Amendment to Loan Agreement between Tianshi International Investment Group Co., Ltd. and Tianjin Tiens Life Resources Co., Ltd.
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Summary
Tianshi International Investment Group Co., Ltd. (the Lender) and Tianjin Tiens Life Resources Co., Ltd. (the Borrower) have amended their original loan agreement to extend the repayment deadline from June 30, 2008, to December 31, 2008. The loan amount remains $6,500,000, is short-term, and carries no interest. The Borrower must repay the principal by the new due date but may repay earlier with the Lender's approval. All other terms of the original agreement remain unchanged.
EX-10.2 3 v122860_ex10-2.htm Unassociated Document
Exhibit 10.2
Loan Agreement Amendment
Party A (hereinafter referred to as the “Lender”): Tianshi International Investment Group Co., Ltd.
Party B (hereinafter referred to as the “Borrower”): Tianjin Tiens Life Resources Co., Ltd.
The Lender and the Borrower have previously entered into a Loan Agreement dated January 21, 2008 and wish to extend the due date of the loan from June 30, 2008 to December 31, 2008.
The Lender agrees to give a loan to the Borrower on the following terms:
| 1. | The amount of the loan: Six Million Five Hundred Thousand Dollars ($6,500,000); |
| 2. | The term of the loan agreement: from January 21, 2008 to December 31, 2008; |
| 3. | The type of the loan: short-term loan; |
| 4. | The loan shall be without interest; |
| 5. | The Borrower guarantees to repay the principal of the loan by December 31, 2008, and the terms of the loan agreement shall not be breached. |
| 6. | With approval from the Lender the Borrower can pay off the loan before December 31, 2008. |
| The Lender: | The Borrower: | |||
| Tianshi International Investment Group Co., Ltd. | Tianjin Tiens Life Resources Co., Ltd.Co., Ltd | |||
| By | Jinyujan Li | By | /s/ Yiqun Wu |
| Title: President | Title: Legal Representative | |||
| June 30, 2008 | June 30, 2008 | |||
