Short Term Loan Agreement
Bank: Shanghai Pu Dong Development Bank Dalian Branch
Borrower: Dalian Chuming Slaughter and Packaging Pork Company Ltd.
Article 1: The Amount and Term of the Loan
1.1 The total loan amount is RMB 40,000,000 (approximately: $5.57 millions). The term of the loan is one year.
The matured date is July 23, 2008.
1.2 The actual amount of the loan shall be determined by the accounting receipt of the loan.
1.3 The loan can only be used as working capital and shall not be used for any other purposes.
Article 2: The Interest Rate and Interest Calculation
2.1 The loan carries an interest rate of 7.182%.
2.2 The interest of the loan shall be calculated based on 360 days for a year. The actual interest is determined by
the actual days the loan is outstanding.
2.3 The interest under this Agreement shall be calculated every quarter. The borrower must pay the accrued
interest on the same day the interest is calculated.
Article 3: The Release of the Loan and Payment
3.1 The Bank has the right to refuse the release of the loan if the following conditions are not fulfilled:
(1) Accounting receipts and forms are properly filled out;
(2) The borrower has received the approval, permits, registration or any other legal documents required by law.
(3) If this Agreement is secured loan, the Borrower shall work with the Bank to obtain necessary legal formalities
to make sure the loan is secured.
(4) No breach events specified in Article 7 has happened.
3.2 The Release of the loan is a one time payment which will be made 3 bank days after the Borrower submitted
the Loan Release application.
3.3 The Borrower shall pay the full amount of the loan on matured day. The Borrower should authorize the Bank
to withdraw corresponding amount as loan payment from the Borrower’s account maintained at the Bank.
Article 4: Statement and Guarantee
Article 5: Agreed Matters
5.1 The Bank can check or supervise the