PROMISSORY NOTE
Exhibit 10.15
This agreement is made effective June 30, 2011.
|
BETWEEN:
|
WADA DPM (the “Lender), a corporation organized and existing under the laws of the People’s Republic of China with its head office located at:
|
|
|
ZHEJIANG WAFA ECOSYSTEM SCIENCE
|
|
|
AND TECHNOLOGY CO., LTD
|
|
|
Xx. 00 Xxxx Xx, Xxxxxx Xxxx
|
|
|
XXXXXXXXX XXXXXXXX Xxxxx
|
|
|
AND:
|
|
|
Trellis Earth Products, Inc (the “Borrower), a corporation organized and existing under the laws of the State of Oregon, United States of America, with its head office located at:
|
|
|
Trellis Earth Products, Inc.
|
|
|
0000 XX Xxxxxx Xx. Xxxxx X
|
|
|
Xxxxxxxxxxx XX 00000
|
|
|
TERMS
|
|
|
$450,000 of trade credit granted Trellis Earth is hereby converted to a Promissory Note due in full as of September 30, 2012. Interest at the rate of 18% shall be paid monthly ($6,750 USD). There is no prepayment penalty.
|
| LENDER | BORROWER | |||
|
/s/ Yuan Xxxxx Xxx
|
/s/ Xxxxxxx Xxxxxxx
|
|||
|
Authorized Signature
|
Authorized Signature
|
|||
|
|
|
|||
| Yuan Xxxxx Xxx | Xxxxxxx Xxxxxxx, CEO | |||
| Print Name and Title | Print Name and Title |
