Oral Loan Agreement between Beitun Trade Ltd. and Ms. Wei Guo
Beitun Trade Ltd. and Ms. Wei Guo, who owns 49% of the company, have agreed that Ms. Wei Guo will provide loans to the company for its operating needs. The loans are interest-free and do not require any collateral. Beitun Trade Ltd. must repay the loan whenever Ms. Wei Guo requests repayment. This agreement remains in effect as long as Beitun Trade Ltd. is operating.
EXIHIBIT 10.29
Description of Oral Loan Agreement between Beitun Trade Ltd. And Ms. Wei Guo
Party A: Beitun Trade Ltd.
Party B: Ms. Wei Guo
Party A and B are related parties, with Party B has 49% interest of Party A. Party A and B negotiated and agreed that Party B shall provide Party A operating or working capital during Party A’s production operations. Party A shall pay no interests as a result of this loan arrangement to Party B. Party A shall provide no assets as a security for the loan received from Party B under this agreement. Party A shall pay the amount of the loan upon Ms. Wei Guo’s request.
This Agreement is valid during the operational period of Party A.
