eSAFETYWORLD, Inc.
000-00 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxx, XX 00000
212-894-3797 ext. 1042
Fax: 000-000-0000
September 29, 1999
Xx. Xxxxxxx Xxxxxxxx
The Texwipe Company, LLC
000 X. Xxxxxxxx Xxxxxx
Xxxxx Xxxxxx Xxxxx, XX
Re: Guaranty for payment of goods furnished to Laminaire Corporation
Dear Xx. Xxxxxxxx:
This letter confirms our obligation to unconditionally guarantee
payment for all goods sold and delivered by The Texwipe Company to Laminaire
Corporation. This guaranty covers the total sum of $ 56,284.00 (past due
receivables) representing the balance owed to The Texwipe Company by Laminaire
Corporation as of the date of this letter. This balance represents the total sum
net of the $30,674.00 (current receivables) due directly to The Texwipe Company
via an existing lockbox arrangement. The existing lockbox arrangement will apply
to customer shipments only, not for inventory stocking. Proceeds from the
lockbox will be applied first to the respective current receivable and the
residual to be applied to the past due receivable balance owed as referenced
above.
Texwipe reserves the right to hold future orders if any individual receivable in
the current receivables aging exceeds 45 days from the date of shipment (invoice
date) until the condition is remedied by payment of the outstanding receivable.
This guarantee shall continue in effect until revoked in writing by the
undersigned. Notice of revocation shall not be effective when received by you,
but shall be presumed to be received by you if sent by certified mail, return
receipt requested, to your address set forth above.
Our liability to you under this guaranty is limited to the aforementioned
amount.
We will pay the unpaid portion of the amount covered by this guarantee in full
to The Texwipe Company upon the closing of our Initial Public Offering. The
Texwipe Company agrees to provide us with monthly statements showing all
charges, payments, credits, and unpaid balance of Laminaire debt until the
balance is paid in full.
Sincerely,
eSAFETYWORLD, Inc. AGREED to by:
/s/Xxxxxx X. Xxxx
Xxxxxx X. Xxxx By:/s/Xxxxxxx Xxxxxxxx
Chairman The Texwipe Company
