Loan Agreement between the Company and Coach Capital LLC
Coach Capital LLC |  |
April 27, 2004
Mr. Alain Kardos, President
Image Innovations Holdings Inc.
615-100 Park Royal
West Vancouver, BC V7T 1A2
Dear Mr. Kardos:
We are pleased to confirm that we will advance funds to you on the following basis:
| Borrower: | IMAGE INNOVATIONS HOLDINGS INC., a Nevada corporation |
| Loan: | $800,000.00 |
| Term: | 6 months |
| Interest Rate: | 10% per annum payable monthly for the first 4 months and 18% thereafter |
| Loan Fee: | $8,000.00 payable on May 27, 2004 with the first interest payment |
Negative Covenant: Borrower acknowledges that this loan is to be treated as a first charge on the assets and undertaking of Borrower and its wholly-owned subsidiary, Image Sports and Entertainment Inc. (a Delaware corporation), and covenants not to grant any charges on the assets and undertaking of Borrower and Subsidiary without the prior written consent of Lender.
If the foregoing is in order, please sign and return this letter below to signify your agreement.
Yours very truly,
COACH CAPITAL LLC
/s/ Cornhill Services
Cornhill Services Ltd., Manager
Accepted and agreed.
IMAGE INNOVATIONS HOLDINGS INC.
/s/ Alain Kardos
Authorized Signatory
