Loan Agreement between Beijing Tenet Jove Technological Development Co. Ltd. and Beijing Rural Commercial Bank Co., Ltd Tiantongyuan Branch
Beijing Tenet Jove Technological Development Co. Ltd. has entered into a loan agreement with Beijing Rural Commercial Bank Co., Ltd Tiantongyuan Branch. The company is borrowing 4,300,000 yuan to repay a previous loan from the same bank. The loan period is from December 2, 2009, to December 1, 2010, with the full amount due at the end of the term. The interest rate is set at 6.6375% per year, settled quarterly, and will not change even if the central bank's rate changes during the contract period.
Exhibit 10.56
Summary Translation of Loan Contract
Borrower: Beijing Tenet Jove Technological Development Co. Ltd. (Party A)
Loaner: Beijing Rural Commercial Bank Co., Ltd Tiantongyuan Branch (Party B)
Application of the loan: solely for use to repay the loan principal borrowed by Beijing Tenet Jove Technological Development Co. Ltd from Beijing Rural Commercial Bank Co., Ltd Tiantongyuan Branch in 2008.
Loan amount: 4,300,000
Loan period: 2009-12-2 till 2010-12-1; Party A will return all at once within this period.
Borrowing rate: it is 5.31% based on the rate by the People’s Bank and will float up to 50%, the actual executed rate is 6.6375%. the interest settlement will be quarterly. Within the contract period, if there is any change in the rate by the People’s Bank, the rate set in this contract will not change.
The contract is an independent master contract. The contract was signed on 2009-12-31
