The Borrower operates Manufacture and sale of the spray-stone (the Stone Business);
For its production and operation, the Borrower intends to borrow money from the Lender. For the mutual benefits, both Parties agree to conclude this Contract.
第一条 借款金额 Article 1 Amount of Loan
US$280,000(Capital Letter: Two Hundred Eighty Thousand US Dollars)
The Lender agrees to advance the Loan US$280,000 to the Borrower prior to the signing of this Contract. The Borrower hereby confirms that it has received the Loan US$280,000 advanced by the Lender through bank transfer.
第二条 借款用途Article 2 Scope for Use
The loan hereof is only for Borrower’s Stone Business and shall not be appropriated for other use.
第三条 利率及还款期Article 3 Interest and Term Repayment
The Lender agrees that no interest will be payable on the Loan for the term of the loan while the Borrower is not in default of repayment.
The Borrower agrees to repay the Loan to the Lender in accordance with the following repayment schedule:
Repayment due on or before the date 12 months from the date of this agreement.
Repayment due on or before the date 24 months from the date of this agreement.
Repayment due on or before the date 36 months from the date of this agreement.
All repayments shall be made at the time and place and in the manner reasonably required by the Lender.
第四条 管理费用Article 4 Management Fee
The Borrower agrees to pay to the Lender a sum equivalent to 1.4% of the total income received by the Borrower, from the sales turnover of the Stone Business, during the term of the loan.
Subject to clause 4.3 the Borrower agrees to pay the Management Fee to the Lender in arrears on or before the date 30 days following the end of the previous financial quarter in accordance with the following payment schedule：
Management Fee calculated for the period 1 January – 31 March each year.
Management Fee calculated for the period 1 April – 30 June each year.
Management fee calculated for the period 1 July – 30 September each year.
Management Fee calculated for the period 1 October – 31 December each year.
3.本合同签订之日起的首个季度管理费用自2011年 月 日起正式开始计算。
Management Fee due in respect of the financial quarter within which the date of this agreement falls will only become due on the date of 2011.
In case the Borrower repays the loan US$280,000 within 2 years from the date of this agreement then the obligation to pay the Management fee will cease at the end of the 2 year period.
第五条 浮动抵押 Article 5 Floating Mortgage
The Borrower agrees to Mortgage to the Lender all equipments, raw materials, finished and unfinished goods owned now and in the future by the Borrower.
The value of the Mortgaged properties stipulated in the < Mortgaged Properties List > shall neither be deemed as the price of sale nor as any limit on the Mortgagee’s right, while the Lender exercises its right.