Dehaier Medical Systems Ltd - FORM S-1/A - EX-10.24 - EXHIBIT 10.24 - February 16, 2010

Attached files

file filename
S-1/A - AMENDMENT #4 - Dehaier Medical Systems Ltdds1a.htm
EX-10.23 - EXHIBIT 10.23 - Dehaier Medical Systems Ltddex1023.htm
EX-8.2 - EXHIBIT 8.2 - Dehaier Medical Systems Ltddex82.htm
EX-23.1 - EXHIBIT 23.1 - Dehaier Medical Systems Ltddex231.htm
EX-10.22 - EXHIBIT 10.22 - Dehaier Medical Systems Ltddex1022.htm
EX-8.3 - EXHIBIT 8.3 - Dehaier Medical Systems Ltddex83.htm
EX-8.1 - EXHIBIT 8.1 - Dehaier Medical Systems Ltddex81.htm
EX-10.21 - EXHIBIT 10.21 - Dehaier Medical Systems Ltddex1021.htm
EX-5.1 - EXHIBIT 5.1 - Dehaier Medical Systems Ltddex51.htm
EX-5.2 - EXHIBIT 5.2 - Dehaier Medical Systems Ltddex52.htm

Exhibit 10.24

Description of Terms of Oral Loan Contract

Beijing Dehaier Technology Company Limited (“BTL”) has pledged its property at 45 Yong An Road, Science Park, Changping District, Beijing, 102200, as collateral for Beijing Dehaier Medical Technology Company Limited’s (“BDL”) loan contract with the Industrial and Commercial Bank of China Limited (Hai Dian Branch). In exchange, BDL has orally agreed to advance money to BTL to finance BTL’s operations, subject to the following terms:

 

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BDL will advance money to BTL to finance its operations on an as needed basis;

 

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The advances from BDL to BTL are non-interest bearing;

 

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There is no formal repayment schedule; and

 

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BTL will repay the advances when it has the available funds and chooses to take action to repay the advances.

Dehaier Medical Systems Ltd Reports