LOAN AGREEMENT
Exhibit 10.4
This Loan Agreement ("Agreement") is made as of December 24, 2009 and is between:
Northern Tiger Investment Inc.
(the "Lender")
And:
First Liberty Power Corp., a Nevada Corporation
(the "Borrower")
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1.
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Promise to Pay
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Within 365 from the date of the Agreement, the Borrower promises to pay the Lender the sum of $200,000 and interest and other charges stated below.
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2.
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Breakdown of Loan
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Amount of Loan: $200,000
Interest Rate: 10%
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3.
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Repayment
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The Borrower agrees to repay the principal and interest of this note in full on December 23, 2010. The total amount to be repaid shall be $220,000 which represents principal repayment of $200,000 and interest of $20,000.
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4.
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Prepayment
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Borrower has the right to prepay the whole outstanding amount at any time. Should the outstanding principal balance be prepaid, interest shall be charged calculated on a daily basis and included in the prepayment amount.
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5.
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Late Charge
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Any balance not paid within 5 days of the due date shall be subject to a late charge of 2.5% of the total outstanding balance, not to exceed $5,000 for any such late payment.
1
In witness whereof the parties hereto have executed this Agreement as of the day and year first above written.
Lendor:
Authorized Signatory
Name:
Borrower:
Authorized Signatory
Name:
2
This Loan Agreement ("Agreement") is made as of February 1, 2010 and is between:
Northern Tiger Investment Inc.
(the "Lender")
And:
First Liberty Power Corp., a Nevada Corporation
(the "Borrower")
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2.
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Promise to Pay
|
Within 365 from the date of the Agreement, the Borrower promises to pay the Lender the sum of $50,000 and interest and other charges stated below.
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2.
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Breakdown of Loan
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Amount of Loan: $50,000
Interest Rate: 10%
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3.
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Repayment
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The Borrower agrees to repay the principal and interest of this note in full on January 31, 2011. The total amount to be repaid shall be $55,000 which represents principal repayment of $50,000 and interest of $5,000.
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4.
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Prepayment
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Borrower has the right to prepay the whole outstanding amount at any time. Should the outstanding principal balance be prepaid, interest shall be charged calculated on a daily basis and included in the prepayment amount.
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6.
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Late Charge
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Any balance not paid within 5 days of the due date shall be subject to a late charge of 2.5% of the total outstanding balance, not to exceed $1,250 for any such late payment.
3
In witness whereof the parties hereto have executed this Agreement as of the day and year first above written.
Lendor:
Authorized Signatory
Name:
Borrower:
Authorized Signatory
Name:
4
