Exhibit 10.25
Summary
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Loan Agreement signed by and between the Company and Agricultural Bank on July
29th, 2005.
Main contents
>> Contract number: Shenzhen Longgang Nong Jie Zi NO.81101200500000995.
>> Loan Principal: XXX 00 million;
>> Loan term: from July 29th, 2005 to January 29, 2006.
>> Interest rate: fixed rate of 5.2722%;
|X| Penalty interest rate for delayed repayment: 5.2722% plus 50%
*5.2722%;
|X| Penalty interest rate for embezzlement of loan proceeds: 5.2722% * 2;
>> Repayment: interest is payable monthly (20th); principal is payable on
January 29, 2006;
>> Purpose of the loan is to provide working capital for the Company;
>> Advanced repayment of loan needs to be approved by the Lender;
>> Breach of contract penalties: suspension of loan un-provided, demand
prepayment of loan principal and interest before maturity; imposition of
punitive interest; compensation for the Lender's expenses incurred due to
the Company's breach of contract such as lawyer's fee, travel cost in case
of litigation, etc.
Terms that have been omitted: types of the loan; purpose of the loan; interest
rate of the loan; clearing of the loan interest; condition precedent to the
drawing of the loan; rights and obligations of the borrower; rights and
obligations of the lender; prepayment of the loan; guarantee of the loan;
dispute settlement; miscellaneous; effectiveness; validity; and attention.
