Verbal Loan Agreement Terms Between Olive Waite and Young Aviation, LLC
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Summary
Olive Waite loaned a total of $31,000 to Young Aviation, LLC in four separate transactions between 2007 and 2011. The loans carry a 5% interest rate and are payable on demand, meaning Young Aviation, LLC must repay the loans whenever Olive Waite requests. No collateral was required for these loans. Olive Waite is the mother of Joel A. Young, the CEO of Datamill Media Corp., which later acquired Young Aviation, LLC.
EX-10.5 6 ex10-5.txt MATERIAL TERMS OF VERBAL LOAN AGREEMENT Exhibit 10.5 MATERIAL TERMS AND CONDITIONS OF LOANS BY OLIVE WAITE TO YOUNG AVIATION, LLC Introduction: At various times prior to the acquisition by Datamill Media Corp. of Young Aviation, LLC, Olive Waite loaned various funds to Young Aviation, LLC. Ms. Waite is the Mother of Joel A. Young, Datamill Media's Chief Executive Officer. Loans: Dates: Loan Amounts: May 1, 2007 $ 5,000.00 January 31, 2008 $10,000.00 December 31, 2009 $10,000.00 September 20, 2011 $ 6,000.00 Total Loans: $31,000.00 Interest Rate: 5% Repayment Terms: Payable on demand Collateral: None
