Document:

EXHIBIT 10.2

                        MORTGAGE LOAN PURCHASE AGREEMENT

      THIS MORTGAGE LOAN PURCHASE  AGREEMENT dated as of October 28, 2005 by and
between FIRST  TENNESSEE BANK NATIONAL  ASSOCIATION  (the  "Seller"),  and FIRST
HORIZON ASSET SECURITIES INC., a Delaware corporation (the "Purchaser").

      WHEREAS,  the Seller owns certain Mortgage Loans (as hereinafter  defined)
which  Mortgage Loans are more  particularly  listed and described in Schedule A
attached hereto and made a part hereof.

      WHEREAS, the Seller and the Purchaser wish to set forth the terms pursuant
to which the Mortgage Loans,  excluding the servicing rights thereto,  are to be
sold by the Seller to the Purchaser.

      WHEREAS,  First  Tennessee  Mortgage  Services,  Inc.  ("FTMSI")  owns the
servicing rights to the Mortgage Loans pursuant to the Servicing Rights Transfer
and Subservicing Agreement (as hereinafter defined).

      WHEREAS,  the  Seller has  engaged  FTMSI to service  the  mortgage  Loans
pursuant to the Servicing Agreement (as hereinafter defined).

      NOW, THEREFORE, in consideration of the foregoing, other good and valuable
consideration,  and the mutual terms and covenants contained herein, the parties
hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

      Agreement:  This  Mortgage  Loan  Purchase  Agreement,  as the same may be
amended, supplemented or otherwise modified from time to time in accordance with
the terms hereof.

      Alternative Title Product:  Any one of the following:  (i) Lien Protection
Insurance issued by Integrated Loan Services or ATM Corporation of America, (ii)
a Mortgage  Lien Report issued by EPN  Solutions/ACRAnet,  (iii) a Property Plus
Report issued by Rapid  Refinance  Service through  SharperLending.com,  or (iv)
such other  alternative  title  insurance  product  that the Seller  utilizes in
connection with its then current underwriting criteria.

      Closing Date: October 28, 2005

      Cooperative Corporation: The entity that holds title (fee or an acceptable
leasehold  estate)  to the  real  property  and  improvements  constituting  the
Cooperative  Property  and  which  governs  the  Cooperative   Property,   which
Cooperative  Corporation must qualify as a Cooperative Housing Corporation under
Section 216 of the Code.

      Coop Shares: Shares issued by a Cooperative Corporation.

<PAGE>

      Cooperative  Loan:  Any  Mortgage  Loan  secured  by  Coop  Shares  and  a
Proprietary Lease.

      Cooperative  Property:  The real  property and  improvements  owned by the
Cooperative  Corporation,  including the allocation of individual dwelling units
to the holders of the Coop Shares of the Cooperative Corporation.

      Cooperative  Unit:  A single  family  dwelling  located  in a  Cooperative
Property.

      Custodian:  First Tennessee Bank National Association,  and its successors
and assigns,  as custodian under the Custodial Agreement dated as of October 28,
2005 by and among The Bank of New York,  as  trustee,  First  Horizon  Home Loan
Corporation, as master servicer, and the Custodian.

      Cut-Off Date: October 1, 2005.

      Delay  Delivery  Mortgage  Loans:  The  Mortgage  Loans for which all or a
portion of a related  Mortgage  File is not  delivered  to the Trustee or to the
Custodian  on its  behalf on the  Closing  Date.  The  number of Delay  Delivery
Mortgage Loans shall not exceed 25% of the aggregate number of Mortgage Loans as
of the Closing Date.

      FHHLC: First Horizon Home Loan Corporation,  a Kansas corporation,  in its
capacity as the seller of the Mortgage Loans pursuant to MLPA I.

      GAAP:  Generally accepted accounting  principles as in effect from time to
time in the United States of America.

      MERS:  Mortgage  Electronic  Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

      MERS Mortgage  Loan:  Any Mortgage Loan  registered  with MERS on the MERS
System.

      MERS(R)   System:   The  system  of   recording   transfers  of  mortgages
electronically maintained by MERS.

      MIN: The Mortgage Identification Number for any MERS Mortgage Loan.

      MLPA I: The  mortgage  loan  purchase  agreement,  dated as of October 28,
2005,  between  First  Horizon  Home  Loan  Corporation,  as  seller,  and First
Tennessee Bank National Association,  as purchaser,  as related to the transfer,
sale and conveyance of the Mortgage Loans.

      MOM Loan:  Any  Mortgage  Loan as to which  MERS is  acting as  mortgagee,
solely as nominee for the  originator of such  Mortgage Loan and its  successors
and assigns.

      Mortgage: The mortgage, deed of trust or other instrument creating a first
lien on the property securing a Mortgage Note.

                                      -2-
<PAGE>

      Mortgage File: The mortgage  documents listed in Section 3.1 pertaining to
a particular Mortgage Loan and any additional  documents required to be added to
the Mortgage File pursuant to this Agreement.

      Mortgage Loans: The mortgage loans  transferred,  sold and conveyed by the
Seller to the Purchaser, pursuant to this Agreement.

      Mortgage   Note:   The  original   executed  note  or  other  evidence  of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

      Mortgaged  Property:  The  underlying  property  securing a Mortgage Loan,
which,  with  respect to a  Cooperative  Loan,  is the  related  Coop Shares and
Proprietary Lease.

      Mortgagor: The obligor(s) on a Mortgage Note.

      Proprietary  Lease:  With  respect  to any  Cooperative  Unit,  a lease or
occupancy  agreement  between a Cooperative  Corporation and a holder of related
Coop Shares.

      Purchase Price: $207,571,417.61

      Purchaser: First Horizon Asset Securities Inc., a Delaware corporation, in
its capacity as purchaser of the Mortgage Loans from the Seller pursuant to this
Agreement.

      Recognition Agreement:  With respect to any Cooperative Loan, an agreement
between the  Cooperative  Corporation  and the  originator of such Mortgage Loan
which establishes the rights of such originator in the Cooperative Property.

      Security  Agreement:  The security agreement with respect to a Cooperative
Loan.

      Seller: First Tennessee Bank National Association,  and its successors and
assigns,  in its  capacity  as seller of the  Mortgage  Loans  pursuant  to this
Agreement.

      Servicing  Agreement:  The servicing  agreement,  dated as of November 26,
2002 by and between First Tennessee Bank National Association,  and its assigns,
as owner, and First Tennessee Mortgage Services, Inc., as servicer.

      Servicing Rights Transfer and Subservicing Agreement: The servicing rights
transfer  and  subservicing  agreement,  dated as of  November  26,  2002 by and
between First Horizon Home Loan Corporation, as transferor and subservicer,  and
First Tennessee Mortgage Services, Inc., as transferee and servicer.

      Trustee:  The Bank of New  York and its  successors  and,  if a  successor
trustee is appointed hereunder, such successor.

                                      -3-
<PAGE>

                                   ARTICLE II
                                PURCHASE AND SALE

      Section 2.1 Purchase Price. In consideration  for the payment to it of the
Purchase Price on the Closing Date, pursuant to written  instructions  delivered
by the Seller to the  Purchaser  on the  Closing  Date,  the Seller  does hereby
transfer,  sell and convey to the Purchaser on the Closing Date, but with effect
from the Cut-off Date,  without recourse,  (i) all right,  title and interest of
the Seller in the Mortgage Loans,  excluding the servicing  rights thereto,  and
all property securing such Mortgage Loans,  including all interest and principal
received or  receivable  by the Seller with respect to the Mortgage  Loans on or
after the Cut-off Date and all interest and  principal  payments on the Mortgage
Loans  received on or prior to the Cut-off  Date in respect of  installments  of
interest and principal due thereafter,  but not including  payments of principal
and  interest  due and  payable on the  Mortgage  Loans on or before the Cut-off
Date,  (ii) all of the  Seller's  rights as  Purchaser  under MLPA I  including,
without  limitation,  the rights of the Seller to require FHHLC to cure breaches
of representations and warranties with respect to the Mortgage Loans as provided
thereunder,  (iii) all right,  title and interest of the Seller in, to and under
the Servicing  Agreement,  and (iv) all proceeds from the  foregoing.  Items (i)
through (iv) in the preceding  sentence are herein  referred to  collectively as
"Mortgage Assets."

      Section 2.2 Timing.  The sale of the Mortgage Assets  hereunder shall take
place on the Closing Date.

                                   ARTICLE III
                             CONVEYANCE AND DELIVERY

      Section 3.1 Delivery of Mortgage  Files.  In connection  with the transfer
and  assignment  set forth in Section  2.1 above,  the Seller has  delivered  or
caused to be delivered to the Trustee or to the  Custodian on its behalf (or, in
the case of the Delay  Delivery  Mortgage  Loans,  will  deliver  or cause to be
delivered to the Trustee or to the  Custodian on its behalf  within  thirty (30)
days  following the Closing Date) the following  documents or  instruments  with
respect to each Mortgage Loan so assigned (collectively, the "Mortgage Files"):

      (a)         (1) the original Mortgage Note endorsed by manual or facsimile
            signature  in  blank in the  following  form:  "Pay to the  order of
            ________________,    without   recourse,"   with   all   intervening
            endorsements  showing  a  complete  chain  of  endorsement  from the
            originator  to the Person  endorsing  the  Mortgage  Note (each such
            endorsement  being  sufficient  to  transfer  all  right,  title and
            interest  of the  party so  endorsing,  as  noteholder  or  assignee
            thereof, in and to that Mortgage Note); or

                  (2)  with  respect  to any Lost  Mortgage  Note,  a lost  note
            affidavit  from the Seller  stating that the original  Mortgage Note
            was lost or destroyed, together with a copy of such Mortgage Note;

      (b)   except as provided  below and for each  Mortgage  Loan that is not a
            MERS Mortgage Loan, the original recorded Mortgage or a copy of such
            Mortgage  certified by the Seller as being a true and complete  copy
            of the  Mortgage,  and in the case of each MERS Mortgage  Loan,  the

                                      -4-
<PAGE>

            original  recorded  Mortgage,  noting the presence of the MIN of the
            Mortgage Loans and either language indicating that the Mortgage Loan
            is a MOM Loan if the Mortgage  Loan is a MOM Loan or if the Mortgage
            Loan was not a MOM Loan at  origination,  the original  Mortgage and
            the assignment thereof to MERS, with evidence of recording indicated
            thereon,  or a copy of the Mortgage certified by the Seller as being
            a true and complete copy of the Mortgage;

      (c)   in the case of a Mortgage Loan that is not a MERS  Mortgage  Loan, a
            duly  executed  assignment  of  the  Mortgage,  or a  copy  of  such
            assignment certified by the Seller as being a true and complete copy
            of the  assignment,  in blank  (which may be  included  in a blanket
            assignment or assignments), together with, except as provided below,
            all  interim  recorded  assignments,   or  copies  of  such  interim
            assignments  certified  by the  Seller  as being  true and  complete
            copies of the  interim  assignments,  of such  Mortgage  (each  such
            assignment,  when duly and validly  completed,  to be in  recordable
            form and  sufficient to effect the assignment of and transfer to the
            assignee  thereof,  under  the  Mortgage  to  which  the  assignment
            relates);  provided  that,  if the  related  Mortgage  has not  been
            returned  from  the  applicable   public  recording   office,   such
            assignment  of  the  Mortgage  may  exclude  the  information  to be
            provided by the recording office;

      (d)   the  original or copies of each  assumption,  modification,  written
            assurance or substitution agreement, if any;

      (e)   either the original or duplicate original title policy, or a copy of
            such  title  policy  certified  by the  Seller  as  being a true and
            complete copy of the title policy  (including  all riders  thereto),
            with  respect  to the  related  Mortgaged  Property,  if  available,
            provided that the title policy  (including all riders  thereto) will
            be  delivered  as soon as it  becomes  available,  and if the  title
            policy is not available,  and to the extent required pursuant to the
            second paragraph below or otherwise in connection with the rating of
            the  Certificates,   a  written  commitment  or  interim  binder  or
            preliminary  report of the title  issued by the title  insurance  or
            escrow  company with respect to the Mortgaged  Property,  or in lieu
            thereof,  an Alternative Title Product or a copy of such Alternative
            Title  Product  certified by the Seller as being a true and complete
            copy of the Alternative Title Product; and

      (f)   in the case of a  Cooperative  Loan,  the originals of the following
            documents or instruments:

                  (1) The Coop Shares, together with a stock power in blank;

                  (2) The executed Security Agreement;

                  (3) The executed Proprietary Lease;

                  (4) The executed Recognition Agreement;

                                      -5-
<PAGE>

                  (5) The executed  UCC-1  financing  statement with evidence of
            recording  thereon  which have been filed in all places  required to
            perfect the Seller's interest in the Coop Shares and the Proprietary
            Lease; and

                  (6) Executed UCC-3 financing  statements or other  appropriate
            UCC  financing  statements  required  by  state  law,  evidencing  a
            complete  and unbroken  line from the  mortgagee to the Trustee with
            evidence  of   recording   thereon  (or  in  a  form   suitable  for
            recordation).

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

      Section 4.1  Representations  and Warranties of the Seller. (a) The Seller
hereby represents and warrants to the Purchaser, as of the date of execution and
delivery hereof, that:

                  (1)  The  Seller  is  duly  organized  as a  national  banking
            association  and is  validly  existing  under the laws of the United
            States of America and is duly  authorized  and qualified to transact
            any and all business  contemplated by this Agreement to be conducted
            by the Seller in any state in which a Mortgaged  Property is located
            or is otherwise  not required  under  applicable  law to effect such
            qualification  and, in any event,  is in  compliance  with the doing
            business laws of any such state,  to the extent  necessary to ensure
            its ability to enforce each  Mortgage Loan and to perform any of its
            other  obligations under this Agreement in accordance with the terms
            thereof.

                  (2) The Seller has the  requisite  power and authority to sell
            each  Mortgage  Loan,  and to execute,  deliver and perform,  and to
            enter into and  consummate  the  transactions  contemplated  by this
            Agreement and has duly  authorized  by all  necessary  action on the
            part of the Seller the execution,  delivery and  performance of this
            Agreement;  and  this  Agreement,  assuming  the due  authorization,
            execution  and  delivery  thereof  by  the  other  parties  thereto,
            constitutes  a legal,  valid and binding  obligation  of the Seller,
            enforceable  against the Seller in accordance with its terms, except
            that (a) the  enforceability  thereof may be limited by  bankruptcy,
            insolvency, moratorium, receivership and other similar laws relating
            to  creditors'  rights  generally  or  of  creditors  of  depository
            institutions, the accounts of which are insured by the FDIC, and (b)
            the remedy of specific performance and injunctive and other forms of
            equitable  relief may be subject to  equitable  defenses  and to the
            discretion of the court before which any proceeding  therefor may be
            brought.

                  (3)  The  execution  and  delivery  of this  Agreement  by the
            Seller,  the sale of the  Mortgage  Loans by the  Seller  under this
            Agreement,  the  consummation  of  any  other  of  the  transactions
            contemplated by this Agreement, and the fulfillment of or compliance
            with the terms thereof are in the ordinary course of business of the
            Seller and will not (a)  result in a material  breach of any term or
            provision of the charter or by-laws of the Seller or (b)  materially
            conflict   with,   result  in  a  material   breach,   violation  or
            acceleration of, or result in a material default under, the terms of

                                      -6-
<PAGE>

            any other material  agreement or instrument to which the Seller is a
            party or by which it may be  bound,  or (c)  constitute  a  material
            violation  of any statute,  order or  regulation  applicable  to the
            Seller  of any  court,  regulatory  body,  administrative  agency or
            governmental body having  jurisdiction  over the Seller,  other than
            such  conflicts,  breaches,  violations,  accelerations  or defaults
            which,  individually  or on a  cumulative  basis,  would  not have a
            material adverse effect on the Seller and its subsidiaries, taken as
            a whole,  or the  consummation of the  transactions  contemplated by
            this Agreement;  and the Seller is not in breach or violation of any
            material indenture or other material agreement or instrument,  or in
            violation  of  any  statute,  order  or  regulation  of  any  court,
            regulatory body,  administrative  agency or governmental body having
            jurisdiction over it which breach or violation may materially impair
            the Seller's ability to perform or meet any of its obligations under
            this Agreement.

                  (4) No  litigation  is pending or, to the best of the Seller's
            knowledge,  threatened  against the Seller that would  prohibit  the
            execution or delivery of, or  performance  under,  this Agreement by
            the Seller.

      (b)   The Seller  hereby  assigns,  transfers and conveys to the Purchaser
            all of its rights  with  respect to the  Mortgage  Loans  including,
            without limitation, the representations and warranties of FHHLC made
            pursuant  to MLPA I,  together  with all  rights  of the  Seller  to
            require  FHHLC  to cure  any  breach  thereof  or to  repurchase  or
            substitute for any affected Mortgage Loan in accordance with MLPA I.

            It is  understood  and agreed  that the  obligation  under MLPA I of
      FHHLC to cure,  repurchase  or  replace  any  Mortgage  Loan as to which a
      breach has occurred and is continuing  shall  constitute  the sole remedy,
      which may be enforced solely against FHHLC and not the Seller,  respecting
      such breach available to the Purchaser on its behalf.

      The representations  and warranties  contained in this Agreement shall not
be construed  as a warranty or guaranty by the Seller as to the future  payments
by any Mortgagor.

      It is understood  and agreed that the  representations  and warranties set
forth in this Section 4.1 shall  survive the sale of the  Mortgage  Loans to the
Purchaser hereunder.

                                    ARTICLE V
                                  MISCELLANEOUS

      Section 5.1  Transfer  Intended as Sale.  It is the express  intent of the
parties  hereto that the  conveyance of the Mortgage  Loans by the Seller to the
Purchaser be, and be construed  as, an absolute sale thereof in accordance  with
GAAP and for  regulatory  purposes.  It is,  further,  not the  intention of the
parties that such  conveyances  be deemed a pledge  thereof by the Seller to the
Purchaser.  However,  in the  event  that,  notwithstanding  the  intent  of the
parties,  the  Mortgage  Loans are held to be the  property of the Seller or the
Purchaser,  respectively,  or if for any other reason this  Agreement is held or

                                      -7-
<PAGE>

deemed to create a security  interest in such  assets,  then (i) this  Agreement
shall be deemed to be a security  agreement  within the  meaning of the  Uniform
Commercial  Code of the State of Texas and (ii) the  conveyance  of the Mortgage
Loans provided for in this  Agreement  shall be deemed to be an assignment and a
grant by the  Seller  to the  Purchaser  of a  security  interest  in all of the
Mortgage Loans, whether now owned or hereafter acquired.

      The Seller and the Purchaser  shall,  to the extent  consistent  with this
Agreement,  take  such  actions  as may be  necessary  to ensure  that,  if this
Agreement were deemed to create a security  interest in the Mortgage Loans, such
security  interest would be deemed to be a perfected  security interest of first
priority under applicable law and will be maintained as such throughout the term
of the  Agreement.  The Seller and the  Purchaser  shall  arrange for filing any
Uniform Commercial Code continuation  statements in connection with any security
interest granted hereby.

      Section 5.2 Seller's Consent to Assignment. The Seller hereby acknowledges
the  Purchaser's  right to assign,  transfer  and convey all of the  Purchaser's
rights under this  Agreement to a third party and that the  representations  and
warranties  made by FHHLC to the Seller  pursuant to MLPA I will, in the case of
such  assignment,  transfer  and  conveyance,  be for the  benefit of such third
party. The Seller hereby consents to such assignment, transfer and conveyance.

      Section  5.3  Specific  Performance.  Either  party or its  assignees  may
enforce specific performance of this Agreement.

      Section 5.4 Notices.  All notices,  demands and requests that may be given
or that are  required  to be given  hereunder  shall  be sent by  United  States
certified mail,  postage prepaid,  return receipt  requested,  to the parties at
their respective addresses as follows:

                           If to
                           the Seller:          165 Madison Avenue
                                                Memphis, Tennessee 38103
                                                Attn: Clyde A. Billings, Jr.

                           If to the Purchaser: 4000 Horizon Way
                                                Irving, Texas 75063
                                                Attn: Larry P. Cole

      Section 5.5 Choice of Law. This Agreement shall be construed in accordance
with and governed by the  substantive  laws of the State of Texas  applicable to
agreements  made and to be performed in the State of Texas and the  obligations,
rights and remedies of the parties hereto shall be determined in accordance with
such laws.

      Section  5.6  Acknowledgment  of  FHHLC.  FHHLC  hereby  acknowledges  the
provisions of this  Agreement,  including the duties of FHHLC created  hereunder
and the assignment of the  representations  and warranties  made by FHHLC to the
Seller pursuant to MLPA I.

                  [remainder of page intentionally left blank]

                                      -8-
<PAGE>

      IN WITNESS  WHEREOF,  the Purchaser and the Seller have caused their names
to be signed hereto by their respective officers thereunto duly authorized as of
the 28th day of October, 2005.

                                                FIRST TENNESSEE BANK NATIONAL
                                                ASSOCIATION, as Seller

                                                By:
                                                  ------------------------------
                                                  Wade Walker
                                                  Senior Vice President

                                                FIRST HORIZON ASSET SECURITIES
                                                INC., as Purchaser

                                                By:
                                                  ------------------------------
                                                  Alfred Chang
                                                  Vice President

The foregoing agreement is hereby
acknowledged and accepted as of the
date first above written.

FIRST HORIZON HOME LOAN CORPORATION,
in its capacity as the seller
pursuant to MLPA I

By:
  ---------------------------------
  Terry McCoy
  Executive Vice President

                                      -9-
<PAGE>

                                   SCHEDULE A

                              [BEGINS ON NEXT PAGE]

                      [Available Upon Request From Trustee]

                                       A-1Unassociated Document

    

      OPERATING
        AGREEMENT

      

      Date:   Amended
        and Restated on October 10, 2005, to
        be
        retroactively effective as of January 1, 2005

      

      Parties
        of the Agreement:

      

      Party
        A:  Chuangrun
        Media Company Limited    (“HK
        Chuangrun”)

      

      Address:    
        #1403,
        14/F United Publishing Building, King’s Road, North Point, Hong
        Kong

      

      Party
        B:   Guangzhou
        Chuangrun Advertising Co. Ltd.    (“GZ
        Chuangrun”)

      

      Address:    
        168
        Jiangnan Da Dao Zhong, CNOOC Building, #1211, Guangzhou, China

      

      Party
        C:  China
        Media1 Corp.    (“CMDA”)

      

      Address: 
        2020
        Main Street, Suite 500, Irvine, California, USA

      

      Recital:

      

      
        	1.  	
                Both
                  HK Chuangrun and GZ Chuangrun are owned by Mr. Cai Hanxiong. HK
                  Chuangrun
                  has agreements with the Guangzhou New Baiyun Airport for 100 Indoor
                  advertising signage locations and 50 Outdoor advertising signage
                  locations. GZ Chuangrun has an agreement with the Guangzhou MTR
                  for 12
                  station pillar wrap advertising
                  locations.

              

      

      

      
        
          
            
              	2.  	
                      Inan
                        agreement dated December 26, 2004, CMDA acquired the above
                        mentioned
                        contracts from Mr. Cai
                        Hanxiong.

                    

            

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	3.  	
                CMDA
                  wishes to appoint GZ Chuangrun as exclusive agent for the above
                  mentioned
                  three advertising contracts, and hereby agrees to the
                  following.

              

      

      

      
        
          	1.  	
                  The
                    Guangzhou New Baiyun Airport agreements for 100 Indoor advertising
                    signage
                    locations and 50 Outdoor advertising signage locations stay under
                    HK
                    Chuangrun, but all benefits revert back to CMDA. In furtherance
                    of the
                    foregoing, for the term of each of the Guangzhou New Baiyun Airport
                    agreements: 

                

        

      

      

      
        (a)    HK
          Chuangrun hereby assigns and transfers to CMDA all revenues generated from
          the
          operations relating to the agreements with the Guangzhou New Baiyun Airport
          for
          100 Indoor advertising signage locations and 50 Outdoor advertising signage
          locations (the “Airport Revenues”). 

         

        (b)    CMDA
          shall cause to be paid from the Airport Revenues all of the operating expenses
          of HK Chuangrun incurred relating to the agreements with the Guangzhou
          New
          Baiyun Airport for 100 Indoor advertising signage locations and 50 Outdoor
          advertising signage locations (the “Airport Expenses”), including, but not
          limited to, trade accounts payable, real property lease obligations, employee
          obligations, and taxes. 

         

        (c)    CMDA
          shall use the Airport Revenues collected to pay the Airport Expenses until
          the
          expiration of each of the Guangzhou New Baiyun Airport
          agreements.

      

      

      
        	2.  	
                The
                  Guangzhou MTR 12 station pillar wrap agreement stays under GZ Chuangrun,
                  but all benefits revert back to CMDA. In furtherance of the foregoing,
                  for
                  the term of Guangzhou MTR 12 station pillar wrap
                  agreement:

              

      

      

      (a )    GZ
        Chuangrun hereby assigns and transfers to CMDA all revenues generated from
        the
        operations relating to the Guangzhou MTR 12 station pillar wrap agreement
        (the
“MTR Revenues”). 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)    CMDA
        shall cause to be paid from the MTR Revenues all of the operating expenses
        of GZ
        Chuangrun incurred relating to the Guangzhou MTR 12 station pillar wrap
        agreement (the “MTR Expenses”), including, but not limited to, trade accounts
        payable, real property lease obligations, employee obligations, and taxes.
        

       

      (c)    CMDA
        shall use the MTR Revenues collected to pay the MTR Expenses until the
        expiration of the Guangzhou MTR 12 station pillar wrap
        agreement.

      

      
        
          
            	3.  	
                    GZ
                      Chuangrun is appointed exclusive agent for all of HK Chuangrun
                      projects
                      and the Guangzhou MTR project. GZ Chuangrun and HK Chuangrun
                      will form a
                      joint venture in Guangzhou after CMDA has received funding,
                      to facilitate
                      management of the
                      projects.

                  

          

        

      

      
        
           

          
            	4.  	
                    CMDA
                      will pay the following management fees to GZ Chuangrun as compensation
                      for
                      GZ Chuangrun acting as agent for CMDA. The management fee includes
                      all
                      daily operating expenses, but does not include project deposits
                      and
                      upfront fees:

                  

          

        

      

       

      (A)    2005
        January to end of December, US$ 1.5 million.

       

      (B)    2006
        January to end of December, US$ 2.0 million.

       

      (C)    2007
        and thereafter yearly January to end of December, US$ 3
        million.

      

      
        	5.  	
                The
                  above management fee is payable in 12 equal monthly
                  installments.

              

      

      

      
        	6.  	
                The
                  above management fee only includes the 100 Indoor and 50 Outdoor
                  signs at
                  the Guangzhou New Baiyun International Airport and the 12 Guangzhou
                  MTR
                  stations.

              

      

      

      
        	7.  	
                GZ
                  Chuangrun will implement the following commission
                  schedule:

              

      

      

      (A)    Commission
        ratio for 2005:

       

      (i)    New
        Direct Advertising Clients 15%

       

      (ii)    Direct
        through Advertising Company 10%

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (iii)   Existing
        Company Clients 5%

      

      (B)    Commission
        ratio for 2006 and thereafter:

      

      (i)    New
        Direct Advertising Clients 10%

       

      (ii)   Direct
        through Advertising Company 5%

       

      (iii)   Existing
        Company Clients 3%

      

      
        	8.  	
                As
                  the Chief Executive Officer and largest shareholder of CMDA, Mr.
                  Cai
                  Hanxiong will do his utmost to protect CMDA’s interest and act as guardian
                  of this agreement.

              

      

      

      
        	9.  	
                All
                  other matters will be decided by the board of directors of both
                  parties.

              

      

      

      This
        Agreement is amended and restated on this 10th
        day
        of October, 2005 and is retroactively effective as of January 1,
        2005.

       

      
        	 	 	 	 
	 /s/
                Cai Hanxiong	 	 	 /s/ Cai Hanxiong
	
                
(HK
                Chuangrun)	 	 	
                
(GZ
                Chuangrun)
	(Cai
                Hanxiong, Legal Rep.)	 	 	(Cai
                Hanxiong, Legal Rep.)

      

       

      

      
        	
              	 	 	 
	 /s/ Ernest Cheung	 	 	 
	
                
(China
                Media1 Corp.)	 	 	
              
	(Ernest
                Cheung, Director)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]