LOAN AGREEMENTLoan Agreement • March 29th, 2010 • Sonesta International Hotels Corp • Hotels & motels • New York
Lender and Resort of the World N.V. have on or about this date entered into a “Second Amendment” to the existing License Agreement between them, dated June 9, 2004, pursuant to which Second Amendment the existing License Agreement regarding Sonesta Maho Beach Resort & Casino (“Sonesta Maho”) will be extended for a term of 10 years, unless one of the parties exercises its right of earlier termination pursuant to said Second Amendment; and
LOAN AGREEMENTLoan Agreement • March 29th, 2010 • Sonesta International Hotels Corp • Hotels & motels
Whereas, the Lender agrees to provide the Borrower with a loan facility in the amount of Five Hundred Thousand US Dollars (US$ 500,000) to be used as according to the terms and subject to the conditions hereinafter mentioned.
August 18, 2009 Mamdouh Philippe, President Saint George for Tourism Investment & Hotel Management Nefertari Street Luxor, Egypt RE: Loan Agreement: U.S. $855,384.00 Dear Mr. Philippe:Loan Agreement • March 29th, 2010 • Sonesta International Hotels Corp • Hotels & motels
This letter agreement shall be deemed a Loan Agreement under which Sonesta International Hotels Limited (“Sonesta” or “Lender”) will advance the sum of U.S. $500,000.00 to Saint George for Tourism Investment & Hotel Management (formerly Mamdouh & Basem Philipco), “Owner” of Sonesta St. George Hotel, Luxor (“Hotel”), which amount will be added to the U.S. $355,384 that was owed by Owner to Sonesta, as of June 30, 2009 (and remains outstanding), regarding that certain Management Agreement, dated May 11, 1995, originally between Philippe Co. for Hotels, as Owner, and Sonesta, as Operator (the “Management Agreement”). (For purposes of this Loan Agreement, you may be referred to as “Owner” or “Borrower”.)
August 18, 2009 Mamdouh Philippe, President Greaters for Nile Tourism Nefertari Street Luxor, Egypt RE: Loan Agreement: U.S. $383,870.00 Dear Mr. Philippe:Loan Agreement • March 29th, 2010 • Sonesta International Hotels Corp • Hotels & motels
This letter agreement shall be deemed a Loan Agreement reflecting a loan of U.S. $383,870 from Sonesta International Hotels Limited, “Lender”, to Greaters for Nile Tourism, “Borrower”.
