Loan Agreement
Exhibit 10.10
Party A (creditor):
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Xxxxxxx Xxxxx
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Party B (debtor):
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Linyin Xxxxxxxxx Xxxxxx’x Malt Co., Ltd. (“Company”)
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Party A and B have reached an agreement through friendly consultation to conclude the following contract:
Article I:
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Loan Amount
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RMB Eleven million four hundred and sixty eight thousands only (¥11,468,000).
Article 2:
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Purpose
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The loan under the Agreement shall be used to set up the canning line of the Company.
Article 3:
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Interest Rate and Repayment
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Party A agrees to lend money to Party B with no interest.
Article 4:
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Term
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The term of the loan under the Agreement shall start from June 1, 2010 and is due upon Party A’s request. Party B is responsible to make the repayment. But the financial situation of the Company shall be taken into consideration when Party A requests for repayment.
Article 6:
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Rights and Obligations
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1.
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Party A shall provide the agreed loan amount to Party B by installments by June 30, 2010.
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2.
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Party A has the right to monitor Party B on using the loan according to the purpose as agreed in Article 2 of the Agreement.
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Article 7:
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Breach of Agreement
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1.
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If Party A fails to provide agreed amount on time, Party A shall be responsible for the liquidated damages, the amount of which shall be 0.05% of un-provided amount under the Agreement.
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2.
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If Party B fails to comply with the purpose as agreed in Article 2 of the Agreement, Party A shall be entitled to collect the repayment ahead of schedule.
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Article 8:
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Dispute Resolution
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Any dispute occurred due to or related to this Agreement shall be resolved through consultation by both parties. If consultation fails, each party is allowed to file a law suit with local court where the Agreement is signed.
Article 9:
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The Agreement is prepared in duplicate, one for Party A and another for Party B.
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Party A :
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/s/ Xxxxxxx Xxxxx
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Party B: (Sealed)
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Linyin Xxxxxxxxx Xxxxxx’x Malt Co., Ltd.
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Xxxxxxx Xxxxx
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Linyin Xxxxxxxxx Xxxxxx’x Malt Co., Ltd.
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Date: June 1,2010
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Date: June 1,2010
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