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New words:
attain, entirety, justify, markdown, nil, nonrecurring, quantitative, question, repay, spent, unexpectedly
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ASU, Codification
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Letter of Confirmation of Related Party Loans
Party A: Universal Solar Technology, Inc. (including its wholly-owned subsidiaries, Kuong U Science & Technology (Group) Ltd. and Nanyang Universal Solar Technology Co., Ltd. (“NUST”))
Party B: Ling Chen
Whereas:
1. Party A is a public company trading on OTC BB;
2. Party B is Director of Party A;
Party A and Party B agree that all loans provided by Party B to Party A shall be due on December 31, 2016. All loans provided by Party B to Party A will bear interest at the interest rate of 3.50% per annum. Party A can make payment of accrued interest when its cash flow circumstance allows.
Party A: Universal Solar Technology, Inc.
/s/ Wensheng Chen
Party B: Ling Chen
/s/ Ling Chen