Exhibit 10.10
Money Lending Agreement
Bank: Mizuho Bank, Ltd
Borrower: Kaiyo Japan Co., Ltd.
Loan Details
Loan Amount: ¥145,000,000
Loan Date: March 2019
Final Repayment Date: March 1, 2039
Repayment Method: First repayment due by the end of April 2019, followed by monthly repayments by the end of each month
Interest Rate: Mizuho TIBOR (1-month) + 0.700% per annum (0.770% for the first year)
Interest Payment Method: Prepaid on the loan date and each interest rate review date (calculated pro rata on a 365-day basis)
Funds Usage: Purchase of company housing
Contract Terms (Excerpt)
Special Provisions for Installment Loans
The bank may delay, reduce, or suspend disbursements after the second installment due to changes in financial conditions, etc.
Interest
Interest calculation is specified separately for prepaid and postpaid methods, and for both end-of-term and single-end methods.
Principal and Interest Deduction
The borrower deposits funds into the repayment account, and the bank automatically deducts payments on the due date.
Damages
In case of default, the higher of “funding cost + 2% per annum” or “14% per annum” applies.
Deduction of Incidental Expenses
Guarantee fees, registration costs, stamp taxes, etc., may be deducted from the repayment account.
Holiday Processing
If the repayment date falls on a holiday, it is treated as the preceding business day.
Unforeseen Circumstances
If interest rates cannot be determined due to financial market fluctuations, etc., the borrower shall follow the bank’s instructions.
Early Repayment
Permitted with the bank’s consent. The borrower may be required to pay damages equivalent to the difference between the re-investment interest rate and the original rate.
Guarantee
The joint guarantor bears obligations equivalent to those of the borrower. Offsetting or exemption claims are not permitted.
Assignment of Claims
The bank may assign the loan claim to another financial institution. The borrower has consented to this.
Financial Reporting
The borrower shall submit business reports and financial statements to the bank each period.
Cost Burden
All costs related to this agreement shall be borne by the borrower.
Notarized Document
Upon the bank’s request, a notarized document with consent to compulsory execution shall be prepared.
Notification of Adult Guardianship, etc.
The borrower shall promptly notify the bank if a court decision is made.
Guarantee of Implementation of Internal Procedures
The borrower guarantees that it has obtained all necessary internal approvals based on laws and regulations and its articles of incorporation.