(10) Bank credit
31-12-2011 31-12-2010
Lease agreements 187 158
Credit facility 8,500 8,500
Loan shareholder 1,000 0
Loan repayment obligation 0 3,125
9,687 11,783
Qurius has credit facilities with the NIBC for a total amount of EUR 8.5 million (2010: EUR 8.5 million), of which
EUR 8.5 million (2010: EUR 8.5 million) has been drawn. In 2010 EUR 3,125 of the current liabilities related to a loan
with an original duration of five years and an annual repayment obligation of EUR 625 per quarter, which has been
completely repaid at the end of 2011. The interest percentage on the credit facility and the loan is Euribor plus 350 basis points. For both the credit facility, the current account overdrafts, the accounts receivable of the Dutch subsidiary and the shares of the Dutch and German subsidiaries are pledged as security. P a g e | 59 of 100 Qurius NV - Annual Report 2011
In December 2011 the remaining facility reached maturity and ended. Qurius and NIBC agree to investigate
possibilities of refinancing the remaining facility of EUR 8.5 million with NIBC and/or with other parties. This
investigation is currently ongoing. Pending this phase NIBC periodically provides waivers, current waiver expires 30
April 2012.
In October 2011 Qurius received a loan of EUR 1 million of a shareholder. The loan needs to be repaid at
31 December 2012. The interest rate is 10%. A secondary pledge on the shares of the Dutch and German subsidiaries
is security for this loan.