EXHIBIT 10.23
OneSource Technologies, Inc. 7419 E. Helm, Scottsdale, AZ 85260
Attention: Ford L. Williams, Corporate Treasurer (480) 889-1177 x310
Fax Number (480) 889-1166
TERM SHEET
1. SIZE OF COMMITMENT: $50,000
2. TERM OF COMMITMENT: YEAR OR TAKE OUT FINANCING ARRANGED BY Xcel
Associates, Inc. WHICHEVER IS SOONER.
3. PRICING OF LINE OF CREDIT: PRIME + PER ANNUM WITH MONTHLY INTEREST
RATE RESET USING THE PRIME RATE AS PUBLISHED
IN THE WALL STREET JOURNAL ON THE FIRST
BUSINESS DAY OF THE MONTH, INTEREST WILL BE
CALCULATED ON A30/360 BASIS.
4. INDUCEMENT TO LEND: ONESOURCE TECHNOLOGIES, INC. COMMON STOCK
WARRANTS ISSUED WILL EQUAL THE VALUE OF
THE AMOUNT LENT.
WARRANTS WILL BE PRICED AT THE AVERAGE BID
AND ASKING PRICES ESTABLISHED BY MARKET MAKERS
AT THE END OF THE DAY.
(EXAMPLE: IF THE STOCK PRICE IS EQUAL TO
$0.50 AT THE END OD THE DAY AND YOU LENT
$100,000 TO ONESOURCE, YOU WILL RECEIVE A
WARRANT FOR 200,000 SHARES OF COMMON STOCK.)
5. TAKE OUT PROVISION: Xcel Associates, Inc, LOCATED AT 224 MIDDLE ROAD,
2ND FLOOR, HAZLET, NEW JERSEY 07730, HAS
COMMITTED CERTAIN TAKEOUT AND INVESTMENT
CAPITAL TO ONESOURCE TECHNOLOGIES, INC., UP
TO ONE ($1) MILLION THAT WILL FUND PRINCIPLE
AND INTEREST. REPAYMENTS OF PRINCIPLE WILL
MADE ON A FIFO (FIRST IN, FIRST OUT) BASIS.
Subject to and conditioned on receipt of Promissory Note Judgment &
Warrants. For the consideration as outlined in Paragraphs 3 and 4 above, I agree
to wire 50,000.00/100 to :
Bank: Western Security Bank
Greenway Office, Scottsdale, AZ
Attn: Ms. Janice Neubauer (480) 367-9494
Routing number: 122105184
Account number: 8014700048
Grace Holdings, Inc.
Signed by: /s/ Richard H. Tanenbaum, President This 29th day of June, 2000
Print name: Richard H. Tanenbaum
