Loan Agreement, dated February 21, 2011, by and among the Fifth Season General Merchandise Investment Management Co., Ltd and Mingyou Chen

EX-10.15 16 exhibit10-15.htm EXHIBIT 10.15 Fifth Season International Inc.: Exhibit 10.15 - Filed by newsfilecorp.com

Exhibit 10.15

Loan Agreement

  • Main contents:
  • Contract No.: nil
  • Borrower: The Fifth Season General Merchandise Investment Management Co., Ltd.
  • Lender: Mingyou Chen
  • Loan Amount (RMB): 33 million RMB Yuan
  • Contract Term: from February 21, 2011 to May 20, 2011
  • Interest Rate:
  • The monthly interest rate is 1.9%;
  • Penalty interest rate for delayed repayment: 0.5% of the non-repaid loan per day;
  • Rights and Obligations of the Lender:
  • Lender shall disburse the loan in a timely manner pursuant to the agreement.
  • Lender shall execute the mortgage right in case of breach of contract of the Company.

  •  Rights and obligations of the borrower

  • Borrower is entitled to obtain and use the loan pursuant to the agreement.
  • Borrower shall return the principal and interests timely. Borrower can extend the term of the loan when getting the consent of Lender pursuant to the agreement.
  • Consent of Lender should be obtained when any of the Borrower’s guaranties or mortgages on his (her) major assets for a third party is possible to be detrimental to Borrower’s capability of repayment under the agreement.
  • Borrower guarantee all of its statement is true and accurate
  • Borrower bears the relevant fees under the agreement.
  • Prepayment of the Loan:

Lender’s consent should be obtained if Borrower is willing to prepay the loan. The interest rate of prepayment shall accord with the agreement.

  • Liabilities of Breach of Contract:

Penalty interest rate for delayed repayment: 0.5% of the non-repaid loan per day. Liquidated damages for 20% of the loan shall be imposed on the Company and the guarantor and mortgagor in case of the Company ’s breach of contract etc.

  • Guarantee of the loan:

The loan is secured by Mortgage Contract by .the Company.

  • Headlines of the articles omitted
  • Dispute settlement
  • Miscellaneous
  • Effectiveness
  • Mortgage and Guarantee Clause
  • Attention

Signature Page

Party A (Lender): Mingyou Chen
By: /s/ Mingyou Chen
Date: February 21, 2011

Party B (Borrower): The Fifth Season General Merchandise Investment Management Co., Ltd.
Representative: Lide Zhu
By: /seal/ the Fifth Season General Merchandise Investment Management Co., Ltd.
/s/ Lide Zhu
Date: February 21, 2011

Party C (Mortgager): The Fifth Season General Merchandise Investment Management Co., Ltd.
Representative: Lide Zhu
By: /seal/ the Fifth Season General Merchandise Investment Management Co., Ltd.
/s/ Lide Zhu
Date: February 21, 2011