Document:

Exhibit
      10.12

    Loan
      Agreement

    

    The
      Borrower: Jinzhou Halla Electrical Equipment Co., Ltd.

    The
      Lender: Jinzhou Commercial Bank

    

    1.  The
      Loan

     

    1.1
      The
      amount
      of the loan: RMB40,000,000

     

    1.2
      The
      term of the loan: 3 years, commencing from September 30th,
      2005 to
      September 27th,
      2008
      (the “Maturity Date”).

     

    1.3
      Borrower can only use the loan for purpose of business operation. Any other
      use
      must be approved by the Lender. 

     

    2.  Interest
      Rate and
      Calculation of the Interest Rate

     

    2.1
      The
      interest rate of this loan in this contract is 0.624%, to be calculated on
      a
      monthly basis. 

     

    2.2
      Interest shall accrue on the unpaid principal amount of each loan from the
      date
      such loan is made until the maturity thereof at a rate per month equal to the
      interest rate.

     

    2.3
      If
      Lender prepays the loan before the Maturity Date, the interests accrued shall
      be
      calculated on the basis of a 365-day year and the actual number of days lapsed.
      

     

    3.  Procedure
      of Borrowing

     

    3.1
      The
      obligation of Lender to make each loan is subject to determination by Lender
      that the following conditions have been satisfied: 

     

    	i.  	
            Borrower
              has furnished required documentation.

          

     

    	ii.  	
            The
              borrowing is consistent with applicable laws.

          

     

    3.2
      Borrower shall request the loan 3 days before the date of
      borrowing.

     

    4.  Payment

     

    4.1
      Payment can be made by Lender or other third parties at the Maturity Date.
      

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    5.  Guarantee
      of the Loan

     

    5.1
      The
      loan is guaranteed as follows: 

     

                                                              
      i.   Zhao
      Qingjie guarantees to Lender the prompt and complete
      payment when due. 

     

    	ii.  	
            The
              loan is secured by certain real properties provided by Halla.
              

          

     

    6.  The
      rights and obligations of Borrower

     

    6.1
      Borrower shall request the loan pursuant to this agreement.

     

    	i.  	
            Borrower
              can extend the term of the loan pursuant to this
              agreement.

          

     

    6.2
      The
      obligations of Borrower: 

     

    	i.  	
            Provide
              the materials required by Lender in a timely
              manner

          

     

                                                               ii. 
      Disclose
      information regarding financial conditions and use
      of
      the loan upon request of Lender.

     

    	iii.  	
            Inform
              Lender of any material change of the company.

          

     

    	iv.  	
            Lender
              can terminate the agreement in event of disposition of properties by
              Borrower at an unreasonable price. 

          

     

    	v.  	
            Borrower
              must obtain Lender’s written consent before it acts as guarantor for other
              third parties’ debt or obligations. 

          

     

    	vi.  	
            Borrower
              shall not partially or fully delegate its obligations under this agreement
              without Lender’s consent. 

          

     

    	vii.  	
            Borrower
              shall pay off its debts according to their legal priorities. Borrower
              shall not entered into any contract that renders this loan subordinated.
              

          

     

    7.  Lender’s
      rights and obligations

     

    7.1
      Lender’s right

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    	i.  	
            Lender
              can require disclosure of Borrower’s financial
              status.

          

     

    	ii.  	
            In
              the event of breaches of this agreement by Borrower, Lender can declare
              the entire outstanding principal balance of the loan, together with
              all
              accrued but unpaid interest immediate due and payable, or stop
              disbursement of the loan. 

          

     

                                                               iii. Lender
      can withdraw funding from any account that Borrower open with Lender, to satisfy
      Borrower’s obligations when due pursuant to this agreement. 

     

    7.2
      Lender’s obligations

     

    	i.  	
            Lender
              shall disburse the loan in a timely
              manner

          

     

    	ii.  	
            Lender
              shall keep any information regarding Borrower’s financial conditions that
              is derived from the loan transaction
              confidential.

          

     

    8.  Effectiveness,
      Modification and Termination of the Agreement

     

    8.1
      This
      agreement shall become effective upon the signing of the agreement.

     

    8.2
      Any
      extension of the term of the loan shall be made no less than 30 days before
      the
      Maturity Date. The extension shall not become effective without Lender’s written
      consent. 

     

    9.  Remedies
      for Breaches of the Agreement

     

    9.1
      Breaches of the Agreement on the part of Borrower occurs upon the occurrence
      of
      any of the following: 

     

    	i.  	
            Misrepresentation
              of material information regarding Borrower’s financial
              status.

          

     

    	ii.  	
            Use
              of the loan for purpose not set forth in this
              agreement

          

     

    	iii.  	
            Default
              in payment when due

          

     

    	iv.  	
            Unreasonable
              disposition of Borrower’s properties by Borrower
              

          

     

    	v.  	
            Material
              adverse changes during the term of the
              loan

          

     

    	vi.  	
            Use
              of the loan in engaging securities
              transactions

          

     

    	vii.  	
            The
              loan is obtained by fraud

          

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    9.2
      Any
      occurrence of the following situations, without new guarantee agreement approved
      by Lender constitutes breaches of this agreement: 

     

    	i.  	
            Guarantor
              has adverse material change in its financial
              status

          

     

    	ii.  	
            Guarantor
              provides guaranty to any other third parties which substantially adversely
              affects its capability of performance under this agreement.
              

          

     

    	iii.  	
            Guarantor
              becomes insolvent or incapable to perform its obligation under the
              guarantee agreement. 

          

     

    9.3
      Any
      of the following on the part of Mortgagor without new guarantee agreement
      approved by Lender constitutes breaches of this agreement

     

    	i.  	
            Mortgagor
              does not purchase property insurance for the mortgaged property or
              Mortgagor use the proceeds obtained in violation of the mortgage
              agreement. 

          

     

    	ii.  	
            The
              mortgaged property is
              damaged due to the behavior of the third person, and the mortgagor
              dispose
              the payment of damages in violation of the mortgage
              agreement.

          

     

    	iii.  	
            Mortgagor
              disposes the mortgaged property without Lender’s written
              consent

          

     

    9.4
      Breaches on the part of Borrower regarding certain liens. 

     

    9.5
      Remedies for Lender 

     

    	i.  	
            In
              the event of breaches of this agreement by Borrower, Lender can declare
              the entire outstanding principal balance of the loan, together with
              all
              accrued but unpaid interest immediate due and payable, or stop
              disbursement of the loan.

          

     

    	ii.  	
            Lender
              can foreclose the mortgaged properties.

          

     

    9.6
      Remedies for Borrower

     

    	i.  	
            Lender
              shall be responsible for any difference in amount between the interest
              of
              this loan that should have accrued and the actual accrued interest
              of an
              substitute loan obtained by Borrower after Lender breaches the
              agreement.

          

     

    10.  Dispute
      Resolution: in case of litigation, the venue should be the residence of the
      Lender.

     

    Jinzhou
      Halla Electrical Equipment Co.Ltd. 

    /s/
      Qingjie Zhao

     

    Jinzhou
      Commercial Bank

    SealExhibit
      10.13

    Loan
      Agreement

    

    The
      Borrower: Jinzhou Halla Electrical Equipment Co., Ltd.

    The
      Lender: China Construction Bank (Jinzhou Linghe Branch)

    July
      8th,
      2005

    

    1.  The
      Loan

     

    1.1
      The
      amount
      of the loan: RMB40,000,000

     

    2.  Borrower
      can only use the loan for purpose of business operation. Any other
      use
      must be approved by the Lender. 

     

    3.  The
      term of
      the loan: 1 year, commencing from July 8th,
      2005 to
      July 7th,
      2006
      (the “Maturity Date”).

     

    4.  Interest
      Rate and Calculation of the Interest Rate

     

    4.1
      Interest rate

     

    i.  The
      interest rate of this loan in this contract is 7.254%. The
      accruals of interest shall be calculated on the basis of
      a
      365-day year and the

         
         actual number of days elapsed..
      

     

    4.2
      Increase of Interest Rate

     

    i.  If
      Borrower uses the loan for other purposes not set forth
      in
      this agreement, the interest rate shall be increased
      to 14.508% per annum.

     

    ii.  If
      Borrow
      defaults in payment when due, the interest rate
      shall be increased to 10.881% per annum.

     

    4.3
      Interest shall accrue on the unpaid principal amount of each loan from the
      date
      such loan is made until the maturity thereof at a rate per month equal to the
      interest rate defined in this agreement.

     

    4.4
      Daily
      interest rate = monthly interest rate/30 = annual interest rate/360

     

    4.5
      Interest Payment

     

    i.  Interest
      accrued shall be paid by Borrower monthly on the 20th
      day of
      each month. 

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    5.  Borrowing
      Procedure

     

    5.1
      Borrower must meet
      the
      following prerequisite conditions before withdrawing
      funding from the loan

     

    	i.  	
            Borrower
              has furnished required documentation

          

     

    	ii.  	
            The
              borrowing is consistent with applicable laws.

          

     

    5.2
      Borrower can request the loan by giving notice to Lender 3 days before the
      date
      of borrowing.

     

    6.  Manner
      of
      Payment

     

    6.1
      Manner of Payment

     

    i.  If
      Borrower defaults in the payment for either principal balance
      or interest when due, or Borrower ceases its business
      operation before the

            
      payment becomes due, or certain
      circumstances occur as defined by applicable law,
      anypayment
      made by Borrower shall first be applied
      to

           
       the amount of the outstanding principal balance
      and second to unpaid interest.

     

    ii.  Except
      for the circumstances defined in the proceeding paragraph,
      any payment made by Borrower shall first be
      applied to the amount of

            
       unpaid interest and second to
      the
      outstanding principal balance.

     

    6.2
      Borrower shall make the payment in a timely manner. 

     

    6.3
      The
      whole amount of RMB40,000,000 shall become due on July 7th,
      2006.

     

    6.4
      Each
      payment require to be made by the Borrower hereunder shall be made by wire
      transfer or immediately available funds. If Borrower defaults in any payment
      when due, Lender can withdraw funding from any of Borrower’s China Construction
      Bank accounts to satisfy Borrower’s payment when due pursuant to this agreement.

     

    6.5
      Prepayment

     

    i.  Prepayment
      for the unpaid interest shall be make after giving
      written notice to Lender.

     

    ii.  Prepayment
      for the outstanding principal balance shall be
      made
      known to Lender by written application 30 business
      days before the date of

            
       the prepayment, subject
      to Lender’s approval. All interest accrued shall be
      calculated on the basis of actual number of days elapsed.

            
       Borrower agrees to pay Lender a fee upon Borrower’s
      prepayment, in any amount defined by the following
      formula: amount of fee =

            
       amount of prepayment
      * 0.1% * number of days before the payment
      due 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    7.  The
      loan
      is guaranteed. 

     

    8.  The
      rights and obligations of Borrower

     

    8.1
      Borrower can request the disbursement of the loan pursuant to this
      agreement.

     

    	 i.  	
                 Borrower
              can extend the term of the loan pursuant to this
              agreement.

          

     

    ii.  Borrower
      can request Lender to keep confidentialany
      information regarding its financial conditions and business
      operation.

     

    8.2
      The
      obligations of Borrower: 

     

    iii.  Provide
      to
      the Lender, as soon as possible within 10
      days
      after the end of each fiscal quarter of Borrower, certain
      balance sheet and

             
       statement of income. 

     

    iv.  Disclose
      information regarding financial conditions and use
      of
      the loan upon request of Lender.

     

    	v.  	
                  
              Inform Lender of any material change of the company.
              

          

     

    vi.  Lender
      can terminate the agreement in event of disposition
      of Borrower’s properties by Borrower at anunreasonably
      inadequate price. 

     

    vii.      Borrower
      must obtain Lender’s written consent before it
      acts
      as guarantor for other third parties’ debt or obligations.
      

     

    viii.    
      Borrower
      cannot partially or fully delegate its obligations
      under this agreement without Lender’s consent.
      

     

    ix.       Borrower
      shall pay off its debts according to their legal priorities.
      Borrower cannot entered into any contract that
      renders this loan

             
       subordinated. 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    9.  Lender’s
      rights and obligations

     

    9.1
      Lender’s right

     

    i.  Lender
      can require disclosure of Borrower’s financial status.

     

    	ii.  	
                In
              the event of breaches of this agreement by Borrower, Lender can declare
              the entire outstanding principal balance of the loan,
              together

               
              with all accrued but unpaid interest immediate due and payable, or
              stop
              disbursement of the loan. 

          

     

    9.2
      Lender’s obligations

     

    	i.  	
                
              Lender shall disburse the loan in a timely
              manner

          

     

    ii.  Lender
      shall keep any information regarding Borrower that
      is
      derived from the loan transaction confidential.

     

    10.  Remedies
      for Breaches of the Agreement

     

    10.1
      Breaches of the Agreement on the part of Borrower occurs upon the occurrence
      of
      any of the following: 

     

    	i.  	
                 
              Misrepresentation of material information regarding Borrower’s financial
              status.

          

     

    	ii.  	
                 
              Use of the loan for purpose not set forth in this
              agreement

          

     

    	iii.  	
                 
              Default in payment when it is due

          

     

    	iv.  
            	
                 
              Unreasonable disposition of Borrower’s properties by Borrower
              

          

     

    	v.  	
                  Material
              adverse changes occurred during the term of the
              loan

          

     

    	vi.  	
                 
              Use of the loan in engaging securities
              transactions

          

     

                                                                                                                
      vii.        Change
      of
      Borrower’s structure that substantially adversely
      affects its capacity to make timely payments when
      due.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    10.2
      Any
      occurrence of the following situations, without new guarantee agreement approved
      by Lender constitutes breaches of this agreement: 

     

    	i.  	
            Guarantor
              has material adverse change in its financial
              status

          

     

                                                              
      ii.  Guarantor
      provides guaranty to any other third parties which
      substantially adversely affects its capability of performance
      under the guarantee agreement. 

     

    	iii.  	
            Guarantor
              becomes insolvent or incapable to perform its obligation under the
              guarantee agreement.

          

     

    10.
      3 Any
      of the following on the part of Mortgagor without new guarantee agreement
      approved by Lender constitutes breaches of this agreement

     

    	i.  	
            Mortgagor
              does not purchase property insurance for the mortgaged property or
              Mortgagor use the proceeds obtained in violation of the mortgage
              agreement. 

          

     

    	ii.  	
            The
              mortgaged property is damaged due to the behavior of the third person,
              and
              the mortgagor dispose the payment of damages in violation of the mortgage
              agreement.

          

     

    	iii.  	
            Mortgagor
              disposes the mortgaged property without Lender’s written
              consent

          

     

    10.4
      Breaches on the part of Borrower based on certain conducts on the part of
      Borrower regarding certain lien.

     

    10.5
      Remedies for Lender 

     

    	i.  	
            In
              the event of breaches of this agreement by Borrower, Lender can declare
              the entire outstanding principal balance of the loan, together with
              all
              accrued but unpaid interest immediate due and payable, or stop
              disbursement of the loan.

          

     

    	ii.  	
            Lender
              can foreclose the mortgaged properties subject to the
              mortgage.

          

     

    	iii.  	
            Lender
              can increase interest rate at the event of Borrower’s default as set forth
              in this agreement. 

          

     

    11.  Reserved

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    12.  Choice
      of
      forum

     

    12.1
      Dispute arising from this agreement shall be adjudicated by the court in the
      jurisdiction where Lender domiciles. 

     

    13.  Effectiveness,
      Modification and Termination of the Agreement

     

    14.  There
      are
      5 copies of this agreement. 

     

    15.  Representation
      and warranties of the Lender

     

    Jinzhou
      Halla Electrical Equipment Co.Ltd. 

    /s/
      Yuncong Ma

    Seal

     

    China
      Construction Bank (Jingzhou Linghe Branch)

    /s/
      Shuzhi Zhang

    Seal

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