Addendum to Credit Facility Contract between Danske Bank A/S and Living Brands A/S
Danske Bank A/S and Living Brands A/S have agreed to increase Living Brands A/S's existing business credit line by DKK 500,000, raising the total to DKK 1,000,000. The agreement outlines the floating interest rate, annual renegotiation based on financial statements, and associated fees. The borrower is responsible for repayment, interest, and fees, and if there are multiple borrowers, they are jointly liable. The bank may adjust interest and commission rates according to its general terms. The agreement is effective upon signature and is supported by a certified English translation.
| Translation * Page 1 of 4 |
| EXHIBIT 10.2 |
| Danske | Bank |
| ADDENDUM TO CREDIT FACILITY CONTRACT | |
| floating interest – business | |
| Credit line increase | |
| Borrower’s copy | |
| Page 1 of 2 | |
| Credit facility type: Business | |
| account | |
| Account: XXXXX | |
| Reference: 0026395860 | |
| Lender | Danske Bank A/S | |
| Borrower | Living Brands A/S | Customer number: |
| Sølvgade 10, 5 | 0026395860 | |
| 1307 Copenhagen K | ||
| Denmark | ||
| If there is more than one borrower, the terms and conditions of the contract shall apply to each borrower. | ||
| Credit line | Danske Bank A/S has granted an increase of | DKK | 500,000.00 |
| of the borrower’s existing credit line, which | |||
| as at 25 April 2006 is | DKK | 500,000.00 | |
| The borrower’s new credit line is | DKK | 1,000,000.00 | |
| Formation expenses | Formation expenses | |||
| Commitment fee | DKK | 2,500.00 | ||
| Loan transaction fee | DKK | 500.00 | ||
| Total establishment costs to be debited to the account DKK | 3,000.00 | |||
| Addendum to credit facility contract | This addendum to the credit facility contract was entered into as a result of an increase in the credit line. |
| Repayment and | The credit facility shall be subject to renegotiation every year when the financial statements/annual report/annual statement from the Danish tax authorities are/is available. |
| The debt shall not exceed the current line of credit. | |
| Interest, commission | Lending rate of interest |
| and fee | The borrower shall pay a floating interest rate on the borrowings under the credit facility. |
| The current rate of interest is 5.7500 per cent p.a. |
Page 2 of 2
| Translation * Page 2 of 4 |
| Account: XXXXX |
| Reference: 0026395860 |
| Deposit rate of interest | |
| The bank shall pay a floating interest rate on any account balance. The interest rate shall correspond to Danske BID for DKK with a variable deduction fixed by the bank, currently 0.6500 percentage points. | |
| On 25 April 2006, Danske BID for DKK is 2.6 per cent p.a. Danske BID is variable and fixed by the bank every business day with effect from that same day. | |
| Commission | |
| The borrower shall pay a variable commission on the credit line as fixed by the bank. | |
| The current rate of commission is 0.0000 per cent p.a. | |
| Changes | |
| The bank may change the floating lending rate of interest in accordance with its General Terms and Conditions of Business. | |
| The deposit rate of interest shall be changed in accordance with any changes to Danske BID. | |
| The bank may change the floating interest rate supplement/deduction in accordance with its General Terms and Conditions of Business. | |
| The bank may change the floating commission rates in accordance with its General Terms and Conditions of Business. | |
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| Other terms and | The following shall also apply to the credit facility contract: |
| conditions | |
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| Borrower’s signature | By signing this document, the borrower declares to owe Danske Bank A/S the borrowings under the credit facility from time to time plus interest, commission and any fees and costs. |
| If there is more than one borrower, the borrowers shall be jointly and severally liable. | |
| At the same time, the borrower acknowledges receipt of a copy of the credit facility contract. |
| Translation * Page 3 of 4 | |||
| Date <> | |||
/s/ Peter Brockdorff | /s/ Bent Helvang | ||
| Binding signature | Witness | ||
| Living Brands A/S | CHAIRMAN BENT HELVANG | ||
| [Handwritten: Signed by |
| PBR + PSO 28.04.06] |
| Translation * Page 4 of 4 |
THIS IS TO CERTIFY
that the foregoing
“Addendum to credit facility contract”
is a true and faithful translation of the attached copy
in the Danish language produced to me.
This translation consists of four (4) pages.
In witness whereof I have hereonto set
my hand and affixed my seal of office this
8th day of November 2007.
Malene Popov
Sworn Translator and Interpreter of the English language
Aarhus, Denmark
