Loan Agreement between Shandong Xiangrui and China Everbright Bank, Qingdao Jiaozhou Branch, dated October 18, 2011, for a RMB 40 million loan
EX-10.54 2 d314908dex1054.htm EX-10.54 EX-10.54 Exhibit 10.54
Loan Agreement between Shandong Xiangrui and China Everbright Bank, Qingdao Jiaozhou Branch, dated October
18, 2011, for a RMB 40 million loan
Main contents:
| | • | | Contract No.: Guan Yin Jiao Yin Zi No. ###-###-#### |
| | • | | Loan Amount (RMB): RMB 40,000,000 Yuan |
| | • | | Purpose of the Loan: payment to vendor |
| | • | | Contract Term: 6 months, from October 18, 2011 to April 18, 2012 |
| | • | The processing fee is 0.05%; |
| | • | Shandong Xiangrui is required to deposit 50% of the loan amount as restricted cash so that Shandong Xiangrui obtained net of RMB 20 million cash from this loan. |
| | • | No interest during the 6 month loan period |
| | • | Penalty interest rate for delayed repayment: 0.05% per day |
| | • | Ruixing Group provided a guarantee for this loan |
| | • | Shandong Xiangrui used its land use rights as collateral for this loan (collateral agreement # 2011076) |
| | • | Shandong Xiangrui also used RMB 20 million ($3.2 million) cash as collateral for this loan. |
