LOAN AGREEMENT
EXHIBIT 10(i)
This
Loan Agreement is made on the 1st day of
December 2007 by and between:
World
Wide Auctioneers, Ltd., a British Virgin Island registered corporation with business
address at P.O. Box 17774 Jebel Ali Free Zone, Dubai, U.A.E., hereinafter referred to as the “BORROWER;”
and:
SPM Line-Lift Machinery Co. Ltd. with and address at 00/00 Xxx 0, Xxxxxx Xxxxxxxxx, Xxxxxxxx, Xxxxxxxx 00000, hereinafter referred to as “LENDER.”
Recitals:
WHEREAS,
BORROWER is in need of working capital for development of its equipment trading business in Dubai, and Lender has agreed to make a
US$1 Million loan for this purpose.
NOW, THEREFORE, for and in consideration of the
foregoing premises, the parties agree as follows:
Section
1. BORROWER hereby agrees to repay to LENDER (or any party
nominated by LENDER) the amount of One Million US Dollars ($1,000,000), with interest at the rate of 12% (twelve percent) per annum
from January 1, 2008. Interest payments are due each one-hundred-eighty (180) days from the date of this agreement. Principal
payments can be made in any amount at any time prior to or at the maturity date.
Section 2. Maturity date is defined as December 31, 2010, or any time prior to that date if BORROWER chooses to prepay the loan.
Section 3. LENDER has exclusive first rights to convert any or all of its outstanding loan amount at any time prior to maturity date to equipment or other assets owned by BORROWER, at 5% (five-percent) less than market price as determined by a 10-day right of first refusal process.
Section 4. Governing Law is U.A.E.
Agreed:
/s/ Xxxxxx Xxxxxxxxx /s/ Xxxx Xxxxxxxxx
LENDER BORROWER
Xxxxxx
Xxxxxxxxx Xxxx
Xxxxxxxxx – CEO
Managing Director
