Supplemental Agreement to the Loan Agreement
Supplemental Agreement to the Loan Agreement
No.
This Agreement (the “Agreement”) is entered into and executed by and between the following Parties on August 31, 2012:
Party A: Ku6 Media Co., Ltd.
Party B:Xxxxxx Games Limited
Each of Party A and Party B shall be referred to as the “Party” and collectively, the “Parties”.
1. Party A and Party B entered into a Loan Agreement dated as of December 27, 2010 (“Original Agreement”), pursuant to which Party B borrowed from Party A US$ 6,600,000 (the “Original Loan”) at the interest rate of 0.6% p.a. ;
2. The maturity date for the Original Loan under the Original Agreement was July 1, 2011, which was extended to August 10, 2012 pursuant to a Renewal Agreement of Loan Contract dated as of April 10, 2012;
3. In May 2012, Party B paid off 50% of the outstanding principle amount of and interest on the Original Loan ;
4. Party B proposes to further extend the maturity date of the remaining balance of the principle amount of the Original Loan (together with all and any accrued but unpaid interest) (the “Loan”) and Party A agrees accordingly.
Under the principles of good faith, equality, mutual benefits and common development, through friendly negotiations, the Parties reach the following terms and conditions in respect to the Loan in accordance with Hong Kong law:
Section 1. Principle Amount
The total principal amount of the Loan is US$3,349,667.10.
Section 2. Maturity Date
Party B agrees to pay off the outstanding principle amount of the Loan plus all and any accrued but unpaid interest on the Loan on February 20, 2013.
Section 3. Interests
The Loan will hear an interest of 3% per annum and the interest are payable at the maturity date.
Section 4. Other Provisions
Except as modified in this Agreement, all other terms and conditions of the Original Loan as specified in the Original Agreement shall remain full force and effect and apply to the Loan under this Agreement.
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The Parties have procured their duly authorized representatives to sign this Agreement on the date first written above:
Party A: Ku6 Media Co., Ltd. |
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Authorized Representative (Signature): |
/s/ Xx Xxx |
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Party B: Xxxxxx Games Limited |
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Authorized Representative (Signature): |
/s/ Xxxxxxxxx Xxxxx |
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