EXHIBIT 10.29
U.S. WIRELESS DATA, Inc.
This agreement is entered into on this day of September 22, 1998 between U.S.
Wireless Data, Inc. ("USWD"), and Xxxx Xxxxxxxx of Liviakis Financial
Communications, Inc.
WHEREAS, Xxxx Xxxxxxxx will provide bridge financing of $1,300,000 to USWD on
September 22, 1998.
THEREFORE, USWD agrees to:
1) Reimburse Xxxx Xxxxxxxx within 5 business days following the
receipt of proceeds from a financing event. The note is due in
full no later than January 1, 1999.
2) Upon repayment of the note, USWD will pay interest on this note
at eight percent (8%) per annum.
3) The balance of the note will be secured by all tangible and
intangible assets of the Company with the following exceptions.
The Company is considering financing the TRANZ Enabler units,
which are and will continue to be deployed with merchants. The
TRANZ Enabler asset and/or portion of the monthly transaction
revenue related to the repayment of the equipment financing may
be excluded from the security interest described above.
The Company granted Xxxxxxxx Xxxxx Xxxxxx & Xxxxx Capital a
secured position as detailed in the agreement of June 19, 1998.
The Company is in the process of negotiating bridge financing and
reserves the right to modify the terms of the security interest
described above if required to allow for a successful funding of
such bridge.
4) There are no fees, warrants or conversion rights associated with
this note.
This Note is executed and agreed upon on September 22, 1998.
U.S. Wireless Data, Inc. Liviakis Financial Communications, Inc.
/s/ Xxxxxx X. Xxxxxxxxx /s/ Xxxx Xxxxxxxx
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By Xxxxxx X. Xxxxxxxxx By Xxxx Xxxxxxxx
Chief Financial Officer President
