LOAN FACILITY

EX-10.5 2 v385193_ex10-5.htm EXHIBIT 10.5

 

Exhibit 10.5

 

LOAN FACILITY

 

Imperial Resources LLC unsecured loan to Empire Energy USA LLC.

 

Terms of the Loan Facility are set out below:

 

Borrower: Empire Energy USA LLC 380
Southpointe Blvd, Suite 130
Canonsburg, PA 15317
   
Lender: Imperial Resources LL
 Level 7, 151 Macquarie Street,
Sydney NSW 2000
   
Amount: USD$2,340,000
   
Term: 1 year
   
Purpose: Convert existing accrued B Unit profit distribution to a loan
   
Interest: Interest free for first 6 months then 5% pa payable semi-annually
   
Establishment Fee: Nil
   
Security: Nil. The Loan is unsecured.
   
Event of Default:

The Facility will become immediately due and payable, if:

 

·             The Borrower does not perform or comply with its obligations as set out in this letter.

·             Any event occurs or circumstances arise which in the Lender's sole opinion may have an adverse effect on the ability of the Borrower to perform or comply with its obligation set out in this letter.

   
Acceptance of Offer: Please acknowledge your acceptance of these terms and conditions by signing the Acknowledgement below:

 

Lender Acknowledgement:   /s/ Rachel Ryan
  Date:  1 July 2013
    Name:  Rachel Ryan    
         
Borrower   /s/ Bruce McLeod
   Date:  1 July 2013
Acknowledgement:   Name:  Bruce McLeod