Loan Agreement between Dingyou Zhang and Linyin Hengchang Brewer’s Malt Co., Ltd. dated June 1, 2010
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Summary
This agreement is between Dingyou Zhang (the lender) and Linyin Hengchang Brewer’s Malt Co., Ltd. (the borrower). Dingyou Zhang agrees to lend RMB 11,468,000 to the company, interest-free, to set up a canning line. The loan is to be provided in installments by June 30, 2010, and must be repaid upon the lender’s request, considering the company’s financial situation. If the funds are not used as agreed, the lender can demand early repayment. Disputes will be resolved through consultation or local court.
EX-10.10 7 v218393_ex10-10.htm
Exhibit 10.10
Loan Agreement
| Party A (creditor): | Dingyou Zhang |
| Party B (debtor): | Linyin Hengchang Brewer’s Malt Co., Ltd. (“Company”) |
Party A and B have reached an agreement through friendly consultation to conclude the following contract:
| Article I: | Loan Amount |
RMB Eleven million four hundred and sixty eight thousands only (￥11,468,000).
| Article 2: | Purpose |
The loan under the Agreement shall be used to set up the canning line of the Company.
| Article 3: | Interest Rate and Repayment |
Party A agrees to lend money to Party B with no interest.
| Article 4: | Term |
The term of the loan under the Agreement shall start from June 1, 2010 and is due upon Party A’s request. Party B is responsible to make the repayment. But the financial situation of the Company shall be taken into consideration when Party A requests for repayment.
| Article 6: | Rights and Obligations |
| 1. | Party A shall provide the agreed loan amount to Party B by installments by June 30, 2010. |
| 2. | Party A has the right to monitor Party B on using the loan according to the purpose as agreed in Article 2 of the Agreement. |
| Article 7: | Breach of Agreement |
| 1. | If Party A fails to provide agreed amount on time, Party A shall be responsible for the liquidated damages, the amount of which shall be 0.05% of un-provided amount under the Agreement. |
| 2. | If Party B fails to comply with the purpose as agreed in Article 2 of the Agreement, Party A shall be entitled to collect the repayment ahead of schedule. |
| Article 8: | Dispute Resolution |
Any dispute occurred due to or related to this Agreement shall be resolved through consultation by both parties. If consultation fails, each party is allowed to file a law suit with local court where the Agreement is signed.
| Article 9: | The Agreement is prepared in duplicate, one for Party A and another for Party B. |
| Party A : | /s/ Dingyou Zhang | Party B: (Sealed) | Linyin Hengchang Brewer’s Malt Co., Ltd. | |
| Dingyou Zhang | Linyin Hengchang Brewer’s Malt Co., Ltd. | |||
| Date: June 1,2010 | Date: June 1,2010 | |||
