Loan Agreement
Exhibit
10.8
借款协议
本协议由以下双方于2010年5 月23
日在安阳达成：
This
Agreement is entered by and between following parties in Anyang on May 23,
2010:
贷方：xxx
Lender:
Wang Xin Shun
借方：河南省顺成集团煤焦有限公司
Borrower:
Henan Shuncheng Group Coal Coke Co., Ltd.
第一条 借款 The
Loan
贷方和借方在此确认，截至2009年12月31日，贷方已向借方提供借款余额为人民币243,644,070元，折合美元35,635,066元（以下简称“借款”）。
The
Lender and Borrower herby confirm that, as of December 31, 2009, the outstanding
balance on the Lender’s loan to the Borrower is RMB 243,644,070, equal to
US$35,635,066 (the “Loan”).
第二条 借款期限 Term of the
Loan
双方同意，贷方向借方提供的借款期限为十二年，自2009年12月31日起算。
Both of
the parties agree that, the term of the Loan provided by the Lender to the
Borrower is twelve years, commencing from December 31, 2009.
第三条 利息
Interest
双方同意，在2009年12月31日之前，贷方向借方提供的任何借款均为无息借款。自2009年12月31日起，贷方向借方的提供的借款的年利率为固定利率3%， 在还清借款前，利息累计但不计复利。借方可选择但并非有义务在2009年12月31日起2年内偿还利息。双方同意，在2011年12月31日，累计到期未付利息计入本金。
Both of
the parties agree that, any loans provided by the Lender to the Borrower before
December 31, 2009, are interest-free. Since December 31, 2009, until repayment
the Loan will accrue interest, at a fixed rate of interest of 3% per annum on a
non-compounding basis. The Borrower has the
option but not the obligation to pay interest during the first two years as of
December 31, 2009. Both of the parties agree that, on December 31, 2011, any
accrued and unpaid interest will be added to the principal amount of the
Loan.
第四条 借款的偿还 Repayment of
the Loan
双方同意，自2012年1月1日起十年，借方应按截至2012年1月1日的借款余额，每月以等额本息的方式向贷方偿还本息，每年偿付剩余本息的10%。
Both of
the parties agree that, since January 1, 2012, Borrower will be obligated to pay
10% of the outstanding indebtedness as of January 1, 2012 for each year over the
remaining term of 10 years and make equal monthly interest and principal
payments to the Lender.
第五条 放弃
Waiver
贷方同意并承诺，在借款到期即2021年12月31日前，在任何情况下都不追究借方任何逾期还款责任。
The
Lender further agrees and covenants that, no default can be declared against the
Borrower prior to the end of the 12 years loan term, namely December 31,
2021.
第六条 法律适用和争议解决 Law
governance and dispute solution
本协议适用中国法律。因本协议而发生任何争议时，首先双方应协商解决，如协商不成的，本协议各方应将该争议提交给法院裁决。
This
Agreement shall be governed by the laws of China. Any dispute in connection with
this Agreement, the parties shall firstly strive to settle the dispute through
friendly consultation. In case no settlement can be reached through
consultation, either party shall submit the dispute to the court.
第七条 生效
Effectiveness
本协议经各方签署后即生效。本协议一式两份，各方各持一份。
This
Agreement shall be effective upon the execution of the parties. The Agreement is
signed in two originals, and each party shall hold one.
（以下无正文）
本页仅为签署之用
Signing
Page Only
贷方：xxx（签字）：
Lender:
Wang Xin Shun (signature): /s/ Wang Xin Shun
借方：河南省顺成集团煤焦有限公司
Borrower:
Henan Shuncheng Group Coal Coke Co., Ltd.
法定代表人或授权代表：
Legal
Representative/Authorized Representative:
（签字）：
(signature): /s/
Wang Xin Shun
