EXHIBIT 10.10
Letter of Credit Commitment
Agreement
Borrower: DVS Korea Co.,
Ltd.
196 Kumkok Dong, Boon Dang Gu, Sung Nam City, Kyunggi Province
Mr. Song Sim, CEO
Lender: Sanup
Bank
Limit: $2,000,000 USD
Purpose of the Loan: USANCE
(Term) Letter of Credit
This Letter of Credit Commitment
Agreement dated October 23, 2003 , is made and
executed between DVS Korea Co., Ltd.("Borrower") and Sanup
Bank ("Lender") on the following terms and
conditions.
Borrower understands and agrees
that in granting, renewing, or extending any loan, Lender is
relying upon Borrower's representation, warranties, and agreements
as set forth in this Agreement; the granting, renewing, or
extending of any loan by lender at times shall be subject to
Lender's sole judgment and discretion; and all such loans shall be
and remain subject of the terms and conditions of this
Agreement.
Term
This Agreement shall be effective
as of October 23, 2003, and shall continue in full force and
effect until October 23, 2004.
Description
Collateral
-
Installment Savings Deposit of
580,000,000 Korean Won
In addition, Borrower shall
provide to Lender a blank draft. Lender may submit to the
Borrower's bank the draft for full payment of unpaid principal and
accrued interest when Borrower fails to make payment in accordance
with the terms of this Agreement.
Furthermore, Borrower grant
Lender a security interest in all property at any time shipped
under, or pursuant to, or in connection with the Letter of Credit
or anyway related thereto, or to the drafts drawn thereunder,
whether or not Borrower receives the documents covering such
property or release the same to Lender on trust receipt and also in
and to all shipping documents, warehouse receipts, policies or
certificates of insurance and other documents or liability to
Borr
