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| THIS AGREEMENT
(the
"Agreement") effective as of the 10th day of July,
2007, |
| |
ASIA INTERACTIVE MEDIA
INC. (PREVIOUSLY BLACK GARDENIA CORP.)
12th Floor
- 777 West Broadway
Vancouver,
British Columbia V5Z 4J7 |
| |
LIVE-INTERACTIVE
TECHNOLOGY LTD.
Room 211,
2/F., International Commerce Building
Southern
District, DongGuan
GuangDong,
China 523110 |
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: |
| 1.
|
The Lender agrees to lend to
the Borrower and the Borrower agrees to borrow from the Lender the
sum of One Hundred Forty Thousand renminbi (¥140,000.00) of
lawful money of the People’s Republic of China (the
"Principal Sum").
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| 2.
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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.
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Three months from the date of
the loan which is October 10 th , 2007.
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| 3.
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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.
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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.
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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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| 6.
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On the happening of any of the
following events of default the Lender may, at its option, require
the unpaid balance of the Principal Sum together with all interest
accrued (if any) to become
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