/emblem/Swiss Bank Corporation
CREDIT AGREEMENT
by and between
IAT AG, Xxxxxxxxxxx 00, 0000 Xxxxxxxxx-Xxxxx
(hereinafter referred to as the "borrower")
and
Swiss Bank Corporation, Xxxxxxxxxxxx 00, 0000 Xxxxxx
(hereinafter referred to as the "bank").
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The bank grants the borrower a credit under the following conditions:
1. Amount of the credit
SFr 1,900,000.00 (one million, nine hundred thousand 00/100 Swiss francs)
2. Purpose
- to finance working capital
- to handle import credits via our bank
- to grant sureties and guarantees
3. Utilization of the credit (under file No. P4-664'213)
3.1 SFr 700,000.00 like a current account in Swiss francs and/or up
to the equivalent of the limit in freely available,
valid foreign currency
and
3.2 SFr 600,000.00 as loan 1 under loan account No. P4-664'213.2
and
3.3 SFr 600,000.00 as loan 2 under loan account No. P4-664'213.3.
4. Conditions (presently and until further notice
4.1 When using it as a current account in Swiss francs
Debit interest rate 5 1/2% p.a.
Credit Agreement by and between IAT AG,
Xxxxxxxxx-Xxxxx
and
Swiss Bank Corporation, 8021 Zurich
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Credit commission 1/4% per quarter on the highest amount of the
credit utilized
4.2 When using it as a current account in valid foreign currency
Debit interest will be charged at the market rate.
4.3 When using it as a loan
5 1/2% p.a. net.
This interest rate may be adjusted by the bank with advance notice of 30
days, effective at the end of the month.
4.4 When using it as a credit, for sureties and guarantees
The commission shall be determined for each transaction individually.
The bank reserves the right to adjust the interest rates and commissions to
current conditions on the money and capital markets.
Postage and charges shall be debited to the borrower.
5. Sureties / formalities
5.1 Credit in current account
- Joint guarantee of SFr 700,000.00 by Xx. Xxxxx X. Xxxxxx, 5415
Nussbaumen, dated 6/9/93
- Joint guarantee of SFr 700,000.00 by Xx. Xxxxxxxx Xxxxxxxxxx, 0000
Wurenlos, dated 6/24/93
- Joint guarantee of SFr 500,000.00 by Xx. Xxxxxxx Xxxxx, 8484
Weisslingen, dated 5/10/93
- Joint guarantee of SFr 200,000.00 by Xx. Xxxxxxx Xxxxx, 8484
Weisslingen, dated 6/22/93
5.2 Loan 1
- Joint guarantee of SFr 600,000.00 by Xx. Xxxxx X. Xxxxxx, 5415
Nussbaumen, dated 12/21/93
- Joint guarantee of SFr 600,000.00 by Xx. Xxxxxxx Xxxxx, 8484
Weisslingen, dated 12/21/93
5.2 Loan 2
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2
Credit Agreement by and between IAT AG,
Xxxxxxxxx-Xxxxx
and
Swiss Bank Corporation, 8021 Zurich
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- Joint guarantee of SFr 600,000.00 by Xx. Xxxxx X. Xxxxxx, 5415
Nussbaumen, dated 2/11/94
- Joint guarantee of SFr 600,000.00 by Xx. Xxxxxxx Xxxxx, 8484
Weisslingen, dated 2/11/94
The notarized forms "Joint guarantee by persons," bearing authorized
signatures, is on file at the bank.
6. Statements of account
Statements of account shall be issued quarterly, as of March 31, June 30,
September 30 and December 31.
Loan interest shall be payable quarterly and shall be debited to the
pertinent current account.
7. Cancellation
The credit account may be cancelled by either party at any time, pursuant
to Article 7 of the bank's general business conditions (AGB).
8. Presentation of the balance sheet
For the duration of the credit relationship, within 3 months from the close
of the fiscal year the borrower shall send the annual audited balance sheet
with the profit and loss account (individual and consolidated balances)
including the auditor's report and enclosures, to the bank. Upon request,
the borrower shall also give the bank explanations and additional
information on individual items of the balance sheet and profit and loss
account. The bank shall keep this information confidential.
9. Additional conditions
The bank's general business conditions are an integral component of this
contract and are applicable unless they are amended by special stipulations
in writing.
During the entire credit relationship, the borrower shall not directly or
indirectly secure any credits or other obligations of its affiliates or
third parties by guarantees, sureties or similar instruments without
approval from the bank.
This contract is issued in five copies and replaces the one of the Swiss
Bank Corporation, Aarau, of February 22, 1995. The borrower, the bank and
the joint guarantors each receive one copy.
/signature/ Turgi, 2/13/96 [by hand]
IAT AG, Xxxxxxxxx-Xxxxx Place and date
(borrower)
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Credit Agreement by and between IAT AG,
Xxxxxxxxx-Xxxxx
and
Swiss Bank Corporation, 8021 Zurich
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/signature/ Baden, 2/23/96 [by hand]
Xxxxx X. Xxxxxx, Nussbaumen Place and date
(joint guarantor)
/signature/ Turgi, 2/13/96 [by hand]
Xxxxxxxx Xxxxxxxxxx, Wurenlos Place and date
(joint guarantor)
/signature/ Weisslingen, 2/23/96
[by hand]
Xxxxxxx Xxxxx, Weisslingen Place and date
(joint guarantor)
Swiss Bank Corporation
Companies and institutions
/signature/ /signature/
X. Xxxx Ph. Xxxxx Zurich, February 5, 1996
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