July 24, 2007Megola Inc • August 13th, 2007 • Services-personal services
Megola Inc. (Megola) and Pacific Channel Ltd. (PCL) acknowledge that PCL has fulfilled all loan obligations on Megola’s behalf to FireStop USA, LLC (Note and Security Agreement dated February 9, 2007) in their entirety.
NOTE AND SECURITY AGREEMENT Principal amount: $250,000 USD Date: July 24, 2007Note and Security Agreement • August 13th, 2007 • Megola Inc • Services-personal services • Ontario
FOR VALUE RECEIVED, the undersigned hereby promises to pay to Pacific Channel Ltd. [“PCL”] the sum of TWO HUNDRED FIFTY THOUSAND U. S. Dollars ($250,000), with no interest thereon if repaid when due. Said sum shall be paid in the following manner: $250,000 USD to be repaid in its entirety six months from the date hereof, unless such date is extended by PCL. If this Note is not repaid when due, in addition to the pledged assets as described below, PCL will be entitled to interest that is accrued against the outstanding principal on a daily basis at the annual simple rate of 15% from the date above until the loan is paid off by Megola.
