ADDITION TO THE LOAN AGREEMENT OF NOVEMBER 9, 2005
Exhibit 10.56
ADDITION
TO THE LOAN AGREEMENT OF NOVEMBER 9, 2005
THIS
ADDITION TO THE LOAN AGREEMENT
is made
on January 16, 2007
PARTIES:
OOO
ZAURALNEFTEGAZ,
a
limited liability company incorporated under the laws of the Russian Federation
under the main state registration number (ORGN) 0000000000000, located at 00/0
Xxxxx Xxxxxx, Xxxxxx, 000000, Xxxxxx Oblast, Russian Federation (“ZNG”);
and
CASPIAN
FINANCE LIMITED,
a
company incorporated in England and Wales under company number 05530897 and
whose registered office is at Millennium Xxxxxx Xxxxx, 0 Xxxxxxx Xxxx, Xxxxxx
XX0X 0XX Xxxxxx Xxxxxxx (the “Lender”).
WHEREAS:
(A)
|
The
Lender and ZNG have signed the Loan Agreement on November 9, 2005
(“Loan
Agreement”)
for the total sum of US$6,874,325 (“Initial
Sum”)
|
(B)
|
The
Lender is willing to make available to ZNG an additional loan facility
to
the Initial Sum and subject to the terms and conditions set out in
this
Addition to the loan agreement.
|
IT
IS THEREFORE AGREED AS FOLLOWS:
1.
|
Additional
sum
|
The
Lender hereby agrees to lend to ZNG an additional sum of $2,000,000 (Two million
dollars USA) (“Additional
sum”)
2.
|
Terms
|
2.1
|
The
Loan Agreement of November 9, 2005 continues to operate as if the
Additional sum was added to the Commitment (as described in the Loan
Agreement).
|
2.2
|
The
terms of the Loan Agreement continue to be in force, including the
following provisions: Term, Drawdown, Interest and Default Interest,
Repayment, Purpose, Security, Conditions Precedent, Events of Default,
Representations and Warranties, Notification of Events of Default,
Costs
and Charges, Gross Up, Set Off, Waiver, Notices, Assignment, Law
and
Disputes, Third Parties.
|
2.3
|
Drawdown
Notice must be in the form set out in the Schedule to the Loan Agreement
and shall include description of the purpose/purposes (as set forth
in the
clause Purpose of the Loan Agreement). Each Drawdown Notice shall
specify
the date upon which advance to be made and the amount of the advance.
Transfer of the sums will be executed only after approval of their
purpose
by the Lender.
|
IN
WITNESS WHEREOF,
the
parties have executed this Agreement as of the date first above
written.
Borrower:
OOO “ZAURALNEFTEGAZ”
Signed
by
director: Xxxx X. Xxxxxxxxx
Signature:
/s/ Xxxx X. Xxxxxxxxx
Corporate
Seal
Lender:
CASPIAN
FINANCE LIMITED
Signed
by: Xxxxx Xxxxxx
Signature:
/s/ Xxxxx Xxxxxx