Loan Agreement (1)
Exhibit 10.3
Loan Agreement (1)
Summary of Loan Agreement by and between the Company and Agricultural Bank dated March 23, 2006
| Main contents: | |
| • | Contract No: No. (81101200600000470) |
| • | Loan Amount (RMB) 28 million |
| • | Contract Term: March 20th, 2006 ~ September 20th, 2006 |
| • | Interest rate: fixed annual rate of 5.22%; |
| • | Payment of Interest: The interest of the principal shall be paid monthly, and the interest settlement date is on the twentieth date of each month. |
| • | Purpose of the loan is to purchase raw materials for the Company. |
| • | Liabilities of Breach of Contract Breach of contract penalty; withdrawal of loan, prepayment of principal and interest before maturity, attachment of assets; imposition of compound interest; lawyer’s fee and travel cost in case of litigation due to the Company ‘s breach of contract etc. |
| Headlines of the articles omitted | |
| • | Outline of the loan |
| • | Condition precedent to the drawing of the loan |
| • | Rights and obligations of the lender |
| • | Rights and obligations of the borrower |
| • | Prepayment of the loan |
| • | Breach of Contract |
| • | Guaranty for the loan |
| • | Dispute settlement |
| • | Miscellaneous |
| • | Effectiveness |
| • | Validity |
| • | Attention |
