Loan Agreement Between Stephan Schambach and Intershop Communications AG
Parties Stephan Schambach and Intershop Communications AG
Loan Amount Up to Euro 5,000,000 by Mr. Schambach to INTERSHOP
Purpose Working capital credit ("Betriebsmittelkredit") in form of
an overdraft credit without earmarking for a specific
Interest Rate 6% per year.
Delivery of Funds The amount has to be transferred in total or partly upon
request by the borrower to its account at Commerzbank Jena
(Germany) within five (5) business days (overdraft credit).
Collateral Assignment of all current, open claims of INTERSHOP
Termination Three months' notice without cause, or immediately with
cause (e.g., the delay of interest repayments, special
breach of contract, making of false statements with respect
to the granting or the continued granting of the loan,
opening of certain proceedings related to the borrower's
bankruptcy, or final suspension of payments)
Repayment The loan is due in total on the day on which the agreement
has been terminated. The borrower can repay the loan in
total or in installments at any time.
Governing Law The laws of the Federal Republic of Germany.