BRIDGE LOAN AGREEMENTBridge Loan Agreement |
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ASIA INTERACTIVE MEDIA INC. | BLACK GARDENIA CORP.. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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THIS AGREEMENT (the "Agreement") effective as of the 16th
day of February, 2007,
BETWEEN
BLACK GARDENIA
CORP.
12th Floor - 777 West Broadway
Vancouver, British Columbia V5Z 4J7
(the
"Lender")
AND
LIVE-INTERACTIVE
TECHNOLOGY LTD.
Room 211, 2/F., International
Commerce Building
Southern District, DongGuan
GuangDong, China 523110
(the
“Borrower”)
WHEREAS:
The Lender and the Borrower have agreed to
enter into this Bridge Loan Agreement for their mutual benefit.
THIS AGREEMENT WITNESSES that the parties have agreed that the terms and
conditions of the relationship shall be as follows:
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1. |
The Lender agrees to lend to the Borrower
and the Borrower agrees to borrow from the Lender the sum of Two Hundred
Fifty Thousand renminbi (¥250,000.00) of lawful money of the
People’s Republic of China (the "Principal Sum"). |
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2. |
The Principal Sum will be due and payable
(the “Due Date”) on the earlier of: |
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a. |
Ten days after the closing of the
acquisition of the Borrower by the Lender; or |
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b. |
Three months from the date of the loan
which is May 16, 2007. |
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3. |
The Borrower and the Lender agree that the
Borrower will pay no interest on the Principal Sum as long as the Principal
Sum is paid in full on or before the Due Date. |
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4. |
In the event that the Borrower does not pay
the Lender the full Principal Sum by the Due Date, then the Borrower will
begin to pay interest from the Due Date until the Principal Sum is paid in
full at a rate of 15% (fifteen percent) per annum. |
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5. |
The Borrower agrees to repay the Lender at
its office in the City of Vancouver, located at: 12th Floor, 777 West
Broadway, Vancouver, British Columbia V5Z 4J7, or at any other place in
Canada as the Lender may direct. |
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