Loan Agreement between Anhui Renrenjia Solar Energy Co., Ltd. and Anhui Haishuai Electronic Manufacture Co., Ltd.
Anhui Renrenjia Solar Energy Co., Ltd. is lending 13.5 million RMB to Anhui Haishuai Electronic Manufacture Co., Ltd. to support daily business operations. The loan term runs from January 1, 2012, to December 31, 2012, with repayment due by January 1, 2013. The interest rate is 1.5% per month, with an additional 0.5% monthly penalty for late payments. The loan is secured by real estate as collateral. If disputes arise, both parties will first attempt negotiation, but unresolved issues may be taken to court. The agreement is effective upon signing and stamping by both parties.
Exhibit 10.15
Loan agreement
Party A: Anhui Renrenjia Solar Energy Co., Ltd.
Party B: Anhui Haishuai Electronic Manufacture Co., Ltd
Both parties agreed upon the following terms.
| 1. | Purpose of the loan |
The money borrowed from Party A will be used to maintain company’s normal daily operation.
| 2. | Loan amount and repay schedule |
Party B borrows 13.5 million RMB from Party A, must be paid back before Jan 1st, 2013.
| 3. | Term of the loan |
The term of the loan is from Jan 1st, 2012 to Dec 31, 2012.
| 4. | Party B shall pay back the loan and interests according this agreement. After Party B pay back the loan in full, party A shall return this agreement to party B. |
| 5. | Interests |
The interest rate for this loan is 1.5% per month, if party B does not pay back the loan on time, the unpaid amount will be charged addition 0.5% interest per month.
| 6. | Rights and obligations |
Party A has the right to supervise the use of this loan, and value the pay back ability of Party B, party B shall provide all necessary documents if needed. If Party B uses the loan not according to this agreement, party A has the right to collect the remaining loan interest penalty.
| 7. | Promise terms |
| 1) | Party B voluntarily use real estate as mortgage for this loan, if party B can’t pay back the loan on time, party A has the right to dispose the mortgage. |
| 2) | Party B has to use the loan according to this agreement. |
| 3) | Party B shall pay back the loan and interest according to this agreement. |
| 8. | Enforcement terms and payback time |
| 1) | Both parties confirm that after signing this agreement, this agreement will be entitled for enforcement power. |
| 2) | The deadline for this loan is Jan 1st, 2013. Party B accepts the enforcement execution by the people court if the loan is past due. |
| 9. | Settlement solutions |
Both parties shall seek negotiator to solve the conflicts occurred during the term of this agreement. If the conflicts cannot be settled by the negotiator, either party can institute a law suit to the people’s court.
| 10. | The agreement will be in effect upon signature and stamp by both parties, each party holds one copy of this agreement. |
| 11. | Other unsettled issues not mentioned in this agreement shall be executed according to the contract law of the People’s Republic of China. |
| Party A: Anhui Renrenjia Solar Energy Co., Ltd. | |
| /s/ Anhui Renrenjia Solar Energy Co., Ltd. | |
| (corporate chop) | |
| Date: Jan 1st, 2012 | |
| Party B: Anhui Haishuai Electronic Manufacture Co., Ltd. | |
| /s/ Anhui Haishuai Electronic Manufacture Co., Ltd. | |
| (corporate chop) | |
| Date: Jan 1st, 2012 | |
