Oral Loan Agreement Between Gushen, Inc. and Cheung Yat Kit for Up to $40,000
Gushen, Inc. has a verbal agreement with its officer, director, and principal shareholder, Cheung Yat Kit, to provide up to $40,000 in capital. The loan carries no interest and is repayable upon demand. As of now, $16,000 has been borrowed under this arrangement. This agreement outlines the key terms of the loan, including the parties involved, the maximum amount, and the repayment conditions.
VERBAL AGREEMENT WITH OFFICERS, DIRECTORS AND PRINCIPAL SHAREHOLDERS
The document is to disclose the material terms of the verbal agreement between the Company and its officers, directors and principal shareholders who have verbally agreed to provide capital up to $40,000.
Borrower: Gushen, Inc
Lenders: Cheung Yat Kit
Loan Amount: up to $40,000
Interest Rate: 0%
Repayment Terms: Payable upon demand
Amounts Borrowed: $16,000 from Cheung Yat Kit
