Item 1.01 Entry into a Material Definitive Agreement.
On December 9 and December 16, 2019, Ando Holdings Limited (the "Company")
entered into two loan agreements with Ando Credit Limited (the "Borrower")
amounted $738,000 and $250,000 (the "Loan Amount") respectively, with interest
rate 12% per annum. The Company would receive monthly interest income from the
Borrower, payable on 5th calendar day of each month. The Loan Amount will be
exclusively used for mortgage business of the Borrower. The Borrower is not
allowed to apply the Loan for any other uses, failing which, it will be regarded
as an Event of Default. The Loan Amount will not be due unless there is any
event of default occurrence. The Company will be in default if the Promissory
Note holders ask for repayment and Ando Credit Limited does not pay back the
Loan Amount to the Company. The Loan Amount will be renewed on a monthly basis
unless the Company requests the repayment of Loan Amount by submitting a formal
notice to the Borrower.
The Borrower is a limited liability company incorporated in Hong Kong, which
engages in money lending business with a money lender licence issued by Hong
Kong regulatory body.
Unless specifically defined herein, the capitalized terms shall have the
meanings as defined in the respective documents attached herein. The forgoing
terms are qualified in their entirety by the loan agreements attached herein as
Exhibits 10.1 and 10.2, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibits
10.1 Loan Agreement between Ando Holdings Limited and Ando Credit Limited
dated December 9, 2019(1)
10.2 Loan Agreement between Ando Holdings Limited and Ando Credit Limited
dated December 16, 2019(1)
(1) Filed as an exhibit to the original report, submitted to the SEC on
December 23, 2019.
--------------------------------------------------------------------------------
2
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses