LOAN AGREEMENT
Exhibit 10.3
Party A | : | Ever Trend Investment Limited(德祥投资有限公司) |
: | Xxx Xx (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 Xxx Xx (刘璐)
(德祥投资有限公司)
/s/Xxxx Xxxxxx /s/ Xxx Xx
October 10, 2010 October 10, 2010