Executive settlement agreement
Executive
settlement agreement
Party
A:
Agriculture Bank of China, Shanghai Wujiaochang Branch (creditor)
Party
B:
Shanghai Wanxing Bio-pharmaceutical Com., Ltd. (debtor)
Party
C:
Shanghai Fengxi vehicle driving training school
| 1. |
In
March 2003, Party A issued loans in an amount of XXX 00 million to
Party
B. the loan has been guaranteed by Zhongyou Longchang (Group) Holding
Com., Ltd.
|
| 2. |
As
of Sep. 12, 2006, a total amount of RMB 8.38 million has been repaid
by
Party B and guarantor. The remaining unpaid amount of loan principles
is
RMB 21.62 million.
|
| 3. |
On
Jun. 21, 2004, Party A prosecuted Party B in the means of Payment
Order
(#Yang Xxx Xx 2004-20). People’s court of Yangpu District seized Party B’s
property, building and equipment, as well as some of the new medicine
certificates and bank account. In year 2005, a further property seize
was
made to Qiu Zhongbao and Qiu Zhongguo’s personal estate in the name of
joint liability. This case is under processing at time
being.
|
Both
Party A and B acknowledged the above credit right and debt right. Upon
negotiation, the following settlement agreement has been reached regarding
the
remaining unpaid loan:
1).
Party
B agrees:
a.
before
Oct. 31, 2006, repay loan principle XXX 00 millions.
b.
before
Jun. 30, 2007, repay loan principle RMB 3 millions.
c.
before
Oct. 31, 2007, repay remaining loan principle RMB 6.62 millions
2).
Party
C agrees:
Party
C
agrees to provide guarantee for the first repayment of XXX 00 xxxxxxx. Should
Party B failed in repaying the loan principle before Oct. 31, 2006, Party C
shall take the joint liability for the XXX 00 xxxxxxx xxxxx. Should Party B
made
the first repayment on time, Party C’s joint liability will be released and
shall not take joint liability for the other remaining debts.
3).
Party
A agrees:
a.
immediately after receiving the first repayment in an amount of XXX 00 million,
Party A shall make request to People’s court of Yangpu District to withdraw
seizing Qiu Zhongbao and Qiu Zhongguo’s personal estate, and withdraw seizing
the new medicine certificates and bank account.
b.
after
receiving the first repayment before Oct 31,2006 in an amount of XXX 00 million,
Party A agrees on Party B’s changing the guarantor for the remaining loan RMB
9.62 million (new guarantor is subject to Party A’s approval).
c.
after
receiving the entire remaining loan from Party B, Party A shall withdraw the
seizing Party B’s property, buildings and equipment. This case will be
terminated.
4).
In
case Party B failed in repaying the loan with full amount on time in accordance
with the above, it shall be deemed as breaching the agreement. Party A has
the
rights to revoke this agreement, request the court to enforce repayment of
entire loan principles and interests, and pursue the guarantor’s joint
liability.
5).
With
the presence of People’s court of Yangpu District , this agreement shall enter
into effect after signing by both parties. This agreement is in 4 copies. Each
party holds one copy, People’s court of Yangpu District holds one copy as
well.
Signatures
and stamps
Party
A:
Agriculture Bank of China, Shanghai Wujiaochang Branch
Signature
of Zhang Qian
Sep.
15,
2006
Party
B:
Shanghai Wanxing Bio-pharmaceutical Com., Ltd. (debtor)
Signature
of Xxxxxx Xxxxx
Sep.
15,
2006
Party
C:
Shanghai Fengxi vehicle driving training school
Signature
of Mr. Wan
Sep.
15,
2006
To
Wanxing Bio-pharmaceutical Co. Ltd
According
to our settlement agreement dated on September 15, 2006, your company is
supposed to repay 12 million loans before Oct 30, 2006. At the same time, our
bank will release all the seized properties.
On
October 24, 2006, your company asked for paying 10 million in 2006, the rest
2
million will be returned before March 31, 2007. After review and considerate
your case, we agree your loan returning plan. At the meantime, we still follow
the regular clause in our settlement agreement; no any adjustment for the other
clause.
Agriculture
bank Shanghai branch
Stamp
from Agriculture bank shanghai Wujiao chang branch law affair
department
Date:
December 28, 2006
