EXHIBIT 10.20
LOAN AGREEMENT
March 13, 2000
PACIFIC CAPITAL MARKETS INC., a British Columbia company of 0000 Xxxxxxxx
Xxxxxx, 0xx Xxxxx, Xxxxxxxxx, X.X., X0X0X0 (the "Lender"), will lend
US$1,000,000 (the "Principal Sum") to XXXXXXXXXXXXXXX.XXX,INC., a Nevada
company of 0000 Xxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, X.X., X0X 0X0 (the
"Borrower") on March 12, 2000 ("Date of Advance"). The Borrower will repay
the Principal Sum on April 12, 2000, together with interest calculated and
compounded monthly at the rate of 12 per cent per year from the Date of
Advance. The Borrower will secure its repayment of the Principal Sum with a
promissory note.
The Borrower will use the Principal Sum to implement its business plan.
PROMISSORY NOTE
Made at Vancouver, B.C.
Pricipal Amount US$1,000,000 March 13, 2000
FOR VALUE RECEIVED, the Borrower promises to pay to the order of the Lender
on April 12, 2000, the sum of $1,000,000 lawful money of United States (the
"Principal Sum") together with interest on the Principal Sum from the Date of
Advance, both before and after maturity, default and judgment at the Interest
Rate as defined below.
For the purpose of this promissory note, Interest Rate means 12 per cent per
year. Interest at the Interest Rate must be calculated monthly not in advance
from and including the Date of Advance, compounded monthly and payable
together with the Principal Sum when the Principal Sum is repaid.
The Borrower may pay the Principal Sum in whole or in part at any time.
The Borrower waives presentment, protest, notice of protest and notice of
dishonour of this promissory note.
XXXXXXXXXXXXXXX.XXX,INC. PACIFIC CAPITAL MARKETS INC.
_______________________ ___________________________
Authorized Signatory Authorized Signatory
________________________ ___________________________
Authorized Signatory Authorized Signatory
