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EXHIBIT 10.37
June 9, 1998
Xx. Xxxxxxx Xxxxxxxx
Draysec Finance Limited
Windermere House
000 Xxxx Xxx Xxxxxx, X.X. Xxx XX-0000
Nassau, Bahamas
Dear Xx. Xxxxxxxx:
Thank you for your commitment to provide IVT with additional bridge financing at
this time. The specific terms and conditions of the Bridge Line of Credit
("Credit Agreement") are as follows:
1. You shall make available to IVT up to a total of $225,000. IVT may draw
down from this amount a maximum of $75,000 per month over the term of this
Credit Agreement.
2. The other parties providing bridge financing under the same terms are
Xxxxxx London and Xxxxxx Management, Inc. IVT shall draw down equal amounts
from each source at the same time.
3. The term of this Line of Credit shall be from July 1, 1998 through
September 30, 1998. Principal and Interest due at maturity, which is March
31, 1999.
4. IVT shall provide written notification of a draw down five days in advance
of the required funding date.
5. Amounts drawn down from the Line of Credit, shall be recorded in booking
entry form evidenced by receipt of funds and written notification of the
draw down described in Paragraph 4 herein.
6. The Line of Credit shall bear simple interest at a rate of Prime plus 2%,
calculated monthly in arrears.
7. The Line of Credit shall also provide 20% warrant coverage ($75,000 funded
= 15,000 warrants). Each warrant shall have an exercise price of the lower
of $2.75 per share or 85% of the average closing bid price of IVT Common
Stock during the five day period commencing on the date of written
notification from IVT of a draw down. The warrants shall expire on June 30,
2001.
8. Funds will be drawn down on an as-needed basis and may not be required.
Please indicate your agreement to these terms for the Bridge Line of Credit by
signing this letter where indicated. Everyone here at IVT appreciates your
continued support and enthusiasm.
Regards,
/s/ Xxxxxxx Xxxx
Xxxxxxx Xxxx
Chairman, CEO
UNDERSTOOD, ACKNOWLEDGED, AGREED AND ACCEPTED:
/s/ Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx, Draysec Finance Ltd. Date
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June 9, 1998
Mr. Xxxxxx London
000 Xxxxxxxx Xxx.
Xxxxx Xxxxxxx, XX 00000
Dear Xxx:
Thank you for your commitment to provide IVT with additional bridge financing at
this time. The specific terms and conditions of the Bridge Line of Credit
("Credit Agreement") are as follows:
1. You shall make available to IVT up to a total of $225,000. IVT may draw
down from this amount a maximum of $75,000 per month over the term of this
Credit Agreement.
2. The other parties providing bridge financing under the same terms are
Draysec Finance Ltd. and Xxxxxx Management, Inc. IVT shall draw down equal
amounts from each source at the same time.
3. The term of this Line of Credit shall be from July 1, 1998 through
September 30, 1998. Principal and Interest due at maturity, which is March
31, 1999.
4. IVT shall provide written notification of a draw down five days in advance
of the required funding date.
5. Amounts drawn down from the Line of Credit, shall be recorded in booking
entry form evidenced by receipt of funds and written notification of the
draw down described in Paragraph 4 herein.
6. The Line of Credit shall bear simple interest at a rate of Prime plus 2%,
calculated monthly in arrears.
7. The Line of Credit shall also provide 20% warrant coverage ($75,000 funded
= 15,000 warrants). Each warrant shall have an exercise price of the lower
of $2.75 per share or 85% of the average closing bid price of IVT Common
Stock during the five day period commencing on the date of written
notification from IVT of a draw down. The warrants shall expire on June 30,
2001.
8. Funds will be drawn down on an as-needed basis and may not be required.
Please indicate your agreement to these terms for the Bridge Line of Credit by
signing this letter where indicated. Everyone here at IVT appreciates your
continued support and enthusiasm.
Regards,
/s/ XXXXXXX XXXX
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Xxxxxxx Xxxx
Chairman, CEO
UNDERSTOOD, ACKNOWLEDGED, AGREED AND ACCEPTED:
/s/ Xxxxxx London 6/19/98
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Xxxxxx London Date
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June 9, 1998
Xx. Xxxxxx Rock
Xxxxxx Management Inc.
0000 X. Xxxxxx Xxx
Xxxxxx Xxxxxx, XX 00000
Dear Xxxxxx:
Thank you for your commitment to provide IVT with additional bridge financing at
this time. The specific terms and conditions of the Bridge Line of Credit
("Credit Agreement") are as follows:
1. You shall make available to IVT up to a total of $225,000. IVT may draw
down from this amount a maximum of $75,000 per month over the term of this
Credit Agreement.
2. The other parties providing bridge financing under the same terms are
Draysec Finance Ltd. and Xxxxxx London. IVT shall draw down equal amounts
from each source at the same time.
3. The term of this Line of Credit shall be from July 1, 1998 through
September 30, 1998. Principal and Interest due at maturity, which is March
31, 1999.
4. IVT shall provide written notification of a draw down five days in advance
of the required funding date.
5. Amounts drawn down from the Line of Credit, shall be recorded in booking
entry form evidenced by receipt of funds and written notification of the
draw down described in Paragraph 4 herein.
6. The Line of Credit shall bear simple interest at a rate of Prime plus 2%,
calculated monthly in arrears.
7. The Line of Credit shall also provide 20% warrant coverage ($75,000 funded
= 15,000 warrants). Each warrant shall have an exercise price of the lower
of $2.75 per share or 85% of the average closing bid price of IVT Common
Stock during the five day period commencing on the date of written
notification from IVT of a draw down. The warrants shall expire on June 30,
2001.
8. Funds will be drawn down on an as-needed basis and may not be required.
Please indicate your agreement to these terms for the Bridge Line of Credit by
signing this letter where indicated. Xxxxxx, everyone here at IVT appreciates
your continued support and enthusiasm.
Regards,
/s/ Xxxxxxx Xxxx
Xxxxxxx Xxxx
Chairman, CEO
UNDERSTOOD, ACKNOWLEDGED, AGREED AND ACCEPTED:
/s/ Xxxxxx Rock 6/20/98
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Xxxxxx Rock, Xxxxxx Management, Inc. Date
