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Revolving Line of Credit Loan

Revolving Credit Agreement

Revolving Line of Credit Loan | Document Parties: PROLINK HOLDINGS CORP. | FOC FINANCIAL L.P | PROLINK SOLUTIONS, LLC | FOC FINANCIAL LIMITED PARTNERSHIP You are currently viewing:
This Revolving Credit Agreement involves

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

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Title: Revolving Line of Credit Loan
Governing Law: Arizona     Date: 12/23/2005
Industry: Computer Peripherals     Sector: Technology

Revolving Line of Credit Loan, Parties: prolink holdings corp. , foc financial l.p , prolink solutions  llc , foc financial limited partnership
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Exhibit 10.2

FOC FINANCIAL L.P.

2025 S. AIRPORT BLVD.
CHANDLER, ARIZONA 85249

May 6, 2005

Prolink Solutions, LLC
7970 South Kyrene Road
Tempe, Arizona 85283
Attn: Lawrence Bain

 

 

 

 

 

 

 

Re:

 

$1,000,000 Revolving Line of Credit Loan to PROLINK SOLUTIONS, LLC, a Delaware corporation from FOC FINANCIAL LIMITED PARTNERSHIP, an Arizona limited partnership

Gentlemen:

     This letter agreement (the “Agreement”), when executed by PROLINK SOLUTIONS LLC. (Prolink), a Delaware corporation (“Borrower”) and FOC FINANCIAL LIMITED PARTNERSHIP (FOC), 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 One Million Dollars ($1,000,000”) (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 One Million Dollars ($1,000,000) (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 revolving 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 plus Prolink’s share of the Finance Purchase Price Profit 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 Prolink 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 the 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 PFG finance and the Golf Course Customer for the funded Prolink System ( the “Funded Prolink System”); (b) Confirmation of credit Approval by PFG of the Golf Course Customer; (c) Receipt of a detailed description and the System Advance Amount of the Funded Prolink System; (d) Confirmation of shipment of the Funded Prol


 
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