eSAFETYWORLD, Inc.
000-00 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxx, XX 00000
212-894-3797 ext. 1042
Fax: 000-000-0000
September 28, 1999
Xx. Xxxxx Xxxxxx
Vice President, CFO
Xxxx Inc.
0000 Xxxxxxxx Xxx
Xxxxx X
Xxxx Xxxxxxx, XX 00000
Re: Guaranty for payment of goods furnished to Laminaire Corporation
Dear Xx. Xxxxxx:
This letter confirms our obligation to unconditionally guarantee payment
for all goods sold and delivered by Xxxx, Inc. to Laminaire Corporation. This
guaranty covers the total sum of $77,845.00 representing the balance owed to
Xxxx, Inc. by Laminaire Corporation as of the date of this letter. Xxxx agrees
to extend a line of credit to eSAFETYWORLD, Inc. Not to exceed $40,000.
eSAFETYWORLD agrees to direct its customers, who purchase Xxxx products, to pay
directly to Xxxx the amount due on the customer's invoice. The example below
illustrates the agreement:
o eSAFETYWORLD purchases $10,000 of mats from Xxxx
o eSAFETYWORLD ships $8,000 of mats to XYZ Co. and invoices and by
phone, eSAFETYWORLD directs the customer to remit the $9,500 to Xxxx,
P.O. Box 9133 Palm Springs, CA 92263
o eSAFETYWORLD will directly contact the accounts payable department of
the customer to insure that the customer does not rely on the payee
and address in the customer's computer file. The method of legal
deposit to Xxxx's account will be mutually agreed by both parties.
Proceeds from P. O. Box will be applied first to the respective current
receivable and the residual to be applied to the past due receivable balance
owed as referenced above.
This guarantee shall continue in effect until revoked in writing by the
undersigned. Notice of revocation shall be effective when received by you, but
shall be presumed to be received by you if sent by certified mail, return
receipt requested, to your address set forth above. If the guaranty is revoked,
guarantor acknowledges and agrees that it will be liable for all amounts then
due and
owing to Xxxx Inc. despite such revocation.
Our liability to you under this guaranty is limited to the aforementioned
amount.
We will pay the unpaid portion of the amount covered by this guarantee in full
to Xxxx, Inc. upon the closing of our Initial Public Offering. Xxxx agrees to
provide us with monthly statements showing all charges, payments, credits, and
unpaid balance of Laminaire debt until the balance is paid in full
Sincerely,
eSAFETYWORLD, Inc. AGREED to by:
/s/ Xxxxxx X. Xxxx By: /s/ Xxxxx Xxxxxx
---------------------------- ------------------------
Xxxxxx X. Xxxx Xxxx, Inc.
Chairman
