Exhibit 10.26
English Translation of the Loan
Agreement
Party A: Guihua
Lin
Party B: Sutor
Technology Group Limited
Whereas,
pursuant to relevant rules and regulations and based on the
principles of fairness and friendly consultation, the parties have
reached the following agreement “the “Agreement”)
regarding a loan of $2.86 million (the “Loan”) provided
by Party A to Party B:
Article I:
Amount of the Loan
Party B intends
to borrow $2.86 million from Party A for working capital. Party A
will wire such amount of the Loan to Party B or its designated bank
account within 60 days after the execution of the
Agreement.
Article II:
Term of the Loan
The Loan has a
term of three years, starting from November 20, 2008 to November
20, 2011.
Article III:
Interest Rates
The annual
interest rate is 6% which is subject to adjustment based on the
lending rate over the same period published by the People’s
Bank of China as well as the parties’ agreement.
Article IV:
Method of Payment
Party B shall
repay the principal and all the interest in full within 15 days
after the term of the Loan expires. Otherwise, Party B shall
b
