Loan Agreement (English Translation)
Loan
Agreement (English Translation)
THIS LOAN
AGREEMENT, dated April 29, 2009, is made in Changshu, People's Republic of China
("China") by and between:
Lender
(Party A): Xxxxxx Xxxx
Borrower
(Party B): Xxxxx Technology Group Limited
Address:
Xx 0, Xxxxx Xxxx, Xxxxxxxx Xxxxxxxxxx Xxxx
Xxxxxxxx,
Xxxxx 000000.
Background
WHEREAS,
Party B desires to receive funds for its business activities; and Party A
desires to provide Party B with a loan in the amount of $150,000. Party A and
Party B enter into this Loan Agreement (this "Agreement") on the principle of
equality and mutual benefit.
ARTICLE
I
AMOUNT
AND TERM OF LOAN
1.1.
Party A agrees, subject to the terms and conditions of this Agreement, to extend
a loan in the aggregate amount of $150,000, with an interest rate of 5% per year
payable at maturity, to Party B (the "Loan"). In case of applicable law requires
adjustment of the interest rate, the parties shall adjust the interest rate
accordingly after friendly negotiation.
1.2.
The term of the Loan shall be three years, starting from April 29, 2009 until
April 29, 2012.
1.3.
Party B shall repay the Loan and accrued interest within 15 days after the
maturity date. Party B may extend the Loan upon at least 60 day written notice
to Party A before the maturity date. The terms of the extension of the Loan
shall be based on friendly negotiation by the Parties.
ARTICLE
II
METHOD
OF BORROWING AND USE OF LOAN PROCEEDS
2.1
Within 5 business days after execution of this Agreement, Party A shall make
available to Party B the full amount of the Loan to the account designated by
Party B.
2.2
Party B shall not use the Loan for any purposes in violation of Chinese laws and
regulations.
ARTICLE
III
PARTY A's REPRESENTATIONS AND
WARRANTIES
3.1.
Party A is a legal citizen of the People's Republic of China, and has full power
and authority to make, enter into and carry out the terms of this
Agreement. This Agreement has been duly executed and delivered by Party A
and constitutes the legal, valid and binding obligations of Party A enforceable
against Party A in accordance with its terms.
3.2.
Party A will resolve any issues not covered hereunder with Party B in
accordance with relevant Chinese laws and policies.
ARTICLE
V
PARTY
B's REPRESENTATIONS AND WARRANTIES
4.1.
Party B is a Nevada company, and
has full power and
authority to make, enter into and carry out the terms of this
Agreement. This Agreement has been duly executed and delivered by
Party B and constitutes the legal, valid and
binding obligations of Party B enforceable against Party B in accordance with its
terms.
4.2.
Party B will resolve appropriately any issues not covered hereunder in
accordance with Party A in accordance with relevant Chinese laws
and policies.
ARTICLE
VI
BREACH
If
this Agreement cannot be performed due to a party’s fault, such party shall
be liable for any losses resulting from breach, and the other Party shall
have the right to terminate this Agreement. If both Parties have fault,
each of Party A and Party B shall take respective responsibilities for any
losses and damage.
ARTICLE
VII
DISPUTE
RESOLUTION
Any
dispute arising out of or in connection with this Agreement shall
be settled by friendly discussions. In case that agreement cannot be
reached, any party may summit the dispute to the court that has the jurisdiction
over the matter. The Agreement becomes effective upon execution. The Agreement
shall not be amended without mutual consent of both parties.
ARTICLE
VIII
OTHER
The
Agreement is executed in duplicate and each party shall hold one
copy.
SIGNATURE
PAGE
IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first
written above in Changshu, China.
Debit
(Party A): Xxxxxx Xxxx
Date：April 29,
2009
Signature:
/s/ Xxxxxx Xxxx
Credit
(Party B): Xxxxx Technology Group Limited
Date：April 29,
2009
Signature:
Seal
