Loan Agreement between Shandong Xiangrui and China Everbright Bank (Qingdao Jiaozhou Branch), April 16, 2012
Shandong Xiangrui entered into a loan agreement with China Everbright Bank, Qingdao Jiaozhou Branch, for a loan of RMB 20 million to be used for vendor payments. The loan term is six months, from April 16, 2012, to October 16, 2012, with no interest charged during this period. Shandong Xiangrui must deposit 50% of the loan amount as restricted cash and pay a 0.05% processing fee. Ruixing Group guarantees the loan, and Shandong Xiangrui's land use rights serve as collateral. Late repayments incur a penalty interest rate of 0.05% per day.
Exhibit 10.10
Loan Agreement between Shandong Xiangrui and China Everbright Bank, Qingdao Jiaozhou Branch, dated April 16, 2012, for a RMB 20 million loan
Main contents:
| • | Contract No.: Guan Yin Jiao Yin Zi No. ###-###-#### |
| • | Loan Amount (RMB): RMB 20,000,000 Yuan |
| • | Purpose of the Loan: payment to vendor |
| • | Contract Term: 6 months, from April 16, 2012 to October 16, 2012 |
| • | Interest Rate: |
| • | The processing fee is 0.05%; |
| • | Shandong Xiangrui is required to deposit 50% of the loan amount as restricted cash |
| • | No interest during the 6 month loan period |
| • | Penalty interest rate for delayed repayment: 0.05% per day |
| • | Guarantee |
| • | Ruixing Group provided a guarantee for this loan |
| • | Shandong Xiangrui used its land use rights as collateral for this loan, the collateral agreement # 2011076 |
