Loan Repayment Agreement
Exhibit
10.1
Party A:
Shenzhen Zhaoheng Industrial Co., Ltd.
Party B:
Hunan Zhaoheng Hydropower Co., Ltd.
According
to the results of financial auditing, Party A owed Party B RMB244,745,383.74
(including amounts due to Party B from Hunan Jiuli Hydropower Construction Co.,
Ltd., a wholly owned subsidiary of Party A) as of December 31, 2007. The nature
of the debt was related party non-operating dispossession.
To truly
reflect the operation results and financial situations of both parties and based
on the principles of fairness and independence, Party A and Party B reached the
following agreement:
|
1.
|
Party
A agrees to repay the debt before December 2008.
|
|
2.
|
Before
the debt is fully repaid, Party A shall pay asset dispossession interests
to Party B at 120% of 7.47%, the bench xxxx rate set by the People’s Bank
of China.
|
|
3.
|
Asset
dispossession interests shall be settled on a quarterly basis and
calculated on the basis of actual amount and number of days in arrears.
Any outstanding interests shall be added up to the principals
for forthcoming interests
calculation.
|
Party A
(seal): Shenzhen Zhaoheng Industrial Co., Ltd.
Legal
Representative
(signature):
Party B
(sealed): Hunan Zhaoheng Hydropower Co., Ltd.
Legal
Representative
(signature):
Signed:
January 31, 2008
1
