Summary Translation of Loan Agreement for Working Capital
Exhibit 10.9
Summary Translation of
Loan Agreement for Working Capital
Lender: Shanghai Pudong Development Bank Co., Ltd
Borrower: Shandong Taiying Technology Co., Ltd
| 1. | Purpose of loan agreement. |
The purpose of the loan agreement is to allow the Borrower to finance its working capital needs (including equipment purchases).
| 2. | Amount of loan. |
RMB 10,000,000
| 3. | Loan term. |
The loan term is twelve months, from July 17, 2014 to July 17, 2015.
| 4. | Interest rate and method of payment. |
Interest shall be paid monthly, bearing interest at 9% per annum.
| 5. | Repayment Date. |
The Borrower shall repay all loan proceeds in a lump sum on the maturity date.
| 6. | Prepayment. |
In the event the Borrower wants to prepay the loan before the maturity date, the prepay amount shall not be less than RMB 100,000.
| 6. | Guarantee. |
The loan is guaranteed by Gary Wang and Taian Hongze Investment and Guarantee Co., Ltd.
| 7. | Liability of breach of contract. |
If there is a breach of the terms of the agreement, there are liquidated damages in the amount of 5% on the loan principal.
