Exhibit 10.5
Additional agreement
to Accessorial agreement # 5382 (for granting a credit) dated May 6, 2002
City of Almaty May 7, 2002
1) Kazkommertsbank OJSC hereinafter referred to as "the Bank" in the
person of the Director of Department of corporate relations # 3 Ms. D.
B. Nurmagambetova acting on the basis of Power of attorney # 345 dated
June 25, 2002, and
2) Closed joint-stock company Karakudukmunay hereinafter referred to as
"the Company" in the person of the Administrative Manager Mr. U. B.
Khairov acting on the basis of the unnumbered Power of attorney dated
April 30, 2002, on the other hand,
collectively referred to as "the Parties" and separately as indicated above or
as "the Party" have concluded this Additional agreement (hereinafter referred to
as "the Additional agreement") to Accessorial agreement # 5382/A (for granting a
credit) dated May 6, 2002 (hereinafter referred to as "the Agreement") on the
following:
1. To change paragraph 1.2 of the Agreement and formulate it as follows:
"1.2. For using the loan the Company agrees to pay to the Bank a
compensation (interest) in the amount of 14 (fourteen) per cent per annum
of the sum of the loan (simple interest).
The amount of compensation (interest) shall be calculated on the basis
of a year consisting of 360 days, for the actual number of days of using
the loan by the Company."
2. To change paragraph 2.1 of the Agreement and formulate it as follows:
"2.1. The loan shall be granted to the Company for the following purposes:
refinancing the debt to Central Asian Petroleum (Guernsey) Limited and
financing the capital expenditures."
3. To change paragraph 2.3 of the Agreement and formulate it as follows:
"2.3. Repayment of the loan and payment of the compensations (interest)
shall be effected by the Company and/or third parties indicated by the
Company subject to requirements of the current laws of the Republic of
Kazakstan by way of transferring the money to the Bank within the time and
in the amount specified in Appendix # 1 to the Accessorial Agreement, which
is an integral part of it."
4. To change paragraph 2.5 of the Agreement and formulate it as follows:
"2.5. In the event of violation by the Company of any of its obligations
under the Accessorial Agreement, the Bank shall be entitled to collect
(withdraw) without acceptance any amounts of the debt (including
outstanding) of the Company under the Accessorial Agreement by way of
direct debiting the Company's bank accounts with Kazkommertsbank OJSC, and
also by way of presenting of payment orders executable without acceptance
or other documents required to effect, without acceptance and/or dispute,
collection (withdrawal) of money to the Company's bank accounts established
with any banks (organizations performing certain types of banking
operations and other crediting organization) on the territory of the
Republic of Kazakstan and abroad."
5. To change Appendix # 1 to the Agreement and formulate it as in Appendix # 1
to the Additional Agreement.
6. This Additional Agreement is an integral part of the Agreement and is valid
upon signing by authorized representatives of the Parties.
7. This Additional Agreement is executed in three copies having equal legal
force, two copies for the Bank and one for the Company.
LEGAL ADDRESSES AND BANKING DETAILS OF THE PARTIES:
BANK: Kazkommertsbank OJSC - Republic of Kazakstan, Almaty, 480060, 135/H
Gagarin av., correspondent account 900161126, MFO 190501926 in the Department of
payment systems of the National Bank of the Republic of Kazakstan, RNN
600400055239, residency code 1, economy sector code 4;
COMPANY: Karakudukmunay JSC - Republic of Kazakstan, Mangistau oblast, Aktau,
466200, District 3, Building 82, proceeds account 06467365, currency account
05070546 in Aktau branch of Kazkommertsbank OJSC, RNN 430600001175, residency
code 1, economy sector code 7.
BANK COMPANY
D. B. Nurmagambetova U. B. Khairov
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D. B. NURMAGAMBETOVA U. B. KHAIROV
Appendix # 1
to the Additional Agreement
dated May 7, 2002
to Accessorial Agreement # 5382
(for granting a credit) dated
May 6, 2002
APPENDIX # 1
to Accessorial Agreement # 5382
(for granting a credit) dated
May 6, 2002
SCHEDULE
of repayment of the debt under Accessorial Agreement # 5382
(for granting a credit) dated May 6, 2002
USD
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
Date of Outstanding Repayment Total to be
repayment loan debt repaid
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
Loan Interest
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
25.12.02 30,000,000.00 0.00 2,718,333.33 2,718,333.33
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
25.03.03 30,000,000.00 0.00 1,050,000.00 1,050,000.00
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.05.03 30,000,000.00 2,000,000.00 490,000.00 2,490,000.00
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.08.03 28,000,000.00 2,000,000.00 1,001,777,78 3,001,777.78
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.11.03 26,000,000.00 2,000,000.00 930,222.22 2,930,222.22
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.02.04 24,000,000.00 3,000,000.00 858,666.67 3,858,666.67
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.05.04 21,000,000.00 3,000,000.00 735,000.00 3,735,000.00
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.08.04 18,000,000.00 3,000,000.00 644,000.00 3,644,000.00
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.11.04 15,000,000.00 3,000,000.00 536,666.67 3,536,666.67
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.02.05 12,000,000.00 6,000,000.00 429,333.33 6,429,333.33
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
06.05.05 6,000,000.00 6,000,000.00 207,666.67 6,207,666.67
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
Total: 0.00 30,000,000.00 9,601,666.67 39.601,666.67
- ------------------------- --------------------- --------------------- ---------------------- ---------------------
BANK COMPANY
D. B. Nurmagambetova U. B. Khairov
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D. B. NURMAGAMBETOVA U. B. KHAIROV