EXHIBIT 10.4
LINE OF CREDIT CONTRACT
The parties subscribed: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, of legal age, married, business
administration manager, domiciled in the City of Miami, State of Florida, United
States of North America, President of ATEL SA, (BORROWER) Company constituted
in the City of San ▇▇▇▇ ▇▇▇▇▇ Rica, and INTERCAPITAL SA, (dba/ ISTMO SA)
(FINANCIER) domiciled in the Republic of Panama, Panama, both parties appear
and they both agreed to celebrate the following Line of Credit Contract:
FIRST CLAUSE: OBJECT.- THE FINANCIER, is obligated to lend to the BORROWER a
line of Credit in the amount of US$ 1,500,000.00 (One Million Five Hundred
Thousand Dollars), to be used for working capital.
SECOND CLAUSE: DURATION AND FORCE.- The Contract will have a duration of six
years, that begins on the date this contact is executed. This contract will be
able to be extended by a similar period, by common consent by the parties.
THIRD CLAUSE: OPERATION AND OPERATION.- THE BORROWER has available a Line of
Credit and can withdraw from this Line of Credit up to the amount approved by
the FINANCIER.
FORTH CLAUSE: INTERESTS.- THE BORROWER will pay the FINANCIER, interest of Ten
percent (10%) annually on the total Credit that is dispersed to the BORROWER.
FIFTH CLAUSE: LEGAL COSTS.- The Legal Costs on the Line of Credit will be
assumed by the BORROWER.
SIXTH CLAUSE: MODALITIES OF PAYMENT.- The interest as well as the capital can be
paid to the FINANCIER at any moment before the date of expiration of this Line
of Credit.
SEVENTH CLAUSE: GAURANTEE.- The Line of Credit is guaranteed by ▇▇. ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇, President of ATEL SA.
EIGHTH CLAUSE: DISCREPANCIES.- The Discrepancies that could arise among the
parties on this Contract, will be resolved by common consent among both parts.
NINTH CLAUSE: ACCEPTANCE.- Both parties express their agreement with all and
each one of the Clauses of this Contract.-
In faith which we Sign the present Contract, in the City of Panama, Republic of
Panama, November 23, 1998.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ - ATEL SA
BORROWER
/s/ ▇▇▇▇▇▇ Tile
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INTERCAPITAL, SA (dba/ ISTMO SA)
FINANCIER
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