Document:

Loan
agreement

    

    
      
        	
                Borrower:

              	
                Shanghai
      Baby Fox Fashion Co., Ltd.

              
	
                Lender:

              	
                Zengquan
      Yu

              

      

    

    

    This
agreement is entered into by and between the Borrower and the Lender through
friendly consultations, the Lender agrees to grant the Borrower ¥5,700,000 and the
interest rate is 10% per year.

    

    The
Lender remits the Borrower for three times, the date and amount are as
follow:

    

    
      
        
          	
                  May
      16th,
      2008

                	
                  ¥4,700,000;

                
	 	 
	
                  June
      5th,
      2008

                	
                  ¥750,000;

                
	 	 
	
                  June
      16th,
      2008

                	
                  ¥250,000;

                

        

      

    

    

    The
period of this loan is 2 years.

    

    
      
        
          
            	
                    Borrower
      (Seal): Shanghai Baby Fox

                  	
                    Lender
      (Seal): Zengquan Yu

                  
	
                    Fashion
      Co., Ltd.

                  	 
      
	 
      	 
      
	
                    Date:
      June 16th,
      2008

                  	
                    Date:
      June 16th,
      2008SHANGHAI
BABY FOX FASHION CO., LTD.

       

      EQUITY
SHARE ACQUISITION AGREEMENT

      

      
        	
                Transfer
      Party:

              	
                Ms.
      FENGLING WANG(as Party A
      in the following)

              

      

      

      
        	
                Receiver
      Party:

              	
                BABY
      FOX INTERNATIONAL, INC. (as Party B
      in the following)Registered
      address: East John
      Street 502, Carson City, Nevada State, The United States of the America;
      Company Legal Representative, HITOSHI YOSHIDA(吉田仁), also
      Chairman of Board of Directors,Nationality:Japan.

              

      

      

      
        	
                 
      

              	
                 “Shanghai
      Baby Fox Fashion Co., Ltd.”(The
      “Shanghai Baby Fox”)is founded
      according to 《the Republic
      of China Corporation Act》by Ms.
      Fengling Wang. the company is registered with Shanghai Administration for
      Industry and Commerce. It is a limited liability
      corporation.  Party A’s registered address is: Shanghai Minhang
      District, 89 Xinbang Road, Suite 305-B5. Its mainly business is:
      “clothing, accessories, fabric, raw material for weaving and products
      sales”. The registered capital is RMB 5 million Yuan. Its Legal
      Representative is
      Ms. Fengling Wang.

              

      

      

      Now
through friendly discussion, regarding Shanghai Baby Fox equity share
acquisition matters, Party A and Party B reached the agreement as below:

      

      
        	
                I.

              	
                Party
      A agrees to transfer all her shares of Shanghai Baby Fox to Party B,
      according to the terms in this agreement; Party B agrees to receive all
      the Party A’s shares of Shanghai Baby
Fox.

              

      

      

      
        	
                II.

              	
                Based
      on the Asset Valuation Report, August 31st,
      2007, the net asset of Shanghai Baby Fox is RMB5.72 million Yuan. Party B
      agrees to acquire 100% of Shanghai Baby Fox’s equity shares, the
      acquisition amount convert to foreign currency is equally to RMB 5.72
      million Yuan. Party A’s shall receive fund which is equal to her equity
      share percentage (100%) multiplied by RMB5.72 million
  Yuan.

              

      

      

      
        	
                III.

              	
                After
      the acquisition becomes effective, Party B shall pay the acquisition
      payment within three months after company receive its new business license
      and it should be audited by Chinese
CPA.

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      
        	
                IV.

              	
                After
      the acquisition, Shanghai Baby Fox will keep its company name, address,
      but the property is transformed from domestic company to Wholly Foreign
      Owned Enterprise (WFOE). The total investment amount allowed is RMB7.14
      million Yuan, the registered capital is RMB5 million Yuan, and Party B
      owns 100% equity of the company. All the creditor and debt liabilities of
      Shanghai Baby Fox shall be undertaken by Party B. Party A’s original
      employees will continue to work for the new
  company.

              

      

      

      
        	
                V.

              	
                The
      acquired company’s mainly business is: retail and wholesale of clothing,
      finery and accessories, fabric, raw material for weaving; commission
      agency except auction; import & export; related services ( management
      of quota license and stated products, etc.), operating term is: 20
      years.

              

      

      

      
        	
                VI.

              	
                After
      the acquisition, the directorate is assigned by Party B. the new Chairman
      of the Board of Directorate is Mr. Jieming
  Huang.

              

      

      

      
        	
                VII.

              	
                Party
      B will reset the corporation bylaws and will submit it to government for
      approval. The original bylaws of Shanghai Baby Fox will be terminated at
      the same time.

              

      

      

      
        	
                VIII.

              	
                Party
      B will pay all the expense related to this
  acquisition.

              

      

      

      
        	
                IX.

              	
                Party
      A promises their shares transferred to Party B are legal ownership, this
      shares are unrestricted and has not been used as guarantor for any other
      third parties.

              

      

      

      
        	
                X.

              	
                If
      Party B doesn’t pay the acquisition payment on time (according to term III
      above), they should pay penalty charge to Party A, the rate is 3 in 10,000
      per day.

              

      

      

      
        	
                 
      

              	
                If
      any party withdraw from this agreement, the withdraw party should pay the
      other party’s damages.

              

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      

      
        	
                XI.

              	
                The
      establishment, effectiveness, explanation, implementation, and dispute are
      governed by the law of the Republic of China. If any dispute happens
      related to this agreement, the both parties should negotiate first to
      resolve the matters. If the disputes can not be resolved through both
      parties’ negotiation, each party has right to take the matter to Shanghai
      local for legal settlement.

              

      

      

      
        	
                XII.

              	
                The
      agreement is effective upon the signatures by both parties. it will be
      submitted to Shanghai local authority of PRC for
  approval.

              

      

      

      
        	
                XIII.

              	
                This
      agreement has 3 original copies, Party A and Party B keep one copy each,
      Shanghai Baby Fox keeps one copy, the rest copies sent to related
      government.

              

      

      

      
        	
                XIV.

              	
                This
      agreement is signed at Shanghai in September 20,
  2007.

              

      

      

      IN
WITNESS OF, both parties signed this Acquisition Agreement below.

      

      
        
          
            
              
                
                  	
                          Party
      A:

                        	
                          SHANGHAI
      BABY FOX FASHION CO., LTD.

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          Fengling
      Wang

                        
	 
      	 
      
	
                          Party
      B:

                        	
                          BABY
      FOX INTERNATIONAL, INC. (Baby fox)

                        
	 
      	
                          Legal
      Representative:

                        
	 
      	 
      
	 
      	 
      
	 
      	
                          吉田仁 HITOSHI
      YOSHIDA

                        

                

              

            

          

        

      

      
        
           

        

        
          3Unassociated Document

    FIRST
AMENDMENT TO SECURITIES PURCHASE AGREEMENT

     

    THIS FIRST AMENDMENT TO SECURITIES
PURCHASE AGREEMENT (this
“Amendment”), dated as of January [__],
2009, is entered into by and among Capital Growth Systems, Inc., a Florida
corporation (the “Company”),
and the persons identified as “Holders” on the signature pages hereto (the
“Holders”).  Defined
terms not otherwise defined herein shall have the meanings set forth in the
Purchase Agreement (as defined below).

     

    WHEREAS, the Company and the
Holders entered into that certain Securities Purchase Agreement, dated November
20, 2008 (the “Purchase
Agreement”);

     

    WHEREAS, the Purchase
Agreement may be amended by the Company and the Purchasers holding at least 67%
in interest of the Securities then outstanding;

     

     WHEREAS, the Holders executing
counterpart copies hereof constitute Purchasers holding at least 67% in interest
of the Securities outstanding; and

     

    WHEREAS, the Company and the
Holders desire to amend the Purchase Agreement to extend the date by which the
Company must hold a meeting of its shareholders for the purpose of obtaining the
Authorized Share Approval.

     

    NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, each Holder hereby agrees as follows:

     

    1.           Amendment to Section 4.11(d)
of the Purchase Agreement.  Section 4.11(d) of the Purchase
Agreement be and hereby is amended by deleting Section 4.11(d) in its entirety
and replacing it with the following:

    

    (d)           In
addition, the Company shall hold a special meeting of shareholders (which may
also be at the annual meeting of shareholders) at the earliest practical date
following the date hereof, and in any event within 175 calendar days following
the Closing Date, for the purpose of obtaining the Authorized Share Approval,
with the recommendation of the Company’s Board of Directors that such proposal
be approved, and the Company shall solicit proxies from its shareholders in
connection therewith in the same manner as all other management proposals in
such proxy statement and all management-appointed proxyholders shall vote their
proxies in favor of such proposal. In addition, the Company agrees to use its
best efforts to promptly respond to any comments the Commission may have with
respect to any preliminary proxy statement. If the Company does not obtain the
Authorized Share Approval at the first meeting, the Company shall call a meeting
every 30 days thereafter to seek Authorized Share Approval until the earlier of
the date the Authorized Share Approval is obtained or the Debentures and
Warrants are no longer outstanding.

    

    2.           Authority.  Each
individual executing this Amendment on behalf of an entity represents and
warrants that (a) he or she is duly authorized to execute and deliver this
Amendment on behalf of the entity; (b) the entity has all requisite power and
authority to execute, deliver and perform under this Amendment; (c) the
execution, delivery and performance by the entity has been duly authorized by
all necessary action, corporate or otherwise, on the part of the entity; and (d)
this Amendment is binding upon the entity.

    

    3.           Counterpart
Signatures.  This Amendment may be executed in two or more
counterparts and by facsimile signature or otherwise, and each of such
counterparts shall be deemed an original and all of such counterparts together
shall constitute one and the same agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, this Amendment is executed effective as of the date first set
forth above upon counterpart signatures of Holders holding at least 67% in
interest of the Securities.

    

    CAPITAL GROWTH SYSTEMS,
INC.

    

    

    By:_____________________________________

    Name:

    Title:

    

    

    THOSE
HOLDERS LISTED ON EXHIBIT A EXECUTING COUNTERPART COPIES HEREOF

    Name of
Holder:_____________________________________

    By:____________________________________

    Its:____________________________________

    Date of
Execution:_______________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT A
TO

    AMENDMENT
AGREEMENT

    AMONG
CAPITAL GROWTH SYSTEMS, INC. AND

    THE
HOLDERS THEREUNDER

    

    
      	
              Holder

            	
              Principal Amount 

              plus OID
      Interest
      (1)

            	
              Percentage(1)

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Total:

            	 
      	 
      
	
              __________________

            
	
              (1)

            	
              Before
      conversions, if any, which would reduce the principal amount of Securities
      outstanding.

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