EXHIBIT 10.10
LOAN AGREEMENT
This agreement (the "Agreement") sets forth the terms upon which Forval
Corporation ("Forval") will provide a loan to PPOL, Inc. ("PPOL").
Article 1 Loan
1. Forval will provide a loan in the amount of 250,000,000 Yen to PPOL on
October 13, 2004.
2. PPOL has requested that 80,000,000 Yen of the total loan be remitted
in US Dollars.
3. Forval offers to subtract the 80,000,000 Yen (US$71,742.45) remitted
on October 6, 2004 from the amount described in Article 1.2 of this
Agreement. PPOL has accepted this offer.
4. Forval will subtract the amount described in Article 1.2 of this
Agreement from the total loan of 250,000,000 Yen, and will remit
170,000,000 Yen.
5. Regardless of the remittance date described in Article1.3 of this
Agreement, the date described in Article1.1 shall be deemed the loan
execution date and the initial date of reckoning.
Article 2 Contract Period and Interest Rate
The interest rate will be at 2% per annum (365 days / year). PPOL will
pay, by March 31, 2005, the principal and interest to an account
designated by Forval.
Article 3 Miscellaneous
1. The fees incurred by Article1.2 and Article 1.3, such as remittance
fees, will be separately invoiced to PPOL by Forval. PPOL is
responsible for paying these fees.
2. Forval will determine the US Dollar - Yen exchange rate for this
Agreement.
3. If a question arises, both parties will resolve it by discussion under
the doctrine of good faith. This constitutes a Loan Agreement between
Forval and PPOL. Both parties will sign and seal two (2) copies of
this Agreement and each party will keep one (1) original copy. October
13, 2004
_______________________________________
Xxxxx Xxxxxx
CEO, Forval Corporation
0-00-0 Xxxxx-xxx, Xxxxxxx-xx, Xxxxx, Xxxxx
_______________________________________
Xxxxx Xxxxxx
CEO, PPOL, Inc.
Xxx Xxxx Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxx, Xxxxxxxxxx, XXX
