Loan Agreements Between Yongding Shangzhai Coal Mine Co., Ltd. and Chen Yongle
Yongding Shangzhai Coal Mine Co., Ltd. and Chen Yongle entered into a series of loan agreements, including a long-term loan of 13,366,321.33 RMB at a 2.5% interest rate and supplemental agreements covering previous loans totaling 38,633,678.67 RMB. The borrower commits to repay all loans by July 30, 2013. Both parties agree not to change or cancel the agreements during their term, and each holds a signed copy. The agreements are effective upon signing on July 1, 2010.
Yongding Shangzhai Coal Mine Co., Ltd
Loan Agreement
Contract number: 2010-07-14
Party 1: Chen Yongle
Party 2: Yongding Shangzhai Coal Mine Co., Ltd
| 1) | Background | |
| Party 2 borrowed 13,366,321.33 RMB from Party 1 on July 1st, 2010. This loan agreement is long term, with 2.5 % interest rate. | ||
| 2) | Party 2 commitment | |
| Party 2 hereby declares to repay the loan to Party 1 before July 30th, 2013. |
This agreement shall be in effect on the date it is signed by Party 1 and Party 2. During the agreement effective period, Party 1 and Party 2 cannot change or cancel the agreement. The original agreement has 2 copies, Party 1 and Party 2 each hold a copy:
| Borower Party 2: | Lender Party 1 signature: |
| Date of signature: July 1st, 2010 |
Yongding Shangzhai Coal Mine Co., Ltd
Supplemental Loan Agreement
Contract number: 2010-07
Party 1: Yongding Shangzhai Coal Mine Co., Ltd
Party 2: Chen Yongle
| 1) | Background | |
| On May 30th, 2006, January 28th, 2007, January 27th, 2008, January 28th, 2009, January 28th, 2010, Party 1 and Party 2 signed five loan agreements (“loan agreement”). The related agreement stated that part of the loan is interest free, the amount is 29,633,678.67 RMB. The other part of the loan with 1.5% interest rate, the amount is 9 million RMB. Party 1 and Party 2 negotiated and agreed the interest rate stated on the 5 signed loan agreements would be as same as the original agreement until June 30th, 2010. Starting from July 1st, 2010, the remaining loan about 38,633,678.67 RMB on the five signed loan agreements will be charged 2.5 % interest rate. | ||
| 2) | Party 1 commitment | |
| Party 1 hereby declares to repay the loan to Party 2 before July 30th, 2013. |
This agreement shall be in effect on the date it is signed by Party 1 and Party 2. During the agreement effective period, Party 1 and Party 2 cannot change or cancel the agreement. The original agreement has 2 copies, Party 1 and Party 2 each hold a copy:
| Borrower Party | 1: Lender Party 2 signature: |
| Date of signature: July 1st, 2010 |
