Loan Agreement between Auto Photo Kiosk GmbH i.G and Spectre Industries Inc.
Auto Photo Kiosk GmbH i.G (the Borrower) and Spectre Industries Inc. (the Lender) have entered into a loan agreement for €264,000. The loan can be drawn in full or in parts at the Borrower's request. Interest is set at 1% above the European Central Bank's base rate, with the first payment due at the end of the Borrower's next financial year, and subsequent payments every six months. The loan can be repaid early by the Borrower at any time, but the Lender may only demand repayment with six months' notice after December 31, 2003.
LOAN AGREEMENT
between
Auto Photo Kiosk GmbH i.G
Bonn
Represented by the Business Manager
Mr. Joachim Zweifel
- Hereinafter referred to as the "Borrower" -
and
Spectre Industries Inc.
North Vancouver, CANADA
Represented by the Business Manager
Mr.
- Hereinafter referred to as the "Lender" -
Section 1
The Lender grants the Borrower a loan for the total amount of 264,000 Euros ( in words:
Two hundred and sixty-four thousand Euros).
Section 2
The loan amount will be made available to the Borrower at the request of the Business Manager of the Borrower, also in partial amounts.
Section 3
As of the day of the payment, the interest rate will be 1% per annum higher than the basic rate of the European Central Bank.
The Borrower will, for the first interest payment, pay the interest at the end of the Borrower's financial year following the date of the issuing of the loan. After that, the interest is payable at the end of each six-month period.
Section 4
The loan may be redeemed by giving a six months notice period at the end of the calendar year. A redemption notice date before December 31, 2003 is not possible.
An early repayment by the Borrower is allowed at any time.
Bonn,_________________
Auto Photo Kiosk Gmbh i.G.
______________________
Joachim Zweifel
Spectre Industries Inc.
______________________
