Loan Agreement between Top Favour Limited and Capital Paradise Limited dated January 26, 2015
Top Favour Limited has borrowed $2,408,000 from Capital Paradise Limited for a one-year term starting January 28, 2015, at a 7% interest rate. The loan can be repaid in either RMB or US Dollars. If Capital Paradise Limited needs to withdraw funds urgently, it must give Top Favour Limited seven days' notice. Any disputes will be resolved through arbitration. Changes or termination of the agreement require written notice and mutual written consent.
Exhibit 10.3
Summary Translation of Loan Agreement
Debtor: Top Favour Limited
Creditor: Capital Paradise Limited
Entry date: 1/26/2015
Loan period: 1/28/2015-1/27/2016
Loan amount: $2,408,000
Interest rate: 7% (higher than the bank loan year interest rate standard of People’s Bank of China in the same period)
Repay method: Debtor can repay the principal in RMB or US Dollar. In case Creditor needs to withdraw capital under urgent circumstances, Creditor should notify Debtor 7 days in advance.
Both parties agree on turning to arbitration in case of any disputes raised under the Agreement.
If any of the parties requests a modification or termination of the agreement, that party should give the other party written notification and the two parties shall reach written agreement.
The modification of the agreement reached by both of the parties will have same legal effect as the original agreement.
