Loan Agreement between The Fifth Season General Merchandise Investment Management Co., Ltd. and Mingyou Chen (February 21, 2011)

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement is between The Fifth Season General Merchandise Investment Management Co., Ltd. (the borrower) and Mingyou Chen (the lender). Mingyou Chen will lend 33 million RMB to the company from February 21, 2011, to May 20, 2011, at a monthly interest rate of 1.9%. The loan is secured by a mortgage. If the company fails to repay on time, a penalty interest of 0.5% per day applies, and liquidated damages of 20% of the loan may be imposed. The borrower must obtain the lender’s consent for prepayment or for actions that could affect repayment ability.

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EX-10.15 14 exhibit10-15.htm EXHIBIT 10.15 Fifth Season International Inc.: Exhibit 10.15 - Filed by newsfilecorp.com

Exhibit 10.15

Loan Agreement by and between Hangzhou the Fifth Season General Merchandise Investment
Management Co., Ltd. (Company) and Mingyou Chen dated February 21, 2011 for 33 million RMB Yuan.

  • Main contents:
  • Contract No.: nil
  • Borrower: The Fifth Season General Merchandise Investment Management Co., Ltd.
  • Lender: Mingyou Chen
  • Loan Amount (RMB): 33 million RMB Yuan
  • Contract Term: from February 21, 2011 to May 20, 2011
  • Interest Rate:
  • The monthly interest rate is 1.9%;
  • Penalty interest rate for delayed repayment: 0.5% of the non-repaid loan per day;
  • Rights and Obligations of the Lender:
  • Lender shall disburse the loan in a timely manner pursuant to the agreement.
  • Lender shall execute the mortgage right in case of breach of contract of the Company.

  •  Rights and obligations of the borrower

  • Borrower is entitled to obtain and use the loan pursuant to the agreement.
  • Borrower shall return the principal and interests timely. Borrower can extend the term of the loan when getting the consent of Lender pursuant to the agreement.
  • Consent of Lender should be obtained when any of the Borrower’s guaranties or mortgages on his (her) major assets for a third party is possible to be detrimental to Borrower’s capability of repayment under the agreement.
  • Borrower guarantee all of its statement is true and accurate
  • Borrower bears the relevant fees under the agreement.
  • Prepayment of the Loan:

Lender’s consent should be obtained if Borrower is willing to prepay the loan. The interest rate of prepayment shall accord with the agreement.

  • Liabilities of Breach of Contract:

Penalty interest rate for delayed repayment: 0.5% of the non-repaid loan per day. Liquidated damages for 20% of the loan shall be imposed on the Company and the guarantor and mortgagor in case of the Company ’s breach of contract etc.

  • Guarantee of the loan:

The loan is secured by Mortgage Contract by .the Company.

  • Headlines of the articles omitted
  • Dispute settlement
  • Miscellaneous
  • Effectiveness
  • Mortgage and Guarantee Clause
  • Attention