LOAN AGREEMENT
between
DTB Patente GmbH
represented by the managing director
Rainer Rotthäuser
Goethestraße 59, 45721 Haltern am See
- in the following referred to as lender -
and
Exploration Drilling International GmbH
represented by the
managing directors
Rainer Rotthäuser and Xxxxxx Xxxxxxxx
Goethestraße
61, 46721 Haltern 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 90,000.00 | ||
| (in words: Euro ninety thousand) | ||
| (2) | The loan shall be paid out by transfer into the borrower’s account at the Volksbank | |
| Haltern eG, branch code 426 613 30, account 199 188 900. |
§ 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 12 months, ending on March 31, 2007. | |
| (3) |
The loan plus interest shall be repaid on 31/03/2007 into the lender’s account. |
§ 3 Early repayment
The borrower is entitled to repay the loan including accumulated interest in one lump sum at any time, including before the end of the term of the loan. A prepayment penalty shall not be due.
| Signature | Signature | |
| DTB Patente GmbH | EDI GmbH |
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§ 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
All of the borrowers’ service and products receivables from clients starting with the letter A to T shall be transferred to the lender.
Furthermore the lender’s undersigned managing director personally, and foregoing the benefit of discussion regarding the repayment sums, warrants according to § 2, paragraph 3 of this agreement with the signing of this agreement.
§ 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, March 2, 2006
| Signature | ||
| DTB Patente GmbH | EDI Exploration Drilling International GmbH | |
| Managing director, Rainer Rotthäuser | Rainer Rotthäuser and Xxxxxx Xxxxxxxx | |
| - Lender - | - Borrower - |
| Signature | Signature | |
| DTB Patente GmbH | EDI GmbH |
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