Exhibit 10.13
CONTRACT
Parties
The company organized and existing under the laws of Belgium, Remedent N.V.,
with registered office at ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇,
represented for the purposes of this Agreement by ▇▇▇▇▇ List, it's director,
duly empowered by the Articles of Association; hereinafter referred to as REMM;
and
The company organized and existing under the laws of Belgium, Dental Marketing
Development N.V., with registered office at ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇, ▇▇▇▇▇▇,
▇▇▇▇▇▇▇, represented for the purposes of the Agreement by Guy De Vreese, it's
president duly empowered by Articles of Association; hereinafter referred to as
DMD;
and
Mr. Guy De Vreese, an individual with his address being ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇
▇▇, ▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇-▇▇▇▇▇, ▇▇▇▇▇▇▇ hereinafter referred to as GDV.
WHEREAS, REMM wishes to obtain a credit line with the Bank Brussel ▇▇▇▇▇▇▇ for a
total of (euro)250,000 (two hundred fifty thousand euro's).
WEREAS, REMM has been informed by the Bank Brussel ▇▇▇▇▇▇▇ that they need a
security for the amount of (euro)250,000 in order to grant such a credit line.
WHEREAS, GDV is willing to secure this credit line with personal assets.
WHEREAS, the Bank Brussl ▇▇▇▇▇▇▇ has agreed to grant the credit line for REMM
under the condition that (a) DMD, a privately owned company by GDV, refunds its
line of credit and (b) GDV personally guarantees the line of credit for REMM.
NOW THEREFORE, in consideration of the foregoing premises, and the mutual
covenants contained herein, the parties hereto agree as follows:
(1) LOAN
Upon the confirmation of the Bank Brussel ▇▇▇▇▇▇▇ that the credit line for a
total of (euro)250,000 is granted (February 11, 2002) REMM loans DMD
(euro)125,000 (one hundred twenty five thousand euro's) so that DMD can refund
its line of credit.
(2) REPAYMENT OF LOAN
DMD will repay the loan to REMM under the following conditions:
a) The Bank Brussel ▇▇▇▇▇▇▇ cancels the line of credit of REMM due to
insufficient securities.
Or
b) REMM is no longer using the overdraft facility and has found other
resources that have taken over the personal deposits (guaranteeing the
(euro)250,000) of GDV.
Or
c) REMM is still using the overdraft facility but has found other recourses
that have taken over the personal deposits (guaranteeing the (euro)250,000)
of GDV. Therefore, GDV will not (in any way) be held liable for issues
regarding the line of credit.
(3) APPLICABLE LAW
3.1 All disputes resulting from or in relation with this Agreement must be
settled by the Courts having jurisdiction in the place of residence of
REMM.
3.2 This Agreement is ruled by and shall be construed according to the laws
of Belgium.
IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized representatives on the dates below written.
On behalf of: On behalf of:
Remedent N.V. Dental Marketing Development N.V.
Date; 12-02-2002 Date: 12-02-2002
City: Deurle City: Deurle
/s/ ▇▇▇▇▇ List /s/ Guy De Vreese
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Mr. ▇▇▇▇▇ List Guy De Vreese
Director President
/s/ Guy De Vreese
Guy De Vreese
Individual
