American DG Energy Inc.
EXHIBIT
10.24
00
Xxxxx Xxxxxx
Waltham,
MA 02451
February
22, 2010
Xx. Xxxx
X. Xxxxxxxxxxx
0
Xxxxxxxx Xxxx
Lincoln,
MA 01773
Re: Permitted
Uses of Funds Available Under Revolving Line of Credit
Dear
Xxxx:
We
appreciate the financial support that you have agreed to provide in connection
with American DG Energy Inc.’s plans to develop additional energy systems for
placement in commercial and industrial facilities.
This
letter confirms our agreement that the funds you have agreed to make available
to American DG Energy under the Revolving Line of Credit Agreement dated
December 17, 2009, consisting of funds in the amount of up to $5 million, will
be used solely in connection with the development of new energy systems, and
will not be used for general corporate purposes or for any other
purpose.
| Sincerely, | |||
| AMERICAN DG ENERGY INC. | |||
|
By:
|
/s/ Xxxxx X. Xxxxxxx | ||
| Xxxxx X. Xxxxxxx | |||
| President | |||
Cc:
Xxxxxxx Xxxxxxxx
Xxxx
Xxxxxxxxx
