Payment Agreement (English Translation)
(English Translation)
Party A: Zhongshan City Xxxx Xxx Trading Co., Ltd.
Party B: Zhongshan City Xxxxx Appliances Co., Ltd.
WHEREAS, since August 2009, Zhongshan City Xxxxx Appliances Co., Ltd. ("Xxxxx"), has sold products to Zhongshan City Xxxx Xxx Trading Co., Ltd.("Hengbao") and Hengbao has purchased these products from Xxxxx. As a result, both Home System and Hengbao agree that as of the date of this Agreement, Hengbao owes to Xxxxx RMB 92,758,286.53.
NOWTHEREFORE, both Home System and Hengbao wish to resolve the timing when this amount is to be remitted by Hengbao to Xxxxx:
1. Hengbao agrees to remit to Xxxxx the RMB 92,758,286.53 due to Xxxxx in accordance with the following schedule:
|
Due Date
|
Amount Due (RMB)
|
|
7/30/2012
|
5,404,830.20
|
|
8/19/2012
|
5,404,830.20
|
|
9/18/2012
|
7,206,440.27
|
|
10/18/2012
|
7,599,292.51
|
|
11/17/2012
|
4,459,272.51
|
|
12/17/2012
|
7,104,685.73
|
|
12/17/2012
|
6,077,632.29
|
|
1/16/2013
|
7,257,054.20
|
|
2/15/2013
|
7,257,054.20
|
|
3/17/2013
|
5,472,258.38
|
|
4/16/2013
|
4,585,201.98
|
|
4/16/2013
|
7,706,411.99
|
|
5/15/2013
|
3,284,577.17
|
|
6/15/2013
|
6,314,749.04
|
|
6/15/2013
|
6,287,398.85
|
|
6/15/2013
|
1,336,597.00
|
|
Total
|
92,758,286.53
|
2. Hengbao agrees that if any of the above amounts are not remitted in accordance with this schedule, a fee of 5% of the amount that was to have been paid as of that date will be due from Hengbao to Xxxxx, plus an ongoing interest of 2% per month (or pro rata portion thereof) assessed on the amount past due per the agreed upon payment dates above.
|
Zhongshan City Xxxx Xxx Trading Co., Ltd
|
Zhongshan City Xxxxx Appliances Co., Ltd.
|
|
|
/s/ Xxxxxxx Xxxx
|
/s/ Xxxxxx Xx
|
|
|
Company Seal
|
Company seal
|
|
|
July 6, 2012
|
July 6, 2012
|
