Fujian Yida Tulou Tourism Development Co. Ltd Loan Agreement
Exhibit 10.37
[English Summary]
Fujian Xxxx Xxxxx Tourism Development Co. Ltd Loan Agreement
Borrower/Party A: Fujian Xxxx Xxxxx Tourism Development Co. Ltd
Lender/Party B: Industrial and Commercial Bank of China Limited, Hua’an Branch
Amount of loan: RMB 35 million
Purpose of loan: RMB 3.8 million for Construction Bank of China’s loan repayment, RMB 31.2 million for tourism destination development and construction.
Loan period: 7 years
Interest: 7.76% per annum
Repayment schedule: The 1st repayment date is on Feb. 22, 2012, the repayment amount is RMB 1.25 million. Borrower will repay RMB 1.25 million for every three months, until the last repayment date, Nov. 22, 2018.
Prepayments: Borrower has the flexibility to make prepayments with 20% compensation charge of the amount of prepayment.
Guaranty: Secured by the fixed assets of its subsidiary, Fujian Xxxx Xxxxx Tourism Development Co. Ltd and personal guarantees by two of company’s directors Xx. Xxxxxx Xxxx and Ms. Xxxxxxx Xxx as additional collateral.
Jurisdiction:
Laws of China
Dispute:
If there is any dispute between the parties, either party can resolve the dispute by the courts of Xiamen City.
Date of the Agreement:
Nov. 18, 2011
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