Exhibit 10.24
Summary
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Comprehensive Credit Facility Agreement of Maximum Amount Entered Between the
Company and Agricultural Bank
Summary of the main contents
>> Contract number: (Shenzhen Longgang Nongyin Shouzi No.20050237000;
>> Maximum amount for credit facilities to be provided: RMB50 million;
>> Term: from July 29th, 2005 to January 29, 2006; >> Interest rate of loan
shall be subject to each loan agreement/contract to be signed;
>> Purpose: Working capital;
>> Adjustment of credit can be made by Agricultural Bank under the any of the
following:
|X| The Company suffers severe operational risk or its financial situation
severely deteriorates;
|X| Guarantor's payment ability is obviously weakened or value of pledged
collaterals decreases obviously;
|X| Occurrence of other instances which make Agricultural Bank think
adjustment of credit facility is necessary.
>> Breach of contract penalty: adjustment of credit, cancellation of unused
credit, imposition of punitive interest, demand prepayment of loan and
other measures;
>> Special terms: This line of credit is added on the basis of the line of
credit of 200 million yuan.
Terms that have been omitted: definition; credit types used for the line of
credit; use of the line of credit; the guarantee of the loan under this
Agreement; adjustment of the line of credit; dispute settlement; miscellaneous;
effectiveness; validity; and attention.
