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LINE OF CREDIT NOTE

Letter of Credit

LINE OF CREDIT NOTE | Document Parties: SO ACT NETWORK, INC. You are currently viewing:
This Letter of Credit involves

SO ACT NETWORK, INC.

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Title: LINE OF CREDIT NOTE
Date: 6/2/2009

LINE OF CREDIT NOTE, Parties: so act network  inc.
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Exhibit 10.6

 

LINE OF CREDIT NOTE

 


 

$100,000

Date of Issuance: May 28, 2009

 

FOR VALUE RECEIVED, So Act Network, Inc., a Delaware corporation ("Borrower"), with an address at 5715 Will Clayton, Parkway, #6572 Humble, TX 77338, hereby promises to pay to the order of Greg Halpern ("Lender"), with an address at 5715 Will Clayton, Parkway, #6572 Humble, TX 77338 or any holder hereof may from time to time designate, the principal sum of One Hundred Thousand Dollars ($100,000) (the “Principal Amount”), or the aggregate unpaid principal amount of all Advances made or extended by Lender to Borrower pursuant to the Credit Line Agreement, in lawful money of the United States of America and in immediately available funds on or before the second (2 nd ) anniversary of the Date of the Issuance (the “Maturity Date”). It is the intent of the Borrower and Lender hereunder to create a Credit Line Agreement between Borrower and Lender whereby Borrower may borrow up to the Principal Amount from Lender; provided , however , that Lender has no obligation to lend Borrower any amounts hereunder and the decision to lend such money lies in the sole and complete discretion of the Lender. The undefined capitalized terms in this Note shall have the same respective meanings ascribed thereto in the Credit Line Agreement.

 

Notwithstanding anything to the contrary contained herein or in the Credit Line Agreement, unless earlier paid in accordance with the terms and conditions of this Note, the entire unpaid principal balance of this Note and all accrued but unpaid interest shall be due and payable on the Maturity Date. The principal balance of this Note may be paid in full at any time or in part from time to time, provided, however, that all payments of principal of this Note shall be accompani


 
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