EQUIPMENT LOAN AGREEMENT
This EQUIPMENT LOAN AGREEMENT (Loan Agreement) is made by and between Wonder Limited, a company with principal offices located at ________________,(Lender), and World Corp.,a Korean corporation with principal offices located at ,________________,Korea (Customer).
Article 1. DEFINITIONS
Equipment means all computer hardware (but not Software), including the documentation thereof, supplied by Lender to Customer pursuant to this Agreement. Lender Products means Equipment and Software. Software means the Lender computer programs and firmware limited to object code, whether in machine readable, optically readable or any other format to be supplied by Lender. Software License Agreement means the agreement as set forth in Exhibit B pursuant to which the parties establish their respective rights and obligations concerning the duplication and use of the Software. Designated Purpose means technical evaluation to become distribution partner in Korea.
Article 2. LOAN
On the terms and conditions set forth herein, Lender loans, free of charge, to Customer the Lender Products described in the Equipment Schedule attached hereto as Exhibit A, which Equipment Schedule is incorporated herein by this reference. Customer may use the Lender Products only for the Designated Purpose. Lender reserves the right to change or modify the Lender Products at Lenders cost during the term of the loan. Use of any Software supplied with the Equipment is governed by the terms and conditions of the Software License Agreement mentioned above. The Lender Products are located on the Customers premises at, ________________________________Korea (the Site). The Site may be changed only with written agreement from Lender.
Article 3. TERM AND TERMINATION
This Loan begins on ________________ (Effective Date), and continues for a period of six (6) months (Loan Period). On termination of the Loan Period, Customer may either return the Lender Products without charge or may purchase the Lender Products for the sum of US$_____________. Customer must advise Lender of its decision to purchase at least 30 days before expiry of the Loan Period . In the event of purchase, Lender will invoice prior to expiry of Loan Period and invoice will be payable within 30 days of invoice date. If purchase option is not exercised, de-installation and removal of the Equipment on termination of this Loan shall be at the Lenders expense, and Customer will fully cooperate in allowing Lender to promptly de-install and remove the Lender Products.
Article 4. MAINTENANCE CHARGES
Customer is obliged to pay maintenance charges for the Lender Products during the Loan Period as specified in Exhibit A. Maintenance charges will be invoiced quarterly in advance and are payable 30 days from invoice date.
Article 5. OWNERSHIP, USE AND MAINTENANCE
5.1 Ownership Of Equipment.
The Lender Products is and shall at all times be and remain the property of |
2008.04.17
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