LINE OF CREDIT FUNDING AGREEMENT
Exhibit
99.1
FOR VALUE
RECEIVED, Oasis Online Technologies Corp a Minnesota Corporation
("Oasis"), hereby promises to make available to
TranSend International, Inc. a Nevada Corporation
("TranSend") the sum of up to ONE HUNDRED THOUSAND DOLLARS
($100,000.00) to be advanced by Oasis for such purposes as Oasis and
TranSend may determine. The commitment by Oasis to provide funds
under the terms of this agreement shall not be changed or modified by reason of
any change in the capital structure of TranSend whether by forward or reverse
stock split or by reason of dilution due to
an acquisition or shares issued by and for
compensation.
USE OF
FUNDS: TranSend will request funds from
Oasis 10 days in advance of actually needing the funds to pay for
ongoing operational expenses of TranSend and which are
approved by the officers of both Oasis and TranSend.
TERMS OF
LINE OF CREDIT: This line of credit shall expire on December 31, 2008
and all advances made and interest accrued will be payable. Interest at the
annual rate of ten percent (10%) shall accrue monthly on the average daily
balance outstanding.
Oasis
agrees to advance funds under this agreement to TranSend for working capital to
pay the expenses of TranSend that have been approved by the Officers of both
Oasis and TranSend.
WARRANTIES: The
parties warrant one to the other that the
execution, delivery and performance of
this Agreement, when executed and delivered by the
Parties, will be a
legal, valid, and binding obligation of
the Parties enforceable against it in accordance with its
terms. Each Party represents and warrants that neither the execution nor the
performance of this Agreement nor the consummation of the
transactions contemplated will violate (i) any applicable law or
statute
actually known to such Party; (ii) any provision of the Articles of
Incorporation or Bylaws of
each warranting Party
or equivalent; (iii) any
judgment, order, injunction, decree or award of any court, arbitrator,
administrative agency, or governmental body
against, or binding upon, each warranting Party Parties or
upon its properties, assets, or business; or (iii)
any International, Country, Federal, State
or Local law. Each party further warrants and
represents that the signatures below are fully
and appropriately authorized pursuant to the
internal organizational rules and regulations of the Party
signing, and the signatory has been fully authorized to
affix his or her signature to this Agreement.
GOVERNING LAW,
ETC: This Agreement will be governed by the laws of the State of
Arizona, USA, without reference to its choice of law
rules. All terms and conditions of
this Agreement will be
deemed enforceable to the fullest
extent permissible under applicable law.
If a provision of this Agreement is held invalid under any applicable law, such
invalidity will not affect any other provision of this Agreement and such
invalid provision will be deemed modified to the
extent necessary to make it valid and enforceable or, if
such provision cannot be so modified, it will be deemed deleted from this
Agreement.
COOPERATION: The parties will reasonably cooperate with one another in
connection with each other's performance. The
parties acknowledge that such
performance depends in part on
such cooperation and that the failure to
cooperate may hinder or impede the other's performance hereunder.
TERMINATION: This Agreement shall terminate at the earlier of; (1)
upon mutual agreement between the parties or (2) on
December, 31, 2008.
EXECUTED
this 23rd day of April, 2008
| Oasis Online Technologies Corp | TranSend International, Inc. | |
| ______________________________ | _______________________________ | |
| By: Xxxx X. Xxxxxx | By: Xxx Xxxxxx | |
| Its: Chief Executive Officer | Its: Chairman of the Board | |
