ADDENDUM TO REVOLVING CREDIT LINE FOR THE MILLENIUM OPPORTUNITY FUND January 15, 2006
Exhibit
10.1
ADDENDUM
TO REVOLVING CREDIT LINE
FOR
THE
MILLENIUM OPPORTUNITY FUND
January
15, 2006
The
following should be considered an Addendum to the existing Revolving Credit
Line
by and between Interactive Games Inc. and the Millennium Opportunity Fund,
LP
dated August 15, 2005 for the amount of $150,000.00.
The
parties hereby agree that Section 3 of the Note dated August 15, 2005
states:
| 3. |
Issuance
of Securities.
The Borrower and Lender agree that for each advance made by Lender
pursuant hereto, Lender shall receive (i) and option to purchase
that
number of shares of common stock of Interactive Games equal to 10%
of the
dollar amount of the advance at an exercise price of $0.20 per share;
(ii)
an option to purchase common stock of the Borrower equal to 90% of
the
dollar amount of the advance at an exercise price equal to the average
bid
price of the Borrower’s common stock for the 10 trading days preceding the
exercise of the option. Both such options shall be for a term of
two (2)
years from the date hereof. By way of example, if Lender were to
make
available loans to Borrower in the principal amount of $100,000,
Lender
would receive from Borrower (i) and option to purchase 10,000 shares
of
common stock of Interactive Games at an exercise price referred to
above;
and (ii) an option to purchase 90,000 shares of common stock of
Interactive Games at the average bid price of the common stock of
Interactive Games for the ten trading days preceding such advance.
Once
the loan has been outstanding, the reduction of such loan and thereafter
the increase of such loan shall not entitle the Lender to any additional
options unless the amount advanced exceeds the maximum amount of
the loan
and advances previously made to Borrower.
|
The
Company and Lender hereby agree that Section 3 of the Loan Agreement and
existing Revolving Credit Line shall be amended as follows:
Lender
shall receive a one time issuance of 150,000 options at a price of .10 of
Interactive Games Inc. for consideration of the revolving credit line. The
options shall remain in effect for three (3) years from the date of execution
of
this Addendum To The Revolving Credit Line And Loan Agreement.
On
Behalf Of The
Company
On
Behalf Of The Millennium Opportunity Fund LP,
Officer
For Interactive Games
Inc.
Officer,
Millennium Opportunity Fund
