Executive Settlement Agreement #1
Executive
Settlement Agreement #1
Party
A: Shenzhen development bank Shanghai Lujiazui branch
Party
B: Shanghai Wanxing Bio-pharmaceutical Co. Ltd
In
accordance with effective judgment (case#2005-279) ruled by the 1st
secondary people’s court of Shanghai, Party A is applying to implement the
judgment concerning the economic entanglement with Party B, Zhongyou Longchang
(group) holding com., and Zhejiang Zheda Haina Technology Holding Com., which
has been registered by the 1st
secondary people’s court of Shanghai to implement (implementation case#
2005-911). Upon negotiation, Party A and Party B reached the following agreement
to deal with the issue of overdue loan principles, interests and related
costs:
| 1. |
Both
parties confirm that as this agreement signing day, Party B owes
Party A
principle RMB17, 800,000. The interest owed shall be calculated based
on
Party A’s accounting system data.
|
| 2. |
Party
B promise that he shall repay the loan, including principle and interest
as per plan below:
|
| a. |
repay
loan principle 5 million before Oct 30,
2006
|
| b. |
repay
loan principle 3 million before March 20,
2007
|
| c. |
repay
loan principle 3 million before June 20,
2007
|
| d. |
repay
loan principle 3 million before September 20,
2007
|
| e. |
repay
loan principle 3.8 million and other accrued interest, litigation
fee(the
accrued interest amount shall be as shown in Party A’s accounting record )
before December 20, 2007
|
| 3. |
If
Party B failed to repay the fund as per Clause 2 of this settlement
agreement, he will be considered breaching the agreement. Where Party
A
has right to request the court to implement the judgment regarding
the
remaining unpaid funds immediately.
|
| 4. |
If
Party A received the repayment from guarantor—
Zhongyou Longchang (group) holding com., and Zhejiang Zheda Haina
Technology Holding Com.,
party A shall deduct the amount from Party B’s last repayment accordingly.
|
| 5. |
This
settlement agreement is in three originals, with each of the parties
holding one copy. Shanghai fist people’s court has one copy as well.
|
Stamp
and
signature of both parties:
Party
A’s
signature—can’t recognize
Party
B’s
signature---Xxxxxx Xxxxx
Date:
Oct
25, 2006
