Acceptance Agreement for RMB 20 Million Loan between Shandong Xiangrui and Agriculture Development Bank of China (Dongping Branch)

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement, dated July 6, 2011, is between Shandong Xiangrui and the Agriculture Development Bank of China, Dongping Branch, for a loan of RMB 20 million. The bank issues a draft payable to Shandong Runyin Bio-chemical, with repayment due by January 5, 2012. Shandong Xiangrui must deposit the draft amount 10 days before maturity, with a 50% guarantee deposit required. Failure to pay the guarantee deposit results in a penalty equal to the full draft amount. A 5% service fee applies, and the agreement is secured by a separate guarantee contract.

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EX-10.18 17 c19486exv10w18.htm EX-10.18 exv10w18
10.18 Acceptance Agreement, dated July 6, 2011, between Shandong Xiangrui and
Agriculture Development Bank of China, Dongping Branch, for a RMB 20 million loan
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Main contents:
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Contract No.: 20113709230001
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Execution Date: July 6, 2011
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Accept Items: a Draft of RMB 20,000,000 Yuan
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Draft No.: 2030005220077115
 
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Payee of the Draft: Shandong Runyin Bio-chemical
 
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Draw Date of the Draft: July 6, 2011
 
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Due Date of the Draft: January 5, 2012
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The accept applicator should deposit the amount of the draft 10 days before the due date of the draft. The acceptor is entitled to take the money as draft amount directly for acceptance 1 day before the due date of the draft.
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Guarantee Deposit:
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Account of guarantee deposit: 20337092300100000078821
 
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Amount of the guarantee deposit: 50% of the draft amount
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If the accept applicator has not pay the guarantee deposit as request, the accept applicator shall pay the money as 100% of the draft amount to the acceptor as penalty.
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Service Fee: 5% of the draft amount
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Guarantee Method: Guarantee Contract (Ref. 3709230002011 Nian Dong Ping (Bao) Zi No. 0012/0013/0014)
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Headlines of the articles omitted
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Assumption of the Acceptance
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Commitment of the Accept Application
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Effectiveness, Alteration and Termination
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Liabilities of Breach of Contract
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Dispute settlement
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Miscellaneous
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Effectiveness
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Attention