Term Loan Agreement
Exhibit
10.7
Party
A
(hereinafter referred to as the “Lender”): Tianjin Tianshi Biological
Development Co., Ltd.
Party
B
(hereinafter referred to as the “Borrower”): Tianjin Tianshi Biological
Engineering Co., Ltd.
The
Lender and the Borrower have reached and signed a loan agreement which should
be
observed by both parties.
The
Borrower agrees to pay interest on the balance, as of June 30, 2007, of the
Lender’s Other Receivables-related parties that originated from the Borrower and
were transferred from the Lender’s Accounts Receivable - related parties. The
related terms are stipulated as follows:
1. |
The
amount of the loan: RMB 64,626,823 (US$
8,498,427);
|
2. |
The
term of the loan agreement: from July 1, 2007 to September 30,
2007;
|
3. |
The
type of the loan: short-term loan;
|
4. |
The
interest of the loan: at a rate for the same level and same period
of loan
stipulated by the People’s Bank of China on July 1, 2007
(5.85%);
|
5. |
With
approval from the Lender, the Borrower can pay off the loan before
September 30, 2007. The interest of the loan shall be calculated
until the
day on which the principal of the loan is repaid, and no fine shall
be
imposed on the Borrower for advancing the repayment of the
loan.
|
The Lender: | The Borrower: | ||
Tianjin Tianshi Biological Development Co., Ltd | Tianjin Tianshi Biological Engineering Co., Ltd | ||
[COMPANY SEAL AFFIXED] | [COMPANY SEAL AFFIXED] | ||
By: /s/ Xxxxxxx Xx | By: /s/ Xxxxxx Xx | ||
Xxxxxxx Xx |
Xxxxxx Xx |
||
Title:
General Manager
July 23, 2007
|
Title:
Director
July 23, 2007
|