Exhibit V
ACKNOWLEDGEMENT OF DEBT
BY AND BETWEEN
XXXX XXXXXX AS TRUSTEE OF
THE FMRC FAMILY TRUST
AND
18056 YUKON INC
THIS ACKNOWLEDGEMENT OF DEBT is made this 9th day of March two thousand and five
BY AND BETWEEN XXXX XXXXXX AS TRUSTEE OF THE FMRC FAMILY TRUST (hereinafter
called "the Debtor" which expression shall include their heirs, executors and
administrators) of the one part and, 18056 YUKON INC whose address for service
is P O BOX 671, REGENCY COURT, GLATEGNY ESPLANADE, ST XXXXX PORT, GUERNSEY
(hereinafter called the "Lender") of the other part.
WHEREAS
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1. The Lender has resolved to loan to the Debtor the sum of U.S. $3,825,000
(three million, eight hundred, and twenty-five thousand United States
Dollars).
2. The Lender has agreed to do so on the following conditions that the terms
of the loan shall be unsecured, interest free and repayable on demand.
NOW THIS ACKNOWLEDGEMENT OF DEBT WITNESSETH
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1. That the Debtor hereby acknowledges being indebted to the Lender in the sum
of U.S. $3,825,000 (three million, eight hundred, and twenty-five thousand
United States Dollars). (hereinafter called "the Debt") which shall include
the balance outstanding from time to time.
2. The debt is interest free.
3. The Debt shall be repayable to the Lender forthwith upon demand in writing
or by facsimile message or telephone, confirmed in writing.
IN WITNESS WHEREOF the Debtor and the Lender have hereunto set their respective
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hands/seal.
Signed by the said
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XXXX XXXXXX AS TRUSTEE OF THE FMRC FAMILY TRUST
in the presence of
/s/ Xxxx Xxxxxx
............................................
/s/ Xxxxxxx X. Xxxxxx
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THE COMMON SEAL OF
18056 YUKON INC
WAS AFFIXED HERETO IN THE PRESENCE OF
/s/ Xxxxxx Xxx Xxxx
....................................DIRECTOR
/s/ Warner Xxxxxx Xxxxxx
....................................DIRECTOR
