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Title: |
Credit Facility Agreement |
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Date: |
2005 |
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$38 |
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ID: |
#405586 |
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(b)(i) Credit Agreement, dated November 16, 2004, between Bank of China and Sinopec Corp.
Serial No.: Zhong Yin Si Xie (2004) No. 124
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November 16, 2004
| Party A: | Bank of China Limited, Head Office | |
| Domicile: | 1 Fuxingmennei Dajie, Xicheng District, Beijing | |
| Legal Representative: | Xiao Gang | |
Party B: |
China Petroleum & Chemical Corporation | |
| Domicile: | A6 Huixindongjie, Chaoyang District, Beijing | |
| Legal Representative: | Chen Tonghai |
Whereas:
Party B possesses good financial status and credit records; and
Party A enjoys good reputation and provides comprehensive and good-quality financial services;
In order to further develop the long-term, friendly, reciprocal and mutually beneficial cooperative relationship between the Parties, and based on sufficient consultation and the principles of voluntariness, equality, mutual benefits, and faithfulness, Party A and Party B hereby reach the following agreement.
Article 1 Extension of Credit facility
Party A agrees to extend to Party B and its subordinate branches and/or subsidiaries a short-term credit facility in both local and foreign currencies in an aggregate of RMB17 billion, which shall include the part of the credit facility of RMB16 billion extended by Party A to Party B in 2003 (as per Document Zhong Yin Si Xie [2003] No. 119) that has been already used. The specific details of the credit facility of RMB 17 billion hereunder shall be as set forth in the Appendix hereto.
Article 2 Use of Credit facility
Within one year (inclusive of one year) from the date upon which this Agreement takes effect, Party B and its subordinate branches and/or subsidiaries may handle with Party A the relevant transactions with a term no more than one year (inclusive of one year) to the extent not exceeding the credit facility stipulated in Article 1 of this Agreement, including but not limited to short-term loans, bank acceptance, letter of credit, export bill of exchange, and letter of guarantee in connection with import and/or export business. The credit facility to be used for credit extension in foreign currencies shall be converted into the credit facility in RMB at the (middle) exchange rate published by the State Administration of Foreign Exchange on the date of execution of the relevant agreement.
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