Settlement agreement
Party
A:
China Construction bank Shanghai Yangpu branch
Party
B:
Shanghai wanxing Bio-pharmaceutical Co. Ltd
After
discussion between Party A and Party B, both parties has made a settlement
agreement regarding returning the loan principle RMB30,000,000 and interest
to
Party A. the following is the settlement agreement.
| 1. |
As
at Oct 21, 2006, Party B has returned loan principle RMB2,500,000
to Party
A. there is principle of RMB27,500,000 and interest RMB4,163,010.03
which
have not yet paid. (cut-off day is Oct 21,
2006)
|
| 2. |
Party
B is supposed to pay principle of RMB6 million the end of Oct, 2006
and
pay principle XXX0 xxxxxxx xxx xxx xx Xxxxx, 0000; at the end of
August
2007, Party B should pay RMB7 million. The rest of 7.5 million and
interest need to be paid before the end of December 2007.
|
| 3. |
During
the term of returning the loan, the interest should still be calculated
for unpaid loan until the loan gets totally
paid.
|
| 4. |
If
Party B fails to pay back the loan based on above settlement, Party
A has
right to ask Shanghai Yangpu court to force Party B to perform the
obligation or sell the Party B’s pledged land or house property through
auction in accordance with the legal procedure, where money obtained
shall
pay the debt first.
|
| 5. |
This
settlement agreement is in 3 copies, party A & B and Yangpu court each
has one copy.
|
Stamp
of
both parties.
Date:
Oct
24, 2006
