Short-Term Loan Agreement between Dalian Chuming Food Co. Ltd. and Bank of China, Liaoning Branch (2008)

Summary

Dalian Chuming Food Co. Ltd. has entered into a short-term loan agreement with the Bank of China, Liaoning Branch, for a loan amount of 14,000,000 RMB to be used as a revolving fund. The loan term is 11 months, with a fixed annual interest rate of 7.326%, and interest payments are due quarterly. The full loan must be drawn within 30 days after November 18, 2008, and repaid by October 17, 2009. The agreement is secured by several mortgage contracts with various guarantors. Penalties apply for late repayment or misuse of funds.

EX-10.12 4 v144399_ex10-12.htm Unassociated Document

Exhibit 10.12

Loan Agreement (Short-Term)

Contract No. 0140 (2008)

Borrower: Dalian Chuming Food Co. Ltd.

Business License No. : DICE No.2102002111023

Legal Representative: Fengqin Ma

Address: Quanshui Village, S Guanling Town, Ganjingzi District, Dalian 116031

Account Info: Bank of China, Liaoning Branch

Account #:

Tel: 86716585 Fax: 86716686

Lender: Bank of China, Liaoning Branch

Legal Representative/Officer: Jianhong Wang

Address: 9 Zhongshan Square, Dalian

Tel: 82586901 Fax: 82586779

The interest shall be paid quarterly. The 20th day of the last month of a quarter is the expiry date of interest and the 21st day is the payment date.

1. Amount of loan: 14,000,000 RMB

2. Term of loan: 11 months

3. Use of loan: revolving fund

4. Interest:

(a) Fixed interest rate: 7.326% (annual)

(b) Interest=loan x number of days x daily interest rate

5. Interest payment date:

6. The borrower shall receive all the loan within 30 days after 11/18/2008

7. Penalty

(a) Penalty of overdue repayment: agreed interest rate + 50%

(b) Penalty of other usage: agreed interest rate + 100%

8. Date of repayment: 10/17/2009

9. Amount of repayment: 14,000,000 RMB

10. Guaranty agreements:

(a) Mortgage contracts entered by the borrower and Dalian Chuming Group Co. Ltd. (“guarantor”)

i. Contract No. 024 (2005)

ii. Contract No. 025 (2005)

iii. Contract No. 044 (2006)

iv. Contract No. 017 (2007)

v. Contract No. 023 (2007)

(b) Mortgage contract entered by the borrower and Dalian Mingxing Livestock Co. Ltd. (“guarantor”)----Contract No. 018 (2007)

(c) Mortgage contract entered by the borrower and Fengqin Ma and the co-owner of her property (“guarantor”)----Contract No. 037 (2007)

(d) Mortgage contract entered by the borrower and Huashan Shi and the co-owner of his property (“guarantor”)----Contract No. 038 (2007)

11. Signing date: 11/18/2008