Loan agreement
Exhibit 99.1
THIS
AGREEMENT (the “Agreement”) made and entered
into as of the 26th day
of November, 2009, by and between RiT Technologies Ltd., having
its principal place of business
at 00 Xxxxx Xxxxxxxxxx Xxxxxx, Xxx Xxxx 00000, Israel (“RiT” or the "Borrower") and Newcon International Ltd., a
Canadian corporation having its principal place of business at 000 Xxxxxx xxx.
Xxxxxxx, Xxxxxx ( the “Lender”), (each a "Party" and together the "Parties").
WHEREAS
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The Lender has agreed to assist RiT by providing
it a short term loan and the Parties wish to define their obligations and
rights by executing this Agreement;
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NOW, THEREFORE, the Parties
agree as follows:
1.
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The
Lender provided a short term loan to RiT, on November 26, 2009 (the “Loan
Date”) in the amount of US$ 250,000 (the “Loan
Amount”).
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2.
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The
Loan Amount shall be repaid to the Lender not later than three month
following the Loan Date (the “Term”). The lender will provide the Borrower
with all needed bank details to enable it to wire transfer the Loan Amount
to the Lender.
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3.
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The
Loan amount shall bear no interest during the Term, but if the Borrower
will be late in repaying the Loan Amount to the Lender, then the Loan
amount shall bear an interest of 1%, for every month of
lateness.
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4.
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This
Agreement shall be deemed to be made in the State of Israel and the
construction, validity, performance and expiration and/or termination
thereof shall be governed in all respects by Israeli laws and the Parties
hereto agree to submit to the non-exclusive jurisdiction of the Israeli
Courts.
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IN WITNESS WHEREOF, the
Parties hereto, each acting under due and proper authority, have executed this
Agreement on 13 January, 2010, but as of the date written
above.
By:__________________________
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By:__________________________
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Avi
Kovarsky President & CEO
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