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

Contract Categories: Business Finance › Loan Agreements
Summary

Shanghai Vomart Auto Parts Co., Ltd. (the borrower) and YBM Group China Co., Ltd. (the lender) have entered into an agreement where the lender will provide up to RMB 50 million in interest-free loans to the borrower for working capital needs. The loan term is three years, and each loan disbursement requires an application and approval process. The contract is effective upon signing and ends when the loan is fully repaid.

Read More Arrow
EX-10.5 14 v210969_ex10-5.htm
Working Capital 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, and hereby A applies for loan from Party B. Party B agrees to provide Party A with loans with a total amount no more than RMB 50 million as Party A’s working capital turnover.
 
Article II. Term of loan
 
The term of loan in this contract is three years.
 
Article III  Loan method
 
Party A shall file an application for each loan. Upon Party B’s examination and approval, Party B shall transfer the loan amount to Party A’s designated account.
 
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 10, 2008
 
Lender (seal): YBM Group China Co., Ltd.
 
Date: May 10, 2008