Loan Agreement between Qufu Natural Green Engineering Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. dated November 18, 2011

Contract Categories: Business Finance › Loan Agreements
Summary

Qufu Natural Green Engineering Co., Ltd. is lending RMB 20,000,000 to Shandong Shengwang Pharmaceutical Co., Ltd. as working capital. The loan term is from November 21, 2011, to November 20, 2012, with the full principal due in one payment at the end of the term. If additional funds are needed after the term, a new agreement must be signed. Both parties have agreed to these terms and signed the agreement on November 18, 2011.

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EX-10.24 2 exh10-24.htm LOAN AGREEMENT DATED NOVEMBER 18, 2011 BY AND BETWEEN QUFU NATURAL GREEN ENGINEERING CO., LTD. AND SHANDONG SHENGWANG PHARMACEUTICAL CO., LTD. exh10-24.htm
 
Exhibit 10.24
Loan Agreement
(Translation)
 
Party A：Qufu Natural Green Engineering Co., Ltd.
Party B：Shandong Shengwang Pharmaceutical Co., Ltd.
 
WHEREAS, Party B applied for a loan from Party A and both parties negotiated the terms in good faith;
 
NOW, therefore, both parties have agreed to enter this loan agreement under the terms and conditions as follows:
 
1.  
Party A will loan RMB 20,000,000 (twenty million) to Party B as working capital.
2.  
Term: from November 21, 2011 to November 20, 2012. The principal is due in full amount on expiration date.
3.  
Party B shall pay back the loan on time.
4.  
On expiration date, Party B shall fully pay back the loan in one payment. If further cash or loan is needed, both parties shall sign a new loan agreement, and Party A decides at its own discretion a potential increase or decrease of the credit line available to Party B.

 

 
 

 
Party A: Qufu Natural Green Engineering Co., Ltd.
 
Signature: /s/ Chengxiang Yan
(corporate seal)

 
 
Party B: Shandong Shengwang Pharmaceutical Co., Ltd.
 
Signature: /s/ Laiwang Zhang
(corporate seal)
 
 
Date: November 18, 2011