Guarantee Agreement between Ruixing Group and Bank of East Asia Qingdao Branch for Shandong Xiangrui Pharmacy Co., Ltd. Credit Facility
Ruixing Group has agreed to act as guarantor for Shandong Xiangrui Pharmacy Co., Ltd. in favor of Bank of East Asia Qingdao Branch, guaranteeing repayment of up to RMB 12 million under a credit agreement. If Shandong Xiangrui Pharmacy defaults, Ruixing Group is responsible for repaying the loan, interest, penalties, and related costs. The guarantee is valid for three years. If there is a breach, Ruixing Group must compensate the bank for any losses. This agreement outlines the obligations, liability, and dispute resolution terms between the parties.
Exhibit 10.60
Guarantee Agreement between Ruixing Group and Bank of East Asia Qingdao Branch, dated on
September 6, 2011 for up to RMB 12 million Credit Limit
Main Contents
| • | Contract No.: QDAD11049-03 |
| • | Guarantor: Ruixing Group |
| • | Guarantee: Bank of East Asia Qingdao Branch |
| • | As guarantor, Ruixing Group undertakes to assume joint and several liabilities for Shandong Xiangrui Pharmacy Co., Ltd.’s indebtedness towards Bank of East Asia Qingdao Branch under a Credit Agreement with Contract No.: QDAD11049 |
| • | Maximum Liability Amount: RMB 12 million |
| • | Secured Items: The loan principal, interest, penalty interest, damages, compensation and all the expenses incurred for Bank of East Asia to realize its creditor’s right under this Loan Agreement; |
| • | Liabilities of Breach of Contract: Guarantor shall compensate Guarantee any loss suffered from Shandong Xiangrui Pharmacy Co., Ltd.’s breach of contract. |
| • | Guaranty period: Three years |
Headlines of the articles omitted
| • | Guaranty period |
| • | Commitment of guarantor |
| • | Assumption of guarantor’s responsibility |
| • | Dispute settlement |
| • | Miscellaneous |
| • | Effectiveness |
| • | Validity |
| • | Attention |
