English Translation of the Loan Agreement
Exhibit
10.26
English
Translation of the Loan Agreement
Party A:
▇▇▇▇▇▇ ▇▇▇
Party B:
▇▇▇▇▇ Technology Group Limited
Whereas,
pursuant to relevant rules and regulations and based on the principles of
fairness and friendly consultation, the parties have reached the following
agreement “the “Agreement”) regarding a loan of $2.86 million (the “Loan”)
provided by Party A to Party B:
Article
I: Amount of the Loan
Party B
intends to borrow $2.86 million from Party A for working capital. Party A will
wire such amount of the Loan to Party B or its designated bank account within 60
days after the execution of the Agreement.
Article
II: Term of the Loan
The Loan
has a term of three years, starting from November 20, 2008 to November 20,
2011.
Article
III: Interest Rates
The
annual interest rate is 6% which is subject to adjustment based on the lending
rate over the same period published by the People’s Bank of China as well as the
parties’ agreement.
Article
IV: Method of Payment
Party B
shall repay the principal and all the interest in full within 15 days after the
term of the Loan expires. Otherwise, Party B shall be legally liable for all the
unpaid amount.
Article
V. Breach
5.1 Party
A shall wire the Loan amount to Party B or its designated bank account within 60
days after the execution of the Agreement (holidays not counted). If Party A
fails to wire the Loan amount to Party B on time, Party A shall pay a penalty
equal to the result of the unwired amount multiplied by the days delayed plus 6%
interests.
5.2 Any
party that fails to carry out its responsibilities specified in the Agreement
shall be deemed as breach of the Agreement. The breaching party shall be liable
to all costs and expenses to the other party.
Article
VI. Termination
6.1 Party
B shall make the repayment pursuant to the Agreement. Party B shall give Party A
at least 60 days notice if Party B intends to request an extension to repay the
Loan. The parties shall reach an agreement with regard to an
extension based on friendly negotiation.
6.2 The
Agreement becomes effective upon execution. The Agreement shall not be amended
without mutual consent of both parties. The parties shall reach separate
agreement with regard to matters not covered by the Agreement.
Article
VII. Dispute
The
parties shall consult each other to settle any disputes. If the parties fail to
settle any dispute, any party may take the dispute to an appropriate local
court.
Article
VIII. Miscellaneous
8.1 The
appendices of the Agreement are deemed as integral parts of the Agreement and
are legally binding.
8.2 The
Agreement is executed in duplicate and each party shall hold one
copy.
8.3 Any
additional agreement reached by the parties shall be listed below.
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Party A:
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/s/ ▇▇▇▇▇▇ ▇▇▇
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Party B: ▇▇▇▇▇ Technology Group Limited
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Date: Nov.
20, 2008
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(Seal)
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