Exhibit 10.1
INTERACTIVE SYSTEMS WORLDWIDE INC.
0 Xxxxxxx Xxxxx, 0xx Xxxxx
Xxxx Xxxxxxxx, XX 00000
July 31, 2002
Citibank, N.A.
The Citibank Private Bank
000 Xxxxxxxx, 0xx Xxxxx/Xx0
Xxx Xxxx, XX 00000
Ladies and Gentlemen:
Reference is made to the Amended and Restated Agreement, dated March
17, 2000, among Citibank, N.A., Interactive Systems Worldwide Inc. (formerly
known as International Sports Wagering Inc.) ("ISWI"), and Global Interactive
Gaming Ltd. (formerly known as Global Interactive Gaming AG) and Global
Interactive Gaming, LLC (formerly known as Global Interactive Gaming, Inc.)
(collectively "GIG") (the "Escrow Agreement").
All terms used in this letter and not otherwise defined herein shall
have the meanings ascribed to them in the Escrow Agreement.
1. ISWI and GIG hereby notify you that the Escrow Agreement is hereby
terminated effective immediately.
2. Notwithstanding any provisions of the Escrow Agreement to the
contrary, you are hereby authorized and directed to promptly take the following
actions:
(i) Release to ISWI the amount of $1,300,000 by wire transfer
to ISWI's account, which amount represents the payment to ISWI from the
Escrow Account that is due on August 15, 2002.
(ii) Release the balance of the Escrow Account to GIG
(representing all accrued interest, net of Escrow Agent's expenses
through to termination of the Escrow Agreement and transfer of funds in
the Escrow Account, and the balance of the principal) by wire transfer
to the account of Global Interactive Gaming Ltd. at the Account No. set
forth on Appendix 1 hereto.
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PARTY A:
Interactive Systems Worldwide Inc.
By: /s/ Xxxxx Xxxxxx
---------------------------------------
Name: Xxxxx Xxxxxx
Title: Chairman of the Board of Directors
and Chief Executive Officer
PARTY B:
Global Interactive Gaming Ltd.
By: /s/ Xxxxx Xxxxxxx
---------------------------------------
Name: Xxxxx Xxxxxxx
Title: Director
Global Interactive Gaming LLC
By: /s/ Xxxxx Xxxxxxx
---------------------------------------
Name: Xxxxx Xxxxxxx
Title: Director
