Loan Contract
Exhibit 10.47
The Loan Contract is made between and by Dalian TOFA New Materials Development Co., Ltd (as “TOFA”) and Xx. Xxxxx Chuantao.
Xx. Xxxxx applies for loan for personal reason. His application has been approved by TOFA board. Two parties hereto agree as follow:
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1.
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Xx. Xxxxx may borrow from TOFA in tranches, limited to accumulative amounts RMB 30,000,000 only (Say: THIRTY MILLION).
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2.
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Maturity term lasts (1) one year; or (2) one month as of the date TOFA requires for repayment
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3.
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TOFA agrees the loan herein is interest free.
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4.
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The contract is made in duplicate, one for each, and in full force upon two parties’ signatures and seals.
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Dalian TOFA New Materials Development Co., Ltd
Signature: Seal of the corporation in lieu of physical signature
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Xx. Xxxxx Chuantao
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Signature: /s/ Zheng Chuantao
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Date: December 1st 2008
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