Loan Agreement between Shandong Xiangrui and Bank of East Asia Qingdao Branch, dated September 7, 2011, for RMB 10 million loan
EX-10.59 7 d314908dex1059.htm EX-10.59 EX-10.59 Exhibit 10.59
Loan Agreement between Shandong Xiangrui and Bank of East Asia Qingdao Branch,
dated September 7, 2011, for RMB 10 million loan
Main contents:
| | • | | Contract No.: No. QDAD11049 |
| | • | | Loan Amount (RMB): RMB 10,000,000 Yuan |
| | • | | Purpose of the Loan: payment to vendor |
| | • | | Contract Term: 6 months, from September 7, 2011 to March 7, 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 5 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 four production equipments with book value of RMB 5.2 million ($0.8 million) as collateral for this loan (collateral agreement # QDAD11049-02) |
| | • | Shandong Xiangrui also used RMB 5 million ($0.8 million) cash as collateral for this loan |
