Loan Agreement between Seong Hun Han and Clavis Technologies dated November 14, 2007
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Summary
This agreement is between Seong Hun Han (lender) and Clavis Technologies (borrower), dated November 14, 2007. Seong Hun Han loans Clavis Technologies 300,000,000 Korean Won (about US$260,498) at a 14% interest rate. The loan must be repaid by February 14, 2008. The lender can demand repayment of part or all of the loan at any time, and the agreement ends if the full loan is repaid. If Clavis cannot repay by the due date, both parties must negotiate a new repayment period.
EX-10.5 9 clavis_s1-ex1005.htm LOAN AGREEMENT clavis_s1-ex1005.htm
EXHIBIT 10.5
Abstract for the loan agreement with Seong Hun Han
| Parties of the an agreement | Seong Hun Han, Clavis Technologies |
| The date of an agreement | 2007.11.14 |
| The amount of loan | 300,000,000 Korean Wan (approximately US$260,498) |
| The date of repayment | 2008.02.14 |
| The interest rate | 14% |
| The expire date an agreement | 2008.02.14 |
| Contents of the contract | - Whenever a lender wants, a lender can turn back the part of loan or all. |
| - When a lender turns back all of loan, this agreement will be expired. | |
| - If Clavis cannot payback till Feb. 2008, Clavis need to negotiate with Seong Hun Han for the period for delaying. |
