English Translation) Loan Agreement
Exhibit
10.1
(English
Translation)
THIS LOAN
AGREEMENT, dated July 25, 2009, 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 $200,000. 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 $200,000, with an interest rate of 2% 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 one year, commencing from the execution date
hereof, that is, from July 25, 2009 until July 25, 2010.
1.3.
Party B shall repay, in full and in cash, Party A the Loan and interest accrued
from the date Party A disburses the Loan up to but not including the payment
date within 15 days after the maturity date. Party B may request extension of
the Loan by submitting a request to Party A at least 60 day before the maturity
date. The terms of the extension of the Loan shall be based on friendly
negotiation by both sides.
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 such Loan for any purposes in violation of Chinese laws
and regulations, otherwise Party A may at any time require Party B to repay the
Loan.
ARTICLE
III
PARTY
A's REPRESENTATIONS AND WARRANTIES
Party
A hereby represents and warrants to Party A that:
3.1.
Party A is a legal citizen of the People's Republic of China, has all the
necessary rights, power and capability to enter into an perform all the duties
and obligations hereunder, and that this Agreement shall be binding upon Party A
after the execution hereof.
ARTICLE
V
PARTY
B's REPRESENTATIONS AND WARRANTIES
4.1.
Party B is a company established and existing under the laws of the State of
Nevada, United States of America, and has all the necessary rights, power and
capability to enter into and perform all the duties and obligations hereunder,
and that this Agreement shall be binding upon Party B after the execution
hereof.
ARTICLE
VI
BREACH
If
this Agreement or any portion hereof can not be performed due to negligence of
any Party hereto, such Party shall be held liable for breach, and the other
Party shall have the right to terminate this Agreement. If both Parties have
breached, each of Party A and Party B shall be liable to the extent the loss and
damage is caused by such party’s breach.
ARTICLE
VII
DISPUTE
RESOLUTION
Any
dispute arising out of or in connection with this Agreement shall be settled by
friendly discussions. In case an agreement cannot be reached, any party may
summit the dispute to the court that has the jurisdiction over the matter. The
contract takes effect upon signing by both parties. This agreement cannot
terminate without approval in writing by both parties.
ARTICLE
VIII
COUNTERPARTS
This
Agreement shall be signed in two originals, each of Party A and Party B shall
hold one original thereof, with the same legal effect, and shall become
effective after being signed by both Parties.
SIGNATURE
PAGE
IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first
written above in Changshu, China.
Lender
(Party A): Xxxxxx Xxxx
Date July
25, 2009
Signature: /s/ Xxxxxx
Xxxx
Borrower
(Party B): Xxxxx Technology Group Limited
Date July
25, 2009
Signature:
(seal)
