EXHIBIT 10.31
From: Xxxxxx Xxxxxx
Sent: Monday, February 03, 2003, 9:13 A.M.
To: Xxxxxxxx Xxxxxxx
cc: Xxxxxxxxx, Xxxx; Xxxxxxxxx Xxxx
Subject: Re: Karak/Trans-Dominion
Dear Xxxxxxxx,
I confirm our agreement to the payments as scheduled in your e-mail below. As
regards interest, my understanding is that each payment after the first
(assuming it is made today) will also include an amount of interest at a rate of
7% per annum on the outstanding balance for the period from 3rd February (or
previous payment date) to the date of payment.
Regards,
Xxxxxx Xxxxxx
Xxxx: Xxxxxxxx Xxxxxxx
Sent: 30 January 2003, 17:34
To: Xxxxxx Xxxxxx
Subject: Karak/Trans-Dominion
Dear Xx. Xxxxxx:
In reference to our phone conversation of today, I am glad that we have been
able to reach an agreement regarding the repayment of US$ 350,000 due on or
before February 3rd 2003 which is as follows:
Toreador will transfer US$ 35,000 on February 3, 2003.
Toreador will make US$ 25,000 monthly payment until May 2003.
Toreador will pay the balance by the end of May 2003.
If not able to pay the balance by the end of May 2003: the monthly
payment will be increase to US$ 50,000.
7% interest rate per year is included in each payment.
Please confirm the above, and provide me with wiring instructions. Thank you
again for your understanding and cooperation.
Best regards,
Xxxxxxxx Xxxxxxx
V.P. International
Phone x0 000 000-0000
Fax x0 000 000-0000
