Term Loan Agreement between Tianjin Tianshi Biological Development Co., Ltd. and Tianjin Tianshi Biological Engineering Co., Ltd.
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Summary
Tianjin Tianshi Biological Development Co., Ltd. (the Lender) and Tianjin Tianshi Biological Engineering Co., Ltd. (the Borrower) have entered into a short-term loan agreement. The Borrower will receive RMB 37,368,952 (about US$4.8 million) from the Lender, with interest set at 5.67% per year, for the period from April 1, 2007, to June 30, 2007. The Borrower may repay the loan early with the Lender's approval and will not be penalized for early repayment. Both parties signed the agreement on April 24, 2007.
EX-10.1 2 v084137_ex10-1.htm
EXHIBIT 10.1
Term Loan Agreement
Party A (hereinafter referred to as the “Lender”): Tianjin Tianshi Biological Development Co., Ltd.
Party B (hereinafter referred to as the “Borrower”): Tianjin Tianshi Biological Engineering Co., Ltd.
The Lender and the Borrower have reached and signed a loan agreement which should be observed by both parties.
The Borrower agrees to pay interest on the balance, as of March 31, 2007, of the Lender’s Other Receivables-related parties that originated from the Borrower and were transferred from the Lender’s Accounts Receivable - related parties. The related terms are stipulated as follows:
| 1. | The amount of the loan: RMB 37,368,952 (US$ 4,839,279); |
| 2. | The term of the loan agreement: from April 1, 2007 to June 30, 2007; |
| 3. | The type of the loan: short-term loan; |
| 4. | The interest of the loan: at a rate for the same level and same period of loan stipulated by the People’s Bank of China on April 1, 2007 (5.67%); |
| 5. | With approval from the Lender, the Borrower can pay off the loan before June 30, 2007. The interest of the loan shall be calculated until the day on which the principal of the loan is repaid, and no fine shall be imposed on the Borrower for advancing the repayment of the loan. |
| The Lender: | The Borrower: | ||||
| Tianjin Tianshi Biological Development Co., Ltd | Tianjin Tianshi Biological Engineering Co., Ltd | ||||
| By | /s/ Jinyuan Li | By | /s/ Baolan Li | ||
| Title: | General Manager | Title: | Director | ||
| April 24, 2007 | April 24, 2007 | ||||
