Summary of Maximum Amount Loan (Credit) Contract between Changzhou Wujin Best Cable Co., Ltd. and Jiangsu Wujin Rural Commercial Bank (August 14, 2009)

Contract Categories: Business Finance › Credit Agreements
Summary

Changzhou Wujin Best Cable Co., Ltd. entered into a loan agreement with Jiangsu Wujin Rural Commercial Bank, allowing the company to borrow up to RMB 1.45 million from August 14, 2009, to August 13, 2012. The interest rate for short-term loans is fixed per each loan agreement, while long-term loans have a floating rate based on the central bank's benchmark. The bank can adjust the credit terms at its discretion and must approve significant company changes. Penalties for breach include reducing or canceling credit, imposing punitive interest, or demanding early repayment.

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EX-10.12 15 exhibit10-12.htm EXHIBIT 10.12 TradeOn Inc.: Exhibit 10.12 - Filed by newsfilecorp.com

Exhibit 10.12

Summary of Loan (Credit) Contract of Maximum Amount

Summary of Loan (Credit) Contract of Maximum Amount between Changzhou Wujin Best Cable Co., Ltd. (the “Company”) and Jiangsu Wujin Rural Commercial Bank (the “Creditor”) dated August 14, 2009.

Main contents:

  • Contract number: 3218852009130017;

  • The Creditor will provide to the Company a credit with maximum amount of RMB 1.45 million for the period from August 14, 2009 to August 13, 2012;

  • Interest rate of loan: for short term loan (less than one year), the rate is fixed subject to each loan agreement to be signed; for loan term loan(more than one year), the rate shall be floating rate subject to adjust of benchmark rate published by the People’s Bank. The interest shall be settled on a monthly basis.

  • The Creditor is entitled to adjust the credit at the discretion of the Creditor.

  • The Creditor’s approval shall be obtained in case of material change of the Company, including transfer of the significant assets, lease out, reform as a company limited by shares, joint operation, combination, merger, division, joint venture, equity transfer, and any other activities which shall affect the realization of the Creditor’s rights hereunder

  • Breach of contract penalty: adjustment of credit, cancellation of unused credit, imposition of punitive interest, demand prepayment of loan and other measures;