Exhibit 10.2
Contract Code:Tianjin Rural Cooperative Bank
Comprehensive Credit Kexing 2009018
Comprehensive Credit Agreement
BORROWER:
Tianjin Yayi Industial Co., Ltd
LENDER
BANK:
Tianjin Rural Cooperative Bank Kexing
Branch
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Chapter
One
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Definitions and
Explanations
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Chapter
Two
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Maximum Credit
Line and Specific Credit Line
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Chapter
Three.
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Credit
Term
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Chapter
Four
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Use of the
Maximum Credit Line and Specific Credit Lines
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Chapter
Five
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Fees
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Chapter
Six
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Adjustment of
the Maximum Credit Line and Specific Credit Lines
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Chapter
Seven
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Guarantee
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Chapter
Eight
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Commitment of
Party B
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Chapter
Nine
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Commitment of
Party A
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Chapter
Ten
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The Validity of
the Agreement
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Chapter
Eleven
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Applicable Laws
and Dispute Settlement
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Chapter
Twelve
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Integrity of
the Agreement
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Chapter
Thirteen
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Supplementary
Articles
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Debtor:
Tianjin Yayi Industry Co., Ltd. (hereinafter referred to as Party
A)
Address: D-F4-C, Xinmao Technical Park, Huayuan New Technology
Industry Area
Corporate Representative: Liu Li
Person in Charge: Zhang Yue
Tel.: 27984058
Fax.: 27984358
Bank of Account: Tianjin Rural Cooperative Bank Kexing Branch
Account No.: 9170101000010000040384
Creditor: Tianjin Rural
Cooperative Bank Kexing Branch (hereinafter referred to as Party
B)
Address: 148-6 Yingshui Road, Huayuan New Technology Industry Area,
Tianjin City
Legal Representative: Cao Liqiang
Person in Charge: Tian Jinguo
Tel.: 23859929
Fax.: Bank of Account:
Account No.:
In accordance with the Commercial
Banks Law of PRC, Temporary Administrating Method of Warranty and
Credit of Commercial Banks and other relavant rules and
regulations, Party A and Party B, based on the principles of
equality, willingness and credibility, negotiated the following
agreement (the “Agreement”) that will be observed by
both Parties.
CHAPTER ONE DEFINITIONS AND
EXPLANATIONS
Article
1.
Except otherwise defined in the Agreement, the
terms in the Agreement are defined as follows:
·
Comprehensive credit: conditional
commitment of Party B to providing Party A with one or several
lines of credit.
·
Specific business: pursuant to the
comprehensive credit terms between Party A and Party B, Party B
provides Party A with loans, acceptance drafts, financial support
of trade and other types of credit.
·
Maximum credit line: pursuant to the
comprehensive credit terms between Party A and Party B, the
aggregate maximum amount of debts applied by Party A to Party B
pursuant to the comprehensive credit term.
·
Maximum uncovered credit line: the
maximum credit line minus guarantee bonds, deposits, treasury bonds
and pawns for acceptance drafts of Party A pursuant to the
Agreement.
·
Specific credit line: the maximum
amount of debt applied by Party A to Party B in a single credit
line within the limit of the maximum credit line and its valid
terms.
·
Used credit line: the sum of debt
principal balance that has not been repaid within the specific
credit line and the valid terms of the Agreement.
·
Maximum backup credit line: the
difference between the maximum credit line and all the used credit
lines.
·
Backup credit line: the difference
between specific credit line and used credit line in the same
specific business.
·
Specific business contract:
corresponding contract or agreement signed by Party A and Party B
in connection with a specific credit line.
CHAPTER TWO MAXIMUM CREDIT LINE AND SPECIFIC
CREDIT LINE
Article
2.
The maximum credit line of the Agreement (the
total sum of RMB and foreign currencies which is calculated
according to exchange rates at the date of signing the Agreement)
is RMB 1,500,000 . The maximum uncovered credit line is RMB
1,500,000.
Article
3.
Specific credit lines within the maximum credit
line are:
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1.
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General loans:
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Where, RMB
____________
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Foreign currencies: _____________
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2.
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Discounted notes:
______________
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3.
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Acceptance drafts:
______________
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4.
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Letter of credit:
_____________
Where, current issue: ___________
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Long-term issue: ___________
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5.
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Financial support of
trade:
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Where, documentary bills for
import and export: ____________
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Packing credit:
________________
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6.
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Guarantees (including bank
guarantee): ____________________
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7.
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Others (names should be
specified): ____________________
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CHAPTER THREE. CREDIT TERM
Article
4.
The valid term of the maximum credit line is:
from July 3, 2009 to May 21, 2010.
CHAPTER FOUR USE OF THE MAXIMUM CREDIT LINE AND
SPECIFIC CREDIT LINES
Article
5.
Pursuant to the valid credit term, maximum
credit line and specific credit lines, Party A may in one ore more
applications apply for specific credit lines to Party B. The
written applications should contain the specific purpose, term and
amount, etc. Party B, based on Party A’s written application
and credit status as well as Party B’s credit and loan
policies, will specifically determine the amount and term of the
specific application.
Article
6.
The aggregate amount of used credit lines shall
not exceed the maximum credit line. Pursuant to the credit terms,
Party A can reuse a specific credit line, i.e. when all the debt
under a specific credit line has been repaid, the credit line can
be used for another business of the same kind.
Article
7.
Party A and Party B should sign a specific
contract for a specific business. Wherever the Agreement is
different from the terms of the specific business contract, the
terms of the specific business contract shall supersede the
Agreement.
Article
8.
The initiating date of a specific business shall
not
