Term Loan Agreement
EXHIBIT
10.1
Term
Loan
Agreement
Party
A
(hereinafter referred to as the “Lender”): Tianjin Tianshi Biological
Development Co., Ltd.
Party
B
(hereinafter referred to as the “Borrower”): Tianjin Tianshi Biological
Engineering Co., Ltd.
The
Lender and the Borrower have reached and signed a loan agreement which should
be
observed by both parties.
The
Borrower agrees to pay interest on the balance, as of March 31, 2007, of the
Lender’s Other Receivables-related parties that originated from the Borrower and
were transferred from the Lender’s Accounts Receivable - related parties. The
related terms are stipulated as follows:
| 1. |
The
amount of the loan: RMB 37,368,952 (US$
4,839,279);
|
| 2. |
The
term of the loan agreement: from April 1, 2007 to June 30,
2007;
|
| 3. |
The
type of the loan: short-term loan;
|
| 4. |
The
interest of the loan: at a rate for the same level and same period
of loan
stipulated by the People’s Bank of China on April 1, 2007
(5.67%);
|
| 5. |
With
approval from the Lender, the Borrower can pay off the loan before
June
30, 2007. The interest of the loan shall be calculated until the
day on
which the principal of the loan is repaid, and no fine shall be imposed
on
the Borrower for advancing the repayment of the
loan.
|
|
The
Lender:
|
The
Borrower:
|
||||
|
Tianjin
Tianshi Biological Development
Co.,
Ltd
|
Tianjin
Tianshi Biological Engineering
Co.,
Ltd
|
||||
|
By
|
/s/
Xxxxxxx Xx
|
By
|
/s/
Xxxxxx Xx
|
||
|
Title:
|
General
Manager
|
Title:
|
Director
|
||
|
April
24, 2007
|
April
24, 2007
|
||||
