Exhibit 4.13
Xxxxxx X. Xxxxxxxxx Xx.
Managing Member SVC,LLC
0000 Xxxxx Xxxxx
Xxxxxxxx, Xxxxxxxxx 00000
August 25, 1999
0(000) 000-0000
RE: Consulting Agreement
Xx. Xxxxxx Xxxxxxxx
President of AFFT
0000 Xxxxxx Xxx. Xxxxx
Xxxxx 0000X
Xx. Xxxxxxxxxx, XX
Dear Xxx,
Starting September 1st, 1999 until such time that all of the shares from the
various agreements with Xxxxxxxxx Venture Capital, LLC ("SVC,LLC") and AFFT have
been fully registered and unrestricted or other financing has been obtained by
AFFT; SVC,LLC in an effort to help AFFT to conserve there cash position and cash
flow needs, will elect to defer future "Consulting Fee" payments that are
presently being made to SVC,LLC on a monthly basis of $13,333.32. If AFFT agrees
to the above, as evidenced by execution of this letter agreement, SVC,LLC will
charge interest on any future outstanding balance at a rate of 5% per annum
until the amount of principle and interest is paid in full, BUT must be fully
paid before 3/01/2000. The full amount of principle and interest starting on
9/01/99 will become due when the company and/or any of its subsidiaries obtain
any funding, working capital, interim financing or financing, but definitely
become due before 3/01/2000.
This offer is being made to AFFT in an effort to help the company conserve its
cash flow until such time that the company obtains additional funding as to be
in a better financial condition to pay the agreed upon consulting fee. A balance
of $12,500.00 is due 8/25/99. This amount must be paid in full 8/25/99, as
stated in previous agreements between AFFT and SVC,LLC, and before the terms of
this letter become binding on SVC,LLC. Furthermore, AFFT will still remain
obligated to pay any and all expenses, other than the consulting agreement, that
are stated in the various contracts with SVC,LLC. These expenses must be paid
within 10 days of receipt by AFFT.
Sincerely,
/s/ Xxxxxx X. Xxxxxxxxx, Xx.
----------------------------
Xxxxxx X. Xxxxxxxxx, Xx.
Managing Member
Xxxxxxxxx Venture Capital, LLC
/s/ X.X. Xxxxxxxx
----------------------------
Xxxxxx Xxxxxxxx
President
Affinity International Travel Systems, Inc. ("AFFT")
