Loan Agreement between China INSOnline Corp. and Liu Lu dated November 4, 2010
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Summary
China INSOnline Corp. is borrowing $98,623 from Liu Lu to cover legal, audit, and billing expenses. The loan carries a 3% annual interest rate, calculated on a 360-day year, and must be repaid by December 31, 2010. If the company cannot repay in cash, Liu Lu may request repayment in company stock of equal value. Late repayments incur a daily penalty of 0.1%. Both parties have signed and hold a copy of the agreement.
EX-10.5 6 ex10_5-f8k09162010.htm LOAN AGREEMENT DATED NOVEMBER 4, 2010 ex10_5-f8k10102010.htm
Exhibit 10.5
LOAN AGREEMENT
Party A : China INSOnline Corp.
PartyB : 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 Ninety-Eight Thousand Six Hundred and Twenty-Three for settlement of legal fee of USD Forty Thousand, annual audit fee of USD Fifty Thousand, and Broadridge billing of USD Eight Thousand Six Hundred and Twenty-Three.
2. Loan interest: 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 Party A. 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: | |
| China INSOnline Corp. | Liu Lu （刘璐） |
| | ||
| /s/Wang Zhenyu | /s/ Liu Lu | |
| November 4, 2010 | November 4, 2010 |
