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SPD BANK
Shanghai Pudong Development
Bank
Short-Term Loan Agreement
No.:
7772008280156
Shanghai Pudong Development
Bank
Short-Term Loan Agreement
Short-term Loan Agreement
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Customer’s
name
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Tianjin Yayi
Industrial Co. Ltd.
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Date of application:
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Nov. 28, 2008
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Address:
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Contact:
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Tel:
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Bank
contact:
(for bank staff)
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Fax:
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We hereby
irrevocably apply for short-term working capital from you under the
following terms:
A. Primarily Important
Clause
The agreement
serves as an independent credit loan document between the customer
and the bank
B. Description of the
Loan
(If the interest rate and penalty
interest rate have already been stated in the financing amount
limit agreement which the customer has signed, there is no need to
fill the column )
Types of
Short-term loan: A. Fixed-due short-term loan; B. Free-repayment
short-term loan
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Loan
Withdrawing
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Interest rate
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Liquidated
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Penalty
interest
rate
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Penalty interest
rate for
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Amount
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Currency
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Date
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Due
Date
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Standard
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Variance
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Executive
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by
each
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for
overdue
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embezzlement
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A
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10Million
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RMB
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Nov 28,
2008
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Nov 28,
2009
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5.58
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%
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30% higher
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7.254
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%
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quarter
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50% higher than
executive interest rate
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100% higher than
executive interest rate
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Note: the RMB
interest rate means annual interest rate, while the variance should
be noted with period. For type A loan, the due date should be
filled; while for type B loan, the latest date for the customer to
repay the loan should be indicated.
C. Description of
Guarantee
(If the guarantee related
information has already been stated in the financing amount limit
agreement which the customer has signed, there is no need to fill
the column)
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Tianjin Haitai
Investment Guarantee Co., Ltd.
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Mortgage; Pledge;
ü
Warrant
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D. General Clauses
The customer
hereby confirm reading and agreeing with the general clauses in the
loan agreement as following:
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After signing
the agreement, the bank may cancel its promise for releasing loan
under the agreement at an time unless the bank has already released
the amount of loan which the customer has applied for.
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Payment term of
interest: unless specified, the interest should be calculated by
each day and liquidated by each quarter. Every 20
th day of the last month of each quarter is the
interest-liquidating day.
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Submission of
documents The customer promises to submit the following
documents or meet the conditions before withdrawing the capital,
but the bank is not obliged to check the authentication of such
documents:
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Photocopies of
the latest Articles of Association and Business License of the
customer;
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Board
Resolution on the loan;
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Letter of
authorization for the customer’s signatory and the
signatory’s signature sample;
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The agreement
legally signed by the customer;
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The loan
withdrawing day should be the bank’s business day;
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If the loan is
guaranteed, the guarantee document should have already been signed
and effective before the loan is withdrawn;
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Other documents
or conditions required by the bank from time to time.
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If the
designated loan withdrawing date is not the bank’s business
day, it should be deferred to the next business day of the bank.
During the deferred period, the interest should be
calculated.
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Repay or end
before the due. For the type B short-term loan, the
customer may repay the loan at any time before the due. For the
type A short-term loan, if the customer wants to repay the loan
before due, it should get the bank’s written consent at first
and repay all the cost and loss resulted from the repayment before
due, unless the bank informs the customer to repay the loan before
due. At any time, the bank has the right to inform the customer to
repay the loan under this agreement before due for no reason, and
the customer should follow the bank’s notice to repay such
loan at once.
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Tax. The
customer should repay the loan in full amount unless related laws
require the customer to deduct relevant taxes. If the customer has
to follow related laws to deduct relevant taxes, it should pay
additional capital to the bank so as to make sure that the bank
receives the full amount repayment.
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Statement and
Promise. The customer makes the following statement and promise,
which should be considered as repeatable at each time the bank
offers capital to the customer on the basis of the
agreement:
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The customer is
incorporated under the laws of China (not including Hong Kong,
Macao and Taiwan, and the same is true when “China” is
mentioned below). The customer has the right to sign the agreement
and any related document. The customer has already taken all
necessary actions to make the agreement and related documents
legal, effective and enforceable;
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By signing the
agreement and fulfilling the duties under the agreement, the
customer will not conflict with any other contract, articles of
association, any applicable law, rule or administrative order,
related documents, judgment, arbitration or any other duties or
arrangement ;
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The customer
and any of its shareholders, affiliated companies is not involved
in or likely to be involved in liquidation, bankrupting,
restructure, acquisition, merger, separation, reorganization,
dismissing, closing, business stoppage or similar legal
procedures;
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The customer is
not involved in or likely to be involved in any economic, civil,
criminal or administrative suit or similar arbitrative
procedures;
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No important
asset of the customer’s legal representative, directors,
monitors or other officers is involved in or likely to be involved
in any forcible execution, seizure, freeze, retention or
supervision;
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The customer
insures all of its financial statements (if any) comply with the
Chinese laws and reflect its financial conditions truly, completely
and fairly and insures all the documents and information about
its
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