Loan Agreement (English Translation)
Exhibit
10.24
Loan
Agreement (English Translation)
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Lender
(Party A): Xxxxxx
Xxxx
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Borrower
(Party B): Xxxxx Technology Group
Limited
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In
accordance with relevant Chinese laws ,decrees and pertinent rules and
regulations ,Party A and Party B have reached the following items through
friendly negotiation, have executed this Agreement as follows：
ARTICLE
1. Amount of the Loan
1.1 Party
B intends to borrow $100,000 from Party A for working capital. Party A will wire
such amount of the Loan to Party B or its designated bank account.
ARTICLE
2. Term of the Loan
2.1 The
term of the loan is three years, starting from March 11, 2009 to March 11,
2012.
ARTICLE
3. Interest Rate
3.1 The
annual interest rate is 3.6% which is subject to adjustment based on the lending
rate over the same period published by the People’s Bank of China as well as the
parties’ agreement.
ARTICLE
4. Method of Payment
4.1 Party
B shall repay the principal and accrued interest in full within 15 days after
the maturity date. Otherwise, Party B shall be legally liable for all the unpaid
amount.
ARTICLE
5. Breach
5.1.
Party A shall wire the Loan amount to Party B or its designated bank account
within 5 days after the execution of the Agreement. If Party A fails to wire the
Loan amount to Party B on time, Party A shall pay a penalty in accordance with
applicable laws.
5.2 Any
party that fails to carry out its responsibilities specified in the Agreement
shall be deemed as breach of the Agreement. The breaching party shall be liable
to all costs and expenses to the other party.
ARTICLE
6. Termination
6.1 Party
B shall make the repayment pursuant to the Agreement. Party B shall give Party A
at least 60 days notice if Party B intends to request an extension to repay the
Loan. The parties shall reach an agreement with regard to an
extension based on friendly negotiation.
6.2 The
Agreement becomes effective upon execution. The Agreement shall not be amended
without mutual consent of both parties. The parties shall reach separate
agreement with regard to matters not covered by the Agreement.
ARTICLE
7. Dispute
The
parties shall consult each other to settle any disputes. If the parties fail to
settle any dispute, any party may take the dispute to an appropriate local
court.
ARTICLE
8. Miscellaneous
8.1 The
appendices of the Agreement are deemed as integral parts of the Agreement and
are legally binding.
8.2 The
Agreement is executed in duplicate and each party shall hold one
copy.
8.3 Any
additional agreement reached by the parties shall be listed below.
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Lender
(Party A): Xxxxxx Xxxx
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Borrower
(Party B): Xxxxx Technology Group Limited
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Date：March 11,
2009
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Date：March 11,
2009
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Signature:
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/s/ Xxxxxx Xxxx
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Signature:
(Seal)
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