Executive settlement agreement
Executive
settlement agreement
Applicant:
Industrial and Commercial Bank of China shanghai pudong branch
Location:
0000 xxxxxx xxxxx xxxx Xxxxxx xxxxxxxx, Xxxxxxxx
Enforcee
1: shanghai wanxing Bio-pharmaceutical Co., Ltd
Enforcee
2: Beijing wanxing vehicle service Co., Ltd
Enforcee
3: Beijing Guoan electric general company
Enforcee
4: shanghai haijiu industrial develop Co., Ltd
Enforcee
5: Jintian industrial group holding Co., Ltd
Enforcee
6: shanghai xinguang enterprise develop Co., Ltd
The
loan
entanglements between the applicant and shanghai wanxing Bio-pharmaceutical
Co.,
Ltd and other Enforcees (case #2005-106, 107, 108, 123 and 149, 2004-466) have
been ruled to implement by the People’s court of Pudong District (implementation
case # 6983-6987 and 2005-329). Upon negations among the parties, the following
agreement has been reached:
| 1. |
As
of the date signing the settlement agreement, Wanxing still owes
ICBC the
loan principles in an amount of RMB 76,411,366.00. Wanxing promised
that
starting from Oct. 2006, he shall repay the principle RMB 3million
each
month to the applicant until the entire amount loan principles have
been
repaid. The repayment date shall 21st
day of each month. In case of statutory holiday, then move the day
to the
following work day.
|
| 2. |
Wanxing
and other Enforcees shall pay the interest accrued starting from
Sept. 21,
2006 from the said principles. The interest rate shall be 10% on
top of
the regulated rate issued by People’s Bank of China.
|
| 3. |
The
other accumulated interest shall be settled through separate
negotiation.
|
| 4. |
In
case Wanxing and other Enforcees failed in fully repaying the funds
on
time in accordance with Clause 1 and 2, the applicant has the rights
to
request the people’s court to force implementation of the overdue fund
including the interest accrued before Sep. 21, 2006
immediately.
|
| 5. |
Processing
cost and implementation cost shall be offered by Wanxing and other
Enforcees.
|
| 6. |
This
executive settlement agreement will enter into effect right after
signed
and stamped by the applicant and Wanxing. The other Enforcees can
sign or
stamp to acknowledge the agreement.
|
| 7. |
this
agreement is in 9 copies. Each party holds one copy, and the people’s
court holds one copy as well.
|
Applicant
(stamp)
Enforcee
(stamp) signature of Xxxxxx Xxxxx
Signature
of Beijing Guoan—Xxxx xxxxxxx
