Filed by Automated Filing Services Inc. (604) 609-0244 - Bark Group Inc. - Exhibit 10.21






Danske Bank COPY

EXHIBIT 10.21

		Danske Bank 
	  	Holmens Kanal 2-12 
	  	1092 Copenhagen K 
	  	Denmark 
	Bark Property Aps 	Telephone +45 33 44 00 00 
	Østergade 17, 3.th. 	Telex 27000 daba dk 
	1100 Copenhagen K 	Telegramadr. DANSKEBANK 
	Denmark 	S.W.I.F.T. DABADKKK 



	Ref.: 	Bank ref.: 	Date: 
	Nytorv Department 	41801981/63191 	18 February 2008 
	  	  	  
	Establishing a currency loan 	  	  
	Regarding loans with 	Danske Bank A/S 	  
	  	Copenhagen 	  
	  	  	  
	  	size CHF 1,128,692.44 	  



	The loan may be converted to other currency. 	  	  
	 	 	 
	Total rate for the period of 19.02.2008 - 19.05.2008 has
      been established at 4.22 % per annum, payable when due to the amount of
	CHF 	11,907.71 
	Total service that falls due for payment on 19.05.2008 	CHF 	25,591.00 
	 	 	 
	Settlement 	  	  
	 	 	 
	Currency amount CHF 1, 128,692.44 to be purchased on
      18/02/2008 by the bank at a rate of 465.140000 	DKK 	5, 250,000.02 
	 	 	 
	The amount must be deposited in account number
      XXXXX to that value on 19.02.2008 	  


Yours sincerely
Danske Bank




Danske Bank COPY

	  	Danske Bank 
	  	Holmens Kanal 2-12 
	  	1092 Copenhagen K 
	  	Denmark 
	Bark Property Aps 	Telephone +45 33 44 00 00 
	Østergade 17, 3.th. 	Telex 27000 daba dk 
	1100 Copenhagen K 	Telegramadr. DANSKEBANK 
	Denmark 	S.W.I.F.T. DABADKKK




	Ref.: 	Bank ref.: 	Date: 
	Nytorv Department 	41801981/6319J 	18 February 2008 
	  	  	  
	Establishing a currency loan 	  	  
	Regarding loans with 	Danske Bank A/S 	  
	  	Copenhagen 	  
	  	  	  
	  	size DKK 1,750,000.00 	  



	The loan may be converted to other currency. 	  	  
	 	 	 
	Total rate for the period of 19.02.2008 - 19.05.2008 has
      been established at 6.05 % per annum, payable when due to the amount of
	DKK 	26,468.75 
	Total service that falls due for payment on 19.05.2008 	DKK 	44,833.00 
	 	 	 
	Settlement 	  	  
	 	 	 
	Currency amount 	DKK 	1, 750,000.00 


The amount will be deposited in account number XXXXX to
that value on 19.02.2008

Yours sincerely
Danske Bank




Danske Bank COPY

	  	IOU 
	  	CURRENCY LOAN 
	  	with variable interest 
	  	  
	The borrower’s name and address 	Reg.no. 4180 
	Bark Property Aps 	       
                 Nytorv Dept. 
	Østergade 17, 3.th. 	Account no. XXXXX
	1100 Copenhagen K 	VAT no. 0030898141 
	Denmark 	  
	  	  
	  	  
	  	ANNUITY LOAN 
	  	  
	The borrower has received the following currency
      loan with variable interest from Danske Bank A/S. 
	The loan’s principal sum 	DKK 1,750,000.00 
	The loan amount for payment to the borrower
      constitutes 	DKK 1,750,000.00 
	  	  
	The amount will be deposited in the borrower’s
      account no. XXXXX to that amount on 19.02.2008. 


Interest

The borrower will pay variable interest on the loan set by the
bank. The interest will be established for interest periods of 3 months. The
interest will be established for an interest period 2 international banking days
before the interest period (the date of establishing the interest). The interest
will be established on the basis of the rates at which the bank itself will be
able to take out a loan in the relevant currency on the international currency
markets for the relevant interest period where the bank has applied a variable
supplement. The interest supplement in the first interest period will amount to
1.45 % per annum.

The interest (incl. interest supplement) for the first interest
period from 19.02.2008 until 19.05.2008 has been established at 6.05 % per annum
and amounts to DKK 26,468.75.

Interest for an interest period will be paid in arrears at the
end of the interest period.

Settlement

A payment of DKK 44,833.00 will be paid every 3 months. This
amount covers instalment and interest for the previous interest period.

The first payment will fall due on 19.05.2008 .

Outstanding debt on the loan will fall due for final payment on
20.02.2023.

Dates for the exact due date for the individual payments can be
given on request. Information on a following due date will be shown by the
bank’s advice, which will be sent to the borrower in connection with
establishing the interest for the interest period.

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Danske Bank COPY

The bank’s right to change the agreed settlement in the
event of interest changes

The size of the payments will be established while taking into
account the interest stated in the document for the first interest period. To
maintain the settlement rate expected on authorisation of the loan, the bank may
by giving 14 days’ notice, but is not obliged to do so, demand a change to the
size of the agreed payments if the interest is changed.

The length of interest periods

After agreement between the bank and borrower, the length of
the first interest period may be established as being shorter or longer than
stated above. An agreement hereon must be reached no later than the date of
establishing the interest. Such an agreement will not lead to a change in the
size of the forthcoming ordinary payments on the loan, however.

Interest calculation

The bank will perform an interest calculation before each
interest period for the loan for the actual number of days in the interest
period on the basis of a calendar year with 360 days as per the following
formula:

interest in % x actual days x amount 
360 x 100

For currencies other than the one originally agreed (cf. below
under points Ordinary Conversion to New Loan Currency and Extraordinary Currency
Risk Conditions), the calculation may take place on the basis of a 365 day
calendar year, and the bank therefore makes reservations for such a change if
the loan is converted to another currency. More detailed information on the
interest calculation method for the individual currencies may be obtained from
the bank at any time.

The interest date is the start date for the interest
calculation and the day on which a movement affects the calculation of interest
on the loan.

Movements on the loan have an effect on the interest as per the
following guidelines:

Interest will be calculated on the loan as of the payment day,
which is usually 2 international banking days after the establishment date. The
payment day is therefore the interest date.

On the transfer of payments and any fees, etc. to the loan from
one of the borrower’s accounts in the bank, the transfer day is normally the
interest date for both the loan and the account in the bank on which the amount
is being drawn.

Otherwise, the borrower can be informed of the bank’s rules for
calculating interest and the interest date on application to the bank. The bank
may change these rules at any time.

Payment of instalments, interest and any fees, etc.

Payment of instalments, interest and any fees, etc. on the loan
will be made to the bank with effective payment in the currency in which the
loan is outstanding at the time it falls due.

If an amount falls due for payment on a day when the bank is
closed for customer transactions, the amount will be paid on the following
banking day, and interest, etc. will be paid up to and including this date.

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Danske Bank COPY

Unless the bank states otherwise, the bank will convert
currency amounts due into Danish kroner on the basis of an exchange rate
established by the bank for the applicable currency 2 international banking days
before it becomes due. The bank is entitled to cash amounts due on one of the
borrower’s accounts in the bank.

The bank will, however, be entitled to demand that payment be
made to a correspondent bank that is indicated by the bank. If this bank is
closed for transactions, the payment shall be correspondingly made on the
following banking day, and interest, etc. shall be paid up to and including this
date.

If the loan falls into arrears, or payments and any fees, etc.
are otherwise not paid at the right time, an arrears interest that is
established by the bank will be paid on the arrears. The arrears interest that
will be paid as of the first day that the loan falls into arrears will be
calculated as a supplement to the interest that will be paid on the loan at any
time. The borrower may obtain information on the applicable rate for arrears
interest on application to the bank.

Ordinary conversion to new loan currency

In connection with establishing the interest for the following
interest period, the loan currency may be changed to another convertible
currency if the bank agrees. The bank will need to have received such a request
at least 4 international banking days before an interest establishment date. On
conversion, the loan’s outstanding debt in the new currency will be established
on the basis of an exchange rate established by the bank at the time of
conversion for the loan currency thus far and the corresponding purchase price
for the future loan currency.

Currency exchange

Currency exchange will take place on the basis of the bank’s
general terms and rates. The bank’s currency will be sold on the basis of the
bank’s exchange rates at the time of the sale. The bank’s currency will be
purchased on the basis of the bank’s purchase prices at the time of the
purchase.

Termination - early redemption

The borrower may redeem the loan in full or in part only at the
end of an interest period. The bank will need to have received a termination
from the borrower at least 2 international banking days before the end of an
interest period.

If the borrower wishes to redeem the loan in full or in part
before the end of an interest period, however, the borrower may ask the bank to
draw up a redemption offer that includes a statement showing the amount that the
bank will accept for redemption of the loan may at a given time. Any potential
offer will contain a regulation stating that a differential interest will be
paid, corresponding to any loss made by the bank by reinvesting on the
international currency markets.

The bank may calculate a fee for drawing up a redemption
offer.

The bank may only terminate the loan by giving 14 days’ notice
to redemption at the end of an interest period (cf. under the point entitled
Infringement, however).

The borrower’s duty to provide information

If the borrower changes address, the bank must be informed of
the new address.

The borrower is obliged to inform the bank of its financial
circumstances to the extent that the bank requests this. This applies also even
if the bank did not demand such information when the currency loan was
granted.

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Danske Bank COPY

The bank is thus entitled to demand all accounting, budget and
audit-related information, including audit entries that, in the opinion of the
bank, are necessary to clarify the borrower’s financial circumstances to be able
to assess the commitment.

Examples of such information for companies may be an audited
annual report with specifications and budgets, and for other commercial
borrowers, including one-man bands, business accounts containing information on
earnings and balance sheet. The bank may also demand an insight into the
holder’s/main shareholder’s own financial circumstances, including a self
assessment, annual statement from the Tax Authority, any receipts for instalment
payments and an overview of the total fixed expenses (budget).

Infringement

Irrespective of agreed terms and rules for termination, the
currency loan will fall due for immediate redemption if: a. any amount in
accordance with this loan agreement is not paid at the right time, b. that the
borrower or guarantor

	1. 	
      suspends his payments, becomes bankrupt or begins estate
      administration for insolvency, introducing debt rescheduling or a scheme
      of arrangement, including asking the bank or another creditor for a
      voluntary scheme of arrangement,

	2. 	
      is subject to distraint or attachment,

	3. 	
      takes up permanent residence outside of the country’s
      borders if the borrower or guarantor has not agreed continued settlement
      of the loan separately before moving,

	4. 	
      dies,

	5. 	
      ceases upon merger with another company or upon
      splitting,



c. the borrower does not inform the bank of his financial
circumstances as said under the point entitled The Borrower’s Duty to Provide
Information,

d. in the bank’s opinion there has been a negative change in
the borrower’s or the guarantor’s financial circumstances, or any security that
is lodged, including a security lodged by a third party, is decreased in the
opinion of the bank, and the borrower does not lodge another satisfactory
security or a supplementary security within 14 days of the bank’s request.

In these cases, the bank will be entitled, at any time
hereafter – as it chooses - to convert the loan to a variable interest loan in
Danish kroner and calculate interest, arrears interest and any fees.

The borrower must indemnify the bank for losses caused to the
bank as a consequence of infringement. The compensation, which will be
calculated as a differential interest, will correspond to any loss incurred by
the bank when reinvesting on the international currency markets.

The bank’s right to a refund of expenses to a third party
and other expenses

Apart from the loan amount, interest, any fees and expenses,
the bank is entitled to demand that the borrower pay:

	all direct expenses arising as a consequence of the loan, e.g. taxes and
  duties and insurance premiums, telephone, fax, telex, telegram and postage
  expenses, etc.,
  
	the bank’s expenses in the event of the loan being infringed, including
  fees for reminder letters, legal expenses, legal assistance, etc. and
  corresponding expenses when collecting amounts from guarantors, and insurance
  premiums paid on insurances of any type that are covered by any possible lien
  of the bank, and that the bank, in its capacity of lien holder, wishes to
  maintain, 


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Danske Bank COPY

	an arrears interest established by the bank if the loan falls into
  arrears,
  
	differential interest in connection with early redemption/infringement,
  
	a fee established by the bank for issuing a redemption offer,
  
	the bank’s expenses in answering questions from public authorities in
  accordance with the legislation, including fees for producing printouts and
  appendices, and for issuing photocopies. 


Information on the fees and rates mentioned may be obtained on
application to the bank.

Cover reservation

Payments on the loan and transfers in foreign currency will be
made with the reservation that the bank receives the amount. This applies also
to payments through cheques drawn on accounts at the bank.

The reservation applies even if it is not mentioned in an
acknowledgement or other advice regarding the payment.

Offsetting

The bank is entitled, without prior advice to the borrower, to
offset any outstanding balances of the borrower that are due or not due that the
borrower may have or obtain with the bank.

The bank is entitled to convert both the bank’s and the
borrower’s outstanding balances in foreign currency to DKK for the purpose of
offsetting. Conversion will take place on the basis of the sale and purchase
prices that are established in the bank at the time of conversion.

Legal action

The IOU may serve as a basis for immediate enforcement (cf. §
478, item 1 of the Administration of Justice Act).

Lodging a security

If a security is lodged through depositing a security or
collateral, please refer to the additional terms and provisos indicated in the
security or collateral documents. A security lodged in the form of a security or
collateral also includes any exchange rate losses on the currency loan, all
unpaid interest, including differential interest and fees, etc.

The bank will be entitled, by giving 14 days’ notice, to demand
a new security or a supplementary security for the purpose of covering the loan
through a lodging a security that, in the opinion of the bank, corresponds to
the value of the currency loan in Danish kroner in relation to the
exchange rate established at any time by the bank for the applicable currency in
which the loan was issued.

Securities lodged also pay for loans that, following
conversion, including conversion in connection with infringement, become valid
instead of the currency loan (conversion loan).

Guarantors and third parties lodging a security (security
lodged by someone other than the borrower) have the opportunity to find out
about the debt on the loan for which a security or collateral has been
lodged.

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Danske Bank COPY

Extraordinary currency risk circumstances

If a currency cannot be procured by the bank on the
international currency market, e.g. because the currency has ceased to be
convertible and/or transferable or for some other similar reason, the bank
reserves the right to convert the due amount(s) to another currency of its
choice, irrespective of the abovementioned termination regulations. The
conversion will take place on the basis of the currency rates established by the
bank for the day on which conversion occurs. The bank will provide information
on the conversion through adverts in the daily press or through special advice
to the borrower. The borrower will receive advice in connection with the
conversion.

The banks liability for compensation

The bank is liable for compensation if, due to errors or
omissions, it fulfils obligations too late or inadequately.

The bank will not, however, be liable for losses that are
attributed to:

	failure in the bank’s power supply or telecommunications
  
	legal measures or administrative orders
  
	natural disasters
  
	war, riots, civil unrest, sabotage, terrorism or vandalism (including
  computer viruses and hacking)
  
	strike, lockout, boycott or blockade, irrespective of whether or not the
  conflict is solved or circumvented by the bank itself or the latter’s
  organisation, and irrespective of the reason for the conflict. This also
  applies when the conflict affects only parts of the bank
  
	breakdown in/lack of access to the bank’s IT systems or damage to data in
  these systems that is attributed to abovementioned circumstances, irrespective
  of whether or not the bank itself or an external IT supplier is responsible
  for running the IT systems
  
	other circumstances that are beyond the control of the bank. 


The bank’s discharge from liability applies only if

	the bank could not have foreseen the circumstance that causes the loss
  when the agreement was entered into
  
	the bank could not have avoided or circumvented the cause of the loss
  
	the legislation does not under any circumstances make the bank liable for
  the circumstance that caused the loss. 


The banks transport, etc. of the claim

The bank is entitled to sell the claim in full or in part
according to the loan agreement with any associated securities for domestic or
foreign units of the bank, the bank’s subsidiaries and other financial
institutions and companies. Correspondingly, the bank is entitled to take out a
guarantee or insurance for the claim.

The borrower agrees that the bank may give all information
regarding this loan to possible purchasers of the claim and to possible
guarantors or insurers for the claim. Information will not be given on any other
of the borrower’s business relations with the bank. A party to whom the bank
supplies information will be subject to confidentiality with regard to
confidential treatment of information on the borrower or commit himself to
this.

The borrower agrees to assist at the time of the sale of the
claim, taking out of a guarantee or insurance for the claim and transfer of any
associated securities. The borrower will, among other things, sign new loan and
security documents, etc., should this be required.

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Danske Bank COPY

Sale of the claim or the taking out of a guarantee or insurance
for the claim will not mean that the borrower incurs expenses and will not
compromise the borrower’s legal position compared with the legal position that
the borrower has in relation to the bank.

General business terms

The bank’s General Business Terms apply to the extent that they
are not deviated from in this loan document. General business terms are sent to
the borrower.

The borrower hereby agrees to pay Danske Bank A/S the amount
borrowed in the outstanding currency plus interest, any fees and expenses.

If the borrower is two or more persons, each borrower agrees to
be jointly and severally liable vis-à-vis the bank for repayment of the amount
borrowed in the outstanding currency plus interest, any fees and expenses.

The borrower declares that the environmental regulations
applicable at any one time and any environmental certificates that are
applicable to my/our business are observed, and that changes to my/our business’
environmental status will be communicated to the bank.

The bank will not be liable for any loss that the borrower may
ascertain concerning the currency loan as a consequence of fluctuations in
currency exchange rates. The bank has informed the borrower a currency exchange
rate risk is linked to the currency loan, and that there are special tax-related
conditions concerning loans in currency.

The borrower simultaneously acknowledges receipt of a copy of
the IOU and the bank’s General business terms.

	As borrower 	 	 As witness 
	2008	/s/ Bent Helvang
    	 	 
	Date 	Binding signature 	 	 
	 	 	 	 
	Date 	Binding signature 	 	 


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Danske Bank COPY

	  	IOU 
	  	with variable interest 
	  	CURRENCY LOAN 
	The borrower’s name and address 	Reg.no. 4180 
	Bark Property Aps 	       
                 Nytorv Dept. 
	Østergade 17, 3.th. 	Account no. XXXXX
	1100 Copenhagen K 	VAT no. 0030898141 
	Denmark 	  



	  	  	ANNUITY LOAN 
	  	  	  
	The borrower has received the following currency
      loan with variable interest from Danske Bank A/S. 
	The loan’s principal sum 	  	CHF 1,128,692.44 
	 	 	 
	Equivalent value in Danish kroner 	DKK 5,250,000.02 	  
	 	 	 
	The loan amount for payment to the
      borrower constitutes 	CHF 1,128,692.44 
	 	 
	The amount will be converted to DKK and settled
      on 18/02/2008 at a rate of 465.140000. 
	The loan will be paid out on 19/02/2008. 	  	  
	 	 	 
	The amount will be deposited in the borrower’s
      account no. XXXXX to that amount on 19.02.2008. 


Interest

The borrower will pay variable interest on the loan set by the
bank. The interest will be established for interest periods of 3 months. The
interest will be established for an interest period 2 international banking days
before the interest period (the date of establishing the interest). The interest
will be established on the basis of the rates at which the bank itself will be
able to take out a loan in the relevant currency on the international currency
markets for the relevant interest period where the bank has applied a variable
supplement. The interest supplement in the first interest period will amount to
1.45 % per annum.

The interest (incl. interest supplement) for the first interest
period from 19.02.2008 until 19.05.2008 has been established at 4.22 % per annum
and constitutes CHF 11,907.71.

Interest for an interest period will be paid in arrears at the
end of the interest period.

Settlement

A payment of CHF 25,591.00 will be paid every 3 months. This
amount covers instalment and interest for the previous interest period.

The first payment will fall due on 19.05.2008 .

Outstanding debt on the loan will fall due for final payment on
20.02.2023.

Dates for the exact due date for the individual payments can be
given on request. Information on a following due date will be shown by the
bank’s advice, which will be sent to the borrower in connection with
establishing the interest for the interest period.

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Danske Bank COPY

The bank’s right to change the agreed settlement in the
event of interest changes

The size of the payments will be established while taking into
account the interest stated in the document for the first interest period. To
maintain the settlement rate expected on authorisation of the loan, the bank may
by giving 14 days’ notice, but is not obliged to do so, demand a change to the
size of the agreed payments if the interest is changed.

The length of interest periods

After agreement between the bank and borrower, the length of
the first interest period may be established as being shorter or longer than
stated above. An agreement hereon must be reached no later than the date of
establishing the interest. Such an agreement will not lead to a change in the
size of the forthcoming ordinary payments on the loan, however.

Interest calculation

The bank will perform an interest calculation before each
interest period for the loan for the actual number of days in the interest
period on the basis of a calendar year with 360 days as per the following
formula:

interest in % x actual days x amount
 360 x 100

For currencies other than the one originally agreed (cf. below
under points Ordinary Conversion to New Loan Currency and Extraordinary Currency
Risk Conditions, the calculation may take place on the basis of a 365 day
calendar year, and the bank therefore makes reservations for such a change if
the loan is converted to another currency. More detailed information on the
interest calculation method for the individual currencies may be obtained from
the bank at any time.

The interest date is the start date for the interest
calculation and the day on which a movement affects the calculation of interest
on the loan.

Movements on the loan have an effect on the interest as per the
following guidelines:

Interest will be calculated on the loan as of the payment day,
which is usually 2 international banking days after the establishment date. The
payment day is therefore the interest date.

On the transfer of payments and any fees, etc. to the loan from
one of the borrower’s accounts in the bank, the transfer day is normally the
interest date for both the loan and the account in the bank on which the amount
is being drawn.

Otherwise, the borrower can be informed of the bank’s rules for
calculating interest and the interest date on application to the bank. The bank
may change these rules at any time.

Payment of instalments, interest and any fees, etc.

Payment of instalments, interest and any fees, etc. on the loan
will be made to the bank with effective payment in the currency in which the
loan is outstanding at the time it falls due.

If an amount falls due for payment on a day when the bank is
closed for customer transactions, the amount will be paid on the following
banking day, and interest, etc. will be paid up to and including this date.

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Danske Bank COPY

Unless the bank states otherwise, the bank will convert
currency amounts due into Danish kroner on the basis of an exchange rate
established by the bank for the applicable currency 2 international banking days
before it becomes due. The bank is entitled to cash amounts due on one of the
borrower’s accounts in the bank.

The bank will, however, be entitled to demand that payment be
made to a correspondent bank that is indicated by the bank. If this bank is
closed for transactions, the payment shall be correspondingly made on the
following banking day, and interest, etc. shall be paid up to and including this
date.

If the loan falls into arrears, or payments and any fees, etc.
are otherwise not paid at the right time, an arrears interest that is
established by the bank will be paid on the arrears. The arrears interest that
will be paid as of the first day that the loan falls into arrears will be
calculated as a supplement to the interest that will be paid on the loan at any
time. The borrower may obtain information on the applicable rate for arrears
interest on application to the bank.

Ordinary conversion to new loan currency

In connection with establishing the interest for the following
interest period, the loan currency may be changed to another convertible
currency if the bank agrees. The bank will need to have received such a request
at least 4 international banking days before an interest establishment date. On
conversion, the loan’s outstanding debt in the new currency will be established
on the basis of an exchange rate established by the bank at the time of
conversion for the loan currency thus far and the corresponding purchase price
for the future loan currency.

If the loan is converted to a new loan currency, future
services will constitute the equivalent value of the originally established
service converted to the new currency.

Currency exchange

Currency exchange will take place on the basis of the bank’s
general terms and rates. The bank’s currency will be sold on the basis of the
bank’s exchange rates at the time of the sale. The bank’s currency will be
purchased on the basis of the bank’s purchase prices at the time of the
purchase.

Termination - early redemption

The borrower may redeem the loan in full or in part only at the
end of an interest period. The bank will need to have received a termination
from the borrower at least 2 international banking days before the end of an
interest period.

If the borrower wishes to redeem the loan in full or in part
before the end of an interest period, however, the borrower may ask the bank to
draw up a redemption offer that includes a statement showing the amount that the
bank will accept for redemption of the loan at a given time. Any potential offer
will contain a regulation stating that a differential interest will be paid,
corresponding to any loss made by the bank by reinvesting on the international
currency markets.

The bank may calculate a fee for drawing up a redemption
offer.

The bank may only terminate the loan by giving 14 days’ notice
to redemption at the end of an interest period (cf. under the point entitled
Infringement, however).

The borrower’s duty to provide information

If the borrower changes address, the bank must be informed of
the new address.

The borrower is obliged to inform the bank of its financial
circumstances to the extent that the bank requests this. This applies also even
if the bank did not demand such information when the currency loan was
granted.

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Danske Bank COPY

The bank is thus entitled to demand all accounting, budget and
audit-related information, including audit entries that, in the opinion of the
bank, are necessary to clarify the borrower’s financial circumstances to be able
to assess the commitment.

Examples of such information for companies may be an audited
annual report with specifications and budgets, and for other commercial
borrowers, including one-man bands, business accounts containing information on
earnings and balance sheet. The bank may also demand an insight into the
holder’s/main shareholder’s own financial circumstances, including a self
assessment, annual statement from the Tax Authority, any receipts for instalment
payments and an overview of the total fixed expenses (budget).

Infringement

Irrespective of agreed terms and rules for termination, the currency
  loan will fall due for immediate redemption if: 

a. any amount in accordance with this loan agreement is not paid
  at the right time, 

b. that the borrower or guarantor

	6. 	
      suspends his payments, becomes bankrupt or begins estate
      administration for insolvency, introducing debt rescheduling or a scheme
      of arrangement, including asking the bank or anther creditor for a
      voluntary scheme of arrangement,

	7. 	
      is subject to distraint or attachment,

	8. 	
      takes up permanent residence outside of the country’s
      borders if the borrower or guarantor has not agreed continued settlement
      of the loan separately before moving,

	9. 	
      dies,

	10. 	
      ceases upon merger with another company or upon
      splitting,



c. the borrower does not inform the bank of his financial
circumstances as said under the point entitled The Borrower’s Duty to Provide
Information,

d. in the bank’s opinion there has been a negative change in
the borrower’s or the guarantor’s financial circumstances, or any security that
is lodged, including a security lodged by a third party, is decreased in the
opinion of the bank, and the borrower does not lodge another satisfactory
security or a supplementary security within 14 days of the bank’s request.

In these cases, the bank will be entitled, at any time
hereafter – as it chooses - to convert the loan to a variable interest loan in
Danish kroner and calculate interest, arrears interest and any fees.

The borrower must indemnify the bank for losses caused to the
bank as a consequence of infringement. The compensation, which will be
calculated as a differential interest, will correspond to any loss incurred by
the bank when reinvesting on the international currency markets.

The bank’s right to a refund of expenses to a third party
and other expenses

Apart from the loan amount, interest, any fees and expenses,
the bank is entitled to demand that the borrower pay:

	all direct expenses arising as a consequence of the loan, e.g. taxes and
  duties and insurance premiums, telephone, fax, telex, telegram and postage
  expenses, etc.,
  
	the bank’s expenses in the event of the loan being infringed, including
  fees for reminder letters, legal expenses, legal assistance, etc. and
  corresponding expenses when collecting amounts from guarantors, and insurance
  premiums paid on insurances of any type that are covered by any possible lien
  of the bank, and that the bank, in its capacity of lien holder, wishes to
  maintain, 


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	an arrears interest established by the bank if the loan falls into
  arrears,
  
	differential interest in connection with early redemption/infringement,
  
	a fee established by the bank for issuing a redemption offer,
  
	the bank’s expenses in answering questions from public authorities in
  accordance with the legislation, including fees for producing printouts and
  appendices, and for issuing photocopies. 


Information on the fees and rates mentioned may be obtained on
application to the bank.

Cover reservation

Payments on the loan and transfers in foreign currency will be
made with the reservation that the bank receives the amount. This applies also
to payments through cheques drawn on accounts at the bank.

The reservation applies even if it is not mentioned in an
acknowledgement or other advice regarding the payment.

Offsetting

The bank is entitled, without prior advice to the borrower, to
offset any outstanding balances of the borrower that are due or not due that the
borrower may have or obtain with the bank.

The bank is entitled to convert both the bank’s and the
borrower’s outstanding balances in foreign currency to DKK for the purpose of
offsetting. Conversion will take place on the basis of the sale and purchase
prices that are established in the bank at the time of conversion.

Legal action

The IOU may serve as a basis for immediate enforcement (cf. §
478, item 1 of the Administration of Justice Act).

Lodging a security

If a security is lodged through depositing a security or
collateral, please refer to the additional terms and provisos indicated in the
security or collateral documents. A security lodged in the form of a security or
collateral also includes any exchange rate losses on the currency loan, all
unpaid interest, including differential interest and fees, etc.

The bank will be entitled, by giving 14 days’ notice, to demand
a new security or a supplementary security for the purpose of covering the loan
through a lodging a security that, in the opinion of the bank, corresponds to
the value of the currency loan in Danish kroner in relation to the
exchange rate established at any time by the bank for the applicable currency in
which the loan was issued.

Securities lodged also pay for loans that, following
conversion, including conversion in connection with infringement, become valid
instead of the currency loan (conversion loan).

Guarantors and third parties lodging a security (security
lodged by someone other than the borrower) have the opportunity to find out
about the debt on the loan for which a security or collateral has been
lodged.

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Extraordinary currency risk circumstances

If a currency cannot be procured by the bank on the
international currency market, e.g. because the currency has ceased to be
convertible and/or transferable or for some other similar reason, the bank
reserves the right to convert the due amount(s) to another currency of its
choice, irrespective of the abovementioned termination regulations. The
conversion will take place on the basis of the currency rates established by the
bank for the day on which conversion occurs. The bank will provide information
on the conversion through adverts in the daily press or through special advice
to the borrower. The borrower will receive advice in connection with the
conversion.

The banks liability for compensation

The bank is liable for compensation if, due to errors or
omissions, it fulfils obligations too late or inadequately.

The bank will not, however, be liable for losses that are
attributed to:

	failure in the bank’s power supply or telecommunications
  
	legal measures or administrative orders
  
	natural disasters
  
	war, riots, civil unrest, sabotage, terrorism or vandalism (including
  computer viruses and hacking)
  
	strike, lockout, boycott or blockade, irrespective of whether or not the
  conflict is solved or circumvented by the bank itself or the latter’s
  organisation, and irrespective of the reason for the conflict. This also
  applies when the conflict affects only parts of the bank
  
	breakdown in/lack of access to the bank’s IT systems or damage to data in
  these systems that is attributed to abovementioned circumstances, irrespective
  of whether or not the bank itself or an external IT supplier is responsible
  for running the IT systems
  
	other circumstances that are beyond the control of the bank 


The bank’s discharge from liability applies only if

	the bank could not have foreseen the circumstance that causes the loss
  when the agreement was entered into
  
	the bank could not have avoided or circumvented the cause of the loss
  
	the legislation does not under any circumstances make the bank liable for
  the circumstance that caused the loss. 


The banks transport, etc. of the claim

The bank is entitled to sell the claim in full or in part
according to the loan agreement with any associated securities for domestic or
foreign units of the bank, the bank’s subsidiaries and other financial
institutions and companies. Correspondingly, the bank is entitled to take out a
guarantee or insurance for the claim.

The borrower agrees that the bank may give all information
regarding this loan to possible purchasers of the claim and to possible
guarantors or insurers for the claim. Information will not be given on any other
of the borrower’s business relations with the bank. A party to whom the bank
supplies information will be subject to confidentiality with regard to
confidential treatment of information on the borrower or commit himself to
this.

The borrower agrees to assist at the time of the sale of the
claim, taking out of a guarantee or insurance for the claim and transfer of any
associated securities. The borrower will, among other things, sign new loan and
security documents, etc., should this be required.

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Sale of the claim or the taking out of a guarantee or insurance
for the claim will not mean that the borrower incurs expenses and will not
compromise the borrower’s legal position compared with the legal position that
the borrower has in relation to the bank.

General business terms

The bank’s General Business Terms apply to the extent that they
are not deviated from in this loan document. General business terms are sent to
the borrower.

The borrower hereby agrees to pay Danske Bank A/S the amount
borrowed in the outstanding currency plus interest, any fees and expenses.

If the borrower is two or more persons, each borrower agrees to
be jointly and severally liable vis-à-vis the bank for repayment of the amount
borrowed in the outstanding currency plus interest, any fees and expenses.

The borrower declares that the environmental regulations
applicable at any one time and any environmental certificates that are
applicable to my/our business are observed, and that changes to my/our business’
environmental status will be communicated to the bank.

The bank will not be liable for any loss that the borrower may
ascertain concerning the currency loan as a consequence of fluctuations in
currency exchange rates. The bank has informed the borrower a currency exchange
rate risk is linked to the currency loan, and that there are special tax-related
conditions concerning loans in currency.

The borrower simultaneously acknowledges receipt of a copy of
the IOU and the bank’s General business terms.

	As borrower 	 	As witness 
	 	 	/s/ Bent Helvang 
	 	/s/ Bent Helvang, CEO 	 	 
	Date 	Binding signature 	 	CHAIRMAN BENT HELVANG 
	 	 	 	 
	Date 	Binding signature 	 	  


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