Settlement Agreement among Industrial Bank Co., Ltd Shanghai Branch, Shanghai Wanxing Bio-pharmaceutical Co., Ltd., and Beijing Guoan Electric Company

Contract Categories: Business Operations › Settlement Agreements
Summary

Industrial Bank Co., Ltd Shanghai branch (Party A), Shanghai Wanxing Bio-pharmaceutical Co., Ltd. (Party B), and Beijing Guoan Electric Company (Party C) have agreed on a repayment plan for Party B's outstanding loan. Party B must repay specific amounts by set dates in 2008, with Party C guaranteeing the repayment. If Party B fails to pay on time, Party A can seize Party B’s bank accounts and seek court enforcement against both Party B and Party C. The agreement is effective upon signing and is held by all parties and the court.

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EX-10.2 3 v111240_ex10-2.htm
Settlement Agreement


Party A:
Industrial Bank Co., Ltd Shanghai branch
Party B:
Shanghai Wanxing Bio-pharmaceutical Co., Ltd.
Party C:
Beijing Guoan Electric Company

Upon negotiation, Party A and Party B reached the following settlement agreement

1. Party B shall repay fund to Party A as per the following time frame:

Before April 30, 2008, repay RMB 3 millions;
Before June 30, 2008, repay RMB 10 millions:
Before September 30, 2008, repay the remaining loan principle and interest

2. Party C will take the warranty liability for the above loan repayment.

3. In case Party B fails to perform the above loan repayment obligation on time, Party A is entitled to seize Party B’s bank accounts described above and request the court to force implementation to Party B and Party C.

4. This agreement is in four copies. Party A, B, C and the second intermediate people’s court of Shanghai each holds one copy. This agreement enters into effect upon signing (stamp).


Party A:
Industrial Bank Co., Ltd Shanghai branch. (stamp)

Party B:
Shanghai Wanxing Bio-pharmaceutical Co., Ltd. (stamp)

Party C:
Beijing Guoan Electric Company. (stamp)


Signing date: April 08, 2008