Letter of Confirmation of Interest for Related Party Loans between Universal Solar Technology, Inc. and Affiliates
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Summary
Universal Solar Technology, Inc. (Party A) confirms that loans provided to it by Wensheng Chen (Party B), Zhuhai Yuemao Laser Facility Engineering Co., Ltd. (Party C), and Yuemao Science & Technology Group (Party D) will accrue interest at an annual rate of 3.50% starting January 1, 2011. Party A will pay the accrued interest when its cash flow allows. The agreement formalizes the interest terms for these related party loans.
EX-10.7 2 v220942_ex10-7.htm
Exhibit 10.7
Letter of Confirmation of Interest of Related Party Loans
Party A: Universal Solar Technology, Inc.
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 will bear interest at the interest rate of 3.50% per annum since January 1, 2011. 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 |
