LOAN AGREEMENT
Exhibit 10.5
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THIS AGREEMENT made the 20th day of September, 2007. |
BETWEEN:
XXXXX XXXXXXXXXX, of Xxx Xxx Xxxxxxxxx 00, 0000 Xxxxxxxx, Xxxxxxxxxxx;
("Xxxxxxxxxx")
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OF THE FIRST PART |
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AND: |
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GD CONFERENCE CENTER, INC., a company incorporated pursuant to the laws of Delaware with an address at 000 Xxxx Xxxxx Xxxx, Xxxxx Xxxxxxx, XX 00000;
("GD”)
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OF THE SECOND PART |
WHEREAS:
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A. |
GD requires funding in connection with its proposed business operations in the oil and gas sector; |
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X. |
Xxxxxxxxxx has agreed to loan US$350,000 (the “Funds”) to GD, on certain terms and conditions contained herein; |
NOW THEREFORE THIS AGREEMENT WITNESSETH that for and in consideration of the sum of TEN DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
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1. |
Xxxxxxxxxx hereby agrees to loan the Funds to GD forthwith following the execution of this Agreement. |
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2. |
GD hereby acknowledges and agrees that the Funds will be used by it exclusively in connection with its business operations in the oil and gas sector, unless JF shall consent in writing to any other application thereof. |
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3. |
The Funds advanced shall be non-interest bearing, unsecured and payable upon |
demand.
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4. |
Any additional funds that Xxxxxxxxxx loans to GD subsequent to this Agreement shall be subject to the same terms as this Agreement, unless otherwise agreed in writing. |
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5. |
This Agreement shall be interpreted in accordance with the laws in effect from time to time in the State of Delaware as they are applied to agreements executed, delivered and to be performed entirely within such state. |
IN WITNESS WHEREOF the parties hereto have hereunto affixed their respective hands, both as of the day and year first above written.
/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, President |
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/s/ Xxxxx Xxxxxxxxxx |
/s/ Xxxxxxx Xxxxxxx |
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XXXXX XXXXXXXXXX |
Xxxxxxx Xxxxxxx, Vice President |
