Document:

IntelGenx Technologies Corp.: Exhibit 10.24 - Prepared by TNT Filings
   Inc.

INTELGENX TECHNOLOGIES CORP. 

AMENDED AND RESTATED 2006 STOCK OPTION PLAN 

SECTION 1. PURPOSE 

The purpose of the Amended and Restated 2006 Stock Option Plan (the “Plan”) of IntelGenx Technologies Corp., a Delaware corporation (the “Company”), is to provide additional incentives to key
individuals who are primarily responsible for the management, success and growth of the Company by offering selected directors, officers, employees and consultants of the Company an opportunity to purchase Shares of Company Stock. The Plan provides
for the grant of Options to purchase Shares. Options granted under the Plan may include NQSOs, as well as ISOs intended to qualify under Section 422 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). 

Certain capitalized terms used in this Plan are defined in Section 2. 

SECTION 2. DEFINITIONS 

a. “Affiliate” means a Parent or Subsidiary of the Company. 

b. “Board” means the Board of Directors of the Company. 

c. “Change In Control” means: 

i. the sale, transfer or other disposition of all or substantially all the assets of the Company; or 

ii. the merger or consolidation of the Company with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after the
merger, consolidation or other reorganization is owned by persons who were not shareholders of the Company immediately prior to the merger, consolidation or other reorganization. 

A transaction will not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before the transaction. 

d. “Committee” means a committee of the Board, as described in Section 3(a). 

e. “Consultant” means, in relation to the Company, an individual or Consultant Company, other than an Employee or a Director of the Company, that: 

i. is engaged to provide on a ongoing bona fide basis, consulting,
technical, management or other services to the Company or to an Affiliate of the
Company, other than services provided in relation to a distribution of
securities; 

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ii. provides the services under a written contract between the Company or the Affiliate and the individual or the Consultant Company; 

iii. in the reasonable opinion of the Company, spends or will spend a significant amount of time and
attention on the affairs and business of the Company or an Affiliate of the Company; and 

iv. has a relationship with the Company or an Affiliate of the Company that enables the individual to be knowledgeable about the business and affairs of
the Company. 

f. “Consultant Company” means for an individual consultant, a company or partnership of which the individual is an employee, shareholder or partner.” 

g. “Director” means a member of the Board. 

h. “Employee” means any individual who is a common-law employee of the Company or an Affiliate. 

i. “Exercise Price” means the amount for which one Share may be purchased when an Option is exercised, as specified by the Board in the applicable Stock Option Agreement. 

j. “Fair Market Value,” as of a particular date, will be determined with reference to the closing price of a Share on the TSX Venture Exchange of the last trading day prior to the date of determination. 

k. “Insider” if used in relation to the Company, means: 

i. a director or senior officer of the Company; 

ii. a director or senior officer of a company that is an Insider or subsidiary of the Company; 

iii. a person that beneficially owns or controls, directly or indirectly, Shares carrying more than 10% of the voting rights attached to all outstanding Shares of the Company, or 

iv. the Company itself if it holds any of its own securities. 

m. “Investor Relations Activities” means any activities or oral or written communications, by or on behalf of the Company or shareholder of the Company, that promote or reasonably could be expected to
promote the purchase or sale of securities of the Company, but does not include: 

i. the dissemination of information provided, or records prepared, in the ordinary course of business of the Company

 (a) to promote the sale of products or services of the Company, or 

 (b) to raise public awareness of the Company,
that cannot reasonably be considered to promote the purchase or sale of securities of the Company; 

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ii activities or communications necessary to comply with the requirements of: 

 (a) applicable securities laws, 

(b) the by-laws, rules or other regulatory instruments of any other self regulatory body or exchange having jurisdiction over the Company; or 

iii communications by a publisher of, or writer for, a newspaper, magazine or business or financial publication, that is of general and regular paid circulation, distributed only to subscribers to it for value or to purchasers of it, if: 

 (a) the communication is only through the newspaper, magazine or publication, and 

(b) the publisher or writer receives no commission or other consideration other than for acting in the capacity of publisher or writer; or 

iv. activities or communications that may be otherwise specified by the TSX-V. l. “ISO” means an employee incentive stock option described in Section 422(b) of the Code. m. “NQSO” means a stock
option not described in Section 422(b) of the Code. 

n. “Option” means an ISO or NQSO granted under the Plan that entitles the holder to purchase Shares. 

o. “Optionee” means a person who holds an Option. 

p. “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns shares possessing 50% or more of
the total combined voting power of all classes of shares in one of the other corporations in the chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan will be considered a Parent commencing as of that
date. 

q. “Service” means service as an Employee, Consultant or Director. 

r. “Share” means one share of Stock issuable when an Option is exercised, as adjusted in accordance with Section 8 (if applicable). 

s. “Stock” means the Common Stock of the Company. 

t. “Stock Option Agreement” means the agreement or other instrument between the Company and an Optionee that evidences and sets forth the terms, conditions and restrictions pertaining to Optionee’s
Option. 

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u. “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain
owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations in the chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan will be
considered a Subsidiary commencing as of that date. 

v. “TSX-V” means the TSX Venture Exchange. 

SECTION 3. ADMINISTRATION 

a. Committees of the Board. The Plan may be administered by one or more Committees. A Committee will consist of one or more members of the Board, and will have the authority and be responsible for those functions
assigned to it by the Board. The Board will appoint and remove members of a Committee in its discretion and in accordance with applicable laws. If no Committee is appointed, the entire Board will administer the Plan. Any reference to the Board in
the Plan will be construed as a reference to the Committee, if any, to which the Board assigns a particular function in connection with the Plan. 

b. Powers of the Board. Subject to the provisions of the Plan, the Board has the power to: 

i. Grant Options; 

ii. Determine, in accordance with Section 2(j), the Fair Market Value of the Stock subject to Options; 

iii. Determine the Exercise Price of Options granted; 

iv. Determine the persons to whom, and the time or times at which, Options will be granted, and the number of Shares subject to each Option; 

v. Determine the terms and provisions of each Option granted, including but not limited to, the time or times at which Options will be exercisable; 

vi. Prescribe, amend, or rescind any rules and regulations necessary or appropriate for the administration of the Plan; 

vii. Authorize any person to execute on behalf of the Company any instrument evidencing the grant of an Option; 

viii. Correct any defect, supply any deficiency, and reconcile any inconsistency
in the Plan or in any related Option or agreement; and 

ix. Make other determinations and take such other action in connection with the administration of the Plan as it deems necessary or advisable. 

c. Delegation of Duties. The Board may delegate non-discretionary
administrative duties to such employees of the Company as it deems proper and
may direct appropriate officers of the
Company to implement its rules, regulations and determinations and to execute and deliver on behalf of the Company such documents, forms, agreements and other instruments as are deemed by the Board to be necessary for the administration and
implementation of the Plan. 

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d. Interpretation of Plan. The Board has the power to interpret and construe the Plan and all related Options and agreements. All decisions, interpretations and determinations of the Board with respect to the
Plan will be final and binding on all Optionees and all persons deriving their rights from Optionees. 

e. Indemnification. Each member of the Board is indemnified and held harmless by the Company against any cost or expense (including any sum paid in settlement of a claim with the approval of the Company) arising
out of any act or omission to act in connection with the Plan to the extent permitted by applicable law. This indemnification is in addition to any rights of indemnification a member may have as a Director or otherwise under the by-laws of the
Company or an Affiliate, any agreement, any vote of shareholders or disinterested directors, or otherwise. 

f.  Disinterested Shareholder Approval.  The Board shall obtain disinterested shareholder approval in the event of any reduction in the exercise price of any Option granted under the Plan to an Optionee who is an
Insider of the Company. 

SECTION 4. ELIGIBILITY 

a. General Rule. NQSOs may be granted to Employees, Consultants and Directors. Only Employees are eligible to receive ISOs. The company represents that for Options granted to Employees, Consultants or Directors
the Optionee is a bona fide Employee, Consultant or Director, as the case may be. 

b. Ten-Percent Shareholders. An individual who owns more than 10% of the total combined voting power of all classes of outstanding shares of the Company or any of its Affiliates (as determined in accordance with Section
424(d) of the Code) will not be eligible for the grant of an ISO unless (i) the Exercise Price is at least 110% of the Fair Market Value of a Share on the date of grant and (ii) the Option by its terms is not exercisable after the expiration of 5
years from the date of grant. 

SECTION 5. STOCK SUBJECT TO PLAN 

a. Basic Limitation. The aggregate number of Shares that may be issued under the Plan on exercise of Options must not exceed 2,074,000 Shares, par value $.00001 per Share, subject to adjustment pursuant to
Section 8. Shares offered under the Plan may be authorized but unissued Shares or treasury Shares. The number of Shares that are subject to Options outstanding at any time under the Plan must not exceed the number of Shares that then remain
available for issuance under the Plan. The Company, during the term of the Plan, at all times will reserve and keep available sufficient Shares to satisfy the requirements of the Plan. 

b. Additional Shares. In the event that any outstanding Option for any reason expires or is canceled or otherwise terminates, the Shares allocable to the unexercised portion of that Option again will be available
for purposes of the Plan. If Shares issued under the Plan are reacquired by the Company, those Shares again will be available for purposes of the Plan. 

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SECTION 6. TERMS AND CONDITIONS OF OPTIONS 

a. Stock Option Agreement. Each grant of an Option under the Plan will be evidenced by a Stock Option Agreement between the Optionee and the Company. The Option will be subject to terms and conditions that are
consistent with the Plan and that the Board deems appropriate for inclusion in a Stock Option Agreement. The provisions of Stock Option Agreements entered into under the Plan need not be identical. 

b. Number of Shares. Each Stock Option Agreement will specify the number of Shares that are subject to the Option and will provide for the adjustment of that number in accordance with Section 8. The Stock Option
Agreement also will specify whether the Option is an ISO or NQSO. However, if any portion of an Option does not meet the requirements to qualify as an ISO, that portion will be an NQSO. 

c. Exercise Price. Each Stock Option Agreement will specify the Exercise Price. The Exercise Price under any Option will be determined by the Board in its sole discretion, except that the Exercise Price may not
be less than 100% of the Fair Market Value of a Share on the date of grant, and any higher percentage required by Section 4(b). 

d. Limitation on Amount. To the extent that the aggregate Fair Market Value (determined with respect to each ISO as of the time the ISO is granted) of the Shares with respect to which ISOs are exercisable for the
first time by an Optionee during any calendar year (under all Plans of the Company and its Affiliates) exceeds $100,000, the option or portions of the option that exceed the limit (according to the order in which they were granted) will be
treated as NQSOs. 

e. Withholding Taxes. As a condition to the exercise of an Option, the Optionee will make such arrangements as the Board may require for the satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with the exercise. The Optionee also will make such arrangements as the Board may require for the satisfaction of any withholding tax obligations that may arise in connection with the disposition of Shares
acquired by exercising an Option. 

f. Vesting and Exercisability. Each Stock Option Agreement will specify when all or any installment of the Option becomes exercisable. Subject to TSX-V approval, Options shall vest as follows. All Options
granted to individuals other than non-employee Directors will have a total vesting period of 24 months from the date of grant, with one quarter of the total Options granted vesting and becoming exercisable every six months. Options granted to
non-employee Directors will vest and become 100% fully exercisable immediately upon grant. Options granted to Consultants shall vest over 12 months, with 1⁄4 of the total Options vesting every 3 months. 

g. Accelerated Exercisability. Unless the applicable Stock Option Agreement provides otherwise, if the Company is subject to a Change in Control before the Optionee’s Service terminates, all of an
Optionee’s Options will become exercisable in full, subject to such terms and conditions as the Board, in its sole discretion, deems appropriate. 

h. Basic Term. The Stock Option Agreement will specify the term of the Option. The Board in its sole discretion may determine when an Option is to expire, except that the term may not exceed 5 years from the date
of grant, or such other period of time as may be permissible pursuant to the rules of the TSX-V or other applicable stock exchange, and any shorter term required by Section 4(b). 

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i. Nontransferability. Options are non-assignable and non-transferable, except pursuant to a legal Conveyance resulting from the death of an Optionee to that optionee’s heirs or administrators. 

j. Termination of Service (Except by Death). Unless otherwise provided in an Optionee’s Stock Option Agreement, if an Optionee’s Service terminates for any reason other than the Optionee’s death,
then the Optionee’s Options will expire on the earliest of the following: 

i. The expiration date determined pursuant to subsection (h) above; 

ii. The date that is three months after the date of the termination of the Optionee’s Service (or such other date not less than 30 days after termination as is specified in the Option Agreement or by amendment
thereof), provided that Options granted to an Optionee who is engaged in Investor Relations Activities shall expire within 30 days after the Optionee ceases to be employed to provide Investor Relations Activities; or 

The Optionee may exercise all or part of his or her Options at any time before the expiration of the Options under this subsection, but only to the extent that the Options had become exercisable before the date the Optionee’s Service terminated
(or became exercisable as a result of the termination). The balance of the Options will lapse when the Optionee’s Service terminates. If the Optionee dies after the termination of his or her Service but before the expiration of the
Optionee’s Options, all or part of the exercisable Options may be exercised at any time within 12 months after the death of the Optionee (or any longer period specified in the Option Agreement), provided that no Options may be exercised after
the expiration date determined under subsection (h) above. The Option may be exercised by the Optionee, by the executors or administrators of the Optionee’s estate or by any person who has acquired the Options directly from the Optionee by
beneficiary designation, bequest or inheritance. For purposes of this subsection (j), date of termination means the date the Optionee is given notice of termination by the Company. If exercise of the Option under subsection (ii) above would result
in liability for the Optionee under Section 16(b) of the Securities Exchange Act of 1934, then the three-month period automatically will be extended until the tenth day following the last date upon which the Optionee has any liability under Section
16(b), provided that no Options may be exercised after the expiration date provided under subsection (h). 

k. Leaves of Absence. For purposes of subsection (j) above, Service will be deemed to continue while the Optionee is on sick leave, military leave or other bona fide leave of absence approved by the Company in
writing, if the period of the leave does not exceed 90 days or, if longer, if the Optionee’s right to reemployment by the Company or any Affiliate is guaranteed either contractually or by statute, or if continued crediting of Service for this
purpose is expressly required by the terms of the leave or by applicable law (as determined by the Company). 

l. Death of Optionee. If an Optionee dies while in Service, then his or her Options expire on the earlier of the following dates: 

i. The expiration date determined pursuant to subsection (h) above; or 

ii. The date that is 12 months after the Optionee’s death. 

At any time before the expiration of the Options under the preceding sentence, all or part of the Optionee’s Options may be exercised by the executors or administrators of the Optionee’s
estate or by
any person who has acquired the Options directly from the Optionee by beneficiary designation, bequest or inheritance, or in the case of NQSOs only, by other transfer, if permitted, but in any event only to the extent that the Options had become
exercisable before the Optionee’s death or became exercisable as a result of death. The balance of the Options will lapse when the Optionee dies. 

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m. No Rights as a Shareholder. An Optionee, or a transferee of an Optionee, has no rights as a shareholder with respect to any Shares covered by an Option prior to the date of issuance to the Optionee or transferee of a
certificate or certificates for the Shares. 

n. Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Board may modify or extend outstanding Options. However, without the consent of the Optionee, no modification may
impair the Optionee’s rights or increase the Optionee’s obligations under the Option. 

o. Restrictions on Transfer of Shares. Any Shares issued on exercise of an Option will be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer
restrictions as the Board may determine. These restrictions will be set forth in the applicable Stock Option Agreement and will apply in addition to any restrictions that may apply to holders of Shares generally. The Company will be under no
obligation to sell or deliver Shares on exercise of Options under the Plan unless the Optionee executes an agreement giving effect to the restrictions in the form prescribed by the Company. 

p. Additional Grants. If otherwise eligible, an Optionee may be granted an additional Option or Options under this Plan or any other share option or purchase plan of the Company. 

q. Buyout Provisions. The Board may at any time offer to buy out for a payment in cash or Shares, an Option previously granted, based on such terms and conditions as the Board establishes and communicates to the
Optionee at the time that the offer is made. Any buyout of Options is conditional to the prior approval of the TSX-V. There is no assurance that the TSX-V would grant such approval. 

r.  Annual Limits. Subject to the policies of the TSX-V and obtaining disinterested shareholder approval, an Optionee may receive grants of no more than 5% of the outstanding Shares of the Company in any 12-month
period. 

s. Annual Consultant Limits.  No more than 2% of the outstanding Shares of the Company may be granted to any one Consultant in any 12-month period.

t. Annual Investor Relation Limits.  No more than an aggregate of 2% of the outstanding Shares of the Company may be granted to an Employee conducting Investor Relations in any 12 month period. 

SECTION 7. PAYMENT FOR SHARES 

a. General Rule. The entire Exercise Price of Shares issued under the Plan is payable in cash or certified cheque when the Shares are purchased. 

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SECTION 8. ADJUSTMENT OF SHARES 

a. General. If the outstanding shares of Stock of the Company are increased, decreased, changed into or exchanged for a different number or kind of shares or securities of the Company through a reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, the Board may make such appropriate and proportionate adjustments as it deems necessary or appropriate in one or more of (i) the
number and class of Shares specified in Section 5, (ii) the number of Shares covered by each outstanding Option and (iii) the Exercise Price under each outstanding Option. The Company is not required to issue fractional Shares as a result of any
such adjustments. 

b. Mergers and Consolidations. In the event that the Company is a party to a merger, consolidation or other reorganization, the Board may provide that outstanding Options will be subject to the agreement of
merger, consolidation or other reorganization, which agreement, without the Optionees’ consent, may provide for the cancellation of each outstanding Option after payment to the Optionee of an amount in cash or cash equivalents equal to (i) the
Fair Market Value of the Shares subject to the Option at the time of the merger, consolidation or other reorganization minus (ii) the Exercise Price of the Shares subject to the Option. 

c. Reservation of Rights. Except as provided in this Section, an Optionee has no rights by reason of (i) any subdivision or consolidation of shares of any class, (ii) the payment of any dividend or (iii) any
other increase or decrease in the number of shares of any class. Any issuance by the Company of shares of Stock of any class, or securities convertible into shares of Stock of any class, will not affect the number or Exercise Price of Shares subject
to an Option. The grant of an Option pursuant to the Plan will not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate
or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 

SECTION 9. CONDITIONS UPON ISSUANCE OF SHARES 

a. Securities Law Requirements. Shares may not be issued under the Plan unless the issuance and delivery of these Shares comply with (or are exempt from) all applicable requirements of law, including (without
limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated under it, state and federal securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s
securities then may be traded. 

b. Investment Representations. As a condition to the exercise of an Option, the Board may require the person exercising the Option to represent and warrant at the time of exercise that the Shares are being
purchased only for investment and without any present intention to sell or distribute the Shares if, in the opinion of counsel for the Company, such a representation is required. 

c. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the
lawful issuance and sale of any Shares under this Plan, will relieve the Company of any liability in respect of the failure to issue or sell those Shares as to which the requisite authority has not been obtained. 

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SECTION 10. NO RETENTION RIGHTS 

Nothing in the Plan or in any Option granted under the Plan will confer on the Optionee any right to continue in Service for any period of time or will interfere with or otherwise restrict in any way the rights of the
Company (or any Affiliate) or of the Optionee, which rights are expressly reserved by each, to terminate his or her Service at any time and for any reason. 

SECTION 11. DURATION AND AMENDMENTS 

a. Term of the Plan. The Plan is effective on August 10, 2006, the date of its adoption by the Board and the shareholders. The Plan will terminate automatically on August 10, 2016, 10 years after its adoption by
the Board, and may be terminated on any earlier date pursuant to subsection (b) below. 

b. Right to Amend or Terminate the Plan. The Board may amend, suspend or terminate the Plan at any time and for any reason , subject to the prior approval of the TSX Venture Exchange. However, any amendment of
the Plan that increases the number of Shares available for issuance under the Plan (except as provided in Section 8), or that materially changes the class of persons who are eligible for the grant of Options, is subject to the approval of the
Company's shareholders. Shareholder approval will not be required for any other amendment of the Plan. 

c. Effect of Amendment or Termination. No Shares will be issued or sold under the Plan after its termination, except on exercise of an Option granted prior to the termination. No amendment, suspension, or
termination of the Plan will, without the consent of the holder, alter or impair any rights or obligations under any Option previously granted under the Plan. 

SECTION 12. APPLICABLE LAW 

The Plan and all Options granted under it will be construed and interpreted in accordance with, and governed by, the laws of the State of Delaware, other than its laws regarding choice of law. 

SECTION 13. EXECUTION 

To record the adoption of the Plan by the Board, the Company has caused its
authorized officer to execute it. 

 

  	

INTELGENX TECHNOLOGIES CORP.

By:                      
/s/ Ingrid Zerbe                                 

                                  
Ingrid Zerbe

Title:                          Secretary                                 

       

- 10 -China Gengsheng Minerals, Inc. - Exhibit 10.1 - Prepared By TNT Filings
Inc.

  

Exhibit 10.1 

LOAN AGREEMENT

(English Translation)

                                         Contract No.411200900051802

Borrower (full name):  Henan Gengsheng Refractories Co., Ltd

 

Lender (full name):    Agricultural Bank of China, Gongyi City Branch

Pursuant to the laws and regulations of the People's Republic of China ("PRC"), and on the basis of agreement reached through comprehensive negotiations, Borrower and Lender enter into and consent to be bound by this Loan Agreement.

 

Article 1. The Loan

 

1. Type of loan:  Short-term Working Capital loan

 

2. Purpose of Loan: buy raw and processed materials

 

3. Loan Amount (full-form characters): RMB Twenty Millions

 

4. Loan and Repayment Terms: one year

 

(1)

The following table sets forth the loan and repayment terms.

	
   Loan

	
  Repayment

	Year 

	Month

	Date

	Amount

	Year 

	Month 

	Date

	Amount

	2008

	March

	23

	RMB20,000,000

	2008

	3

	22

	RMB20,000,000

	 	 	 	(US$2,886,003)

	 	 	 	(US$2,886,003)

(If there is not enough space in the following table, an additional sheet may be attached to the Loan Agreement and shall constitute an integral part of the Agreement.) 

 

    (2)  If the Loan Amount, Borrowing Date, and Repayment Date herein are inconsistent with the Loan Amount, Borrowing Date, and Repayment Date specified in the borrowing voucher (the "Borrowing Voucher"); the Borrowing Voucher shall prevail. The Borrowing Voucher shall form part of this Loan Agreement and have the same legal force and effect.

 

    (3)  If the loan is foreign currency one under this contract, the Borrower should repay the principle and interest in the original kind of currency in time. 

 

5. Loan Interest Rate

 

The RMB loan interest rate is decided as method mentioned in the following (1).

 

(1)

Floating Interest Rate

 

The Loan interest rate upward (upward/down) floats 10% on the interest rate basis. The executed annual interest rate is 5.841%. The interest rate basis for the loan under 5-year (including 5-year) is as the basis interest rate for the same period RMB loan published by the People’s Bank of China. The interest rate basis for the loan above 5-year is as the basis interest rate for the RMB loan published by the People’s Bank of China plus / (in Words) %.

 

The interest is adjusted in six-month cycle. If the basis interest rate for RMB loan of the People’s Bank of China adjusts, the Borrower determines new interest rate according to the basis interest rate of corresponding time period after adjustment and the calculation method mentioned above without informing the Lender from the corresponding date of the loan of the first month in the next cycle after the adjustment of basis interest rate. If the adjustment date of the basis interest rate is the same as the provision day of the loan or the corresponding date of the loan of the first month in the same cycle, the new executed interest rate for the loan is determined from the adjustment date of the basis interest rate. If there is no corresponding loan date, the last day of that month is regarded as the corresponding date of the loan.

 

(2)

Fixed Interest Rate

 

The Loan interest rate / (upward/down) floats _ on the interest rate basis. The executed annual interest rate is__. The interest rate basis for the loan under 5-year (including 5-year) is as the basis interest rate for the same period RMB loan published by the People’s Bank of China. The interest rate basis for the loan above 5-year is as the basis interest rate for the RMB loan published by the People’s Bank of China plus / (in Words) %.

 

 

The interest rate for foreign currency loan is determined as method described in / :

 

(1)/  (in Words) months  /  (LIBOR/HIBOR) + interest rate of loan which is consist from interest rate spread of    

 

 (2) / % and floated by /  (in Words) months. LIBOR/HIBOR is the London/Hong Kong Interbank Offered Rate for the corresponding time period as published by Reuters two working days before the interest rate calculation day. 

 

(3) The executed annual interest rate is /  till the expiration day of the loan.

 

(4) Other method                 /                         .

6. Interest Payment

 

Interest on the Loan Amount shall accrue on the 20th day of each month ( Month/ Last month of the Quarter)  and shall be paid monthly (Monthly/Quarterly) (the "Accrual Date"). The Borrower should pay the interest on every Accrual Date. If there is no accrual date for the last repayment date of the principle, the unpaid interest should be settled with the principle ( the daily interest rate = monthly interest rate / 30).

 

Article 2 Conditions precedent to performance by lender under this loan agreement:

 

1. Borrower shall open a general deposit account with Lender.

 

2. The Borrower shall provide any relevant documents and materials that Lender may request and has completed all the relevant procedures.

 

3. If the loan in this contract is foreign currency one, the Borrower has completed all the related approval, registration and other legal procedures as required by regulations. 

 

4. If the Loan Amount is secured by collateral or hypothecation, Borrower shall have registered and/or applied for and obtained insurance or performed other such legal formality as requested by Lender and shall maintain the effectiveness of said security and insurance. If the loan in this contract is under guarantee, the guarantee contract is signed and goes into effect.

 

Article 3 Rights & Obligations of Lender

 

1. Lender shall have the right to know the Borrower's production

 

operations, financial affairs, commodity stock and the use of loan funds and to request that Borrower provide, in a timely manner, to Lender all documents, materials and information such as the financial statement of Borrower.

 

2. The Lender can stop providing the loan or taking back the loan in advance if the adverse behaviors or situations which are including but not limited to the ones listed in 7、8 and 9 of Article 4 in this contract happen.

 

3. When Lender collects, upon or prior to the due dates, the Principal, interest, penalty interest, compound interest and other fees as stipulated per this agreement from Borrower, Lender shall have the right to directly transfer funds from Borrower's any account with Lender.

 

4. If the money repaid by the Borrower is not enough to pay off all the due amount in this contract, the Lender could choose to use this amount of money to repay the Principle, interest, penalty interest, compound interest and other fees.

 

5. If the Borrower does not implement the obligation of the repayment, the Lender can publicly disclose the default behavior of the Borrower. 

 

6. Subject to Borrower complying with the terms and conditions of this Loan Agreement, Lender shall release to Borrower, pursuant to the schedule, the Loan Amount.

 

Article 4 Rights & Obligations of Borrower

 

1. Borrower has the right to acquire and use the funds borrowed under this Loan Agreement in accordance with the Loan Agreement.

 

2. Borrower handles the related intercourse settlement and deposit of the loan through the account promised in Article 2.

 

3. If the loan in this contract is the foreign currency one, Borrower should complete all the approval, registration and other legal procedures related to this loan as decided in the regulations. 

 

 

4. Borrower shall repay the Principal and pay accrued interest according to schedule. If Borrower is in need of an extension, then Borrower must submit a written application to Lender fifteen days prior to such due dates for extension thereof. Upon Lender's consent, Lender and Borrower shall enter an extension agreement.

 

5. Borrower shall use the funds borrowed under this Loan Agreement only for the purposes specified herein and for no other purpose. The Borrower won’t occupy the loan or divert the use of it. 

 

6. Borrower shall, on a monthly basis, provide true、complete and effective financial statements and other related materials and information to Lender and shall actively cooperate with Lender in Lender's examination of Borrower's production operations, financial affairs and use of funds borrowed under this Loan Agreement.

 

7. Unless Borrower provides notice in writing to Lender in advance and obtains Lender's consent, and unless Borrower also performs its pay off obligations or its prepayment obligations, Borrower shall not, before paying off the Principal and interest, engage in sub-contracting, leasing, equity restructuring, pooling, consolidating, merging, splitting, joint investment, capital transferring, filing for restructuring, filing for dissolution, filing for bankruptcy, and any other actions which may affect the debtor-creditor relationship under this Loan Agreement or affect the realization of Lender's rights.

 

8. Borrower shall notify Lender in writing of such events (in addition to the above-described events) as the disruption of production, going out of business, invalidation of the registration, revocation of the business license, legal representative(s) or officer(s) of the company engaging in illegal activities or being involved in significant litigation, serious production or operation problems, and deteriorating financial position, which may materially affect its ability to perform its obligations under this Loan Agreement. At the same time, Borrower shall take methods to save the loan from damage as approved by the Lender.

 

9. During the term of this Loan Agreement, Borrower shall give an advance notice and obtain Lender's consent when Borrower makes assurances to, or provides its main assets as collateral or hypothecation for, a third party and when by so doing Borrower may affect its repayment ability.

 

10. Borrower and its investors shall not take out the capital, transfer the assets or transfer the equity of Borrower in an attempt to avoid debt obligations to Lender.

 

11. If, during the Loan Term, Borrower changes its name, legal representative, legal address, business scope, etc., Borrower shall give an advance written notice to Lender.

 

12. Borrower shall provide other guaranties to Lender under the following circumstances: the guarantor under this Loan Agreement loses partial or total ability to provide guarantees relating to this loan because of production disruption, going out of business, cancellation of the registration, revocation of the business license, going into bankruptcy, or business losses; or the value of the collateral or hypothecated assets or rights under this Loan Agreement has decreased.

 

13. Borrower shall bear the expenses of attorney services, insurance, transportation, evaluation, registration, safekeeping, appraisal, and notarization, relevant to this Loan Agreement or relevant to the guaranty under this Loan Agreement.

 

Article 5 Prepayment

 

Borrower makes prepayment after getting the approval from the Lender. If the Lender agrees the prepayment by the Borrower, the interest rate for the part of the prepayment in the loan should be calculated as following method 2 .

 

1. Calculates and collects the interest rate according to loan term and executed interest rate promised in this contract. 

 

2. Calculates and collects the interest rate as upward floating  0   % on the basis of the promised interest rate in this contract according to the actual loan term. 

 

Article 6 Events of Default

 

1. Provided Borrower complies with the terms and conditions of the Loan Agreement, Lender shall pay to Borrower a penalty if Lender fails to make a full payment of the Loan Amount on time, thereby causing Borrower to suffer losses. The penalty shall be calculated on the basis of the default amount and the number of overdue days. The calculation method of the default amount shall be the same as for overdue loan interest.

 

2. Lender shall have the right to charge interest on any overdue repayment at the rate which upward floats 50% (Full form characters) on the basis of the executed interest rate for loan under this contract from the date when the overdue repayment begins until the principle and interest rate have been settled under the condition that the Borrower does not repay the principal of the funds borrowed according to the specified schedule in this Loan Agreement. During the overdue period, the default interest rate for the RMB loan should be correspondingly upward adjusted from the adjustment date if the benchmark interest rate for the same-period RMB loan of the People’s Bank of China adjusts upward. 

 

3. If Borrower does not use the funds according to the purpose specified in this Loan Agreement, Lender shall have the right to collect penalty interest on the abused amount of the loan at the rate which is upward floated 100% (Full form characters) on the basis of the executed interest rate as promised in this contract from the abused date until the principle and interest rate have been settled. During this period, the default interest rate shall be correspondingly adjusted upward from the adjustment date if the benchmark interest rate for the same-period RMB loan of the People’s Bank of China adjusts upward.

 

4. Compound interest is to be calculated and collected on any due unpaid interest according to the rules set by the People's Bank of China. Due unpaid interest includes the one during the loan period (including the abused default interest) and the one after the producing of the overdue repayment (including the overdue default interest and abused default interest). The due unpaid interest during the loan period is calculated in compound interest on the basis of the executed interest rate for the promised loan in the loan period. After the expiration day of the loan, it is calculated in compound interest on the basis of the interest rate for the overdue repayment. The due unpaid interest rate for the overdue loan is calculated in compound interest on the basis of interest rate for the overdue loan.

 

5. If the Borrower violates the obligations under this contract, Lender shall have the right to ask the Borrower to correct the problems within a time period and stop providing the loan, demand the repayment of the principle and interest of the funds borrowed under this Loan Contract and announce that all the loans under other contracts signed by the Borrower and Lender are due immediately or take other measures to preserve the assets.

 

6. If any guarantor for the borrowed funds under this Loan Agreement violates its duties under the Guaranty Agreement, Lender shall have the right to stop providing funds under this Loan Agreement and demand repayment of the principal and interest of the funds borrowed under this Loan Agreement and to take other measures to preserve the assets.

 

7. If Borrower defaults under this Loan Agreement, Borrower agrees to pay all legal, travel and other expenses that Lender incurs in the course of pursuing litigation or arbitration to enforce its financial claims.

 

Article 7 Guarantee

 

The loan specified hereunder shall be guaranteed through a Guarantee Contract. A separate Guaranty Contract shall be made and signed. If the maximum amount guarantee method is used, the Guarantee Contract No is    /    .

 

Article 8 Dispute Settlement

 

Disputes arising out the performance of this Loan Agreement shall be settled through negotiation between the two parties or following method 1   .

 

1.Litigation. Any litigation between the parties hereto arising out of the performance of this Loan Agreement shall be within the jurisdiction of the civil courts where Lender resides.

 

2.Arbitration. Arbitration is submitted to        /         (Name of the arbitration organization) and executed by the arbitration rules. 

 

During the period of litigation and arbitration, other clauses which are not involved in should be executed as usual.

 

Article 9 Other Items

 

None.

 

Article 10 Execution

 

This Loan Agreement shall become effective upon signature by the Borrower and Lender or the affixing of the official seals of both parties.

 

Article 11 Copies of This Agreement

 

There are 4 copies of this Loan Agreement, one copy for each of the two parties to the contract and one Copy to each Guarantor. All copies shall be of the same force and effect.

 

Article 12 Statement

 

Lender has asked Borrower to fully and correctly understand the terms and conditions of this Loan Agreement and has answered all of Borrower's questions regarding the terms and conditions of this Loan Agreement. The signatories to this agreement have the same understanding of this Loan Agreement.

	Borrower (seal): Henan Gengsheng Refractories Co., Ltd   

Legal representative: /s/Shunqing ZHANG      

	Lender (seal): Agricultural Bank of China, Gongyi City Branch

Legal representative: Cui Yi Qing

Execution date: March 23, 2008

Execution Location: Agricultural Bank of China, Gongyi City Branch

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