Factoring Agreement - SigmaCom Corp. and Craig E. Lassen
FACTORING AGREEMENT
October 15, 1997
SIGMACOM Corporation has borrowed $25,000 from Craig E. Lassen, which is
considered factoring money. The factoring money is collateralized by the
following final invoice(s):
Customer Inv # Amount Factored
----------------- ---------------- ---------------
Questar InfoComm To be determined $25,000
SIGMACOM will repay the factoring money within 5 business days of receipt
of payment for the above listed invoice(s). If for any reason the
encumbered invoices are not paid by the customer within 90 days of invoice
date, SIGMACOM will immediately repay the loan to Craig Lassen.
Factoring money will bear interest at the rate of 3% of the factoring
money amount for the first thirty days, and 1% for each additional 10 days
until the factoring money is paid in full. No pro-rata of interest amount
will be made for partial time periods.
Borrower: Lender:
/s/ Herman D. Axelrod /s/ Craig E. Lassen
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Herman D. Axelrod, President Craig E. Lassen
Sigmacom Corporation