Loan Agreement, dated February 27, 2011, by and among the Fifth Season General Merchandise Investment Management Co., Ltd. and Shanghai Fuxing Pawnbroker Co., Ltd. (for RMB 4.5 million loan)

EX-10.16 17 exhibit10-16.htm EXHIBIT 10.16 Fifth Season International Inc.: Exhibit 10.16 - Filed by newsfilecorp.com

Exhibit 10.16

Loan Agreement

  • Main contents:
  • Contract No.: nil
  • Borrower: Fifth Season General Merchandise Investment Management Co., Ltd.
  • Lender: Shanghai Fuxing Pawnbroker Co., Ltd
  • Loan Amount (RMB): 4.5 million RMB Yuan
  • Contract Term: from February 27, 2011 to April 26, 2011
  • Interest Rate:

  • The monthly interest rate is 0.3%, and monthly general fee rate is 2.7%;

  • 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): Shanghai Fuxing Pawnbroker Co., Ltd.
Representative: Ruinian Li
By: /seal/ Shanghai Fuxing Pawnbroker Co., Ltd.
/s/ Ruinian Li
Date: February 27, 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 27, 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 27, 2011