VIPER MOTORCYCLE COMPANYLetter of Credit Guarantee • June 10th, 2004 • Viper Motorcycle Co
This agreement is between David W. Palmlund, III ("Guarantor") and Viper Motorcycle Company, a Minnesota corporation ("Viper"). Viper Motorcycle Company is hereby offering to pay 18% annual interest on any amount of the Letter of Credit guarantee as consideration for a one hundred thousand dollar ($100,000.00 irrevocable Letter of Credit with General Electric Commercial Distribution Finance Corporation, on behalf of Viper's dealer floor financing program. Viper will pay the interest payment on a monthly basis, computed, using simple interest. This represents a monthly interest payment to Guarantor of $1,500.00, payable each month the Letter of Credit is issued, for the maximum of twelve (12) month's.
