CONVERTIBLE
DEMAND NOTE entered into
Liechtenstein
CARNAVON TRUST
REG, a trust legally constituted, having its head office at
Aeulestrasse 5, FL-9490 Vaduz, Liechtenstein herein
represented by Werner Keicher, Director of the trust, 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 Two Hundred and Fifty Thousand Dollars American
($250,000.00US) (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 th ,
2009 is 37,500.00USD, 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 aforesaid
interest rate from the expiry date of all such payments and shall
be payable on demand.
