Term Loan Agreement between Tianjin Tianshi Biological Development Co., Ltd. and Tianjin Tianshi Biological Engineering Co., Ltd.

Summary

Tianjin Tianshi Biological Development Co., Ltd. (the Lender) has agreed to extend a short-term loan of RMB 200 million to Tianjin Tianshi Biological Engineering Co., Ltd. (the Borrower) to support its business development. The loan runs from January 1, 2007, to June 30, 2007, with interest set at the current rate published by the People's Bank of China. The Borrower must repay the full amount, including interest, by June 30, 2007, but may repay early with the Lender's approval and without penalty.

EX-10.7 3 tb9399ex107.txt EXHIBIT 10.7 EXHIBIT 10.7 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. In order to support the business development of the Borrower, the Lender agrees to extend the loan agreement that was signed on June 29, 2006, and makes the following according amendments: 1. The amount of the loan: RMB 200 million ((yen)200,000,000.00); 2. The term of the loan agreement: from January 1, 2007 to June 30, 2007; 3. The type of the loan: short-term loan; 4. The interest of the loan: at a rate that is equal to the contemporary interest rate for the same level of the loan published by the People's Bank Of China; 5. The Borrower guarantees to repay the principal and interest of the loan by June 30, 2007, and the terms of the loan agreement shall not be breached. 6. 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 Tianjin Tianshi Biological Engneering Co., Ltd Co., Ltd By /s/ Jinyuan Li By /s/ Baolan Li ---------------------------------- ------------------------------ Title: General Manager Title: Director ------------------------------- ------------------------------ December 22, 2006 December 22, 2006