Executive Settlement Agreement between ICBC Shanghai Pudong Branch and Multiple Enforcees

Contract Categories: Business Operations › Settlement Agreements
Summary

This agreement is between Industrial and Commercial Bank of China (ICBC) Shanghai Pudong Branch and several companies, including Shanghai Wanxing Bio-pharmaceutical Co., Ltd and others, to settle outstanding loan obligations. Wanxing and the other enforcees agree to repay the principal loan amount of RMB 76,411,366 in monthly installments of RMB 3 million, plus interest at a rate 10% above the regulated rate, starting October 2006. If payments are missed, ICBC can seek court enforcement. The agreement is effective upon signing and is recognized by the court.

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EX-10.25 120 v062547_ex10-25.htm
Executive settlement agreement

Applicant: Industrial and Commercial Bank of China shanghai pudong branch
Location: 2024 pudong south road Pudong district, Shanghai

Enforcee 1: shanghai wanxing Bio-pharmaceutical Co., Ltd
 
Enforcee 2: Beijing wanxing vehicle service Co., Ltd
 
Enforcee 3: Beijing Guoan electric general company
 
Enforcee 4: shanghai haijiu industrial develop Co., Ltd
 
Enforcee 5: Jintian industrial group holding Co., Ltd
 
Enforcee 6: shanghai xinguang enterprise develop Co., Ltd
 
The loan entanglements between the applicant and shanghai wanxing Bio-pharmaceutical Co., Ltd and other Enforcees (case #2005-106, 107, 108, 123 and 149, 2004-466) have been ruled to implement by the People’s court of Pudong District (implementation case # 6983-6987 and 2005-329). Upon negations among the parties, the following agreement has been reached:
 
1.  
As of the date signing the settlement agreement, Wanxing still owes ICBC the loan principles in an amount of RMB 76,411,366.00. Wanxing promised that starting from Oct. 2006, he shall repay the principle RMB 3million each month to the applicant until the entire amount loan principles have been repaid. The repayment date shall 21st day of each month. In case of statutory holiday, then move the day to the following work day.
   
2.  
Wanxing and other Enforcees shall pay the interest accrued starting from Sept. 21, 2006 from the said principles. The interest rate shall be 10% on top of the regulated rate issued by People’s Bank of China.
   
3.  
The other accumulated interest shall be settled through separate negotiation.
   
4.  
In case Wanxing and other Enforcees failed in fully repaying the funds on time in accordance with Clause 1 and 2, the applicant has the rights to request the people’s court to force implementation of the overdue fund including the interest accrued before Sep. 21, 2006 immediately.
   
5.  
Processing cost and implementation cost shall be offered by Wanxing and other Enforcees.
   
6.  
This executive settlement agreement will enter into effect right after signed and stamped by the applicant and Wanxing. The other Enforcees can sign or stamp to acknowledge the agreement.
   
7.  
this agreement is in 9 copies. Each party holds one copy, and the people’s court holds one copy as well.

Applicant (stamp)
Enforcee (stamp) signature of Zhuang Zhong
Signature of Beijing Guoan—Zhao weiping