Letter of Confirmation of Related Party Loans between Universal Solar Technology, Inc. and Ling Chen
Universal Solar Technology, Inc. (including its subsidiaries) and its director, Ling Chen, confirm that all loans made by Ling Chen to the company are due on December 31, 2016, with an annual interest rate of 3.50%. The company may pay accrued interest when its cash flow allows. This agreement formalizes the terms of 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: Ling Chen
Whereas:
1. Party A is a public company trading on OTC BB;
2. Party B is Director of Party A;
Party A and Party B agree that all loans provided by Party B to Party A shall be due on December 31, 2016. All loans provided by Party B 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: Ling Chen
/s/ Ling Chen
