Letter of Confirmation of Interest for Related Party Loans between Universal Solar Technology, Inc. and Ling Chen

Contract Categories: Business Finance › Financing Agreements
Summary

Universal Solar Technology, Inc. and its director, Ling Chen, agree that all loans provided by Ling Chen to the company will accrue interest at an annual rate of 3.50%, effective from January 1, 2011. The company may pay the accrued interest when its cash flow permits. This agreement formalizes the interest terms for these related party loans.

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EX-10.8 3 v220942_ex10-8.htm
Exhibit 10.8
Letter of Confirmation of Interest of Related Party Loans

Party A: Universal Solar Technology, Inc.
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 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: Ling Chen
/s/ Ling Chen