Loan Agreement
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 | |||
