Addendum to Credit Facility Contract between Danske Bank A/S and Bark Copenhagen A/S (February 4, 2008)
Danske Bank A/S and Bark Copenhagen A/S have signed an addendum to their existing credit facility contract, increasing Bark Copenhagen's credit line from DKK 1,000,000 to DKK 2,000,000. The borrower will pay a floating interest rate, currently set at 7.25% per year, and a commitment fee of DKK 20,000 plus a transaction fee of DKK 500. The credit facility is subject to annual renegotiation based on financial statements, and all other terms of the original contract remain unchanged. The borrowers are jointly and severally liable for the debt.
| Translation * Page 1 of 2 |
EXHIBIT 10.19
| 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 | Bark Copenhagen A/S | Customer number: | |
| Østergade 17, 3 th | 0026395860 | ||
| DK-1100 Copenhagen K | |||
| 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 of the borrower’s existing credit line, which | DKK | 1,000,000.00 |
| as at 25 January 2008 is | DKK | 1,000,000.00 | |
| The borrower’s new credit line is | DKK | 2,000,000.00 | |
| Formation expenses | Formation expenses | ||
| Commitment fee | DKK | 20,000.00 | |
| Loan transaction fee | DKK | 500.00 | |
| Total establishment costs to be debited to the account | DKK | 20,500.00 | |
| 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 duration of the credit | 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 7.2500 per cent p.a. | |||
| Translation * Page 2 of 2 |
| Page 2 of 2 | |
| 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 January 2008, Danske BID for DKK is 4.25 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. | |||
| Other terms and conditions | In all other respects, the provisions of the credit facility contract shall remain unchanged. | ||
| 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. | |||
| [handwritten: 4 Feb. 2008] | |||
| Date | |||
| /s/ Jesper Svane /s/ Bent Helvang | /s/ Maria Brabrand | ||
| Binding signature | Witness | ||
| Bark Copenhagen A/S | |||
