Loan Agreement
EXHIBIT
10.7
August
30,
2004
Revenue
Stamp
This
Loan
Agreement is made and entered into by and between Chihiro Tsuyuki as the lessor
and ECOSS, Inc. as the lessee. The parties hereto hereby agree as
follows:
Article
1
(Loan)
The
lessee loaned JPY 180,000,000 from
the
lessor by promising that the lessee will pay back the amount. Provided, however,
that the loan date shall be August 30, 2004.
Article
2
(Repayment)
The
repayment period for the above loan in the preceding article shall be
September
30, 2004, and the lessee shall make repayment by remitting to the bank
account
designated by the lessor.
Article
3
(Interest)
Interest
shall be three (3) percent per annum on the principal, and the applicable
interest shall be paid by bank remittance to the bank account designated by
the
lessor on the payment date for the interest as per enclosure.
Article
4
(Delinquency Charges)
In
the
event the lessee has lost the benefit of term, the lessee shall pay a delinquent
payment at the rate of seven (7) percent per annum from the day of the
forfeiture of profit to complete settlement.
Article
5
(Forfeiture of Profits for the Term)
In
the
event of any one of the following, the lessee shall lose the benefit of term
without requiring notification from the lessor and shall immediately pay to
the
lessor the principal at that time.
| 1. |
When
the lessee falls one month or more into arrears with the payment
of the
principal or interest thereof;
|
| 2. |
In
the event of application for forcible execution, executive injunction,
or
auction with regard to other liabilities of the lessee or declaration
of
bankruptcy;
|
| 3. |
In
the event the lessee is subject to disposition for failure to pay
taxes
and other public charges; and
|
| 4. |
In
the event a draft or check drawn, endorsed, or guaranteed by the
lessee
has been dishonored.
|
Article
6
(Agreed Jurisdiction)
The
parties hereto have agreed that any disputes arising among them relating to
this
Agreement shall be settled in a district court in the area where the lessor
resides, which shall assume exclusive jurisdiction as the installment court
of
first instance.
IN
WITNESS WHEREOF, two (2) copies of this Agreement shall be made, and the parties
hereto shall, after signing and affixing seals to the two copies, retain one
copy each respectively.
