November 15, 2001
Xxxxx X. Xxxxxxx
c/o Intercallnet, Inc.
0000 XX 0xx Xxx
Xxxx Xxxxxxxxxx, Xxxxxxx 00000
Re: Short Term Loan
Dear Xx. Xxxxxxx;
Please accept this letter as the official terms and conditions surrounding the
temporary loan between you and Intercallnet, Inc. (the "Company"). You have
agreed to loan to the Company an amount equal to $6,000 for general operating
purposes. Interest shall accrue at a rate of prime plus 2%, per annum, to be
calculated over the time period that such temporary loan is outstanding.
When the Company's cash flow is sufficient, the total amount of the temporary
loan (including accrued interest) will be reviewed and the repayment terms will
be determined as either lump sum repayment or scheduled payments over a specific
time period depending on the financial condition of the Company.
Sincerely, Accepted By:
/s/ Xxxxxx X. Xxxxxxxxx /s/ Xxxxx X. Xxxxxxx
--------------------------- --------------------------------
Xxxxxx X. Xxxxxxxxx Xxxxx X. Xxxxxxx
President Chief Executive Officer
