Loan Agreement Between China INSOnline Corp. and Liu Lu Dated December 20, 2010
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Summary
China INSOnline Corp. is borrowing $25,322 from Liu Lu to cover specific business expenses. The loan carries a 3% annual interest rate, calculated on a 360-day year, and must be repaid by June 30, 2011. If China INSOnline Corp. cannot repay in cash by the deadline, Liu Lu may request repayment in company stock of equal value. Late repayments incur a daily penalty. Both parties have signed and hold a copy of the agreement.
EX-10.7 8 ex10_7f8k09162010.htm LOAN AGREEMENT DATED DECEMBER 20, 2010 BETWEEN CHINA INSONLINE AND LIU LU ex10_7f8k09162010.htm
Exhibit 10.7
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 Twenty Five Thousand Three Hundred and Twenty-Two Only for settlement of NOBO list, printer and relevant expenses.
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: Before June 30, 2011. 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
December 20, 2010 December 20, 2010
