Exhibit 10.50
FREE TRANSLATION OF THE LOAN AGREEMENT ISSUED THE 16th MARCH 2007
BETWEEN ANGLO IRISH BANK (SUISSE) SA AND MYMETICS CORPORATION
LOAN AGREEMENT
between
ANGLO IRISH BANK (SUISSE) S.A., a Swiss banking institution whose registered
office is at 0 xxx xxx Xxxxx, Xxxxxx, represented by Xxxxx XXXX and Xxxxxxxx
XXXXX, hereinafter the (Lender) of the one part, and MYMETICS CORPORATION, whose
registered office is at 00 xxx xx xx Xxxxxxxxxx, 0000 Xxxx, Xxxxxxxxxxx,
hereinafter the (Company) of the other, (hereinafter referred to collectively as
the (Parties).
Article 1 Loan
The Lender hereby grants to the Company, on the terms set out herein, a loan of
five hundred thousand euros ((euro) 500,000.--) (hereinafter the (Funds).
Article 2 Purpose of the loan
To finance repayment of a loan granted by MFC Merchant Bank SA.
Article 3 Advance of funds
The Funds shall be made available to the Company from 16 March 2007.
Article 4 Interest
4.1 The borrowed funds shall bear interest at five percent (5%) per annum from
the date on which they are effectively made available.
4.2 Interest owing shall be payable at maturity of the loan (Article 4 below)
4.3 Should the rate of interest specified not be in accordance with the Circular
issued by the Swiss Federal Tax Authority relative to maximum rates of interest
applicable to shareholder loans, it shall be modified accordingly.
Article 5 Term of the loan
5.1 The loan is granted for a term of twelve months from the date on which the
funds are effectively made available
5.2 The Company shall be entitled to make early repayment of the loan.
Article 6 Applicable law and jurisdiction
6.1 This agreement shall be subject to Swiss law.
6.2 Any dispute arising between the Parties in relation to the conclusion,
interpretation or performance of this agreement shall be submitted to the
exclusive jurisdiction of the canton of Geneva, subject to appeal remedies to
the [Swiss] Federal Court.
Executed in Geneva in two original counterparts on 16 March 2007.
ANGLO IRISH BANK (SUISSE) SA
Xxxxx XXXX Xxxxxxxx XXXXX
/s/ Xxxxx XXXX /s/ Xxxxxxxx XXXXX
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MYMETICS CORPORATION
Xxxxx Xxxxxx Xxxxxxxxx Xxxxxx
Chief Financial Officer President and CEO
/s/ Xxxxx Xxxxxx /s/ Xxxxxxxxx Xxxxxx
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