Common use of FACILITY TERMS Clause in Contracts

FACILITY TERMS. Total Loan Facility Up to US$1,500,000 Date of Expiry of Loan Facility April ____, 2009 (subject to Clause 2.4 below) Advance Payment Last month deposit for each Instalment Minimum Funding Amount per Drawdown Notice US$250,000 Loan Term 33 monthly payments commencing after a 3 months grace period, with respect to each Instalment drawn until October 1, 2008; and 36 monthly payments with respect to each Instalment drawn after October 1, 2008, all as further detailed in Clause 4.2. For the avoidance of doubt, the 36 months of payment or 3 months grace period will not include the month in which the money is drawn down. Transaction Fee and Legal Fees (i) Transaction Fee of US$15,000; and (ii) Legal Fees up to US$ 10,000, both amounts upon execution of this Loan Agreement.