Short-term Revolving Financing Agreement without Commitment Jun. 25, 2007
Exhibit
10.8
Citibank
(China) Co., Ltd.
Shanghai
Branch
31/F
Citigroup Tower
Xx. 00
Xxx Xxxx Xxx Xxxx Xxxx
Xx Jia
Zui Finance and Trade Xxxx
Xxxxxxxx
000000 X.X. Xxxxx
(Contract
No.: 744658070625)
Jun. 25,
2007
Both
Parties of the agreement are:
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(1)
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Citibank
(China) Co., Ltd. Shanghai Branch, whose address is: 33rd F Citigroup
Tower, Xx. 00 Xxx Xxxx Xxx Xxxx Xxxx, Xx Jia Zui Finance and Trade Zone,
Shanghai, P.R. China (hereinafter referred to as “loan bank”),
and
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(2)
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Shenyang
Taiyu Machinery & Electronic Equipment Co., Ltd., whose address is:
0-00 X, Xx. 0 Xxxxxx, Xxxxxxxx Economic and Technological Development
Zone, China (hereinafter referred to as
“customer”)
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The
agreement is hereby reached by both parties as follows:
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1.
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Both
“General Terms and Conditions of the Financing Agreement” attached and
contents of any ancillary document are definitely part of terms of the
agreement.
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2.
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Ceiling
of amount financed: RMB ten point two
million yuan only (RMB
10,200,000)
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3.
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Financing
currency: RMB
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4.
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Financing
mode and limit:
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·Loan: Not
exceeding RMB ten point two million yuan only (RMB 10,200,000)
In any
case, total outstanding financing in all various financing modes above must not
exceed the ceiling of amount financed.
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5.
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Maximum
term of various financing modes:
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·Loan: Twelve
months
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6.
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Loan
interest rate/commission rate/financing interest
rate:
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·With regard to
each loan, the loan interest rate is:
RMB:
Interest rate should float downward 10% according to applicable benchmark
lending rates published by the People’s Bank of China at intervals (5.265).
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7.
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Purpose
of financing: circulating capital demands and purchase of raw
materials
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8.
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Assurance
and Assurance Provider:
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· Provide Stand-by
Letter of Credit meets requirements of the loan bank as assurance
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9.
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Penalty
rates of interest:
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Under the
stipulation of Article 12 of “General Terms and Conditions of the Financing
Agreement”, the penalty rates of interest shall be:
RMB:
penalty rates of interest shall be the lowest penalty rates of interest that
allow to be charged on overdue loans (including the principal and interests)
according to applicable relevant stipulations of the People’s Bank of
China.
USD:
penalty rates of interest shall be based on the interest rate determined by the
loan bank on its own.
In view
of this, the agreement was signed by duly authorized representatives of both
Parties of the agreement on the date written in its beginning and shall take
effect on the date of signing by duly authorized representatives of both
Parties.
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Xxxxxxx
Xx (Signature)
Director
On
behalf of the loan bank
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Xxx
Xxxxxx (Seal)
On
behalf of the customer
Seal
of the customer: Shenyang Taiyu Machinery & Electronic Equipment Co.,
Ltd.
Witnessed/Verified
By: XX00, XXXX-XXXX
Print
Name
Signature
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