Document:

exhibit10-32.htm

Exhibit 10.32

 

RMB Facility Loan Contract

 

Contract No: 2009 hushang(suizhong)liudai
1520090623099

 

Type of Loan: Working Capital Loan

 

Borrower (Party A): Huludao Wonder Fruit Co.,Ltd.

 

Address: Hujia Village, Gaotai Town, Suizhong County

 

Post Code: 125200

 

Legal Representative (Chief Officer): Yan Xiaoqin

 

 

Lender (Party B): Huludao Industrial-Commercial Bank, Suizhong Branch

Address: No.11,2nd Section
of Xinxing Street

 

Chief Officer: Wang Dong

 

  

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        Borrower (“Party A”): Huludao Wonder Fruit Co.,Ltd.

 

Lender (“Party B”): Huludao Industrial-Commercial Bank, Suizhong Branch

Whereas Party A applies to Party B for, and Party B agrees to provide Party A with, a loan facility (the “Facility”). Pursuant to Contract Law, General Rule for Loan and relevant laws and regulations and through consultation, Party A and Party B enter into this Contract:

 

Article 1. Type of Loan

 

Working Capital Loan (short-term or middle-term)

 

Article 2. Use of Loan

 

2.1 The Loan is used to repay the debt under the loan contracts of No. 003 and 006 in the year of 2004, No.1520080420116 and 6661 in the year of 2008.

 

2.2 Party B cannot change the use of Loan according to the Contract without the written consent of Party A.

 

Article 3. Availability Period and Amount of the Facility

 

The Availability Period the Facility shall commence from   June 26,2009 and end on June
25,2010 (the “Availability Period”).

 

The amount of the Facility shall be RMB forty one million (in words) (the “Maximum Amount”).

 

Article 4. Interest Rate, Calculation and Payment of Interests and Fees

 

4.1 The monthly interest rate applicable to the Loan shall be fixed at 7.5225‰.

 

4.2 Interest Settlement

 

The interest rate shall be calculated and paid according to the fixed interest rate, and the 20th day of each month shall be the date for the settlement of interest.

 

4.3 The interest rate should be flexible with the adjustment of the interest rate of China People’s Bank. In the event of interest rate adjustment, Party B can make an adjustment over the interest rate and calculation method without informing Party A.

 

Article 5. Repayment

5.1 The source of the repayment will be from, but not limited to, sales payment for goods, profit.

 

5.2 Interest Payment

 

Party A shall pay to Party B the due interest on the Interest Payment Date. The first interest payment shall be made on the first Interest Payment Date after the disbursement of the Loan. Upon the maturity date for the Loan, Party A shall pay in full all
the unpaid interest together with the principal.

  

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5.3 Method of Repayment

 

Party A shall deposit into its account with Party B such funds as sufficient to repay the amount due to Party B before each Repayment Date specified in this Contract, and shall automatically transfer such funds to Party B for repayment; or Party A shall transfer
a sufficient amount from its other accounts to make such repayment on the aforementioned Repayment Date. If Party A fails to repay any indebtedness punctually, Party B has the right to directly debit for the corresponding amount any account opened by Party A with any branch or office of China Construction Bank.

 

Article 6. Security for the Loan

 

6.1 The security(ies) for this Contract shall be Item [2] as below.

 

	
               (1)
	
Guarantee

 

(2)           Mortgage

 

(3)           Pledge

 

(4)           Standby Letter of Credit

 

(5)           Credit Insurance

 

(6)           Other Forms of Security: Mortgage

 

6.2 Party A should use all their efforts to coordinate with Party B to sign the Gaurantee contract of No: 20090623300and 20090623702.

 

6.3 If the status of the Mortgage changed in Creditor’s right, which is likely to cause damage to the interest of the Creditor’s right, Party A should provide a new Mortgage until the Mortgage meets the requirements of Party B.

 

Article 7. Rights and Obligations of Party A

 

7.1 Party A has the right to require Party B to keep in confidence relevant financial information and trade secrets relating to production and operation of Party A unless otherwise provided by laws and regulations.

 

7.2 Party A shall provide relevant financial information and the information relating to production and operation as required by Party B and shall be responsible for the authenticity, integrity and validity of such information.

 

7.3 Party A undertakes that all settlements and deposits relating to the Loan shall be conducted through its accounts opened with Party B or Party B’s relevant branch.

 

7.4 Party A shall assist in and accept Party B’s inspection and supervision of its production, operation, financial activities and the utilization of the Loan.

 

7.5 Party A shall utilize the Loan for the purpose as provided for hereunder.

 

7.6 Party A shall punctually repay the principal and interest in accordance with this Contract.

 

7.7 Party A or its investors shall not transfer any funds or assets in order to evade the indebtedness owed to Party B.

 

  

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7.8 Party A shall give Party B a prior written notice for Party B’s consent if Party A intends to provide security for any third party during the term of this Contract and such security may affect Party A’s ability to make repayment under this Contract.

 

7.9 Party A shall promptly arrange for new security(ies) satisfactory to Party B where the Guarantor in respect to this Contract ceases or suspends production; its corporate registration is canceled or business license revoked; it is bankrupt or dissolved; it is operating at a loss; or any other negative change has occurred, and such aforesaid
incidents result in loss or partial loss of the Guarantor’s ability to secure the Loan, or where the mortgaged or pledged property(ies) for securing the Loan depreciate(s) or is (are) damaged or destroyed.

 

7.10 Party A shall promptly inform Party B of any relevant changes during the term of this Contract, including without limitation its business name, legal representative (or chief officer), registered office, business purpose or registered capital.

 

7.11 Where Party A intends to carry out activity(ies) during the term of this Contract which may have an impact on the realization of Party B’s rights hereunder, Party A shall give Party B a [30] banking days prior written notice for its consent to such intended activity(ies) and shall further take sufficient measures to safeguard
the repayment of the indebtedness under this Contract and arrange for security in accordance with Party B’s instructions. The aforementioned activities shall include without limitation contracting, leasing, transformation to a stock company, forming an economic association with another enterprise, consolidation, merger, division, setting up a joint venture, application for suspension of production or for winding up or for bankruptcy

 

7.12 Party A shall promptly inform Party B in writing, take sufficient measures to safeguard the repayment of the indebtedness under this Contract and arrange for security(ies) in accordance with Party B’s instructions if there has occurred to Party A incident(s) during the term of this Contract that may have substantially negative
effects on Party B’s performance of its obligations hereunder. The aforementioned incidents shall include without limitation the following: Party A ceases or suspends production; its corporate registration is canceled or business license revoked; its legal representative or

high-ranking officers are involved in illegal activities; it is involved in litigation with a major impact; great difficulties arise in respect to its production or operation; or its financial standing deteriorates.

 

7.13 Party A shall bear all fees and expenses in connection with this Contract and the security(ies) for this Contract including without limitation fees and expenses in respect to legal services, insurance, evaluation, registration, storage, authentication and notarization.

 

Article 8. Rights and Obligations of Party B

 

8.1 Party B is entitled to have access to information about production, operation, and financial activities of Party A, and to require Party A to provide financial information and documents in respect to its production and operation.

 

8.2 If the credit rating of Party A declines, Party B is entitled to adjust or even cancel the Facility that is otherwise available.

 

8.3 Party B is entitled to debit any account opened by Party A with any branch or office of China Commerce Bank for any amount due to Party B under this Contract.

 

8.4 Party B shall disburse the Loan to Party A in accordance with this Contract, except for any delay caused by Party A.

 

8.5 Party B shall keep in confidence financial information and trade secrets in relation to production and operation of Party A unless otherwise required by laws or regulations.

  

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Article 9. Effectiveness,Modification, Rescission and Termination

 

9.1 The Contract will be effective after the signing and stamping.

 

9.2 Party B will rescind the contract and ask for repayment and compensation if Party A breaks any item below:

 

9.2.1 Dissolution and shop closure or revocation of the business license has happened.

 

9.2.2 There are some changes in the Mortgage under the provision of the contract, which is likely to cause damage to the creditor’s right; in this case, Party A fails to provide a new Mortgage that is satisfactory to Party B.

 

9.2.3 Other serious default activities.

 

9.3 If Party A asks for extension of the contract, Party A should offer a written application to Party B with the written consent from cautioner at least 30 days before the contract will expire. The extension contract will not become effective until Party A gets approval from Party B. The loan contract remains effective until the signing
of the extension contract.

 

9.4 Neither Party should make any adjust or expiration without consent from the opposite Party except for the provision already defined in the Contract. Any adjustment or expiration requires approval from both Parties and must be reached by written agreement if the status is necessary.

 

9.5 The original contract remains effective until both Parties reach a consensus.

 

Article 10. Amendment to this Contract

 

Upon effect of this Contract, any Party intending to amend this Contract shall notify the other Party promptly and a written agreement shall be executed if the Parties so agree, unless otherwise provided in this Contract or in any other agreement.

 

Article 11. Dispute Resolution

 

11.1 Any dispute arising out of or in connection with this Contract shall be settled through friendly consultation. If no agreement is reached through such friendly consultation, such dispute shall be settled in accordance with the following: item 11.2

 

11.2 Instituting legal proceedings with the People’s Court in the location of Party B.

 

11.3 The Parties shall perform this Contract in accordance with the undisputed parts during the course of such legal proceedings or arbitration.

 

Article 12. This Contract Shall be Made in [2] Counterparts

 

All documents created within the Availability Period and within the Maximum Amount of the Facility which underlies the debtor-creditor relationship between the Parties (including but not limited to Application for Drawing, Notice of Drawing or other certificates and documents) are
integral parts of this Contract.

 

Article 13. Representations

 

13.1 Party A is fully informed and aware of the business purpose and powers of Party B.

  

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13.2 Party A has read all the terms of this Contract and Party B has given explanation as required by Party A. Party A hereby acknowledges that it fully understands all terms of this Contract and corresponding legal consequences thereof.

 

13.3 Party A has the right and power to execute this Contract.

 

 

Party A: Huludao Wonder Fruit Co.,Ltd.

 

Legal Representative (or Chief Officer) or Authorized Representative (Signature):

 

 /s/:Yan Xiaoqin

Date: 6/26/2009

 

Party B: Huludao Industrial-Commercial Bank, Suizhong Branch

Chief Officer or Authorized Representative (Signature): /s/: Wang Dong

 

Date: 6/26/2009exhibit10-33.htm

Exhibit 10.33

Mortgage Contract

 

 

Contract No.: Hushang(suizhong)di No. 1520090623099

Mortgagor: Huludao Wonder Fruit Co.,Ltd.    

Address: Food Industrialized Garden, Hujia Village, Gaotai Town, Suizhong County 

Legal Representative (Chief Officer): Yan Xiaoqin  

Mortgagee:Huludao Industrial-Commercial Bank, Suizhong Branch

Address: No.11,2nd Section
of Xinxing Street 

Chief Officer: Wang Dong

 

Article 1.  Presentation and Warrants of Party A

     1.1 Party A is the complete, effective, legal owner of collateral under this contract; there is no dispute over the ownership of collateral.

     1.2 Fully understand the purpose of Borrower and is willing to provide a pledge for the collateral.

     1.3 Under this contract Party A makes adequate and reasonable statement over the defects of collateral.

     1.4 Under this contract the collateral can be pledged according to the collateral law.

     1.5 There is no limitation over the pledge of collateral.

     1.6 The collateral under this contact is free from seizure, detention or supervision.

     1.7 If any or all of the collateral has been rented, Party A will inform the tenant and Party B.

Article 2.   The Main Types and Amounts of Facility

     2.1 The amount of the Facility shall be RMB 41 Million (the “Maximum Amount”)

 

     Article 3.    Availability Period

   3.1 The Availability Period of the Facility shall commence from  June 26, 2009  and end on June 25, 2010 (the
“Availability Period”). Any changes are subject to the main contract.

 

    Article 4.   The Scope of Collateral

4.1 The range of Party A’s collateral includes: all borrowings, principal, interest, compound interest, penalty interest, liquidated damages, compensatory payments under the main contract, the cost of achieving the right on mortgage and all other fees and charges payable. 

 

Article 5.   Collateral

    5.1 The definition of  “Mortgage” can refer to the “mortgage list”.

    5.2 The commitment over the valuation in “mortgage list” should not be the basis of valuation for party B to dispose the collateral as per Article 9, and does not constitute any limitation for Party B to exercise the right on mortgage.

5.3 The related valid documents and materials of collateral should be sealed and delivered to Party B , unless it is otherwise provided in the laws and regulations. 

    

Article 6.  Mortgage Registration

    6.1 If Parties A and B should apply for mortgage registration in accordance with laws and regulations of the agreement, the two sides should have the mortgage registered in the local authorized office within 15 days after signing the contract.

6.2 If there is any change in mortgage ownership according to the law, both Parties A and B should register the changes to the relevant authorities within 15 days. 

  

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  Article 7. Collateral Management

   7.1 Party A maintains the mortgage under this contract. Party A shall maintain the mortgaged property integrity during its management and shall not use it in any way which would result in impairment in collateral value. Party B has the right to check the collateral at any time.

   7.2 If there is any damage or loss to the collateral, Party A shall promptly inform Party B, take immediate methods to reduce the loss and promptly submit Party B a written explanation issued by the authority agent. 

  Article 8. Insurance

  8.1 Within 15 days after signing this contract, party A should go to the insurance agency to handle the basic property insurance and additional      insurance; the period of this insurance shall be no less than the main valid period; the insured
amount shall be no less than the loan principal and interest of the master contract.

  8.2 Party A shall indicate in the insurance policy that Party B is the first beneficiary in case of risk. There should not be any terms restricting the rights and interests of Party B in the insurance policy.

  8.3 Within the term of validity, Party A shall not suspend or revoke the insurance for any reason; if the insurance is suspended, Party B has the right to procure insurance on behalf of Party A and the procedures and all costs shall be borne by Party A. 

  Article 9.  The Implementation of Hypothec

  9.1 To ensure the implementation of hypothec, party B, in accordance with laws and in consultation with Party A, is authorized to offset the loans referred to in the lead contract by reevaluating the collateral or get paid off through auctioning or selling off the collateral.

  9.2 As mentioned above, during the implementation, Party A shall be in full cooperation and the whole process shall remain free from any artificial obstacles. 

  Article 10. The Rights and Obligations of Party A

  10.1 As soon as the contract is validated, Party A, without the official permission of Party B, guarantees no re-mortgage of the same collateral in any form, nor the rent out, transfer or grant of the collateral.

  10.2 As soon as the contract is validated, Party B still holds the accountability for the contractual claim even if it is already transferred to third party legally.

   10.3 In addition to extension and increase of loans, Party B is free from the consent of Party A to change the lead contract with the agreement of debtor in the lead contract, yet still holds the accountability for the contractual claim.

   10.4 Certain measures should be taken when behaviors of Party A cause the depreciation of collateral; furthermore, party A is required to compensate Party B for the loss or offer the guarantee equivalent of the lost value.

   10.5 If Party A is not responsible for the depreciation, it should offer Party B the guarantee within the range of compensation. The remaining part of collateral can still act as the guarantee to debt.

   10.6 For the collateral expropriated by the state infrastructure, Party A should pay off the debt guaranteed or pay the third party both agreed on in advance with the compensation it received.

   10.7 Party A shall bear the expenses related to the contract. The expenses include but are not bound to legal services, property insurance, appraisal, evaluation, registration, transfer, custody and legal costs.

   10.8 As soon as the contract is validated, the guarantee obligations stipulated in the contract should be appropriately exercised when a separation, merger or joint-stock reform occur.

   10.9 Party A is obliged to inform and assist Party B free from infringement in the event that the mortgage is infringed by a third party.

   10.10 Party A should inform Party B immediately in writing in case of the following situations:

   10.10.1 Alteration of management mode such as contract, lease, joint operation, merger, separation, transformation of ownership, cooperation with foreign investors;

   10.10.2 Alteration of business scope, registered capital or equity beneficial ownership;

   10.10.3 Litigation involving material economic dispute;  

  

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10.10.4 Dispute arising from ownership changes of mortgage;

   10.10.5 Bankruptcy, discontinuation of business, dissolution, ceasing doing business for rectification, or being revoked or cancelled of business license.

   10.10.6 Changes of business address, or contact phone or legal representative;

   10.11 Party A should inform Party B in writing 30 days in advance in case of the situations in items 10.10.1 and 10.10.2, while in the event of the situation in item 10.10, Party B should be informed within 5 days after the cases occurred.

   10.12 The borrower is entitled to ask for removal of the mortgage under the contract after all contractual debts are paid off. 

   Article 11. Liability and Obligation of Party B

   11.1 Party B is entitled to dispose of the mortgage in the event that  the borrower doesn’t repay the loan and its interest by the contractual expiration date.

   11.2 In case of the following situations, Party B is entitled to dispose of the mortgage in advance and get prior compensation from the disopal:

   11.2.1 Termination of the contract according to the rules or under the provision of the leading contract.

   11.2.2 Drawing back the loan according to other situations or clauses stated in the leading contract while the rights under the leading contract have not been exercised or fully exercised.

   11.3 Party B has the right to ask for assistance from Party A in the case of fear of any infringement from a third party.

   11.4 During the contractual period, Party B should notify Party A of any transference of the creditor's rights in compliance with the law.

    11.5 Party B should do its best to assist Party A in executing the recovery rights against the lender after the mortgage rights have been satisfied.

    11.6. If earnings from the disposal of the mortgage not only fulfill the debt under the contract, but is in excess of the amount owed, then the remainder will be refunded to Party A.

    Article 12.  Liability of Default

   12.1 Party B should ask for repayment and compensation if Party A makes any misleading or untrue statement and causes loss to Party B.

12.2 Neither Party should make any adjustment or expiration without consent from the opposite Party, except for the provision already defined in the Contract. Any adjustment or expiration requires approval from both Parties and must be reached by written agreement if the status is necessary

12.3 If Party B rescinds the agreement due to the fault of Party A, Party A should compensate Party B for all the losses within the range of the Pledge Agreement. 

    Article 13. Effectiveness, Modification, Rescission and Termination

    13.1 The contract will be effective as of the signing day. If there is any equity pledged, the effective date should be calculated from the date that all pledge procedures by the authorized agent were finished until the date that all fees, including loan, interests, compounding interests, penalties etc., are cleared.

13.2 The contract should be independent compared with the main contract and remain effective even if the main contract expires. Party A will hold the pledge liability according to the contract even if main contract expires.

13.3 Neither Party should make any adjust or expiration without consent from the opposite Party except for the provision already defined in the Contract. Any adjustment or expiration requires approval from both Parties and must be reached by written agreement if the status is necessary.   

  

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 Article 14. Dispute Resolution

    14.1 Any dispute arising out of or in connection with this Contract shall be settled through friendly consultation. If no agreement is reached through such friendly consultation, such dispute shall be settled in accordance with the following: item  11.1.2

    14.1.1 The dispute can be submitted to the local court 

   Article 15. Miscellaneous 

    15.2           

     15.3 

    Article 16. Exhibits

    16.1 The exhibits of the contract are an indisputable part, which are legally of equal effect.

     16.2 The exhibits include: Exhibit one: mortgage list

                        Exhibit two:

  

  Article 17. Collateral Clause

    17.1 The contract is written in triplicate, copies of which are kept by both Parties as well as the  Institute for Mortgage Registering. All the copies share the equal legal effect. 

Party A : Huludao Wonder Fruit Co.,Ltd. 

Legal Representative (or Chief Officer) or Authorized Representative (Signature): /s/:Yan
Xiaoqin 

Date: 06/26/2009 

Party B: Huludao Industrial-Commercial Bank, Suizhong Branch

Chief Officer or Authorized Representative (Signature): /s/: Wang Dong 

Date: 06/26/2009

  

 

  

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Mortgage List

June 26, 2009

Contract No.                                                                                                                 
Unit:RMB yuan

 

	
Mortgagor
	
Huludao Wonder Fruit Co.,Ltd.
	
Business Nature
	
liability limited company

	
Opening Account No.
	
401012120156010142
	
Tel
	
6833997

	
Loan Amount
	
41Million
	
Loan Term
	
From June 2009 to June 2010

	
Mortgages 
	
Unit
	
Quantity
	
Book value
	  	
Evaluated value
	
Mortgage rate
	
Mortgage Value
	
Number

	
Land use rights
	
m2
	
86325
	  	
298

yuan per m2
	
25,720,000.00
	
65%
	
16,700,000
	
41Million

	
Real Estate 
	
m2
	
9372.56
	  	
1500

yuan per m2
	
14,058,840.00
	
65%
	
9,100,000

	
Equipments and facilities
	
set
	
3 sets of imported equipments and 44 domestic mechine
	  	  	
29,680,000.00
	
50%
	
15,200,000

	
Total
	  	  	  	  	  	  	  	  
	
Evaluation
	
Registration
	
Insurance
	
Notarization

	
Company
	
Eval-uation report No.
	
Eval-uation date
	
Company
	
Registration No.
	
Regis-tration date
	
Regis-tration period
	
Company
	
Insur-ance policy No.
	
Insur-ance date
	
Insurance
compnay
period
	
 
	
Notari-zation no.
	
Notar-ization date

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
Motagagor (Common Seal)

Legal representative

(seal or signature)
	
Borrower(Common Seal)

Legal representative

(seal or signature)
	
Mortgagee(creditor)

(Common seal)

Legal representative

(seal or signature)

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