Realkredit Loan Offer dated September 11, 2007 to K2mediagroup A/S (now Bark Corporation A/S) for DKK 14,900,000

     EXHIBIT 10.11

Conditions for disbursement of the loan

The following conditions must be met before disbursement and we must approve the contents of the specified documents.

Upon disbursement of the FlexLån® offered the agreement concerning interest adjustment and term must be returned, duly signed.

The most recent accounts – 2006 and 2007 budget for the Østergade 17-19 and Østergade 15 owners’ associations – with minutes of the most recent general meeting.

Property tax assessment for 2007

Statutes of the Østergade owners’ association.

Finally registered deed without legal notes to the new owner(s). The deed must give entitlement to loans of the amount offered.

Documentation in respect of persons with signing power. This may, for example, take the form of a signature transcription, no more than 3 months old, from the Danish Commerce and Companies Agency, an I/S contract or copy of statutes and general meeting minutes.

Signed declaration concerning annual presentation of internal/annual accounts with specifications for the use of Realkredit Danmark’s credit control, which is required under the EU’s capital requirement directive.

Seniority ranking

Other loans or liabilities on the property must either be redeemed or provide for a new loan

The property covers the following land register numbers

Things you need to know

A fee for land register notification of DKK 175 will be charged in connection with the disbursement payment.

Please note that SKAT has changed the procedure for transferring the registration charge. For transferring the registration charge there is now a requirement for the new mortgage deed to be signed, before the “old one” can be redeemed. The other conditions in this respect continue to apply.

The time limit for disbursement of the loan is 11.03.2008.

The calculations in this offer are provisional. We shall conduct further calculations when we pay out the loan.

For most loans we can offer to freeze the rate of both the disbursement of the new loan and redemption of the old Realkredit Danmark loan. You can read about what it means to conclude a fixed rate agreement in our information leaflet entitled “Loan types and commercial conditions”. For charges see applicable

charges. You are also most welcome to contact us if you want to find out more about the opportunities of concluding a fixed rate agreement.

We refer to the enclosed Terms and Conditions for Realkredit Danmark’s bond dealing and point out that these will apply to all future securities transactions in connection with the present loan offer.

FlexLån® is a non-callable loan. This means that you can normally only redeem the loan with bonds. In December before an interest adjustment you will also only be able to redeem the loan if the refinancing amount is redeemed by 30.11. In the year before an interest adjustment you have special opportunities to redeem. See the information leaflet “The FlexLån® small print”

Under FlexLån® you must sign an “Agreement concerning the loan’s interest adjustment and term”. This does not have to be registered but is still used as a basis for what we write in the registered mortgage deed.

Read about the special conditions applying to FlexLån® in the section “Information about the loan” and the information leaflet “The FlexLån® small print”.

If you later redeem the cash loan offered, you may accrue a taxable rate gain.

REALKREDIT
Danmark

Read about the price, terms and conditions on the following pages

REALKREDIT
Danmark

Information about the loan

The figures in the schedule are estimated. We will clarify the figures in the following section. You should be aware that the estimated proceeds may be less due to price fluctuations, for example, endorsements on advance ranking of mortgage deeds, payment of loan on guarantee and if you enter a fixed rate agreement.

The first year’s monthly payment before and after interest is calculated on an average for the period 11.09.2007 to 10.09.2008.

We have used a discount rate of 3.92% per annum in the calculation of the net present value

We reserve the right however to adjust the principal if the price of the bonds on the disbursement date has fallen 7 or more price points in relation to the price on the offer date.

The offer price is the bond price we used in the calculation of the new loan.

The calculations are based on the loan being disbursed on 11.09.2007. You may choose when the loan is to be paid within the disbursement period allowed.

We assume in the calculations that the interest level has not changed compared to now.

Interest adjustment profile: 100% interest adjustment every year.

The interest is adjusted with effect from 01.01. in each case – for the first time on 01.01.2009. Subsequently the loan will be subject to interest adjustment every year. You can change the interest adjustment profile here if you wish. With every change in the interest adjustment profile you will be required to sign a new agreement concerning the loan’s interest adjustment and term.

If the loan is paid out after 30.11.2007, we will only sell bonds in 2009.

The offer price of 99.260 is calculated as a weighted price on the basis of the bond principals in the individual years

The prices in the individual years are 0.1 price points below the last quoted official prices for “all deals” on the Copenhagen Stock Exchange. The final prices will be adjusted in the same way when we pay out the loan.

If you have the loan paid out before 30.11.2007 it may be necessary to make a small interest adjustment on the loan on 01.01.2008. This will depend on the price of the 2-year bonds at the time of disbursement.

If the disbursement price of the 2-year bonds is over 100, we will only sell bonds in this year. This means that it will be necessary on 01.01.2008 to make a small interest adjustment on the loan. You will see the anticipated refinancing amounts in the section entitled “Repayment of the loan” in the loan offer. The interest and payment will change according to the slight interest adjustment.

If the disbursement price of the 2-year bonds is below 100, there will be no slight interest adjustment to the loan on 01.01.2008. Instead a small number of bonds will be issued during the year with relatively short terms.

The cash interest and the actual interest are calculated on the basis of the offer price and the number of bonds in the above-mentioned schedule. The cash interest, payments and bond principals change on every interest adjustment.

The cash interest is calculated on the basis of bonds with an annual creditor settlement period.

The loan’s effective interest rate after tax is 3.92% per annum.

The obligations we are to sell are non-callable bullet bonds in series 10S, Realkredit Danmark A/S

It may be necessary to pay out the loan in a different fund code than that quoted. The fund code may be in the same series or a different series from that quoted. This will depend on which fund code and series is open for disbursement. If we change the standard interest in relation to the offered rate, we will pay out the loan at the new standard interest.

The loan is repaid as a bullet loan until 31.12.2016. After that the loan will be paid back applying the annuity principle. If the loan is disbursed after 30.11.2007 the loan will however be a bullet loan until 31.12.2017. A bullet loan consists of payment of interest and premiums and an annuity loan consists of payment of repayments, interest and premiums.

The term depends on when the loan is disbursed. The loan will expire on 31.12. of the year falling 29 years after the disbursement date. If the disbursement takes place in December, the loan will however expire on 31.12 of the year falling 30 years after the disbursement date. The loan may have no more than 120 quarterly payments.

A premium of 0.5500% p.a. is payable during the loan’s term, but this must be equivalent to the minimum premium set by Realkredit Danmark at any time, currently 2,000 DKK. Reservation is made however for changes in the size and/or calculation method of the premium in accordance with the mortgage deed’s special conditions, point 2 “discharge of the loan”

All instalments must be paid by the last day of the quarter at the latest, provided that this is not a Saturday, Sunday or public holiday. If you pay too late, we will claim default interest from the due date. This is described more specifically in the mortgage deed.

We refer to the provisions of the mortgage deed, which give you information on liability, cancellation, redemption and taking over liability, etc.

REALKREDIT
Danmark

When we pay out the loan we will send details of the total payments, year by year, credit information in the principal and settlement rates for the bonds we have sold.

If you require other services from Realkredit Danmark or use different advisers for example, banks, auditors, lawyers or property brokers, you must allow for additional costs

Danmark

Other comments

The loan offer is based on the information we have received from you. If the information contains errors which are of significance for our valuation of the property, this may lead us to call in the loan for full or partial redemption.

If the loan is rather small, or if several new loans are combined, the premium will be changed.

We reserve the right to change the brokerage and price shaving upon interest adjustment

Otherwise we refer to “Loan types and commercial conditions”

Danmark

Loan repayment

The first payment in December 2007 is 233,378 DKK, second payment March 2008 191,704 DKK.

The amount of the first payment depends on the disbursement date.

The number of payment depends on when you drawdown the loan. However there can only be a maximum of 120 payments.

The first payment is for the period 11.09.2007 to 31.12.2007.

The calculations are based on the rate of 99.26 and an unchanged interest level during the entire loan term. The calculations apply until the next interest adjustment

REALKREDIT
Danmark

Declaration on submitting future accounts

As long as K2mediagroup A/S has a loan from Realkredit Danmark, it undertakes to remit its internal annual accounts with the associated specifications to Realkredit Danmark every year, as soon as they are ready. If K2mediagroup A/S has a decisive influence on any businesses or companies, their accounts will also be submitted.

At the time of making this declaration K2mediagroup A/S consents to Realkredit Danmark obtaining annual accounts etc. from the relevant accounting consultants, banks or auditors.

The

Signature ___________________________

Annual accounts
In the near future all credit institutions will be subject to new capital adequacy rules, according to which Realkredit Danmark must have use of annual accounts with specifications for K2mediagrup A/S every year. Accounts for companies over which K2mediagroupA/S has a decisive influence must also be submitted.

The accounts may be sent by email to ***@***, delivered to the customer adviser or sent to Realkredit Danmark, attn. Kreditafdelingen, Parallelvej 17, 2800 Kgs. Lyngby

REALKREDIT
Danmark

(Will not be registered)

Case number
1310.4746 -03-1 (01)
Page 1 of 2

Agreement on the loan’s interest adjustment and term

FlexLån® Type F1K

The following agreement has been concluded between the undersigned and Realkredit Danmark concerning the loan’s interest adjustment and term. The agreement is a supplement to the mortgage deed’s “special provisions” point 2 – discharge of the loan.

If there is a discrepancy between the agreement and provisions of the mortgage deed, the provisions of the agreement shall apply.

Interest adjustment

With effect from 01.01 each year the loan will be subject to interest adjustment as follows:

Interest adjustment profile: 100% interest adjustment every year

The loan will be subject to interest adjustment for the first time with effect from 01.01.2009. Subsequently the interest will be adjusted every year.

At the time of each interest adjustment the loan’s interest and payment will be adjusted in relation to the conditions arising from the sale of new bonds.

If you have the loan paid out before 30.11.2007 it may be necessary to make a small interest adjustment on the loan on 01.01.2008. This will depend on the price of the 2-year bonds at the time of disbursement.

If the disbursement price of the 2-year bonds is over 100, we will only sell bonds in this year. This means that it will be necessary on 01.01.2008 to make a small interest adjustment on the loan. You will see the anticipated refinancing amounts in the section entitled “Repayment of the loan” in the loan offer. The interest and payment will change according to the slight interest adjustment.

If the disbursement price of the 2-year bonds is below 100, there will be no slight interest adjustment to the loan on 01.01.2008. Instead a small number of bonds will be issued during the year with relatively short terms.

Term of the loan

Irrespective of the wording of the mortgage deed the term of the loan offered is 30 years, but the precise term will depend on when the loan is disbursed. The loan will expire on 31.12 of the year falling 29 years after the drawdown date. If disbursement is in December the loan will however expire on 31.12 of the year falling 30 years after the disbursement date.

Case number
1310.4746 -03-1 (01)
Page 2 of 2

Amendment to the agreement

You may refinance the amount which has to be refinanced upon interest adjustment in a different way from that agreed. The agreement may only be amended in connection with an interest adjustment and this will involve you signing a new agreement. Realkredit Danmark must have the agreement by the 01.12 before the rent adjustment.

Change of ownership

In the event of change of ownership, the purchaser will become a party to this agreement as part of taking over the loan. The purchaser may change the interest adjustment profile by making a new agreement with Realkredit Danmark as described above. This cannot happen however until Realkredit Danmark has registered final acceptance of the liability.

Conditions of the mortgage deed

The conditions of the mortgage deed remain unchanged in other respects

K2mediagroup A/S

This mortgage deed cannot be transferred for (?) possession
or mortgage or be the object of individual proceedings
-------------------------------------------------------------------------
Charge: DKK

Notifying party:
Name:
Address:
Tel. no.

MORTGAGE DEED
Cash loan with interest adjustment
and conditions concerning interest-only status

This mortgage deed can be used as security for loans financed by the issue of covered bonds or mortgage covered bonds

NB. The creditor must be notified of change of domicile.
In the event of delayed payment of interest and repayments the creditor may demand full redemption of the capital, see p.9, point 9a.

Case number:
1310.4746 - -03-1 (01)
Page 2 of 10

Special provisions:

31.12, however, the loan will not expire until 31.12. of the year falling 50 years after disbursement.

The loan amount is raised by sale of a selection of bonds, of which the longest running has a term of maximum 11 years. The loan is subject to interest adjustment with effect from 01.01 every year. The interest adjustment is effected in accordance with the creditors’ conditions for disbursement and rate fixing applying at any time. With every adjustment of interest the creditors issue non-callable bullet bonds with a maximum term of 11 years in one bond series, without joint and several liability. The loan’s interest and payments are established in each interest adjustment period in the light of the bond interest rate in the currency of the loan.

The interest stated in “Interest and payment conditions” is provisional. The interest and consequently the payments will be established as described above. On disbursement of the loan and on later interest adjustments, the final interest and payments will be set by the creditors. The creditors are authorised to make a note on the mortgage deed to this effect and to have this note registered.

At any time during the loan’s term the creditors may introduce brokerage and price shaving upon interest adjustment. The debtor will be advised of this in writing with at least 3 month’s notice to the next interest adjustment.

The payments also include premiums as specifically determined by the creditors.

In accordance with the aforementioned “Loan types and commercial conditions” Realkredit Danmark may at any time during the loan term change the amount and/or method of calculation of the premium both for groups of loans and for individual loans.

If the changes are to the advantage of the borrower, the changes can be made without notice. If the changes are not to the advantage of the borrower, changes for groups of loans must be justified by one or more of the circumstances stated under points A-C and individual changes must be justified by one or more of the circumstances quoted under points A-E:

the value of the property, the purchaser’s financial circumstances, the purchaser’s observance of any earlier financial obligations, including whether the purchaser has previously directly or indirectly caused loss to the creditors. The creditors may set more specific conditions for taking over the debt. If a property is transferred to a different use within 2 years from disbursement of the loan, so that the property is assigned to a different property category, the loan will become due for repayment, if:

The loan also falls due for full repayment if:

Realkredit Danmark’s release from liability does not apply if:

In other respects the mortgage deed form B (page 09 and page 10) of the Ministry of Justice will apply.

______________________________________, the ___________20

In witness of the authentic signature(s), accuracy of the date and authority of the issuer(s):

In witness of the authentic signature(s), accuracy of the date and authority of the issuer(s):