AGREEMENT AND DEMAND NOTE
The agreement between FRF Holding Corp. and World Cyberlinks Corporation, dated
the 21st day of December, 1999
That FRF Holding Corp. is willing to lend on a continuing basis and from time to
time as requested by World Cyberlinks Corporation; and
World Cyberlinks Corporation requiring funds to conduct its business; it is now
hereby
AGREED, that, FRF Holding Corp. will lend on a continuing basis such funds as
may be required by World Cyberlinks Corporation for the operation of its
business; and
World Cyberlinks Corporation agrees to repay such loans from FRF Holding Corp.
pursuant to the terms and conditions of the demand note included herein.
DEMAND NOTE
On the date first written above, World Cyberlinks Corporation agrees to pay
FRF Holding Corp., on demand, one (1) year after the first loan payment is paid
to World Cyberlinks Corporation by FRF Holding Corp., all or part of the sum
borrowed by World Cyberlinks Corporation as shall be determined by FRF Holding
Corp. Interest on the amount outstanding shall be compounded at a rate of 12%
per annum on the outstanding balance at the time of demand. World Cyberlinks
Corporation will secure its obligation to FRF Holding Corp. by executing a UCC-1
Financing Statement utilizing its five (5) U.S. patents as collateral for its
obligation (annexed as exhibit "A").
This agreement and demand shall be continuing and shall not require the
execution of additional agreements and is intended to allow the parties to lend
and borrow pursuant to the terms and conditions described herein until either
party gives the other thirty (30) days written notice of its intent to terminate
this agreement.
/s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx, President & CEO
World Cyberlinks Corporation
/s/ Xxxxx Xxxxxxxxxx
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FRF Holding Corp.
