Borrowing Contract
Lender (Full Name): Kunming
Municipal Bureau of Finance, Branch Bureau of Kunming National Economy and
Technology Developing District
Borrower (Full Name): Xxxxxxx
Xxxxxxxx Pharmaceutics (Group) Co., Ltd.
Pursuant
to the Contract Law of People’s Republic of China, the two parties, following
consultations, mutually agree to enter into this Contract (“Contract”) as
follows for purpose of providing support for the development of Kunming Shenghuo
Pharmaceutical (group) Co., Ltd and to repay the loans on due.
1. The
lender provides the borrower with a loan in amount of RMB35 million dated from
March 30, 2010, which will be used by the borrower to repay the loans on
due.
2. The
term of the loan is from March 30, 2010 to April 13, 2010.
3. The
loan interest rate executes the annual interest rate of 4.86%, the borrower
shall pay the interests on a quarterly basis. If the borrower fails to repay the
loan on time, the lender is entitled to levy a penalty interest, and the daily
penalty for the overdue loan is equal to 0.04%.
4. This
loan is secured by the pharmaceutical workshops and attached buildings in an
area of 5,303㎡ held by the
borrower, which is located in Kunming National Economy and Technology Developing
District. In case that the borrower fails to repay the loan and its interests in
full amount, the lender is entitled to dispose the mortgaged workshops and
attached buildings.
5. In
case that the borrower fails to use the loan under the Contract, or that it
violates the laws or relevant regulations, the lender is entitled to withdraw
the loan before its term expires and terminate the Contract.
6. The
lender is entitled to review and supervise the use of loan, have a knowledge
about how the loan is used and its financial conditions. The borrower shall make
a introduction concerning the loan use faithfully and provide relevant
information.
7. This
Contract shall be executed in three original copies, two copies for the lender
and one copy for the borrower.
8. This
Contract shall come into force and legal effect as of the date of execution and
sealing by both parties. Anything not covered in this Contract will be resolved
according to The Contract Law of People’s Republic of China and relevant laws
and regulations. This Contract will be terminated automatically after the loan
and its interest is paid off.
Borrower:
Xxxxxxx Xxxxxxxx Pharmaceutical (group) Co., Ltd.
Legal
Representative (seal): Xxxxxx Xxx
Signature
of Officer: Xxxxxx Xxx
Lender:
Kunming Municipal Bureau of
Finance, Branch Bureau of Kunming National Economy and Technology Developing
District
Lerder’s
seal:
Signature
of the Person-in-charge: Xxxxxxx Xxxx
Signiature
of Officer: Xxxxxxx Xx
Date of
Execution: March 29, 2010
Place of
Execution: Kunming Municipal Bureau of Finance, Branch Bureau of Kunming
National Economy and Technology Developing District
