Document:

Unassociated Document

    Execution
      copy

    

    THIS
      MEMORANDUM OF PARTIAL RELEASE is made the 31st
      day of
      March, 2008

    

    BETWEEN

    

    Goldman
      Sachs International,
      an
      unlimited liability company organised under the laws of England and Wales whose
      registered office is at Peterborough Court, 133 Fleet Street, London EC4A,
      2BB,
      England (the
      “Collateral
      Agent”);
      and

    

    Fine
      Lake International Limited,
      a
      company
      duly incorporated in the British Virgin Islands, whose registered office is
      at
      P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin
      Islands (“Fine
      Lake”).

    

    WHEREAS
      :-

    

    
      	(1)	By a Share Charge dated 29 January 2008 (the “Share
              Charge”)
              executed by Fine Lake and Mr. Xu Hongbin in favour of the Collateral
              Agent, 10,000 ordinary shares of HK$1.00 each of Pilpol
              (HK) Biological Limited (活之生(香港)生物有限公司)
              (the “Company”),
              representing its entire issued share capital, were charged to the
              Collateral Agent as security for the Liabilities (as defined in the
              Share
              Charge).

      	 	 

      	(2)	All those security documents listed in Schedule
              1 hereto
              (the “Security
              Documents”)
              were executed by relevant parties as security under the Share
              Charge.

      	 	 

      	
              (3)

            	
              Fine
                Lake
                has requested the Collateral Agent to, and the Collateral Agent has
                agreed
                to, discharge 3,500 ordinary shares of the Company registered in
                the name
                of Fine Lake, representing 35% of the entire issued share capital
                of the
                Company (the “Released
                Shares”)
                from the Share Charge.

            

    

    

    NOW
      THIS
      DEED WITNESSETH that the Collateral Agent (for and on behalf of the Secured
      Parties (as defined in the Share Charge)) hereby :

    

    
      	 	
              (i)

            	
              DISCHARGES
                the Released Shares; and/or (as the circumstances
                require);

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    
      	 	
              (ii)

            	
              ASSIGNS
                as chargee unto Fine Lake the Released Shares TO HOLD the same unto
                Fine
                Lake absolutely; and/or (as the circumstances require);
                and

            

    

    

    
      	 	
              (iii)

            	
              RELEASES
                AND ASSIGNS as chargee unto Fine Lake all rights and benefits of
                and
                relating to the Released Shares charged or assigned unto the Collateral
                Agent under the Share Charge TO HOLD the same unto Fine Lake
                absolutely

            

    

    

    freed
      and
      absolutely discharged of and from the Share Charge and from the charge or
      mortgage created thereunder PROVIDED that and (for avoidance of doubt) it is
      hereby declared that the Share Charge shall remain in full force and effect
      with
      regard to the remaining shares of the Company which remain subject to the Share
      Charge AND the Collateral Agent hereby confirms to Fine Lake that the Collateral
      Agent has not done, omitted or knowingly suffered or been party or privy to
      any
      act, deed, matter or thing whereby or by means whereof the shares charged under
      the Share Charge or any part thereof are or is or may be impeached, charged,
      affected or incumbered in title, estate or otherwise AND PROVIDED further that
      this Memorandum of Partial Release shall not in any way affect the obligations
      and liabilities of (a) China Water and Drinks, Inc. (“China
      Water”)
      under
      the Securities Purchase Agreement dated 24 January 2008 entered into between
      China Water and the Buyers named therein (the “Securities
      Purchase Agreement”),
      (b)
      China Water under the Notes (as defined in the Securities Purchase Agreement)
      and (c) Fine
      Lake
      and Mr. Xu Hongbin under the Share Charge.

    

    AND
      Fine
      Lake hereby undertakes to procure the relevant parties to sign the blank
      instrument of transfer, blank bought and sold notes and undated board minutes
      of
      the Company in the form and substance as set out in Schedules 2, 3 and 4
      respectively and the new share certificate 10 in the name of Fine Lake in
      respect of 6,499 ordinary shares of the Company and deliver the same to the
      Collateral Agent within 7 days from the date of this Memorandum of Partial
      Release.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Schedule
      1

    

    The
      Security Documents

     

    
      	(1)	Blank Instrument of Transfer of
              9,999 shares of the Company duly signed by Fine Lake as transferor
              without
              the identity and signature of the transferee

      	 	 

      	
              (2)

            	
              Blank
                Bought and Sold Notes of 9,999 shares of the Company duly signed
                by Fine
                Lake as transferor without the identity and signature of the
                transferee

            

    

    

    
      	
              (3)

            	
              Undated
                Board Minutes of the Company approving, inter alia, the transfer
                of
                shares, changes in directors, changes in secretary duly signed by
                the
                directors of the Company

            

    

    

    
      	
              (4)

            	
              Share
                Certificate No. 8 in the name of Fine Lake in respect of 9,999 shares
                of
                the Company

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Schedule
      2

    

    INSTRUMENT
      OF TRANSFER

     

    
      	
              NAME
                OF COMPANY 

            	
              Pilpol
                (HK) Biological
                Limited (活之生(香港)生物有限公司)

            
	 	
              (the
                “Company”)

            

    

     

    
      	
              We,
                the Transferor

            	
              ,

            	
              Fine
                Lake International Limited

            
	
              of
                

            	
              :

            	
              P.O.
                Box 957, Offshore Incorporations Centre, Road Town, Tortola, British
                Virgin Islands

            

    

     

    
      	
              in
                consideration of 

            	
              :

            	 

    

     

    
      	
              paid
                to us by the Transferee

            	
              :

            	 
	
              Occupation

            	
              :

            	 
	
              of

            	
              :

            	 
	 	 	 
	 	 	 

    

    

    
      	
              (hereinafter
                called “the Transferee”) do hereby transfer to the Transferee the
                

            	
              -
                6,499 -

            

    

    shares
      standing in our name in the Register of the Company to hold unto the Transferee,
      its/his/her executors, administrators or assigns, subject to the several
      conditions upon which we hold the same at the time of execution hereof, and
      I/we
      the Transferee do hereby agree to take the shares subject to the same
      conditions.

     

    
      	
              Dated
                this

            	 	
               day
                of

            	 	 

    

    

    Witness
      to the signature of Transferor

    

    
      	
              Name:

            	Chung,
              Kai Shun	 	
              

            
	
              Address:

            	8/F., Skyline
              Plaza
              Hotel	 	 
	 	644 Tong Fu
              Rd East,
              Guangzhou	 
	 	 	 
	 	 	
              For
                and on behalf of

            
	/s/
              Chung, Kai Shun	 	
              Fine
                Lake International Limited

            
	
              Signature
                of Witness

            	 	
              Signature
                of Transferor

            

    

    

    Witness
      to the signature of Transferee

    

    

    
      	
              Name:

            	 	 	 
	
              Address:

            	 	 	 
	 	 	 
	 	 	 
	 	 	
              Signature
                of Transferee

            
	
              Signature
                of Witness

            	 	 

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    Schedule
      3

    

    BOUGHT
      AND SOLD NOTES

    

    
      	
              NAME
                OF COMPANY 

            	
              Pilpol
                (HK) Biological Limited (活之生(香港)生物有限公司)

            
	 	
              (the
                “Company”)

            

    

    

    
      	
              Transferor
                

            	
              :

            	
              Fine
                Lake International Limited

            
	
              of
                

            	
              :

            	
              P.O.
                Box 957, Offshore Incorporations Centre, Road Town, Tortola, British
                Virgin Islands

            

    

    

    
      	
              Transferee
                

            	
              :

            	 
	
              of

            	
              :

            	 
	 	 	 
	 	 	 

    

    

    
      	
              Number
                of Shares Transferred 

            	
              :

            	
              -
                6,499 -

            

    

     

    
      	
              Par
                Value per Share 

            	
              :

            	
              HK$1.00
                

            

    

     

    
      	
              Total
                Consideration

            	
              :

            	 

    

     

    
      	
              Dated
                this

            	 	
              day
                of

            	 	 

    

     

    

    
      	
              

            	 	 	 
	
              For
                and on behalf of

              Fine
                Lake International Limited

            	 	 	 
	
              Signature
                of Transferor

            	 	 	
              Signature
                of Transferee

            
	 	 	 	 

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Schedule
      4

    

    Pilpol
      (HK) Biological
      Limited
      (活之生(香港)生物有限公司)

    (the
      “Company”)

    

    BOARD
      MINUTES OF THE BOARD OF DIRECTORS
      of the
      Company made pursuant to Article of the Articles of Association of the
      Company

    

    
      	PRESENT 	Ms. Leung Tung Ha
	 	 
	 	Mr. Ng Ho
              Kwan

    

     

    CHAIRMAN

    

    Ms.
      Leung
      Tung Ha was elected Chairman of the meeting.

    

    

    QUORUM

    

    It
      was
      noted that a quorum was present
      throughout the meeting.

    

    TRANSFER
      OF SHARES

    

    It
      was
      resolved that the transfer of the following shares be approved, subject to
      the
      transfer documents being duly stamped and presented for registration in
      accordance with the provisions of the Articles of Association of the Company
      :-

    

    
      	
              Transferors

            	
              Transferee

            	
              No.
                of Shares

            
	
              Fine
                Lake International Limited

               

              Xu
                Hongbin

            	 	
              6,499

               

               

              1

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    It
      was
      further resolved that share certificate(s) be issued under the common seal
      of
      the Company and whose name(s) shall be entered on the Company's Register of
      Members and Transfers accordingly.

    

    CHANGES
      IN DIRECTORS

    

    IT
      IS RESOLVED
      that the
      following be appointed additional Directors of the Company with immediate
      effect:-

     

    

    IT
      IS RESOLVED
      that the
      resignation of the following persons as Directors of the Company be accepted
      with immediate effect:-

     

    
      	 	Leung Tung Ha
	 	 
	 	Ng Ho Kwan

    

     

    

    CHANGES
      IN SECRETARY

    

    IT
      IS
      RESOLVED that the following be appointed Secretary of the Company with immediate
      effect:-

     

    

    IT
      IS RESOLVED
      that the
      resignation of the following person as Secretary of the Company be accepted
      with
      immediate effect:-

    

    Kingspeed
      Consultants Limited 

    

     

    CHANGE
      OF REGISTERED OFFICE

    

    It
      was
      resolved that with immediate effect the registered office of the Company be
      changed to 

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    BANK
      ACCOUNT

    

    It
      was
      resolved that all existing bank mandates be cancelled with immediate
      effect.

     

     

    CONCLUSION

    

    There
      being no further business, the Chairman declared the meeting
      closed.

    

    
      	 	 	 
	 	  	 
	 	
              
Chairman
              

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    IN
      WITNESS whereof this Memorandum of Partial Release has been duly executed the
      day and year first above written.

     

    
      	EXECUTED
              as
              a deed	)	/s/ Buck
              Ratchford                        
              
	By Name :	)	Buck Ratchford
	For and on behalf of	)	Managing Director
	Goldman Sachs
              International	)	 

    

     

    

    Witnessed

     

    

    /s/
      Thian
      Chew                     

    Name:
      Thian Chew

    Title:
      Executive Director

    

    
      
        
        

      

      
        9Unassociated Document

    AMENDMENT
      NO.1 TO

    5%
      SECURED CONVERTIBLE NOTE DUE JANUARY 29, 2011

     

    THIS
      AMENDMENT NO.1 TO 5% SECURED CONVERTIBLE NOTE DUE JANUARY 29, 2011 (this
“Amendment”),
      dated
      as of April 1, 2008, amends the 5% Secured Convertible Note due January 29,
      2011
      (the “Note”),
      dated
      as of January 29, 2008, issued by China Water and Drinks, Inc., a Nevada
      corporation (collectively with its predecessors, the “Company”),
      to
      [                 
] (the “Holder”).
      Capitalized terms used but not otherwise defined in this Amendment shall have
      the same meanings assigned to such terms in the Note.

     

    WHEREAS,
      the Company desires to reduce to 65%, in each case, the amount of the
      equity interests in the PRC Subsidiaries that will be pledged pursuant to the
      PRC Pledge Agreement, the amount of the equity interests in Gain Dynasty
      Investments Limited that were charged pursuant to the Charge Over Registered
      Shares in Gain Dynasty Investments Limited dated January 25, 2008, the amount
      of
      the equity interests in Fine Lake International Limited that were charged
      pursuant to the Charge Over Registered Shares in Fine Lake International Limited
      dated January 25, 2008, the amount of the equity interests in Olympic Forward
      Trading Company Limited that were charged pursuant to the Share Charge Over
      Shares in Olympic Forward Trading Company dated January 29, 2008, and the amount
      of the equity interests in Pilpol (HK) Biological Limited that were charged
      pursuant to the Share Charge Over Shares in Pilpol (HK) Biological Limited
      dated
      January 29, 2008 ; and

     

    WHEREAS,
      to induce the Holder to agree to such reduction, the Company desires to increase
      the interest rate on the Note from 5% per annum to 7% per annum.

     

    NOW,
      THEREFORE, in consideration of the foregoing and other valuable consideration
      the sufficiency of which is hereby acknowledged, the Company hereby agrees
      as
      follows: 

     

    Section
      1. Representations
      and Warranties.
      The
      Company hereby represents and warrants to the Holder as follows: 

     

    (a) Authorization;
      Enforcement; Validity.
      The
      Company has the requisite power and authority to enter into and perform its
      obligations under this Amendment. The execution and delivery of this Amendment
      by the Company have been duly authorized by the Company’s Board of Directors,
      and no filing, consent or authorization is required by the Company, its Board
      of
      Directors or its stockholders. This Amendment has been duly executed and
      delivered by the Company, and each of this Amendment and the Note, as amended
      by
      this Amendment, constitutes the legal, valid and binding obligations of the
      Company, enforceable against the Company in accordance with its terms, except
      as
      such enforceability may be limited by general principles of equity or applicable
      bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
      laws
      relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

     

    (b) No
      Conflicts.
      The
      execution, delivery and performance of this Amendment will not: (i) result
      in a
      violation of the Articles of Incorporation, business license or other
      constitutive documents of the Company or any of its Subsidiaries; (ii) conflict
      with, or constitute a default (or an event which with notice or lapse of time
      or
      both would become a default) under, or give to others any rights of termination,
      amendment, acceleration or cancellation of, any indenture, mortgage, deed of
      trust, loan agreement, or other instrument or agreement to which the Company
      or
      any of its Subsidiaries is a party or by which the Company or any of its
      Subsidiaries is bound or to which any of the property or assets of the Company
      or any of its Subsidiaries is subject; (iii) result in a violation of any law,
      rule, regulation, order, judgment or decree (including federal and state
      securities laws and regulations and the rules and regulations of the Principal
      Market applicable to the Company or any of its Subsidiaries or by which any
      property or asset of the Company or any of its Subsidiaries is bound or
      affected; or (iv) result in the creation or imposition of any lien charge,
      security interest, encumbrance, claim or other third party rights or other
      restrictions upon any material assets of the Company or its
      Subsidiaries.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (c) Consents.
      Neither
      the Company nor any of its Subsidiaries is required to obtain any consent,
      waiver, authorization or order of, or make any filing or registration with,
      any
      court, governmental agency or any regulatory or self-regulatory agency or any
      other Person, in order for it to execute, deliver or perform any of its
      obligations under or contemplated by this Amendment in accordance with the
      terms
      hereof, except for such consents, authorizations, orders, filings and
      registrations as have been obtained or effected on or prior to the date hereof
      and are in full force and effect, and the Company and its Subsidiaries are
      unaware of any facts or circumstances which might result in the modification,
      suspension or revocation of such consent, authorization, order, filing or
      registration.

     

    Section
      2. Amendments
      to the Note.
      The
      Company hereby amends the Note as follows:

     

    (a) the
      phrase “5% per annum” in Section 2(a) of the Note shall be replaced with the
      phrase “7% per annum”; and

     

    (b) each
      reference in the Note to “5% Secured Convertible Note” shall be replaced by a
      reference to “7% Secured Convertible Note”, and each reference in the Note to
“5% Secured Convertible Notes” shall be replaced by a reference to “7% Secured
      Convertible Notes”.

     

    Section
      3. Governing
      Law.
      This
      Amendment shall be governed by, and shall be construed in accordance with,
      the
      internal laws of the State of New York, without regard to the principles of
      conflicts of laws thereof.

     

    Section
      4. No
      Other Amendment.
      Unless
      expressly amended by this Amendment, the Note shall continue in full force
      and
      effect in accordance with the terms thereof in existence on the date
      hereof.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Amendment to be duly executed
      by a
      duly authorized officer as of the date first above indicated.

     

    
      	 	 	 
	 	
              CHINA
                WATER AND DRINKS, INC.

            
	 
 	 
 	 
 
	 	By:	 
              
	 	Name:	Xu Hong Bin
	 	Title:	President

    

    

    
      
        
        

      

      
        3

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