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                                                                   EXHIBIT 10.36

                                 LOAN AGREEMENT

This Agreement is entered into by and between Game and Scion Co., Ltd.
(hereinafter referred to as the "Lender") and GRAVITY Co, Ltd (hereinafter
referred to as the "Borrower") for the purpose of the Borrower's borrowing 3
billion Won (KRW 3,000,000,000) from the Lender as follows:

Article 1. (Loan Amount)

The Borrower shall borrow 3 billion Won from the Lender in accordance with the
terms and conditions specified in this Agreement.

Article 2. (Drawdown of Loan)

The Borrower shall request drawdown of the loan within seven business days from
the date of this Agreement and the Lender shall pay the amount provided in
Article 1 within three business days from the date of loan request.

Article 3. (Interest Rate)

The interest rate on the loan hereunder shall be 18% per annum.

Article 4. (Term of Loan)

The term of the loan shall be from the date of drawdown to December 31, 2003.
The loan may be prepaid depending on the Borrower's circumstances. The
termination date for this Agreement shall be the date on which the entire
principal amount of the loan is repaid.

Article 5. (Calculation and Payment of Principal and Interest)

The Borrower shall repay the entire loan set forth in Article 1 on the due date.
The interest, which shall be computed on the basis of 12 months per year
pursuant to the interest rate set forth in Article 3 shall be paid to the Lender
by December 31, 2003.

Article 6. (Penalty for Delay)

In the event that the principal amount is not paid on the due date set forth in
Article 5, liquidated damages equivalent to 20% per annum of default interest
applied to the principal and interest amount calculated pursuant to Article 5
for the period running from the due date until the day before the date of actual
repayment shall be paid to the Lender.

Article 7. (Borrower's Warranty)

The Borrower warrants that this Agreement is not subject to any actual or
expected legal liability or dispute.

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Article 8. (Dispute Settlement and Jurisdiction)

1.   Matters not stipulated in this Agreement shall be determined by the general
     business customs. Matters that require separate agreement shall be
     additionally so agreed.

2.   As a matter of principle, any disputes arising in connection with this
     Agreement shall be resolved by mutual consultation. If no settlement is
     attained, the disputes shall be adjudicated at the Seoul District Court as
     the complete court.

IN WITNESS WHEREOF, the parties shall prepare two copies of the Agreement, sign
and seal, and each party shall keep one copy hereof.

                                February 20, 2003

Borrower     GRAVITY Co, Ltd
             Representative Director Jung Hwi Yung /seal/
             620-2 Shinsa-dong, Gangnam-gu, Seoul

Lender       Game and Scion Co., Ltd.
             Representative Director Yongwoon Jung /seal/
             170-18 Guro 3  - dong, Guro-gu, Seoul<PAGE>
                                                                   EXHIBIT 10.37

                          AGREEMENT ON ASSET TRANSFER

This Agreement (hereinafter referred to as this "Agreement") is entered into by
and between IAMBiz Co., Ltd. (hereinafter referred to as "Transferee") and
GRAVITY Co. Ltd. (hereinafter referred to as "Transferor") in connection with
the transfer of certain assets owned by Transferor from Transferor to
Transferee.

ARTICLE 1 [OBJECT OF TRANSFER]
The assets being transferred (hereinafter referred to as "the Transfer Assets")
are set forth in "Transfer Assets Schedule (Annex 1)" and "Computational Basis
for Asset Sale (Annex 2)".

ARTICLE 2 [PRICE AND PAYMENT TIME]
In consideration of the Transfer Assets, Transferee shall pay to Transferor KRW
510,000,000. As for timing of payments, an initial sum of KRW 51,000,000 shall
be paid on the date of this Agreement, an interim sum of KRW 153,000,000 shall
be paid within 15 days from the date of this Agreement, and the balance amount
of KRW 306,000,000 shall be paid within 30 days from the date of this Agreement.
Transferor shall transfer the Transfer Assets to Transferee upon receipt of the
balance payment, at which time the Transfer shall be deemed as having been
completed (except for VAT).

ARTICLE 3 [TRANSFEROR'S WARRANTIES]
1. At the time of the transfer of the Transfer Assets, Transferor shall transfer
to Transferee all the guaranties and service-related documents issued by the
manufacturers and service providers in respect of the Transfer Assets.
2. Until the time of transfer set forth in Article 4, Transferor shall be
obligated to preserve, with equal care given to its own assets, the Transfer
Assets in the same condition as inspected by Transferee.

ARTICLE 4 [DELIVERY TIME OF THE TRANSFER ASSETS]
Transferor shall deliver the Transfer Assets on the date of the balance payment.
Any related costs of transfer shall be borne by Transferee.

ARTICLE 5 [LIABILITY FOR THE TRANSFER ASSETS]

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Both parties hereby agree that Transferor shall be liable for any defects in the
Transfer Assets arising before the transfer and Transferee shall be liable for
any such defects arising after the transfer.

ARTICLE 6 [PENALTIES FOR DELAY]
In the case of delay in payment or transfer of the assets, the party at fault
shall pay the other party an amount equal to 1 out of 500 of the contract amount
per each day of delay.

ARTICLE 7 [TERMINATION OF AGREEMENT AND LIQUIDATED DAMAGES]
1. This Agreement may be terminated by mutual consent of the parties or upon a
unilateral breach of contract.
2. If the value of the Transfer Assets substantially falls as a result of a
defect therein caused by intentional misconduct or gross negligence by
Transferor prior to the transfer, Transferee has the right to seek cure from
Transferor, and if there is no cure within 7 days of demand therefor, Transferee
may terminate this Agreement.
3. Either party may terminate this agreement if, without the fault of such
party, the other party does not perform, or delays in performing, its
obligations hereunder and there is no cure within 7 days of demand therefor.
However, if Transferor is at fault, Transferor shall indemnify Transferee by an
amount equal to two times the initial sum, and if Transferee is at fault,
Transferor may keep the initial sum.

ARTICLE 8 [AMENDMENT]
This Agreement may be amended in part or in whole by mutual written consent, and
such amendment shall be effective from the day immediately following the date of
amendment.

ARTICLE 9 [CONFIDENTIALITY]
1. Neither party shall disclose to a third party any technical information,
business secrets or other information received or obtained from the other party
or a third party in connection with this Agreement without the other party's
written consent.
2. The preceding clause shall survive the cancellation or termination of this
Agreement, except where the other party's prior consent is obtained for internal
use in connection with asset revaluation or for other purposes.

ARTICLE 10 [INDEMNIFICATION]

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In the event that either party inflicts harm on the other party due to
intentional misconduct, negligence or breach of the ordinary standard of care,
such party shall indemnify such other party and any third party at such party's
own costs and expenses.

ARTICLE 11 [NOTICE REQUIREMENT]
Each party shall promptly notify the other party of any change or potential
change in its corporate name, representative, address, industry and other
material information known to such party at the time of this Agreement.

ARTICLE 12 [MISCELLANEOUS]
Matters not stipulated in this Agreement or disagreements as to the
interpretation of this Agreement shall as a matter of principle be decided
amicably between the parties, provided that disputes relating to this Agreement
shall be adjudicated by the Seoul District Court.

For the purpose of strict compliance with the terms above, the parties hereto
shall make two copies of the Agreement, which they shall sign and seal, and each
party shall keep one of such copies.

Annex 1. Transfer Assets Schedule
Annex 2. Computational Basis for Asset Sale

Date: October 10, 2003

(Transferor)
Address: 620-2, Shinsa-dong, Gangnam-gu, Seoul
Corporate name: GRAVITY Co. Ltd.
Representative Director: Jung Hwi Yung  /Seal/

(Transferee)
Address: 170-13, Guro-dong, Guro-gu, Seoul
Corporate name: IAMBiz Co., Ltd.
Representative Director: Kim Yeong Gon  /Seal/

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                                                                   EXHIBIT 10.38

                     AGREEMENT ON BUSINESS DIVISION TRANSFER

This business division transfer agreement (hereinafter referred to as this
"Agreement") is entered into by and between GRAVITY Co. Ltd. (hereinafter
referred to as "Party A") and IAMBiz Co., Ltd. (hereinafter referred to as
"Party B") in connection with the Agreement to License the Horse Racing Game
Room (hereinafter referred to as "HORSE RACING AGREEMENT") made between Party A
and F2 System (hereinafter referred to as "Developer").

                                   WITNESSETH

ARTICLE 1 [PURPOSE]
The purpose of this Agreement is for Party A, whose main business is in arcade
games, to transfer the Horse Racing Agreement to Party B pursuant to the
Agreement to Transfer the Horse Racing Agreement dated July 21, 2003 by and
between Party A and Party B.

ARTICLE 2 [PURCHASE PRICE]
In consideration of transferring the Horse Racing Agreement, Party A shall be
paid KRW 20,000,000 as the purchase price. KRW 5,000,000, or 25% of the total
purchase price, shall be paid simultaneously with the execution of this
Agreement, the interim payment amount of KRW 10,000,000 shall be paid within 15
days from the date of this Agreement, and the balance of KRW 5,000,000 shall be
paid within 30 days from the date of this Agreement.

ARTICLE 3 [TERM OF AGREEMENT]
1. As a matter of principle, the term of the agreement between Party A and
Developer shall apply equally to this Agreement.
2. Therefore, since the underlying agreement dated April 21, 2003 shall be
transferred on substantially similar conditions, absent special circumstances,
the underlying agreement shall be deemed to be effective until the business
fails to generate significant profit, provided that Party B shall substitute
Party A as a party thereto and in such capacity may modify the future term of
the agreement through consultation with Developer.
3. As for Royal Grand Prix Derby On-Air Ver. 1.x.x., Party B shall substitute
Party A as a party thereto pursuant to a special agreement dated July 18, 2003
and the term of the agreement shall be from the date hereof to its expiration on
December 31, 2004.

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ARTICLE 4 [TERMS OF TRANSFER]
1. This Agreement qualifies as a third party transfer described in Clause 3 of
Article 4 of the Horse Racing Agreement attached hereto. The transfer will be
effected on the same terms and conditions as the existing Horse Racing Agreement
since the transfer accords with Party A's business vision and promotional
strategy.
2. After the execution of this agreement, Party B may notify Developer as to the
transfer pursuant to Clause 3 of Article 4 of the Horse Racing Agreement.
Pursuant to the Transfer Agreement dated July 21, 2003, such notice of transfer
may be substituted with tax receipts exchanged between Party B and Developer,
which will be deemed as evidence of Developer's consent to the transfer.

ARTICLE 5 [SPECIAL TERMS]
Upon the execution of this Agreement, Party B shall be liable for all problems
with Developer arising in connection with the performance of the Horse Racing
Agreement, and Party A shall be held harmless therefrom.

ARTICLE 6 [RESOLUTION OF DISPUTES WITH A THIRD PARTY]
In the event of a legal dispute brought by a third party (including Developer)
against Party A in connection with this Agreement, Party B shall resolve any
such dispute at its own cost and responsibility.

ARTICLE 7 [CONFIDENTIALITY]
1. Each party shall keep confidential any information obtained in connection
with this Agreement relating to the other party's technical or business secrets
and shall not disclose such information to a third party without the other
party's written consent.
2. This Article shall remain effective for a period of 3 years following the
date of expiration or cancellation of this Agreement.

ARTICLE 8 [MISCELLANEOUS]
1. Matters not stipulated herein shall be determined according to general
business customs.
2. All consents, agreements, notifications, reports, transmittal, demands and
payments in connection with this Agreement shall be made in writing.

ARTICLE 9 [COMPETENT COURT]
In the event of any disagreement or dispute in connection with the performance
by the parties of the terms of this Agreement, the parties shall seek to resolve
them amicably and, failing that,

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hereby agree to the Seoul District Court as the competent court to settle such
disagreement or dispute.

Annex 1. a copy of the Transfer Agreement, dated July 21, 2003.
Annex 2. a copy of the Agreement to License the Horse Racing Game.
Annex 3. a copy of the Additional Agreement dated July 18, 2003.

Date: November 28, 2003.

Party A:
GRAVITY Co. Ltd.
Representative Director: Jung Hwi Yung  /Seal/
620-2, Shinsa-dong, Gangnam-gu, Seoul

Party B:
IAMBiz Co., Ltd.
Representative Director: Kim Yeong Gon  /Seal/
170-13, Guro-dong, Guro-gu, Seoul

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