Confirmation Agreement
Exhibit
10.17
Party A:
Guangxi Liuzhou Baicaotang Pharmaceutical Co., Ltd.
Party B:
Xxxxx Xxxxx
Party C:
Guangxi Liuzhou Baicaotang Pharmaceutical Co., Ltd. Guigang Branch
In
consideration of:
Party B
signed the "Personal loan / Guarantee contract"(2007,No.005) with Industrial and
Commercial Bank of China Co., Ltd. Liuzhou Branch ,Longcheng Sub-Branch
(hereinafter referred to as ICBC Longcheng sub-branch) on February 12th
2007. The loan agreement amount of RMB1,800,000 yuan ,term of the
agreement for 96 months, and the repayment of the loan principal and
interest on a monthly basis equal to repay the loan principal and interest way.
Party C to provide a property as collateral.
The
above-mentioned loan of party B actually for the Party A using.
To
crystallize A ,B, C parties’ rights and obligations of the above-mentioned loan,
after negotiating, the parties hereby agree as follows:
Article
1
Party A
actual use of all of the above-mentioned loans.
Party A
confirmed that the above-mentioned loan which B borrowed the entire amount from
the ICBC Longcheng sub-branch are the actual use of Party A. Party B transfer
the total amount of the loan to party A’s use as a Travel section (no interest
no mortgage ) before December 31st, and
list on Party A’s account of the “own travel section of Party B” From January
1st
2009,Party A still continue to use all of the above-mentioned
loans.
Article2
Party A is responsible for repayment of all the above-mentioned
loans
From
January 1st
2009, the two sides agree that Party A should bear the responsibility and the
above loan account in full recognition in the Party A’s account as "bank loans",
Party A, as the actual use of all of these loans, unconditionally undertake the
obligation to repay all the loan principal and interest of Party B, until full
satisfaction of principal and interest, and to bear the full cost may arise
(Bonds due to the costs incurred by the creditor claims).
Article3 Party
C continue to bear the responsibility of collateral.
To ensure
that the "agreement" the successful fulfillment of Party C collateral duty not
due to the above A and B sides of the relevant facts change confirmation, Party
C continue to bear the collateral liability for the above loans.
The above
facts are the confirm of A ,B, C pairs’ relevant facts.
This
agreement is to be written up in three original copies with the Party A, B, C
shall each hold one original copy, entry into force after the seal
of Party A, C and Party B sign the agreement.
Party A
: Guangxi Liuzhou Baicaotang Pharmaceutical Co.,Ltd.
Party B :
legal
representative : Xxxxx Xxxxx
Party C:
Guangxi Liuzhou Baicaotang Pharmaceutical Xx.Xxx. Guigang Branch
Date :
12/31/2008
