EXHIBIT 4.60
ENTRUSTED LOAN AGREEMENT
No: _________________
This Entrusted Loan Agreement ("Agreement") is made and entered into this
24th day of March, 2006 (the "Effective Date") by and between:
SHANGHAI ▇▇▇▇▇▇ NETWORKING CO. LTD., a corporation duly organized and
validly existing under the laws of the People's Republic of China (the
"PRC") and having its principal place of business at ▇▇.▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇,
▇▇. ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ New Area, Shanghai 201203, the PRC ("▇▇▇▇▇▇
Networking"); and
CHINA INDUSTRIAL AND COMMERCIAL BANK PUDONG BRANCH, a corporation duly
organized and validly existing under the laws of the PRC and having its
principal place of business at ▇▇. ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ New
Area, Shanghai 200127, the PRC (the "Agent").
▇▇▇▇▇▇ Networking and the Agent shall be referred to individually as a
"Party" and collective as the "Parties".
RECITALS
WHEREAS, ▇▇▇▇▇▇ Networking would like to provide ▇▇▇▇▇▇ Computer (Shanghai)
Co., Ltd. ("▇▇▇▇▇▇ Computer") with a loan through services provided by the
Agent; and
WHEREAS, ▇▇▇▇▇▇ Computer would like to receive a loan from ▇▇▇▇▇▇
Networking through services provided by the Agent.
NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein and for other good and valuable consideration, the Parties
hereto agree as follows:
1. DEFINITIONS
1.1 "Availability Period" shall mean the period commencing from March 24, 2006
and ending on March 23, 2008.
1.2 "Business Day" shall mean any day other than a Saturday, Sunday or a legal
holiday in the PRC.
1.3 "Event of Default" shall mean any of the events specified in Section 4.1
below.
1.4 "Deposit" shall mean the thirty-five million RenMinBi ("RMB") provided by
▇▇▇▇▇▇ Networking.
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2. DEPOSIT PROVISION
2.1 Deposit by Shanghai ▇▇▇▇▇▇. ▇▇▇▇▇▇ Networking shall provide the Agent with
the Deposit within one (1) Business Day prior to the date upon which the
Available Period begins.
2.2 Delivery of the Agent. The Agent shall deliver the payment made by ▇▇▇▇▇▇
Computer to the account specified by ▇▇▇▇▇▇ Networking within one (1)
Business Day after receipt of such payment.
3. TAXES AND FEES
3.1 The Agent hereby acknowledges and agrees that, the Agent shall be
responsible for transferring the Deposit to ▇▇▇▇▇▇ Computer.
3.2 The Agent is entitled to charge a pro rata commission on the Deposit made
by the Agent to ▇▇▇▇▇▇ Computer in accordance with this Agreement. ▇▇▇▇▇▇
Networking shall bear the 0.1% commission fees paid to the Agent.
4. EVENT OF DEFAULT
4.1 Each of the following events shall be deemed an Event of Default:
(a) ▇▇▇▇▇▇ Networking fails to provide the Deposit under this Agreement.
(b) Failure to Perform. ▇▇▇▇▇▇ Networking or the Agent fails to perform any of
their other obligations hereunder.
4.2 Acceleration. At any time after the occurrence of an Event of Default and
regardless of whether such Event of Default continues, ▇▇▇▇▇▇ Networking
may declare the Deposit to be canceled whereupon the same shall be so
canceled forthwith.
5. MISCELLANEOUS
5.1 Notice and Instructions. The instructions that ▇▇▇▇▇▇ Networking delivers
to the Agent shall include details of the entrusted loan, such as the
purpose of the loan and the loan term. In addition, such instructions shall
comply with the laws and regulations of the PRC. ▇▇▇▇▇▇ Networking shall
send a notice to the Agent upon the occurrence of a combination,
dissolution, receivership or any such similar proceeding.
5.2 Entire Agreement. This Agreement constitutes the entire agreement between
the Parties with respect to the subject matter hereof, and merges, revokes
and supersedes all prior and contemporaneous agreements, understandings,
arrangements, documents and communications (whether written or oral)
between the Parties and is intended as a final
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expression of their agreement.
5.3 Amendments and Waivers. This Agreement shall not be modified or amended
except by written agreement signed by duly authorized representatives of
the Parties. None of the provisions of this Agreement shall be deemed to
have been waived by any act or acquiescence on the part of a Party, except
by an instrument in writing signed by such Party; and no waiver of any
provision of this Agreement shall constitute a waiver of any other
provision(s) or of the same provision on another occasion. The failure of
either Party to enforce, or the delay by either Party in enforcing any of
its rights under this Agreement shall not preclude either Party from
commencing appropriate legal or equitable proceedings, within the time
provided by the applicable law, to enforce any or all of its rights under
this Agreement, and any prior failure to enforce, or delay in enforcement,
shall not constitute a defense.
5.4 Disputes and Governing Law. This Agreement shall be construed and enforced
in accordance with the laws of the PRC. Any disputes that arise in
connection with this Agreement shall be litigated in courts located within
the Pudong New Area, Shanghai, PRC.
5.5 Costs and Expenses. The Parties shall each bear their own costs and
expenses incurred in connection with the preparation, negotiation and
execution of this Agreement.
5.6 Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may be executed and
delivered by facsimile and transmission by facsimile shall be considered
proper delivery for legal purposes.
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IN WITNESS WHEREOF, the Parties have executed this Agreement through their duly
authorized representatives on the date first set forth above.
SHANGHAI ▇▇▇▇▇▇ NETWORKING CO., LTD.
By:
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Name: Chen Tianqiao
Title: General Manager
CHINA INDUSTRIAL AND COMMERCIAL BANK
PUDONG BRANCH
By:
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Name:
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Title:
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