Party B: Agriculture Bank of China Zhucheng Branch
Clause 1 Loan
1.
Type:
Short term
2.
Loan
Amount: RMB 10,000,000, from March 19, 2010 to March 18, 2011.
3.
Usage: Buy raw materials
4.
Interest rate: Interest payable monthly at an annual rate of 5.21%.
5.
Interest Settlement: Interest is paid monthly at the 20th of every month. Borrower
should pay the interest at every interest settlement day.
6.
The
guarantee agreement is signed separately.
Clause 2 The rights and obligations of lender
1.
The
lender has rights to know the production operation, financial activities, inventories, usage of
loan of the borrower, and required borrower to provide files and information such as financial
statements on time.
2.
If
item 7,8 ,10 of clause 3 happens, or some other behaviors that may affect the safety of loans,
lender has rights to stop providing loans or take back loans ahead of time.
3.
According to the agreement, when the lender takes back principal, interest, default interest,
compound interest and other expenses of borrower, lender has rights to take from any bank accounts
of borrower.
4.
If
the amount isn't enough to clear off the amounts payable of this agreement, lender can use this
amount to repay principal, interest, default interest, compound interest and other expenses.
5.
If
borrower doesn't fulfill the duty of repayment, lender can disclose the breach of contract of
borrower to public.
6.
Give
loan to borrower according to the agreement on schedule and in full amount.
Clause 3 The rights and obligations of borrower
1.
Have
rights to get and use loan according to the agreement.
2.
Use
the basic bank account of the lender to settle up the repayment.
3.
If
the agreement involves foreign exchange, the borrower must get the approval and registration
according to the provisions.
4.
Pay
back the principal and amount on time. If borrower needs extension, borrower must send written
application to borrower before the fifteen day of the due date of this agreement. After the
approval of borrower, both sides sign the loan extension agreement.
5.
Use
the loan according to the agreement, no tie up of appropriation of loan.
6.
Provide real, complete and valid financial statements or other information to borrower
monthly,
