Loan Agreement between Wang Jiayin and Suining Yinfa DAR Industrial Co., Ltd. dated December 27, 2010
This agreement is between Wang Jiayin and Suining Yinfa DAR Industrial Co., Ltd. Wang Jiayin is lending RMB 3,000,000 to Suining Yinfa DAR Industrial Co., Ltd. for corporate development and the purchase of DAR. The loan is interest-free for one year, provided it is repaid on time. If the company fails to repay within the agreed term, interest will be charged at the rate set by the People’s Bank of China. The funds must only be used for the specified purposes. Disputes will be resolved through negotiation or, if necessary, by the People’s Court of Chuanshan District, Suining.
Exhibit 10.3
Loan Agreement
Party A: Wang Jiayin
Party B: Suining Yinfa DAR Industrial Co., Ltd
Date: December 27, 2010
Whereas Suining Yinfa DAR Industrial Co., Ltd (Party B) is in need for funds for corporate development and DAR purchase; now Party A intends to offer RMB 3,000,000 as loan to Party B for its development and DAR purchase.
For the loan purpose of corporate development, Party A agrees that no interest will be charged from such loan and the term of loan shall be one year, from to .
Party B shall use the fund from the loan only for the purpose as set forth in this Agreement, without using for other purposes or other illegal activities.
Party B shall repay such loan of RMB 3,000,000 to Party A within the term set forth herein. In the case of failure of timely repayment, an interest shall be charged at the interest rate of the People’s Bank of China for the same period.
Any dispute from this Agreement shall be settled through negotiation by both Parties. In case no settlement is reached, such dispute shall be submitted to the People’ Court of Chuanshan District, Suining.
This Agreement shall be kept in duplicate; each Party holds one. Such duplicates are equally authentic.
Party A: Wang Jiayin
Date: December 27th, 2010
Party B: Suining Yinfa DAR Industrial Co., Ltd
Authorized Representative: Wei Dai
Date: December 27th, 2010
