SHORT TERM LOAN AGREEMENT
Exhibit
10.55
Borrower:
Kiwa
Bio-Tech Products (Shandong) Co. Ltd.
Lender:
China
Star Investment Management Co. Ltd.
Pursuant
to the laws and regulations of the People's Republic of China, Borrower and
Lender enter into and consent to be bound by this Short Term Loan Agreement
(the
“Loan Agreement”) as of October 23, 2006.
ARTICLE
1 The Loan.
Lender
agrees to provide the following loan to borrower (the "Loan"):
(1) |
Loan
Amount: RMB4,000,000 (RMB four
million).
|
(2) |
Loan
Period: three months since the date of draw
down.
|
ARTICLE
2 Interest rate and payment.
(1) |
This
Loan shall bear interest at a rate of 5% per annum (the "Loan Interest
Rate").
|
(2) |
Interest
on the Loan Amount for the entire loan period shall be accrued and
paid in
full as of the date of draw down.
|
ARTICLE
3 Loan Extension.
Borrower
shall repay the Principal according to schedule. If, as a result of certain
special circumstances, Borrower cannot repay the Principal on the due date
and
is in need of an extension, then Borrower must submit a written application
to
Lender fifteen days prior to the due date for extension thereof. Upon Lender's
consent, Lender and Borrower shall enter an extension agreement.
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ARTICLE
4 Events of Default.
Lender
shall have the right to charge interest on any overdue repayment at the rate
of
0.03% per day times the number of overdue days when Borrower does not repay
the
principal of the funds borrowed according to the specified schedule in this
Loan
Agreement.
ARTICLE
5 Execution.
(1) |
This
Loan Agreement shall become effective upon its execution by the parties
hereto or upon each party fixing its seal onto this Loan
Agreement.
|
(2) |
There
are two copies of this Loan Agreement, one copy for each of the two
parties to the contract. All copies shall be of the same force and
effect.
|
Borrower: | Kiwa Bio-Tech Products (Shandong) Co. Ltd. | |||
Signature: | /s/ Xxxxxxx Xxx | |||
Chief Financial Officer |
||||
Date: | October 23, 2006 |
Lender: | China Star Investment Management Co. Ltd. | |||
Signature: | /s/ Xxx Xx | |||
Chairman of Board |
||||
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