Page 58 - Financial Statements 2014, 2015 & 2016

AVSERMA Aviation Services &
Consolidated Financial Statements Management Co. N.V.
6. Notes to the financial statements Consolidated financial statements 2014

Loan facility

2014 2013
Loan facility in AWG in AWG

Arubabank N.V. 809,875 926,748
RBC Royal Bank (Aruba) N.V. 52,490 88,021

Total loan facility 862,365 1,014,769

On April 2, 2012 the Company entered into a loan agreement with Arubabank N.V. for the
purchase of new equipment. The principle amount was AWG 110,000 with an annual interest
of 8% and repayment will take place in 83 monthly installments of AWG 15,650 with a final
payment on November 30, 2019. All assets and shares have been pledged, in addition the
shareholders put in personal guarantees.
On April 9, 2013 the Company entered into a loan agreement with RBC Royal Bank (Aruba)
N.V. to refinance. The principle amount was AWG 110,000 with an annual interest of 8.75%
and repayment will take place in 35 monthly installments of AWG 3,485.19 with a final
payment on April 30, 2016. The accounts receivable have been assigned as security for the
loan.

Credit institutions

2014 2013
Credit institutions in AWG in AWG

Arubabank N.V. 634,650 922,945

Total credit institutions 634,650 922,945

The Company has an overdraft facility with Arubabank N.V. for AWG 700,000 with an annual
interest of 8%. All assets and shares have been pledged, in addition the local shareholders
put in personal guarantees.

Due to related parties

2014 2013
Due to related parties in AWG in AWG

Tera Holding N.V. 30,000 -

Total due to related parties 30,000 -

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