Working Capital Loan Agreement between Changzhou Wujin Best Cable Co., Ltd. and ICBC Changzhou Wunjin Branch (September 8, 2009)

Contract Categories: Business Finance › Loan Agreements
Summary

Changzhou Wujin Best Cable Co., Ltd. entered into a loan agreement with the Changzhou Wunjin Branch of the Industrial and Commercial Bank of China on September 8, 2009. The Company borrowed RMB 4 million to purchase materials, with the loan due in full by June 4, 2010. Interest is set at 20% above the benchmark rate, adjusted monthly, and penalties apply for late payment or misuse of funds. Early repayment requires the bank's approval, and the bank may impose additional penalties or demand early repayment if the contract is breached.

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EX-10.14 17 exhibit10-14.htm EXHIBIT 10.14 TradeOn Inc.: Exhibit 10.14 - Filed by newsfilecorp.com

Exhibit 10.14

Summary of Working Capital Loan Contract

Summary of Working Capital Loan Contract Entered into by and between Changzhou Wujin Best Cable Co., Ltd. ("the Company") and Changzhou Wunjin Branch, Industrial and Commercial Bank of China ("the Creditor") dated September 8, 2009

Main contents

  • Contract number: Year 2009, Wujin Zi Di 1374 Hao;

  • Loan principal: RMB 4 million;

  • Loan term: from September 8, 2009 to June 4, 2010;

  • Floating interest rate: 20% above the benchmark interest rate published by the People’s Bank of China, rate adjustment in a month cycle;

  • Full repayment of the principle shall be made on June 4, 2010 at one time;

  • Interest accrued and settled per month, interest settlement day is the 20th day of each month;

  • Penalty interest rate for delayed repayment: 50% above the loan rate under this contract;

  • Penalty interest rate for use of loan not for the provided purpose: 100% above the loan rate under this contract;

  • Purpose of the loan is to purchase materials;

  • Advanced repayment of loan needs to be approved by the Creditor;

  • Breach of contract penalties: correct the breach of contract in time limit; suspension of loan unprovided; release loan agreement, demand prepayment of loan principal and interest before maturity; imposition of punitive interest incurred due to delayed loan; imposition of punitive interest for embezzlement of loan; imposition of plural interest for unpaid interest; withdraw from any accounts of the Company the loan principal, interest and other fees; compensation for the Creditor’s expenses incurred due to demanding the loan principal and interest in case of litigation, etc.