Exhibit 4.46
THIS LOAN AGREEMENT made this20th day of November, Two Thousand and Thirteen.
BETWEEN:
(I) | CHINA METRO-RURAL HOLDINGS LIMITED, a company incorporated in the British Virgin Islands whose registered office is situate at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands, and is listed on the NYSE MKT under the ticker symbol “CNR” (“the Borrower”); |
(II) | CHENG CHUNG HING, holder of Hong Kong Identity Card No. [not disclosed]of [not disclosed] (the Lender). |
WHEREAS :-
The Borrower is desirous of borrowing an unconditional and unsecured fixed term loan from the Lender for business purpose and the Lender has agreed to advance a loan ofFive Million US Dollars only (“the Loan”) to the Borrower effective fromNovember 20, 2013 (“the Date of the Advance”) upon the Borrower entering into the covenants and obligations hereinafter contained.
NOW IT IS HEREBY AGREEDby the parties hereto as follows :-
1. | REPAYMENT |
1.1 | Subject to and without prejudice to other provisions, terms or conditions herein contained the BORROWER hereby COVENANTS with the Lender that the Borrower shall repay the Lender in full the Loan withinONE calendar year from the Date of Advance (“Maturity Date”) with interest at10% per annum, with effect from the Date of the Advance until repayment. |
1.2 | Interest of the Loan is to be compounded on an annual basis, payable semi-annually on theMay 20 andNovember 20of each calendar year with the first such compounding to be paid onMay 20, 2014. |
1.3 | Early repayment can be made during any time from the Date of the Advance and may be in other forms of instrument with no penalty. |
1.4 | If late or default in payment of loan or interest, 2% penalty calculated on monthly basis will be applied to the loan and overdue interest until payment. |
2. | TRANSFER |
This Agreement may be assigned or transferred in whole only by the Lender and the Borrower shall upon receipt of the notice of such assignment or transfer facilitate any such assignment or transfer of the Agreement.
3. | GOVERNING LAW AND JURISDICTION |
3.1 | This Agreement shall be governed by and construed in accordance with the laws of Hong Kong S.A.R. |
3.2 | The Borrower agrees that any legal action or proceeding arising out of or relating to this Agreement may be brought in the courts of Hong Kong S.A.R. and irrevocably submits to the non-exclusive jurisdiction of such courts. |
4. | DECLARATION |
The Lender hereby DECLARE that the Lender had sought independent legal advice in respect of this transaction and the contents of this Agreement.
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IN WITNESSwhereof the parties hereto have duly executed this Agreement the day and year first above written.
SIGNED by | ) | |
SIO KAM SENG, | ) | |
its director for and on behalf of the Borrower in the | ) | |
presence of :- | ) | |
SIGNED by | ) | |
) | ||
) | ||
Lender in the presence of :- | ) |
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Dated : 20th day of November, 2013
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CHINA METRO-RURAL HOLDINGS LIMITED
and
CHENG CHUNG HING
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LOAN AGREEMENT
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