EXHIBIT 10.8
LOAN AGREEMENT
This agreement (the "Agreement") sets forth the conditions upon which Forval
Corporation ("Forval") will provide a loan to PPOL, Inc. ("PPOL") to be used for
PPOL's operating funds.
1. Forval will provide a loan to PPOL in the amount of 90,000,000 Yen on
June 2, 2004.
1) PPOL has requested that a portion of the remittance be made in
US Dollars. This request has been accepted by Forval.
2) Forval will remit a portion of the 90,000,000 Yen in US
Dollars minus a remittance fee, and remit the remaining amount
of the loan in Yen. This offer is accepted by PPOL.
3) Regardless of the remittance date, the foregoing date (June 2,
2004) will serve as the loan execution date, as well as the
date of reckoning.
2 Repayment of the Loan
1) If by the due date of December 30, 2004, PPOL successfully
raises funds through the allocation of new shares to a third
party, PPOL will make a lump-sum full payment of the remaining
loan to Forval by said date.
2) If PPOL is unable to raise fund by the allocation of new
shares to a third party, PPOL may pay off the outstanding loan
by issuing new shares of equivalent value to Forval.
3) The issuing share price will be the market value, based on the
share's OTCBB closing price from the preceding day.
3 The interest rate will be at 2% per annum. PPOL will pay the interest
by the end of September for the period beginning on the loan execution
date through the end of September. PPOL will pay by the date of full
payment the interest for the period beginning October 1, 2004 through
the date of full payment to an account designated by Forval.
4 PPOL forfeits its payment period advantages and must make payments
immediately, without any notice from Forval, if any of the following
apply:
1) Actions such as a provisional attachment, a provisional
injunction or a seizure or public auction are taken against
PPOL, or PPOL declares corporate rehabilitation, corporate
reorganization, bankruptcy or settlement.
2) PPOL's payments are suspended or if it issues drafts or checks
with insufficient funds. 3) PPOL experiences any remarkable
deterioration of credit or a breach of trust.
This constitutes a loan agreement between Forval and PPOL. Both parties will
sign and seal two (2) copies of this agreement and each party will keep one (1)
original copy.
June 2, 2004
_______________________________________
Xxxxx Xxxxxx
CEO, Forval Corporation
0-00-0 Xxxxx-xxx, Xxxxxxx-xx, Xxxxx, Xxxxx
_______________________________________
Xxxxx Xxxxxx
CEO, PPOL, Inc.
Xxx Xxxx Xxxxxxxxx Xxxx, Xxxxx 000
Xxxxxx, Xxxxxxxxxx, XXX
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