Exhibit 10
COMMITMENT LETTER
September 29, 2003
Swiss Medica Inc.
00 Xxxxx Xxxxxx, 0xx Xxxxx
Xxxxxxx, XX
X0X 0X0
Dear Sirs:
RE: LOAN IN THE PRINCIPAL AMOUNT OF $100,000 U.S. TO SWISS MEDICA INC.
(THE "BORROWER")
We, (collectively the "Lender") are pleased to provide a commitment letter for a
loan on the security hereinafter provided for, subject to the terms and
conditions as referred to hereunder:
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BORROWER & EVIDENCE OF LOAN Swiss Medica Inc. to execute a joint and several
demand promissory note including the
endorsements of Xxxxx Xxxxxxx and Xxxxxxxxx
Xxxxxx.
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LOAN AMOUNT $100,000.00 U.S.
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INTEREST RATE 18% per annum calculated and payable monthly,
interest only.
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TERMS On demand.
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PREPAYMENT PRIVILEGE Prepayable in whole or in part at any time or
times without notice or bonus.
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FIRST PAYMENT DATE The first date for payment of interest shall be
due on the first day of the month following
demand.
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FEES The Borrower will be responsible for payment of
all costs incurred in connection with this offer
of financing and resultant security and without
limiting the generality of the foregoing,
including legal fees and disbursements for the
within loan as well as any costs related to
collection of the monies owed hereunder.
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SOLICITOR The lender shall have the right to appoint a
Solicitor to act on its behalf for the
undertaking of all required legal work as more
full set out in this Letter of Commitment, all
at the cost of the Borrower.
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DOCUMENTS Any loan documentation and all other
documentation shall be in a form satisfactory to
the Lender in Xxxxxx's absolute discretion.
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TRANSFERRING OF COMMITMENT The commitment and agreement contained in this
letter may not be assigned to any other party
without the consent in writing of the Lender and
such consent may be arbitrarily withheld.
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ACKNOWLEDGEMENT The Borrower acknowledges that the loan will be
called as due and payable by Lender by no later
than December 20, 2003.
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Yours very truly,
/s/ Xxxxxxxx X. Xxxxx /s/ Xxxxxxx X. Xxxxxxxxx
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Xxxxxxxx X. Xxxxx Xxxxxxx X. Xxxxxxxxx
In Trust In Trust
The terms and conditions as stated herein are hereby accepted this 30th day of
September 2003 and the undersigned agree to comply with all of the obligations
herein set out.
/s/ Xxxxxxxxx Xxxxxx
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Xxxxxxxxx Xxxxxx
SWISS MEDICA INC.
Per: /s/ Xxxxx Xxxxxxx
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Per: /s/ Xxxx Xxxxxxx
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DIRECTION AND RECEIPT
TO: XXXXXXXX X. XXXXX, IN TRUST
AND TO: XXXXXXX X. XXXXXXXXX, IN TRUST
RE: loan in the amount of $83,000(U.S.) pursuant to a Commitment Letter
dated September 30, 2003
THE UNDERSIGNED hereby irrevocably direct you to make the proceeds of the
above-captioned Loan payable to Swiss Medica Ind. And hereby acknoledge receipt
of the proceeds of the Loan in the amount of $83,000.
DATED at Toronto, this 30th day of September, 2003.
It is understood that $50,000 of the $83,000
is from X. Xxxxxxxxx.
SWISS MEDICA INC. /s/ Xxxxxxxx X. Xxxxx /s/ Xxxxx Xxxxxxx
/s/ Xxxx Xxxxxxx
Per: /s/ Xxxxx Xxxxxxx
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Chairman
Per: /s/ Xxxx Xxxxxxx
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Vice Chairman
We have authority to bind the Corporation.
)
)
)
) /s/ Xxxxx Xxxxxxx
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Witness as to the signatures of )
Xxxxx Xxxxxxx and Xxxxxxxxx Xxxxxx )
)
)
) /s/ Xxxxxxxxx Xxxxxx
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Xxxxxxxxx Xxxxxx
