Settlement agreement
EX-10.27 122 v062547_ex10-27.htm
Settlement agreement
Party A: China Construction bank Shanghai Yangpu branch
Party B: Shanghai wanxing Bio-pharmaceutical Co. Ltd
After discussion between Party A and Party B, both parties has made a settlement agreement regarding returning the loan principle RMB30,000,000 and interest to Party A. the following is the settlement agreement.
| 1. | As at Oct 21, 2006, Party B has returned loan principle RMB2,500,000 to Party A. there is principle of RMB27,500,000 and interest RMB4,163,010.03 which have not yet paid. (cut-off day is Oct 21, 2006) |
| 2. | Party B is supposed to pay principle of RMB6 million the end of Oct, 2006 and pay principle RMB7 million the end of April, 2007; at the end of August 2007, Party B should pay RMB7 million. The rest of 7.5 million and interest need to be paid before the end of December 2007. |
| 3. | During the term of returning the loan, the interest should still be calculated for unpaid loan until the loan gets totally paid. |
| 4. | If Party B fails to pay back the loan based on above settlement, Party A has right to ask Shanghai Yangpu court to force Party B to perform the obligation or sell the Party B’s pledged land or house property through auction in accordance with the legal procedure, where money obtained shall pay the debt first. |
| 5. | This settlement agreement is in 3 copies, party A & B and Yangpu court each has one copy. |
Stamp of both parties.
Date: Oct 24, 2006
