Loan Agreement for Business Development between DubLi, Inc. and Sleiman Chamoun (May 6, 2014)
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Summary
DubLi, Inc. (the Borrower) has entered into a loan agreement with Sleiman Chamoun (the Lender) for $500,000 to support DubLi's business development. The loan carries a 10% annual interest rate and is to be repaid in full, including interest, by January 1, 2015. DubLi may repay early without penalty. If payment is late, a $1,000 daily penalty applies until the debt is settled.
EX-10.1 2 f8k040714ex10i_dublin.htm LOAN AGREEMENT f8k040714ex10i_dublin.htm
Exhibit 10.1
LOAN AGREEMENT
FOR BUSINESS DEVELOPMENT
between
DUBLI, INC.
6750 N Andrews Avenue
Suite 200
Ft. Lauderdale, FL 33309
- hereinafter referred to as "the Borrower" -
and
Sleiman Chamoun
Villa Chamoun
Nazlet El Bwar Fatka
Lebanon
- hereinafter referred to as "the Lender" –
1. Date of Agreement: May 06, 2014
2. Amount and purpose of the loan: US$ 500,000. The amount shall be wired to:
| Account Name: | DubLi Inc. |
| Bank: | WELLS FARGO BANK |
| Address: | 980 North Federal Highway |
| Boca Raton, FL 33432 | |
| Bank ABA: | 121000248 |
| Swift: | WFBIUS6S |
| Account No.: | 2000055438780 |
The funds are supposed to be used to further develop and strengthen Borrowers business.
3. Repayment - Borrower will repay the full amount of this note on January 1, 2015.
4. The interest will be 10 % p.a. The Borrower will pay the accumulated interest together with the loan amount on January 1, 2015.
5. Early amortization – The Borrower may repay the whole outstanding amount at any time without additional costs.
6. Late Charge: A penalty of US$ 1,000 per day will be charged if the loan amount plus interests is not paid in full on its due date. The late charge will continue to incur until the full loan amount plus interests is paid in full.
Borrower: DUBLI, INC.
By:
Michael Hansen, CEO
Lender:
By:
Sleiman Chamoun
