LOAN AGREEMENT
between
EDI Exploration Drilling International Holding GmbH
represented by the Managing Director [“Geschäftsführer’]
Xxxxxx Xxxxxxxx
Goethestrasse 59, 45721 Haltern am See
- in the following referred to as Lender -
and
EDI Exploration Drilling International GmbH
represented by
the Managing Director [“Geschäftsführer’]
Xxxxxxxxx Xxxxx
Xxxxxxxxxxxxx
00, 00000 Xxxxxxx xx Xxx
- in the following referred to as Borrower -
Section 1 Granting of loan
| 1. |
The Lender grants the Borrower a loan in the amount of |
Euro
11,346.83
(in words: Euro eleven thousand three hundred and forty-six)
| 2. |
The loan shall be paid out by assuming costs according to a separate list. |
Section 2 Interest, term and repayment of loan
| 1. |
The annual interest payable on the loan shall be 5.0 %. | |
| 2. |
The term of the loan shall be 12 months and shall end on September 30, 2009. | |
| 3. |
The loan shall be repaid on September 30, 2009 by deposit into the Lender’s account. |
Section 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.
Section 4 Extraordinary right of cancellation
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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.
Section 5 Securities
The Borrower irrevocably transfers all of his claims as Managing Director [“Geschäftsführer”] or shareholder from any benefits, to which he is entitled, (salary claims, profit distributions, new shares issued, profit and loss transfers, liquidation proceeds, etc.) to the Lender.
Section 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, September 30, 2008 | ||
| EDI Exploration Drilling International Holding GmbH | EDI Exploration Drilling International GmbH | |
| Managing Director, Xxxxxx Xxxxxxxx | Managing Director, Xxxxxxxxx Xxxxx | |
| - Lender - | - Borrower - |
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