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LINE OF CREDIT LOAN

Letter of Credit

LINE OF CREDIT LOAN | Document Parties: PROLINK HOLDINGS CORP. | PROLINK SOLUTIONS, LLC | FOC FINANCIAL LIMITED PARTNERSHIP You are currently viewing:
This Letter of Credit involves

PROLINK HOLDINGS CORP. | PROLINK SOLUTIONS, LLC | FOC FINANCIAL LIMITED PARTNERSHIP

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Title: LINE OF CREDIT LOAN
Governing Law: Arizona     Date: 9/19/2006
Industry: Computer Peripherals    

LINE OF CREDIT LOAN, Parties: prolink holdings corp. , prolink solutions  llc , foc financial limited partnership
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EXHIBIT 10.1

FOC FINANCIAL L.P.

2025 S. AIRPORT BLVD.
CHANDLER, ARIZONA 85249

September 18, 2006

ProLink Solutions, LLC
410 S. Benson Lane
Chandler, Arizona 85224
Attn: Lawrence Bain

 

 

 

           Re:

 

$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

Gentlemen:

          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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