Loan Agreement between EDI Exploration Drilling International Holding GmbH and EDI Exploration Drilling International GmbH dated February 8, 2008

Contract Categories: Business Finance › Loan Agreements
Summary

This agreement is between EDI Exploration Drilling International Holding GmbH (the lender) and EDI Exploration Drilling International GmbH (the borrower). The lender provides a loan of €5,000 to the borrower at an annual interest rate of 5%, with repayment due by December 31, 2008. The borrower may repay early without penalty. If the borrower's financial situation worsens significantly, the lender can demand immediate repayment. The borrower assigns certain financial claims as security for the loan. The agreement requires written changes and includes a standard severability clause.

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EX-10.73 4 exhibit10-73.htm LOAN AGREEMENT Filed by Automated Filing Services Inc. (604) 609-0244 - Exploration Drilling International Inc. - Exhibit 10.73

LOAN AGREEMENT

between

EDI Exploration Drilling International Holding GmbH
represented by the Managing Director
Günter Thiemann
Goethestrasse 59, 45721 Haltern am See

- in the following referred to as Lender -

and

EDI Exploration Drilling International GmbH
represented by the Managing Director
Christian Runge
Goethestrasse 59 in 45721 Haltern am See

- 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        5,000.00
(in words: Euro five thousand)

  (2)

The loan shall be paid out by transfer into the Borrower’s account at the Nationalbank Essen, bank code 360 200 30, account number 000110 5176.

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 approximately 11 months, ending on 31/12/2008.

  (3)

The loan shall be repaid on 31/12/2008 by transfer 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, including before the end of the term of the loan. A prepayment penalty shall not be due.

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Section 4        Extraordinary right of cancellation

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 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 upon, which effectively 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, on February 8, 2008

 

[Signature]    
     
EDI Exploration Drilling International Holding GmbH   EDI Exploration Drilling International GmbH
Managing Director, Günter Thiemann   Managing Director, Christian Runge
- Lender -   - Borrower -

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