AGREEMENT
Exhibit
10.16
AGREEMENT
THIS
AGREEMENT, made and entered into this First day of October 2005, by and between
Nuvotec USA,
Inc.
(hereinafter “Nuvotec USA”),
and
Vivid Learning Systems, Inc. (hereinafter “Vivid”).
WHEREAS,
Nuvotec USA
is the
holder of eighty percent (80%) of Vivid and as such as consolidated
financials;
WHEREAS,
the Nuvotec, Inc. banking relationship with Key Bank is being transferred over
to Nuvotec USA,
said
banking relationship with Key Bank for various purposes including the
administration of a line of credit;
WHEREAS,
Nuvotec USA
intends
to provide Vivid funding based on said line of credit;
NOW,
THEREFORE, in consideration of the mutual promises hereinafter contained, the
parties hereto agree as follows:
1.
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It
is acknowledged by the parties that Vivid will receive funding from
Nuvotec USA
based
on said line of credit and in return Vivid shall operate within the
terms
of the Key Bank-Nuvotec USA
line of credit.
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2.
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The
Key Bank-Nuvotec USA
line
of credit documentation and all terms and conditions thereto are
hereby
incorporated by reference.
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3.
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Vivid
shall pay Nuvotec USA
interest
at the rate as noted in the Key Bank-Nuvotec USA
line
of credit agreement. In all instances, Vivid shall make best efforts
to
pay-down outstanding line of credit balances in as aggressive manner
as
cash flow permits.
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4.
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This
Agreement shall not be amended, modified, or extended, nor shall
any
waiver of any right hereunder be effective unless set forth in a
document
executed by the parties.
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5.
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This
Agreement contains all of the agreements, representations, and
understandings of the parties hereto and supersedes and replaces
any and
all previous understandings, commitments, or agreements, oral or
written,
related to the Nuvotec USA
line
of credit.
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6.
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If
any part, term, or provision of this Agreement shall be held void,
illegal, unenforceable, or in conflict with any law of a federal,
state,
or local government having jurisdiction over this Agreement, the
validity
of the remaining portions of provisions shall not be affected
thereby.
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7.
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This
Agreement shall be enforced and interpreted under the laws of the
State of
Washington.
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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
in
duplicate, each of which shall be considered an original, as of the day and
year
first written above.
NUVOTEC USA, INC. | VIVID LEARNING SYSTEMS, INC. | ||
/s/ Xxxxxx X. Xxxxxxxx | /s/ Xxxxxxxxxxx X. Xxxxxxx | ||
Xxxxxx X. Xxxxxxxx
Chairman & CEO
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Xxxxxxxxxxx X. Xxxxxxx
CEO
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