EXHIBIT 10.20
LOAN COMMITMENT
This Loan Commitment is made and entered into effective September 3, 1999,
by and between XXXXXXXXXXX.XXX, INC., a Nevada corporation, with its principal
office and place of business at 0000 X. Xxxxxxx Xxxxx, Xxx Xxxxx, XX 00000
("Company") and (herein "Lender").
1. Commitment to Lend. Lender hereby agrees to lend to Company the sum
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of Five Hundred Thousand Dollars ($500,000) (the "Loan") or as much thereof as
the Company requests be advanced to it by Lender while this commitment is in
effect. Advances to the Company shall be made upon written request to the
Lender, with such advance to be made within 24 hours of such request by wire
transfer to the Company's bank account identified to Lender.
2. Availability of Loan. Lender and Company agree that the Loan shall
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be unconditionally available to be drawn upon by Company from September 15, 1999
to December 31, 1999, during which time Company may draw upon the Loan up to the
maximum amount stated above. Provided, however, the Company's ability to draw on
the Loan shall terminate upon the Company's receipt of proceeds from its planned
initial public offering.
3. Interest and Repayment. Interest shall accrue on the outstanding
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advances at the rate of 15% per annum, with all interest and principal payable
at maturity which is the earlier of: (i) March 31, 2000, or (ii) the date of the
Company's receipt of proceeds from its planned initial public offering. .
4. Notices. All notices and other communications given to or made upon
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any party hereto in connection with this Agreement shall be in writing and
mailed, faxed, emailed, or delivered to the addresses set forth on page 1
hereof, or at such other address as shall be specifically designated by any such
party.
5. Governing Law. This Agreement and the rights and obligations of the
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parties hereto and thereto shall be governed by and construed and enforced in
accordance with the substantive law of the State of Nevada.
6. Entire Agreement. This Agreement constitutes the entire agreement and
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the understanding between the parties with respect to the subject matter hereof
and supersedes all other previous and contemporaneous negotiations and
agreements between the parties and no parole evidence of any prior or other
agreements shall be permitted to contradict or vary the terms of this Agreement.
Any amendment to this Agreement must be in writing.
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7. Counterpart Execution. This Agreement may be signed by each party
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upon a separate copy, and in such case one counterpart of this Agreement shall
consist of enough of such copies to reflect the signature of each party. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, and it shall not be necessary in making proof of this
Agreement or the terms thereof to produce or account for more than one of such
counterparts.
LENDER
/s/ Xxxxxxx X. Xxxxxxx, Xx.
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Xxxxxxx X. Xxxxxxx, Xx.
XXXXXXXXXXX.XXX, INC.
By: /s/ Xxxxxxxxxxx X. Carton
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Xxxxxxxxxxx X. Carton
President and Chief Operating Officer
