EXHIBIT 6.7
Letter of Agreement
BETWEEN: Advanced Gaming Technology, of
PO Box 11610, Suite 0000-000 Xxxx Xxxxxxx Xxxxxx
Xxxxxxxxx, X.X., Xxxxxx X0X 0X0
hereinafter called AGT
AND: Y.K.L. Corporation of
000 Xxxxxxxxxxxx Xxxxx, Xxxxxx Xxxxxx
Xxxxxx, Xxxxxx, Xxxxxxxxxxx
hereinafter called YKL
WHEREAS AGT is the owner of certain slot machines manufactured by Unidesa
(Slots) and YKL operates a luxury ocean liner(s) and is desirous of having Slots
installed and operated on its ocean liner;
NOW, THEREFORE this Agreement witnesses that in consideration of the mutual
promises and performances of the parties, which are considered legal and
sufficient consideration by the parties, it is agreed:
1. AGT shall lease to YKL twenty five (25) Slots, more specifically described in
Exhibit 1, for an initial period of one hundred twenty (12) days (Term)
commencing from the date of installation.
2. YKL shall operate these slots on its luxury ocean liner.
3. AGT shall receive seventy percent (70%) of the gross revenues. Gross revenues
are defined as the amounts remaining after the payment of winnings.
4. YKL shall provide monthly statements by no later than the 10th day of each
month together with AGT's share of the revenue as calculated in 3. above.
5. YKL hereby agrees, acknowledges, and confirms that the Slots are the property
of AGT at all times and the same shall be returned to AGT at the end of the
Term.
6. YKL agrees to and warrants that it will carry adequate insurance against all
reasonable risks to ensure that the Slots are safe against all reasonable and
appropriate hazards and damage.
7. Upon termination of this Agreement, the parties may renegotiate the terms and
conditions of this Agreement or YKL shall return the Slots back to AGT at AGT's
expense in the condition they were delivered except for normal wear and tear.
IN WITNESS WHEREOF the parties hereto have entered into this Agreement on the
17th day of December, 1996.
ADVANCED GAMING TECH. INC. Y.K.L. CORPORATION
--------------------------------- ---------------------------------
Xxx Xxxxxx
Authorized Signatory Authorized Signatory
