LOAN AGREEMENT 8th October 2018
8th October 0000
Xxxxxxxxx Xxxxxx Sdn Bhd, (the “Lender”) of Xxxx X, 0xx Xxxxx, 000-X, Xxxxx Xxxx, 00000 Xxxxxxxxxx, X. Xxxxxx, Xxxxxxxx agrees to advance MYR$100,000.00 (the “Principal Sum”) to VGrab Communications Malaysia Sdn Bhd (the “Borrower”) of Business Suites, Xxxx 000, Xxxxx 0, Uptown 1,1 Xxxxx XX00/00, Xxxxxxxxx Xxxxxx, 00000 Xxxxxxxx Xxxx, Xxxxxxxx Darul Ehsan, Malaysia. The funds will be advanced on October 11, 2018 (the “Effective date”).
The Borrower agrees to repay the Principal Sum on demand, together with interest calculated and compounded monthly at the rate of 4% per year (the “Interest”) from October 11, 2018. The Borrower is liable for repayment for the Principal Sum and accrued Interest and any costs that the Lender incurs in trying to collect the Principal Sum and the Interest.
The Borrower will evidence the debt and its repayment of the Principal Sum and the Interest with a promissory note in the attached form.
| LENDER | BORROWER |
| Hampshire Avenue Sdn Bhd | VGrab Communications Malaysia Sdn Bhd |
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| Per: | Per: |
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| /s/ Ahmad Mazlanbin Ahmad | /s/ Lim Hun Beng |
| Name: Ahmad Mazlanbin Ahmad | Name: Lim Hun Beng |
| Position: CFO | Position: Executive Director / CEO |
PROMISSORY NOTE
| Principal Amount: MYR$100,000.00 | October 11, 2018 |
FOR VALUE RECEIVED VGrab Communications Malaysia Sdn Bhd, (the “Borrower”) promises to pay on demand to the order of Hampshire Avenue Sdn Bhd (the “Lender”) the sum of $100,000.00 lawful money of Malaysia (the “Principal Sum”) together with interest on the Principal Sum from October 11, 2018 (“Effective Date”) both before and after maturity, default and judgment at the Interest Rate as defined below.
For the purposes of this promissory note, Interest Rate means 4 per cent per year. Interest at the Interest Rate must be calculated and compounded monthly not in advance from and including the Effective Date (for an effective rate of 4.0% per annum calculated monthly), and is payable together with the Principal Sum when the Principal Sum is repaid.
The Borrower may repay the Principal Sum and the Interest in whole or in part at any time.
The Borrower waives presentment, protest, notice of protest and notice of dishonour of this promissory note.
BORROWER
VGrab Communications Malaysia Sdn Bhd
Per:
/s/ Lim Hun Beng
Name: Lim Hun Beng
Position: Executive Director / CEO
