Letter of Confirmation of Related Party Loans among Universal Solar Technology, Inc., Wensheng Chen, Zhuhai Yuemao Laser Facility Engineering Co., Ltd., and Yuemao Science & Technology Group
Universal Solar Technology, Inc. and its subsidiaries confirm that they have received loans from Wensheng Chen, Zhuhai Yuemao Laser Facility Engineering Co., Ltd., and Yuemao Science & Technology Group, all of which are related parties. The loans bear interest at 3.5% per year and are due for repayment by December 31, 2016. Universal Solar Technology, Inc. may pay accrued interest when its cash flow allows. The agreement formalizes the terms and repayment schedule for these related party loans.
Letter of Confirmation of Related Party Loans
Party A: Universal Solar Technology, Inc. (including its wholly-owned subsidiaries, Kuong U Science & Technology (Group) Ltd. and Nanyang Universal Solar Technology Co., Ltd. (“NUST”))
Party B: Wensheng Chen
Party C: Zhuhai Yuemao Laser Facility Engineering Co., Ltd.
Party D: Yuemao Science & Technology Group
Whereas:
1. Party A is a public company trading on OTC BB;
2. Party B is the Chief Executive Officer and Chairman of Board of Directors of Party A;
3. Party B is the legal representative of Party C;
4. Party B is the legal representative of Party D;
5. Party B, Party C and Party D provide funds to Party A in the form of related party loans.
Party A, Party B, Party C and Party agree that all loans provided by Party B, Party C and Party D to Party A shall be due on December 31, 2016. All loans provided by Party B, Party C and Party D to Party A will bear interest at the interest rate of 3.50% per annum. Party A can make payment of accrued interest when its cash flow circumstance allows.
Party A: Universal Solar Technology, Inc.
/s/ Wensheng Chen
Party B: Wensheng Chen
/s/ Wensheng Chen
Party C: Zhuhai Yuemao Laser Facility Engineering Co., Ltd.
/s/ Wensheng Chen
Party D: Yuemao Science & Technology Group
/s/ Wensheng Chen
