RENEWAL AGREEMENT
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RENEWAL AGREEMENT |
THIS AGREEMENT made as of the 29th day of March 2006, among WORDLOGIC COPRORATION, a corporation under the laws of Nevada having its principal business office at Suite 2400, 000 Xxxx Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 (“WordLogic”), Street, Vancouver, British Columbia, Canada, and XXXXXXX KOZUKAN, businessman, of 0000X Xxxxx Xxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0, Xxxxxx (“Kozukan”).
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WITNESSES THAT WHEREAS: |
A. Pursuant to Loan Agreement made between the WordLogic and Kozukan as of Xxxxx 00, 0000 (xxx “Loan Agreement”) Kozukan agreed lend to WordLogic and WordLogic agreed to borrow from Kozukan the sum of up to One Million Dollars ($1,000,000) in Canadian funds (the “Loan”) in incremental advances as WordLogic required working capital on the terms and conditions set out in the Loan Agreement.
B. WordLogic and Kozukan wish to renew the term of the Loan Agreement for another twenty four (24) months under the same terms and conditions as the Loan Agreement.
NOW THEREFORE in consideration of the premises and the covenants and agreements of the parties hereto as hereinafter set forth, the parties hereto covenant and agree as follows:
1. Term. WordLogic and Kozukan will extend the Term of the Loan Agreement for an additional twenty four (24) months commencing from April 1, 2006.
IN WITNESS WHEREOF the parties have executed this Agreement with effect as of the day and year first above written.
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WORDLOGIC CORPORATION. |
| By: | /s/ Xxxxx Xxxxxxxx | |
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| Name: | XXXXX XXXXXXXX | |
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| Title | PRESIDENT & CEO | |
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| Date: | March 29, 2006 | |
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XXXXXXX KOZUKAN |
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Witness |
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/s/ Xxxxxxx Kozukan DATE: March 29, 2006 |
IWM\IWM09252
