EXHIBIT 10.66
May 11, 1999
VIA FACSIMILE (000) 000-0000
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Xxxx Xxxxxxx
Senior Vice President
GE Capital Equity Investments, Inc.
000 Xxxx Xxxxx Xxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Re: Letter Agreement for Marketing Services
Dear Xxxxxx:
This Letter Agreement sets forth the agreement between iXL Enterprises,
Inc. ("iXL") and GE Capital Equity Investments, Inc. ("GECC") with
respect to marketing obligations of GECC in print, radio, television, and
electronic media (collectively, the "Media"), regarding a joint marketing
program (the "Program") promoting GECC, iXL, and its subsidiary, Consumer
Financial Network ("CFN") as contemplated and as good and valuable consideration
for the Warrant Agreement between GECC and iXL dated April 7, 1999.
I. GECC shall contribute one million two hundred thousand dollars ($1,200,000)
(the "Budget") for marketing and advertising services (collectively, the
"Marketing Services") to be allocated in the following manner:
A. Seventy percent (70%) of the Budget is devoted to Media relations, which
include, but are not limited to, strategic media positioning, direct
marketing, public relations, press releases, newswire services, media
communications, and placement of advertising and marketing materials.
B. Thirty percent (30%) of the Budget is devoted to creative services,
which include, but are not limited to, the creation and production of
advertisements and marketing materials, such as brochures, newsletters,
graphics, photographs, photostats, printings, reprints, tradeshow
materials, and packaging materials.
C. The timing and method of payment of the Budget shall be mutually agreed
upon by iXL and GECC.
II. GECC and iXL shall mutually agree upon the appropriate GECC and iXL
employees and outside consultants to be dedicated to the Program.
III. The Marketing Services described in this Letter Agreement shall include
promotion of iXL, CFN and GECC.
IV. The Marketing Services described in this Letter Agreement shall be
rendered by GECC for a period of twelve months, beginning April 7, 1999
and ending on April 7, 2000.
V. Marketing Services shall be rendered in compliance with all federal,
state, and local laws, rules, and regulations.
VI. iXL is responsible for the accuracy, completeness, and propriety of any
materials provided by iXL to GECC regarding iXL's organization, products,
and services.
VII. Each party will procure proper releases as required by law for any
photographs, pictures, music, lyrics, testimonials, talent, creative
properties, and other materials submitted by such party for use under
this Agreement.
VIII. Any dispute or controversy under this Agreement shall be resolved by
mediations under the Center for Public Resources Institute for Dispute
Resolution ("CPR") Mediation Procedure. The mediator shall be selected
from the CPR Panels of Distinguished Neutrals. Any controversy or claim
that remains unresolved after forty five (45) days of appointment of the
mediator, shall be settled by arbitration by a sole arbitrator in
accordance with the CPR Rules for Non-Administered Arbitration, and
judgment upon the award rendered by the arbitrator may be entered by any
court having jurisdiction thereof.
If the terms of our understanding have been correctly set forth, please
confirm this by signing and returning to us the enclosed copy of this letter.
Sincerely,
iXL Enterprises, Inc.
By: /s/ U. Xxxxxxx Xxxxx, Xx.
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Name: U. Xxxxxxx Xxxxx, Xx.
Title: President and Chief Executive Officer
CONFIRMED AND AGREED:
GE Capital Equity Investments, Inc.
By: /s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
Title: S.V.P.
Date: 5/11/99