EXHIBIT 10.1
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WESTERN TECHNOLOGY INVESTMENT
August 7, 1997
Xx. Xxxx Xxxxxxxxx
Vice President of Finance & CFO
Integ Incorporated
0000 Xxxxxx Xxxx
Xx. Xxxx, XX 00000
Re: Loan Agreement Between Integ (Borrower) and Venture Lending & Leasing, Inc.
(Lender), Dated March 27, 1996
Dear Xxxx:
This letter will outline our understanding with respect to any Loan to be funded
by Lender after the date of this letter and during the period of Borrower's
redesign of their LifeGuide System. Lender will advance 50% against Equipment
submitted by Borrower and approved by Lender up to the date when Borrower issues
a press release which indicates that its in-house testing of the LifeGuide
System has resulted in performance which should allow the Borrower to initiate
within 90 days, human clinical trials, the results of which will be used in the
Borrower's 510(k) submission to the FDA. Subsequent to the date of the press
release, all future Loans will be made in accordance with the Loan Agreement and
the Lender will advance the balance of any Loans that were partially funded
during the period covered by this letter.
Sincerely,
/s/ Xxxxxx X. Xxxxxxx
Agreed to by Integ, Incorporated:
By: /s/ Xxxx X. Xxxxxxxxx
Title: Chief Financial Officer
Date: August 11, 1997
