Exhibit 10.24
Loan Agreement (English
Translation)
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Lender (Party
A): Lifang
Chen
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Borrower (Party B): Sutor Technology
Group Limited
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In accordance
with relevant Chinese laws ,decrees and pertinent rules and
regulations ,Party A and Party B have reached the following items
through friendly negotiation, have executed this Agreement as
follows ：
ARTICLE 1.
Amount of the Loan
1.1 Party B
intends to borrow $100,000 from Party A for working capital. Party
A will wire such amount of the Loan to Party B or its designated
bank account.
ARTICLE 2. Term
of the Loan
2.1 The term of
the loan is three years, starting from March 11, 2009 to March 11,
2012.
3.1 The annual
interest rate is 3.6% 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 4.
Method of Payment
4.1 Party B
shall repay the principal and accrued interest in full within 15
days after the maturity date. Otherwise, Party B shall be legally
liable for all the unpaid amount.
5.1. Party A
shall wire the Loan amount to Party B or its designated bank
account within
