Current account affiliated company between Varuna AG, Baar (hereafter referred to as Varuna) and DWM Petroleum AG, Baar (hereafter referred to as DWM) A current account-based loan exists between Varuna and DWM, with the possibility of an alternating...
EXHIBIT
10.20
Current
account affiliated company
between
Varuna
AG, Baar
(hereafter
referred to as Varuna)
and
DWM
Petroleum AG, Baar
(hereafter
referred to as DWM)
I.
PREAMBLE
A
current account-based loan exists between Varuna and DWM, with the possibility
of an alternating obligation.
Il.
PAYING OUT / PAYING lN
Withdrawals
and deposits by Varuna are debited tram or credited to the current account
on a
continual basis. Further claims by Varuna or DWM against the other party to
the
contract are also debited tram or credited to the current account on a continual
basis.
III.
LIMITS
CHF
1,000,000 on both sides.
IV.
INTEREST / REPAYMENT OBLIGATION
1.
Interest
|
|
a.
The current account interest is laid down once a year, each year,
taking
into account the underlying tax conditions laid down by the Swiss
tax
authorities.
|
2.
Repayment obligation
a.
For the time being, there is no specified repayment obligation.
V.
SURETIES
1.
None
VI.
TERM OF THE CONTRACT
1.
None
VII.
APPLICABLE LAW AND COURT OF JURISDICTION
The
legal relationship is subject to Swiss law. The court of jurisdiction
and
place
of fulfillment of the contract is that of the head office of DWM.
Date,
place 05/09/2005, Xxxxxx
Xxxxxx
AG DWM
Petroleum AG
/s/
Varuna
AG /s/ DWM Petroleum
AG
