LoanRepayment Agreement
EX-10.1 11 v146186_ex10-1.htm Unassociated Document
Exhibit 10.1
Loan Repayment Agreement
Party A: Shenzhen Zhaoheng Industrial Co., Ltd.
Party B: Hunan Zhaoheng Hydropower Co., Ltd.
According to the results of financial auditing, Party A owed Party B RMB244,745,383.74 (including amounts due to Party B from Hunan Jiuli Hydropower Construction Co., Ltd., a wholly owned subsidiary of Party A) as of December 31, 2007. The nature of the debt was related party non-operating dispossession.
To truly reflect the operation results and financial situations of both parties and based on the principles of fairness and independence, Party A and Party B reached the following agreement:
| 1. | Party A agrees to repay the debt before December 2008. |
| 2. | Before the debt is fully repaid, Party A shall pay asset dispossession interests to Party B at 120% of 7.47%, the bench mark rate set by the People’s Bank of China. |
| 3. | Asset dispossession interests shall be settled on a quarterly basis and calculated on the basis of actual amount and number of days in arrears. Any outstanding interests shall be added up to the principals for forthcoming interests calculation. |
Party A (seal): Shenzhen Zhaoheng Industrial Co., Ltd.
Legal Representative
(signature):
Party B (sealed): Hunan Zhaoheng Hydropower Co., Ltd.
Legal Representative
(signature):
Signed: January 31, 2008
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