[LETTERHEAD OF AMERICAN ARTISTS FILM CORPORATION APPEARS HERE]
July 17, 1997
Xx. Xxx Xxxxx
0000 Xxxxx Xxxx, X.X.
Atlanta, Georgia 30324
Re: LETTER OF AGREEMENT
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This letter will confirm the terms and conditions of an unsecured revolving
line of credit, in the amount of $100,000, established in favor of American
Artists Film Corporation ("AAFC"). Borrowings may be made under this agreement
for a period of 365 days, however, any remaining outstanding amounts, with
interest, will be due and payable no later than July 17, 1998. Interest,
calculated at the prime rate plus 1%, will be due and payable on a monthly
basis, no later than the 15th day of each month.
This Letter of Agreement sets forth the terms of this agreement in its
entirety.
Accepted and Agreed to by:
American Artists Film Corporation
/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Chairman and CEO
/s/ Xxx Xxxxx
---------------------------------
Xx. Xxx Xxxxx
