CONVERTIBLE
DEMAND NOTE entered into
Panama
POMA
MANAGEMENT S.A. ,
corporation legally constituted, having its head office at suite
53 rd
URB, Obarrio, Swiss Tower, 16
th floor, Panama, Republic of Panama, herein
represented by Pablo J. Espino, President of the company, duly
authorized as he so declares;
(the
“Lender”)
ECOLOCAP
SOLUTIONS INC., corporation legally constituted under the State
of Nevada Laws, having its head office at 740 St-Maurice, suite
102, Montreal, Quebec, H3C 1L5, herein represented by Dr. Tri Vu
Truong, duly authorized as he so declares;
(the
“Borrower”)
Make the
following declarations and covenants:
1) The
Lender has agreed to advance to the Borrower during the year 2008,
a total of Four Hundred and Fifty One Thousand Dollars American
($451,000.00US) (the “Loan”).
2) The
said Loan was granted as monetary advances;
3) The
Borrower recognises that the terms and conditions of the Loan are
for the exclusive benefit of the Lender, and the latter may
renounce to it, in whole or in part, at its sole
discretion.
4)
If the Borrower defaults on any obligation whatsoever in
favour of the Lender and, if at the time of the default, the Lender
has not yet paid out the entire capital amount of the Loan, the
Lender may, at its sole discretion and without prior notice,
temporarily delay or definitively cease to pay out any other amount
whatsoever to the Borrower, subject to its other rights and
recourses.
INTERESTS, TERM AND
REIMBURSEMENT
5) The
interest rate for the Loan is 10% year, and the amount of accrued
interest as of June 30, 2009 is $39,490.28 USD, said interests
being capitalized and is part of the Loan.
6)
Interest shall be calculated monthly, from the first
disbursement, on the total capital amount advance, as well after as
before maturity, default or judgment, from the date of full
payment. Such interest rate is determined upon the basis
of a three hundred and sixty-five (365) day year, the Lender's
usual practice.
7) The
Loan shall be reimbursable on demand (the “Loan
Term”).
8) All
the payments required under the terms of the present Agreement that
have not been made on schedule shall be subject to the
afores
