Loan Agreement between Ever Trend Investment Limited and Liu Lu dated October 10, 2010
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Summary
Ever Trend Investment Limited is borrowing $40,000 (or RMB 272,000) from Liu Lu to pay the audit fee for its holding company, China INSOnline Corp. The loan carries a 3% annual interest rate and must be repaid by December 31, 2010. If Ever Trend cannot repay in cash, Liu Lu may request repayment in CHIO stock of equal value. Late repayments incur a daily penalty. Both parties have signed and hold a copy of the agreement.
EX-10.3 4 ex10_3-f8k09162010.htm LOAN AGREEMENT DATED OCTOBER 10, 2010 ex10_3-f8k09162010.htm
Exhibit 10.3
LOAN AGREEMENT
| Party A | : | Ever Trend Investment Limited（德祥投资有限公司） |
| : | Liu Lu （刘璐）(Identity Card no.：130203197805150323) |
Whereas Party A demand for operating cashflow and borrow a loan from Party B, both Party A and Party B agree the terms as below:
1. Loan amount: USD Forty Thousand (RMB272,000) for settlement of audit fee of China INSOnline Corp.(“CHIO”), holding company of Party A.
2. Loan interest: Annual rate at 3%, from the date of borrowing to repayment, both days inclusive. For interest calculation, there is 360 days per year. Loan interest is payable on the repayment of loan.
3. Repayment: On or before December 31, 2010. If Party A could not repay in cash, Party B has right to request the same value of stock issued by CHIO. Any delay repayment is subject to late charges of 0.1% per day.
4. This Agreement in duplicate and each party has one.
Party A: Party B:
Ever Trend Investment Limited Liu Lu （刘璐）
（德祥投资有限公司）
/s/Wang Zhenyu /s/ Liu Lu
October 10, 2010 October 10, 2010
