Permitted Use of Revolving Line of Credit Agreement between American DG Energy Inc. and John N. Hatsopoulos

Contract Categories: Business Finance › Credit Agreements
Summary

American DG Energy Inc. and John N. Hatsopoulos have agreed that up to $5 million made available under a Revolving Line of Credit Agreement dated December 17, 2009, will be used exclusively for developing new energy systems for commercial and industrial facilities. The funds cannot be used for general corporate purposes or any other use. This letter confirms and restricts the permitted uses of the credit line as part of their financial arrangement.

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EX-10.24 4 v179343_ex10-24.htm Unassociated Document
 
EXHIBIT 10.24
 
American DG Energy Inc.
45 First Avenue
Waltham, MA 02451
 
February 22, 2010

Mr. John N. Hatsopoulos
3 Woodcock Lane
Lincoln, MA  01773

Re:  Permitted Uses of Funds Available Under Revolving Line of Credit

Dear John:

We appreciate the financial support that you have agreed to provide in connection with American DG Energy Inc.’s plans to develop additional energy systems for placement in commercial and industrial facilities.

This letter confirms our agreement that the funds you have agreed to make available to American DG Energy under the Revolving Line of Credit Agreement dated December 17, 2009, consisting of funds in the amount of up to $5 million, will be used solely in connection with the development of new energy systems, and will not be used for general corporate purposes or for any other purpose.
 
  Sincerely,  
     
  AMERICAN DG ENERGY INC.  
       
By:
/s/ Barry J. Sanders  
    Barry J. Sanders  
    President  
 
Cc: Anthony Loumidis
       John Estabrook