1.DEFINITIONS
The following terms have the following meanings in the contractual text:
“Payment date”is15.12.2018 EUR 1,600,000.00; on 15.05.2019 EUR 3,000,000.00; on 15.10.2019 EUR 3,000,000.00 and on 15.01.2020 EUR 1,850,000.00.
“Banking day”isany day (with the exception of Saturday and Sunday) on which commercial banks are open to the public for business in Frankfurt/Main.
“Final due date”is30.09.2028.
“Financial liabilities” areall liabilities from (i) borrowings (ii) issued letters of credit and accepted or issued bills (iii) the issue of bonds, “commercial papers” or other debentures, (iv) lease contracts that under the applicable edicts of the Federal Ministry of Finance or the respective tax or balance sheet provisions of the Jurisdictions regulating the lease contract, are to be treated as finance [operating] leases, (v) the sale of receivables where recourse against a member of the company group of the Borrower cannot be ruled out (recourse factoring), (vi) trade accounts payable when a payment schedule is granted that lies outside common industry practices, (vii) derivatives, whereby when calculating the value of a derivative transaction only the“mark-to-market value” is taken into consideration, (viii) recourse liability in respect of third party sureties, guarantees, bonds, letters of credit or other financial instruments, where such are not included twice in the balance sheet concerned since the respective principle debt is already accounted for, (ix) other transactions when these have the economic effect of borrowings as defined in paras. (i) to (viii), (x) a guarantee, surety or otherco-liability for one of the liabilities cited in paras. (i) to (ix) liabilities, and (xi) pension provisions.
2.LOAN
a) Loan amount
The Bank is granting the Borrower a redeemable loan ofEUR 9,450,000.00 (in words:nine million four hundred and fifty thousand Euro) (“loan amount”).
b) Purpose
The loan serves theco-financing of the company property to be built in Berlin-Adlershof. The Bank is entitled but not obliged, in respect of the Borrower, to monitor compliance with the loan purpose.
3.PAYMENT
a) Payment date
The Bank shall pay the Borrower the loan amount on the payment dates at the payout ratio of 100% provided that at that time the payment requirements specified below in Clause 6 of this Loan Agreement have been satisfied.
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