Term Loan Agreement
EXHIBIT
10.1
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 December 31, 2006, 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 32,971,826 (US$
4,226,988);
|
| 2. |
The
term of the loan agreement: from January 1, 2007 to March 31,
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 January 1, 2007
(6.3%);
|
| 5. |
With
approval from the Lender, the Borrower can pay off the loan before
March
31, 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:
Tianjin Tianshi Biological Development Co.,
Ltd
|
The
Borrower:
Tianjin
Tianshi Biological Engneering Co., Ltd
|
||
|
By:
/s/
Xxxxxxx Xx
|
By:
|
/s/ Xxxxxx Xx | |
|
Title: General Manager |
Title: Director |
||
|
March
28, 2007
|
March 28, 2007 | ||
