EX-10.28
Published on August 25, 2023
Exhibit 10.28
Loan Agreement
G-FRAME Co., Ltd., (the Lender) and GSMATT America Co., Ltd (the Borrower) hereby agreed based on principle of good faith as follows:
| 1. | Purpose |
The purpose of this contract is to lend cash and to establish and mutually agree on the relevant matters such as the rental amount and the loan repayment plan.
| 2. | Lend Details |
| 1. | The Lender shall lend USD 80,000 on June 28th 2019 to the Borrower and USD 80,000 shall fully paid by the Borrower within June 27th 2020 |
| 2. | The Borrower shall pay to the Lender by applying the annual interest rate of 5% per annum. The interest shall be calculated on the day of the loan redemption. |
| 3. | The rental period may be changed by agreement between the Lender and the Borrower. |
| 3. | Trigger Clause |
The Lender may claim the principal and interest at any time before the date of reimbursement if the following clauses are met, and the Borrower shall not raise objections thereto.
| 1. | When the Borrower were seized provisionally or forced execution by other debt. |
| 2. | When the Borrower acts detrimental to the Lender |
| 4. | Others |
| 1. | The parties shall comply with all terms of this agreement in good faith. |
| 2. | During agreement period, the terms of agreement shall be only amended by the prior written consent and the written consent with stamp should be attached at the end of this agreement. |
| 3. | Any terms which is not specified in this agreement shall follow relevant law and commercial customs. |
| 5. | Dispute Resolution |
| 1. | In the event of any dispute arising out of this agreement between the Lender and the Borrower, the two Parties should mutually negotiate a solution in good faith. |
| 2. | If dispute is not resolved in spite of Article 1, the competent court under the Lenders address is designated and the dispute shall be resolved by a trial |
| 3. | This agreement is written in English and Korean, and Korean version has precedence over English version in case of discordance and contradiction. |
To prove a conclusion of this agreement, two copies of agreement shall be made and each party keeps one agreement each.
26th June, 2019
| The Lender | Company Name: G-FRAME Co., Ltd Registered No.: 467-81-00366 Address:1 14, Okgill 1-gill, Cheongbuk-myeon, Pyeongtaek City, Kyunggido, South Korea CEO: /s/ Ju Young Bae |
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| The Borrower Company Name: GSMATT America Co., Ltd | ||
| Registered No: C3898561 Address: 261 S, Figueroa St, Suite 130, LA, CA 90012 CEO: /s/ Kee Cheol Chang |
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