Exhibit 10.5
[Letterhead of URT Industries, Inc.]
July 9, 1998
Peaches Entertainment Corporation
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx.
Hallandale, FL 33009
Gentlemen:
It is the purpose of this letter agreement to confirm that, in
consideration of the benefit which would be expected to accrue to URT
Industries, Inc. ("URT"), URT hereby agrees that, in the event that funds
generated from the operations of Peaches Entertainment Corporation ("PEC"), and
the proceeds of any debt financing which may be obtained, are insufficient to
meet PEC's current projected operating requirements during the fiscal year
period ending April 3, 1999, then URT will take any necessary action to see that
funds are available to cover any shortfalls up to April 3, 1999.
Please sign below to evidence our agreement.
Very truly yours,
URT Industries, Inc.
By: /s/ Brain Xxxx
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Executive Vice-President
Agreed and Approved:
Peaches Entertainment Corporation
By: /s/ Xxxxx Xxxx
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Executive Vice-President
