Credit Contract
Exhibit 10.28
(Contract No. : [2016-0170])
Borrower: Chongqing Penglin Food Co. Ltd.
Address: 128 Xinyuan Road, Zhenxi Town, Beiling District, Chongqing City
Legal representative: Zeshu Dai
Lender: Chongqing Dadukou Village & Township Bank
| I. | Loan |
| 1. | Type: Liquid capital loan |
| 2. | Purpose: working capital |
| 3. | Currency: RMB. |
| 4. | Amount: ¥6,370,000 |
| 5. | Term: long term |
| 6. | Period: 24 months, from September 21, 2018 to September 20, 2020 |
| II. | Loan interest rate, interest calculation and interest settlement |
| 1. | Loan interest rate: Fixed rate, Annual interest rate is 12%. |
| 2. | Penalty interest rate: |
If Borrower does not repay the loan on time, penalty interest rate shall be 150% of the loan interest under this contract.
If the loan is used in violation of the purpose of this contract, the penalty interest shall be 200% of the loan interest under this contract.
| 3. | Loan interest shall be settled monthly on the 20th day of each month. |
| III. | Guarantee: |
| 1. | The guarantee type for performance of this contract is guarantee and pledge. |
| Name of Guarantor and Pledge | Contract No. | Guarantee Type | ||
|
Chongqing Penglin Food Co. Ltd. Chongqing Guang’an Yongpeng Food Co. Ltd. Chongqing Pengmei Supermarket Co. Ltd. Chongqing Mingwen food Co. Ltd. |
Guarantee Guarantee Guarantee Guarantee | |||
| Chongqing Fu Xxxx Xxxxx Food Supermarket Co., Ltd. | Guarantee | |||
| Xxxxxxx Xxxx | Guarantee | |||
| Zeshu Dai | Guarantee | |||
| Xxxxxxx Xxxx | Guarantee | |||
| Xxxx Xxxx | Guarantee |
| IV. | Repayment of Loan Principal |
| 1. | Interest shall be settled and paid monthly on the 20th day of each month. | |
| 2. | Principal shall be repaid in the amount of $1,000,000 every 6 moths with the remaining payable on maturity date. |
| V. | Miscellaneous: |
| 1. | If Party A doesn’t perform or doesn’t fully perform its contractual obligations, it is willing to accept enforcement based on the law. |
| 2. | Any agreement on the amount of credit doesn’t mean lender must give the amount to the borrower. The lender has the right to adjust the amount and the borrower irrevocably agrees and confirms. |
| 3. | This contract comes into effect upon execution by legal representative of each party and stamped by both parties. |
Lender: /s/ Chongqing Dadukou Village & Township Bank
Borrower: /s/ Chongqing Penglin Food Co. Ltd.
Execution date: September 20, 2018
