2025 S. AIRPORT BLVD.
CHANDLER, ARIZONA 85249
ProLink
Solutions, LLC
410 S. Benson Lane
Chandler, Arizona 85224
Attn: Lawrence Bain
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Re:
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$750,000 Factoring Line of Credit
Loan to PROLINK SOLUTIONS, LLC, a Delaware limited liability
company from FOC FINANCIAL LIMITED PARTNERSHIP, an Arizona limited
partnership
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This
letter agreement (the “Agreement”), when executed by
PROLINK SOLUTIONS LLC., a Delaware limited liability company
(“Borrower”) and FOC FINANCIAL LIMITED PARTNERSHIP , an
Arizona Limited Partnership (“Lender”), will constitute
a binding agreement enforceable by and against the parties
hereto.
Lender,
in its sole discretion, may make advances (the “Loan”)
to Borrower from time to time in an amount not to exceed Seven
Hundred Fifty Thousand Dollars ($750,000) (the “Maximum
Amount”) on the terms and conditions hereinafter set forth.
The Loan shall be evidenced by that certain Revolving Promissory
Note of even date herewith in the principal amount of Seven Hundred
Fifty Thousand Dollars ($750,000) (the “Note”).
Principal and interest shall be due and payable in accordance with
the terms and conditions of the Note. This Agreement, the Note, and
such additional security documents and any other instrument now or
hereafter executed and delivered in connection with the loan
evidenced hereby, as the same may be amended, supplemental or
otherwise modified and in effect from time to time, are hereinafter
collectively referred to as the “Loan
Documents”.
The
Loan shall constitute a factoring line of credit loan and advances
may be borrowed, repaid, and reborrowed on a revolving basis
through the Funding Termination Date, as defined in the Note.
Although the outstanding principal balance of the Loan may be zero
from time to time, the Loan Documents will remain in full force and
effect until all obligations are paid and performed in full. Upon
the occurrence of an Event of Default, Lender may suspend or
terminate the obligation of Lender to make advances of the
Loan.
From
time to time prior to the Funding Termination Date, Borrower may
request that Lender fund advances under this Loan in an amount
equal to the sum of 90% of the Base Purchase Price with respect to
a Prolink System, but in no event more than an amount that when
added to the then outstanding principal balance of the Loan would
exceed the Maximum Amount
(the
“System Advance Amount”). Lender will endeavor to
notify Borrower within two (2) business days after receipt of
information regarding a proposed funding whether it intends to loan
the System Advance Amount with respect to such proposed Funded
Prolink System. If Lender elects, in its sole discretion, to loan
the System Advance Amount to Borrower, Lender shall make such
advances within two (2) business days after the conditions
precedent in the following paragraph have been satisfied with
respect to such system ( each a “Funded ProLink
System”).
Lender’s
obligation to make advances as provided in the Note is subject to
the following conditions precedent: (a) Approval by Lender of
the executed Pay for Play or Lease Agreement between
ProLink’s financing source and the Golf Course Customer for
the Funded Prolink System; (b) Confirmation of credit Approval by
ProLink
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