LOAN AGREEMENT
between
EDI Exploration Drilling International GmbH
represented by
the managing directors
Rainer Rotthäuser and Xxxxxx Xxxxxxxx
Goethestrasse 59, 45721 Haltern am See
- in the following referred to as lender -
and
Ms.
Xxxxxxxxx Rotthäuser
Xxxxxxxxxxxxx 00
00000
Xxxxxxx am See
- in the following referred to as borrower -
§ 1 Granting of loan
| (1) | The lender grants the borrower a loan in the amount of | |
| Euro 115,000.00 | ||
| (in words: Euro one hundred and fifteen thousand) | ||
| (2) | The loan shall be paid out on 23/12/2005, by transfer into the borrower’s account at | |
| the Volksbank Haltern eG, branch code 426 613 30, account 122 035 500. |
§ 2 Interest, term and repayment of loan
| (1) |
The annual interest payable on the loan shall be 6.0 %. | |
| (2) |
The term of the loan shall be approximately 6 months, ending on 30/06/2006. | |
| (3) |
Repayment of the loan including interest is due on 30/06/2006 into the lender’s account at the Volksbank Haltern eG, branch code 426 613 30, account number 199 188 900. |
§ 3 Early repayment
The borrower is entitled to repay the loan including accumulated interest in one lump sum at any time before the end of the term of the loan. A prepayment penalty shall not be due.
| Initial | Initial | |
| EDI Exploration Drilling International GmbH | Borrower |
1
§ 4 Extraordinary right of cancellation
The lender is entitled to recall the loan effective immediately, if the borrowers’ financial circumstances deteriorate considerably, thus putting the claim of repayment at risk.
§ 5 Securities
The borrower irrevocably transfers all of his claims as managing director or shareholder to any benefits, to which he is entitled, (salary claims, profit distributions, new shares issued, profit and loss transfers, liquidation proceeds, etc.) to the lender.
§ 6 Supplementary agreements, amendments, severability, executed copies
| (1) |
There are no supplementary agreements. Amendments, additions as well as deletions of individual provisions of this agreement must be made in writing in order to be effective. | |
| (2) |
Should individual provisions of this agreement be invalid, the remainder of the agreement shall not be affected. In this case, the parties to the agreement are required to assume that a replacement provision has been agreed to, which fulfils the economic purpose of the invalid provision as much as possible. | |
| (3) |
This contract shall be issued in duplicate. The lender and the borrower shall each receive a copy signed by both parties to the agreement. |
Haltern, on December 23, 2005
| Signature | Signature | |
| EDI Exploration Drilling International GmbH | Xxxxxxxxx Rotthäuser | |
| Rainer Rotthäuser and Xxxxxx Xxxxxxxx | ||
| - Lender - | - Borrower - | |
| Initial | Initial | |
| EDI Exploration Drilling International GmbH | Borrower |
2
