Loan Agreement between Shanghai Vomart Auto Parts Co., Ltd. and YBM Group China Co., Ltd.

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Summary

Shanghai Vomart Auto Parts Co., Ltd. (the borrower) and YBM Group China Co., Ltd. (the lender) have entered into a loan agreement. The lender will provide the borrower with an interest-free loan facility of up to RMB 50 million, to be used as working capital. The borrower can draw funds as needed within a three-year term, and any amounts repaid can be re-borrowed up to the maximum limit. The lender must fund drawdowns within three business days of written notice. The agreement can only be changed or ended with both parties' written consent.

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EX-10.1 2 v222639_ex10-1.htm Unassociated Document
 
Loan Agreement
 
Borrower : Shanghai Vomart Auto Parts Co.,  Ltd. (hereinafter referred to as Party A)
 
Lender : YBM Group China Co.,  Ltd.  ( hereinafter referred to as Party B)
 
In order to clarify responsibility and to maintain good credit, Party A and Party B, through mutual consultations, hereby have entered the following contract (“Contract”):
 
Article I  Loan amount and usage
 
Party A, currently in its marketing development and expansion period, lacks sufficient funds. Party B agrees to provide Party A with loans up to a maximum principal amount outstanding at any one time of RMB 50 million to be used as Party A’s working capital.
 
Article II. Term of loan
 
The term of loan in this contract is three years.
 
Article III  Loan method
 
This is a committed loan facility from Party B to Party A. Party A my at any time and from time to time upon written notice to Party B borrow up to a maximum principal amount outstanding at any one time of RMB 50 million. Amounts borrowed and repaid shall increase the availability under this Contract up to the maximum of RMB 50 million. Party B shall fund any and all drawdowns under this Contract within 3 business days of receiving the written notice from Party A. The terms of this Contract connot be amended or terminated without the signed written agreement of Party A and Party B.
 
Article IV  Loan  interest
 
All loans under the Contract  are interest-free.
 
This contract shall take effect after being signed or sealed by both parties. It shall expire automatically upon being paid off by Party A.
 
This contract is in duplicate. One for Party A and one for Party B.
 
Borrower (seal): Shanghai Vomart Auto Parts Co., Ltd.
 
Date: May 16, 2011
 
Lender (seal): YBM Group China Co., Ltd.
 
Date: May 16, 2011