such loss or damage and regardless of the form of
        action.

       

      (g) The
        Collateral Agent shall not be responsible for or have any duty to ascertain
        or
        inquire into (i) any statement, warranty or representation made herein or
        in
        connection herewith, (ii) the contents of any certificate, report or other
        document delivered thereunder or in connection therewith, (iii) the performance
        or observance of any of the covenants, agreements or other terms or conditions
        set forth herein, or (iv) the validity, enforceability, effectiveness or
        genuineness of this Agreement or any other agreement, instrument or
        document.

       

      (h) The
        Collateral Agent may refuse to act on any notice, consent, direction or
        instruction from any Secured Parties or any agent, trustee or similar
        representative thereof that, in the Collateral Agent’s opinion, (i) is contrary
        to law or the provisions of this Agreement or the Indentures, (ii) may expose
        the Collateral Agent to liability (unless the Collateral Agent shall have
        been
        indemnified, to its satisfaction, for such liability by the Secured Parties
        that
        gave such notice, consent, direction or instruction) or (iii) is unduly
        prejudicial to Secured Parties not joining in such notice, consent, direction
        or
        instruction.

       

      (i) The
        Collateral Agent is authorized to take such actions and to exercise such
        powers
        as are delegated to the Collateral Agent by the terms hereof, together with
        such
        actions and powers as are reasonably incidental thereto.

       

      (j) The
        Collateral Agent shall, in its capacity as a Secured Party, have the same
        rights
        and powers as any other Secured Party and may exercise the same as though
        it
        were not the Collateral Agent. 

       

      28. Additional
        Provisions Relating to the Collateral Agent.

       

      (a) Any
        corporation, bank, trust company or association into which the Collateral
        Agent
        may be merged or converted or with which it may be consolidated, or any
        corporation, bank, trust company or association resulting from any merger,
        conversion or consolidation to which the Collateral Agent shall be a party,
        or
        any corporation, bank, trust company or association succeeding to all or
        substantially all the corporate trust business of the Collateral Agent, shall
        be
        the successor of the Collateral Agent hereunder, without the execution or
        filing
        of any paper or any further act on the part of any of the parties
        hereto.

       

      (b) At
        any
        time or times, for the purpose of meeting any legal requirements of any
        jurisdiction in which any of the Collateral may at the time be located, the
        Collateral Agent shall have the power to appoint any Person or Persons either
        to
        act as co-collateral agent, or co-collateral agents, jointly with the Collateral
        Agent of all or any part of the Pledged Collateral or to act as separate
        collateral agent or separate collateral agents of all or any part of the
        Pledged
        Collateral and to vest in such Person or Persons, in such capacity, such
        title
        to the Pledged Collateral or any part thereof, and such rights, powers, duties
        or obligations as the Collateral Agent may consider necessary or desirable,
        subject to the other provisions of this Section 28.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      (c) Unless
        otherwise provided in the instrument appointing such co-collateral agent
        or
        separate collateral agent, every co-collateral agent or separate collateral
        agent in respect of the custody, control or management of the Pledged Collateral
        shall, to the extent permitted by law, be appointed subject to the following
        terms namely: 

       

      (i) All
        rights, power, duties and obligations under this Agreement conferred upon
        the
        Collateral Agent shall be exercised solely by the Collateral Agent;

       

      (ii) All
        rights, powers, duties and obligations conferred or imposed upon the collateral
        agents shall be conferred or imposed upon and exercised or performed by the
        Collateral Agent, or by the Collateral Agent and such co-collateral agent
        or
        co-collateral agents, or separate collateral agent or separate collateral
        agents
        jointly, except to the extent that, under the law of any jurisdiction in
        which
        any particular act or acts are to be performed, the Collateral Agent shall
        be
        incompetent or unqualified to perform such act or acts, in which event such
        act
        or acts shall be performed by such co-collateral agent or co-collateral agents
        or separate collateral agent or separate collateral agents;

       

      (iii) Any
        request in writing by the Collateral Agent to any co-collateral agent or
        separate collateral agent to take or to refrain from taking any action hereunder
        shall be sufficient warrant for the taking, or the refraining from taking,
        of
        such action by such co-collateral agent or separate collateral
        agent;

       

      (iv) Any
        co-collateral agent or separate collateral agent to the extent permitted
        by law
        may delegate to the Collateral Agent the exercise of any right, power, duty
        or
        obligation, discretionary or otherwise; 

       

      (v) The
        Collateral Agent at any time, by an instrument in writing, may accept the
        resignation of, or remove, any co-collateral agent or separate collateral
        agent
        appointed under this Section
        28.
        As
        successor to any co-collateral agent or separate collateral agent so resigned
        or
        removed may be appointed in the manner provided in this Section
        28;

       

      (vi) No
        collateral agent hereunder shall be personally liable by reason of any act
        or
        omission of any other collateral agent hereunder; the Collateral Agent shall
        not
        be responsible for any misconduct or negligence on the part of any agent
        appointed with due care by it hereunder;

       

      (vii) Any
        demand, request, direction, appointment, removal, notice, consent, waiver
        or
        other action in writing delivered to the Collateral Agent shall be deemed
        to
        have been delivered to each such co-collateral agent or separate collateral
        agent; and

       

      (viii) Any
        Collateral received by any such co-collateral agent or separate collateral
        agent
        hereunder shall forthwith, so far as may be permitted by law, be turned over
        to
        the Collateral Agent to be held pursuant to the terms hereof.

       

      (d) Upon
        the
        acceptance in writing of such appointment by any such co-collateral agent
        or
        separate collateral agent, it or he shall be vested with the estate, right,
        title and interest in the Pledged Collateral, or any portion thereof, and
        with
        such rights, powers, duties, trusts or obligations, jointly or separately
        with
        the Collateral Agent, all as shall be specified in the instrument of
        appointment, subject to all the terms hereof.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      (e) In
        case
        any co-collateral agent or separate collateral agent shall become incapable
        of
        acting, resign or be removed, the right, title and interest in the Pledged
        Collateral and all rights, powers, duties and obligations of said co-collateral
        agent or separate collateral agent shall, so far as permitted by law, vest
        in
        and be exercised by the Collateral Agent unless and until a successor
        co-collateral agent or separate collateral agent shall be appointed pursuant
        to
        this Section 28.

       

      29. Notices.
        Any
        notice, demand, request or any other communication required or desired to
        be
        served, given or delivered hereunder shall be in writing and shall be served,
        given or delivered (a) with respect to the Pledgor, to the Pledgor at at
        Mr.
        Charles Fu, President, Golden Autumn Holdings Inc., 15455 Dallas Pkwy,
        6th
        Floor,
        Dallas, Texas 75001 and (b) with respect to the Collateral Agent, to Sichenzia
        Ross Friedman Ference LLP 61 Broadway, New York, New York 10006, Attention
        Gregory Sichenzia, Esq. 

       

      30. Indemnity
        and Expenses.
        The
        Pledgor agrees, upon demand, to indemnify the Collateral Agent against any
        and
        all losses, claims, damages, penalties, fines, liabilities or expenses,
        including incidental and out-of-pocket expenses and attorneys fees incurred
        by
        it arising out of or in connection with the acceptance or administration
        of its
        duties under this Agreement and to pay to the Collateral Agent the amount
        of any
        and all expenses, including the fees and expenses of its counsel and of any
        experts and agents, which the Collateral Agent may incur in connection with
        (i)
        the administration of this Agreement, (ii) the custody, preservation, use
        or
        operation of, or the sale of, collection from, or other realization upon,
        any of
        the Pledged Collateral, (iii) the exercise or enforcement of any of the rights
        of the Collateral Agent hereunder or (iv) the failure by the Pledgor to perform
        or observe any of the provisions hereof.

       

      31. Amendments,
        Waivers and Consents.
        None of
        the terms or provisions of this Agreement may be waived, altered, modified
        or
        amended, and no consent to any departure by the Pledgor herefrom shall be
        effective, except by or pursuant to an instrument in writing which (i) is
        duly
        executed by the Pledgor and the Collateral Agent. Any such waiver shall be
        valid
        only to the extent set forth therein. A waiver by the Collateral Agent of
        any
        right or remedy under this Agreement on any one occasion shall not be construed
        as a waiver of any right or remedy which the Collateral Agent would otherwise
        have on any future occasion. No failure to exercise or delay in exercising
        any
        right, power or privilege under this Agreement on the part of the Collateral
        Agent shall operate as a waiver thereof; and no single or partial exercise
        of
        any right, power or privilege under this Agreement shall preclude any other
        or
        further exercise thereof or the exercise of any other right, power or privilege.
        

       

      32. Section
        Headings.
        The
        section headings herein are for convenience of reference only, and shall
        not
        affect in any way the interpretation of any of the provisions hereof.

       

      33. Execution
        in Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        an original, but all of which shall together constitute one and the same
        agreement. 

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      34. Merger.
        This
        Agreement and the Guaranty embody the entire agreement and understanding,
        between the Pledgor and the Collateral Agent and supersedes all prior agreements
        and understandings, written and oral, relating to the subject matter hereof.
        

       

      35.
        Disputes.
        The
        Collateral Agent shall be permitted to act as counsel for the Company in
        any
        transaction and/or dispute including any dispute between the Company and
        the
        Pledgor, whether or not the Collateral Agent is then holding the Collateral
        held
        by the Collateral Agent hereunder. 

       

      36.
        Collateral It is acknowledged that as of the day hereof the Collateral Agent
        has
        received a certificate for 5,366,613
        shares of the Company’s common stock owned by GAH-CDC Holdings, LLC
        (“Certificate No. 1”) and that upon the receipt of a stock certificate for
        3,000,000 of the Company’s common stock owned by either BJP-GAH Holdings LLC or
        Li Guanglong or a combination of the two (“Certificate No. 2”), the Collateral
        Agent may release and deliver Certificate No. 1 to the Pledgor and shall
        hold
        Certificate No. 2 pursuant to this Agreement. 

      

      [remainder
        of page intentionally left blank]

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF,
        the
        Pledgor and the Collateral Agent have executed this Agreement as of the date
        set
        forth above.

       

       

      
        	 	
                GAH-CDC
                  HOLDINGS, LLC

              
	 	 
	 	
                By:

              	
                /s/Charles
                  Fu 
                  

                

              
	 	
                Name:
                  Charles Fu

              
	 	
                Title:
                  President & Manager

              

      

       

       

      Acknowledged
        and agreed to

      as
        of the
        date first written above.

       

      SICHENZIA
        ROSS FRIEDMAN FERENCE LLP,

      as
        Collateral Agent

       

      
        	
                By:

              	
                /s/Thomas
                  A. Rose 
                  

                

              	
              
	 	
                Name: 
                  Thomas A. Rose

              
	 	
                Title:   
                  Partner

              

      

      

       

      Golden
        Autumn Holdings, Inc,. 

       

       

      
        	
                By:

              	
                /s/
                  Charles Fu 
                  

                

              	
              
	
                Name:
                  Charles Fu

              
	
                Title:
                  President

              

      

      

       

      BUYER:
        Agreed and acknowledged Only as to Section 36

       

       

      
        	
                /s/
                  Steven Dresner 
                  

                

                Name:
                  Steven Dresner

              	
              
	
                
                  Title
                    Parner

                

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

      PLEDGED
        STOCK

       

      
        
          	
                  Name
                    of

                  Pledgor

                	 	
                  Name
                    of Issuer

                	 	
                  Number
                    of Shares

                
	
                  GAH-CDC
                    Holdings, LLC

                	 	
                  Golden
                    Autumn Holdings Inc.

                	 	
                  5,366,613
                    shares of Common Stock, par value $0.001 per share represented
                    by
                    Certificate No. 164 dated February 15,
                    2007

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      STOCK
        POWER 

      

      (EXECUTED
        IN BLANK)

      

      FOR
        VALUE RECEIVED, the
        undersigned hereby sells, assigns and transfers unto ___________ shares of
        the
        Common Stock of Golden
        Autumn Holdings Inc.,
        a
        Nevadacorporation (the “Corporation”),
        standing in the name of the undersigned on the books of the Corporation
        represented by Certificate No. ______, and does hereby irrevocably constitute
        and appoint ______________ as attorney-in-fact to transfer the shares on
        the
        books of the Corporation with full power of substitution in the
        premises.

      

      Dated:
        ______

       

      
        	 	
                GOLDEN
                  AUTUMN HOLDINGS INC.

              
	 	 
	 	
                By:

              	 

                

              
	 	
                Name:

              
	 	
                Title:

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ACKNOWLEDGMENT

       

      The
        undersigned hereby acknowledges receipt of a copy of the foregoing Pledge
        Agreement, agrees promptly to note on its books the security interests granted
        under such Pledge Agreement, and waives any rights or requirement at any
        time
        hereafter to receive a copy of such Pledge Agreement in connection with the
        registration of any Pledged Collateral in the name of the Collateral Agent
        or
        its nominee or the exercise of voting rights by the Collateral
        Agent.

       

       

      
        	 	
                Golden
                  Autumn Holdings Inc.

              
	 	 
	 	
                By

              	
                /s/
                  Charles Fu

                
                  

                

              
	 	
                Name:
                  Charles Fu

              
	 	
                Title:
                  PresidentNON-RECOURSE
      GUARANTY 

     

    THIS
      CONTINUING NON-RECOURSE GUARANTY,
      dated
      as of August 31, 2007 (this "Guaranty"),
      is
      made by GAH-CDC Holdings, LLC, a Delaware limited liability company having
      an
      office address at c/o Golden Autumn Holdings Inc., 15455 Dallas Pkwy,
      6th
      Floor,
      Dallas, Texas 75001 (the "Guarantor"),
      in
      favor of each of the persons defined as Buyers in that certain Securities
      Purchase Agreement dated of even date herewith (the “SPA”) among GOLDEN AUTUMN
      HOLDINGS, INC., a Nevada corporation (the “Company”),
      and
      the Buyers. Terms that are capitalized in this Guaranty and not otherwise
      defined herein shall have the respective meanings given to such terms in the
      SPA.

    

    WHEREAS,
      the Buyers and the Company have entered into SPA (together with all other
      documents, instruments and agreements executed or delivered by the Company
      in
      connection therewith (collectively, the “Documents”), pursuant to which the
      Buyers have purchased, among other securities, senior secured convertible
      promissory notes of the Buyer in the aggregate principal amount of $1,000,000
      (the “Notes”);
      and

    

    WHEREAS,
      the Guarantor is a substantial stockholder of the Company; and

    

    WHEREAS,
      Guarantor will benefit from the execution and delivery of the SPA and the
      purchase by the Buyers of the Notes thereunder; and

    

    WHEREAS,
      as a condition to the closing of the SPA the Guarantor is required to enter
      into
      this Guaranty of the obligations of the Company under the Notes (the
“Obligations”); and

    

    WHEREAS,
      Guarantor desires to satisfy the condition described in the preceding paragraph
      and therefore is willing to enter into this Guaranty of payment of all
      Obligations.

    

    NOW,
      THEREFORE, in consideration of the foregoing and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      Guarantor hereby agrees as follows:

    

    SECTION
      1. Guaranty. The
      Guarantor hereby unconditionally guarantees the punctual payment and performance
      when due, whether at stated maturity, by acceleration or otherwise, of all
      Obligations and agrees to pay in, in addition, all reasonable out-of-pocket
      costs and expenses (including reasonable attorneys' fees and related expenses)
      incurred by the Buyers in enforcing their rights under this Guaranty.

    

    SECTION
      2. Guaranty
      Absolute.
      The
      Guarantor guarantees that the Obligations will be paid and performed strictly
      in
      accordance with the terms of the SPA and the Notes or any other agreement
      evidencing or governing such Obligations regardless of any law, regulation
      or
      order now or hereafter in effect in any jurisdiction affecting any of such
      terms
      or the rights of the Buyers with respect thereto. The Guarantor agrees that
      this
      Guaranty constitutes a guarantee of payment when due and not of collection.
      Subject to the terms of this Guaranty, the liability of the Guarantor under
      this
      Guaranty shall be absolute and unconditional irrespective of:

    

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    (a) any
      lack
      of validity or enforceability of the the SPA or Notes, or any other document,
      agreement or instrument relating to the Obligations;

    

    (b) any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Obligations, or any amendment or waiver of any term of or any
      consent to departure from the SPA or Notes, or any other document, agreement
      or
      instrument related to the Obligations;

     

    (c) any
      exchange, release, non-perfection or impairment of any collateral, or any
      release, amendment or waiver of any term of, or consent to departure from,
      any
      other guaranty for all or any of the Obligations;

    

    (d) any
      failure on the part of the Buyers or any other person, firm or entity (“Person”)
      to exercise, or any delay in exercising, any right under the SPA, Notes or
      any
      other agreement or instrument relating to the Obligations; or

    

    (e) any
      other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the Company or a guarantor with respect to the Obligations
      (including, without limitation, all defenses based on suretyship or impairment
      of collateral, and all defenses which the Company may assert on the underlying
      debt, including failure of consideration, breach of warranty, fraud, payment,
      statute of frauds, bankruptcy, lack of legal capacity, statute of limitations,
      lender liability, accord and satisfaction, and usury) or that might otherwise
      constitute a defense to this Guaranty and the obligations of the Guarantor
      under
      this Guaranty.

    

    The
      Guarantor hereby agrees that if the Company is the subject of any insolvency,
      reorganization, assignment for the benefit of creditors, moratorium, bankruptcy
      or similar proceeding under the laws of any applicable jurisdiction, the
      Guarantor will not assert the pendency of such proceeding or any order entered
      therein as a defense to (i) the timely payment of the Obligations or the
      Guarantor's obligations hereunder, or (ii) the Guarantor's guaranty of any
      interest on any portion of the Obligations that accrues after the commencement
      of any such proceeding (or, if interest on any portion of the Obligations ceases
      to accrue by operation of law by reason of the commencement of said proceeding,
      such interest as would have accrued on such portion of such Obligations if
      said
      proceedings had not been commenced). This Guaranty shall continue to be
      effective or be reinstated, as the case may be, if at any time any payment
      of
      any of such Obligations is rescinded or must otherwise be returned by the Buyers
      upon the insolvency, bankruptcy or reorganization of the Company or otherwise,
      all as though such payment had not been made.

    

    SECTION
      3. Waiver.
      The
      Guarantor hereby waives promptness, diligence, notice of acceptance and any
      other notice with respect to any of the Obligations and this Guaranty and any
      requirement that the Buyer protect, secure, perfect or insure any security
      interest or lien or any property subject thereto or exhaust any right to take
      any action against the Companyor any other Person or any Collateral. The
      Guarantor further waives any and all right to assert any set-off, counterclaim
      or cross-claim against the Buyers of any nature whatsoever with respect to
      this
      Guaranty or the obligations of the Guarantor under this Guaranty, in any action
      or proceeding brought by the Buyers to enforce the obligations of the Guarantor
      under this Guaranty. The Guarantor acknowledges that no oral or other
      agreements, understandings, representations or warranties exist with respect
      to
      this Guaranty or with respect to the obligations of the Guarantor under this
      Guaranty, except as specifically set forth in this Guaranty.

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    SECTION
      4. Subrogation.
      So long
      as any Obligations remain outstanding and unpaid, the Guarantor hereby
      irrevocably waives, to the fullest extent permitted by law, any and all claims,
      rights or remedies that the Guarantor may now have or hereafter acquire against
      the Company that arise hereunder or from the performance by the Guarantor
      hereunder, including, without limitation, any claims, rights or remedies of
      subrogation, reimbursement, exoneration, contribution, indemnification or
      participation in any claims, rights or remedies of the Buyers against the
      Company or in any security that the Buyers now have or hereafter acquire,
      whether or not such claims, rights or remedies arise in equity, under contract,
      by statute, under common law or otherwise.

    

    SECTION
      5.
      Security.
      The
      obligations of Guarantor under this Guaranty are secured by a pledge by the
      Guarantor to Sichenzia Ross Friedman Ference LLP, as agent for the Buyers,
      of
      3,000,000 shares of the Company’s common stock, par value $.001 per share, of
      the Company (the “Shares”). It
      is
      acknowledged that as of the day hereof the Collateral Agent has received a
      certificate for 5,366,613
      shares of the Company’s common stock owned by GAH-CDC Holdings, LLC
      (“Certificate No. 1”) and that upon the receipt of a stock certificate for
      3,000,000 of the Company’s common stock owned by either BJP-GAH Holdings LLC or
      Li Guanglong or a combination of the two (“Certificate No. 2”), the Collateral
      Agent may release and deliver Certificate No. 1 to the Pledgor and shall hold
      Certificate No. 2 pursuant to the SPA. 

    

    SECTION
      6. Non-Recourse.
      Notwithstanding anything to the contrary contained in this Guaranty, except
      as
      expressly hereinafter set forth, the recourse of the Buyers with respect to
      the
      Obligations evidenced by this Guaranty shall be solely to the Shares, and all
      other collateral pledged by Guarantor to secure this Guaranty. Notwithstanding
      anything to the contrary contained in this Guaranty, nothing shall be deemed
      in
      any way to impair, limit or prejudice the rights of the Buyer (a) in foreclosure
      proceedings or in any ancillary proceedings brought to facilitate the Buyers’
foreclosure on the Shares or any portion thereof; (b) to recover from Guarantor
      damages or costs (including, without limitation, reasonable attorneys' fees)
      incurred by the Buyers in such foreclosure proceedings. 

    

    SECTION
      7. Representations
      and Warranties.
      The
      Guarantor hereby represents and warrants as follows:

    

    (a) Non-Contravention,
      Etc.
      The
      execution, delivery and performance by the Guarantor of this Guaranty (i) is
      enforceable against Guarantor in accordance with its terms, and (ii) does not
      and will not (A) require any consent or approval of any creditors of the
      Guarantor, (B) contravene any law, rule, regulation, order, writ, judgment,
      injunction, decree, determination or award or any material contractual
      restriction binding on or affecting the Guarantor or any of his properties,
      (C)
      result in or require the creation or imposition of any mortgage, deed of trust,
      pledge, lien, security interest or other charge or encumbrance of any nature
      (other than pursuant hereto) upon or with respect to any of the Guarantor's
      properties, and (D) result in a breach or violation of any agreement, instrument
      or document to which the Guarantor is a party or by which he or his property
      may
      be bound. The Guarantor is not in default under any such law, rule, regulation,
      order, writ, judgment, injunction, decree, determination or award or any such
      contractual restriction, which default would have a materially adverse effect
      on
      the business, condition (financial or otherwise), operations, properties,
      performance or prospects of the Guarantor.

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (b)  Government
      Consents.
      No
      authorization, consent, approval or other action by, and no notice to or
      filing with, any governmental authority or regulatory body is required for
      the
      due execution, delivery or performance by the Guarantor of this
      Guaranty.      

    

    (c) Legal,
      Valid and Binding Nature.
      This
      Guaranty is the legal, valid and binding obligation of the Guarantor enforceable
      against the Guarantor in accordance with its terms, except that enforceability
      thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
      or
      similar laws affecting the enforcement of creditors' rights generally and by
      general principles of equity and the discretion of the court before which any
      proceedings therefor may be brought.

    

    (d) Guarantor's
      Relationship to the Company.
      The
      Buyers agreements to purchase securities of the Company is of substantial and
      material benefit to the Guarantor, and the Guarantor has reviewed and approved
      copies of the SPA, the Notes, the other Documents and the other documents
      executed or delivered in connection with the SPA. The Guarantor is fully
      informed of the remedies the Buyers may pursue upon the occurrence of an Event
      of Default under the Notes or such other documents.

    

    SECTION
      8. Amendments,
      Etc.
      No
      amendment or waiver of any provision of this Guaranty or consent to any
      departure by the Guarantor therefrom shall in any event be effective unless
      the
      same shall be in writing and signed by each of the Buyers, and then such waiver
      or consent shall be effective only in the specific instance and for the specific
      purpose for which given.

    

    SECTION
      9. Addresses
      for Notices.
      All
      notices and other communications provided for hereunder shall be in writing
      (including by telecopier) and, if to the Guarantor, mailed or delivered to
      the
      Guarantor at the address specified on the first page of this Guaranty, if to
      any
      Buyer, mailed or delivered to it at the address specified in the SPA, or as
      to
      each party at such other address as shall be designated by such party in a
      written notice to the other party. All such notices and
      other communications shall, if mailed, be effective when deposited in the
      mail addressed as aforesaid.

    

    SECTION
      10. No
      Waiver; Remedies.
      No
      failure on the part of any Buyer to exercise, and no delay in exercising, any
      right hereunder shall operate as a waiver thereof. No single or partial exercise
      of any right hereunder shall preclude any other or further exercise thereof
      or
      the exercise of any other right. The remedies herein provided are cumulative
      and
      not exclusive of any remedies provided by law.

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

    SECTION
      11. Continuing
      Guaranty; Assignments.
      This
      Guaranty is a continuing guaranty and shall (a) remain in full force and effect
      until the indefeasible payment in full of the Obligations of all other amounts
      payable under this Guaranty, (b) be binding upon the Guarantor and his
      successors and assigns, and (c) inure to the benefit of and be enforceable
      by
      the Buyers and their respective successors, transferees and assigns. Without
      limiting the generality of the foregoing clause (c), the Buyers may assign
      or
      otherwise transfer any of the Obligations to any other Person in accordance
      with
      the terms of the SPA and Notes, and such other Person shall thereupon become
      vested with all the rights in respect thereof granted to the Buyers herein
      or
      otherwise.

     

    SECTION
      12. GOVERNING
      LAW.
      THIS
      GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
      SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS
      OF
      LAW PRINCIPLES THEREOF.

    

    SECTION
      13. CONSENT
      TO JURISDICTION.
      THE
      GUARANTOR HEREBY CONSENTS AND AGREES THAT THE SUPREME COURT OF NEW YORK, NEW
      YORK COUNTY, OR, AT IRI'S OPTION, THE UNITED STATES DISTRICT COURT FOR THE
      SOUTHERN DISTRICT OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND
      DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE GUARANTOR AND THE BUYERS PERTAINING
      TO THIS GUARANTY OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS GUARANTY.
      THE GUARANTOR SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION
      OR SUIT COMMENCED IN ANY SUCH COURT, AND THE GUARANTOR HEREBY WAIVES ANY
      OBJECTION WHICH GUARANTOR MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
      IMPROPER VENUE OR FORUM NON CONVENIENS
      AND
      HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
      APPROPRIATE BY SUCH COURT. GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF THE
      SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
      AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE
      BY
      REGISTERED OR CERTIFIED MAIL ADDRESSED TO GUARANTOR AT THE ADDRESS SPECIFIED
      ON
      THE FIRST PAGE OF THIS GUARANTY, AND THAT SERVICE SO MADE SHALL BE DEEMED
      COMPLETED UPON THE EARLIER OF THE GUARANTOR'S ACTUAL RECEIPT THEREOF OR THREE
      (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. NOTHING IN
      THIS GUARANTY SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF IRI TO SERVE
      LEGAL PROCESS IN ANY MANNER PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT
      BY
      IRI OF ANY JUDGMENT OR ORDER OBTAINED IN SUCH FORUM OR THE TAKING OF ANY ACTION
      UNDER THIS GUARANTY TO ENFORCE SAME IN ANY OTHER APPROPRIATE FORUM OR
      JURISDICTION.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    SECTION
      14. JURY
      TRIAL WAIVER.
      THE
      GUARANTOR AND THE BUYERS HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
      OR PROCEEDING IN ANY COURT RELATING TO, IN CONNECTION WITH OR ARISING UNDER
      THIS
      GUARANTY OR THE SPA OR NOTES.

    

    SECTION
      15. Entire
      Agreement; Severability.
      This
      Guaranty represents the entire understanding and agreement between the
      Guarantor, on the one hand, and the Buyers, on the other hand, with respect
      to
      the subject matter contained herein, and there are no other existing agreements
      or understandings, whether oral or written, between or among such parties as
      to
      such subject matter. Wherever possible, each provision of this Guaranty shall
      be
      interpreted in such manner as to be effective and valid under applicable law,
      but if any provision of this Guaranty shall be prohibited by or invalid under
      applicable law, such provision shall be ineffective only to the extent of such
      prohibition or invalidity, without invalidating the remainder of such provision
      or the remaining provisions of this Guaranty.

    

    SECTION
      16.
      This
      Agreement shall terminate upon the final  satisfaction
      in full of the Note either by way of payment in full of the principal, interest
      and premium, if any, due on the Note or by way of conversion of the Note into
      the shares of the common stock of the Company

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      Guarantor has executed this Guaranty as of the date first above
      written.

     

    
      	 	GAH-CDC
              HOLDINGS, LLC	 
	 	 	 	 
	
            	By:	/s/Charles
              Fu	 
	 	Name:
              Charles Fu	 
	 	Title:
              President	 

    

     

    BUYER:
      Agreed and acknowledged Only as to Section 16

     

    Strategic
      Alliance Fund, L.P.

     

    
      	/s/Daniel
              F. Carlson	 
	Name:
              Daniel F. Carlson	 
	Title:
              Manager	 

    

     

    BUYER:
      Agreed and acknowledged Only as to Section 16

     

    Strategic
      Alliance Fund II, L.P.

     

    
      	/s/Daniel
              F. Carlson 	 
	Name:
              Daniel F. Carlson 	 
	Title:
              Manager 	 

    

     

    
      
        
        

      

      
        -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]