Loan to Buyer Clause Samples
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Loan to Buyer. Seller agrees that Buyer shall retain Seventy-Five Thousand Dollars ($75,000.00) of Seller's first accounts receivable collected by Buyer after the closing which shall be used by Buyer as working capital. Buyer shall have the use of said borrowed funds until November 30, 2004, interest free, when the borrowed funds will be due to be reimbursed to the Seller. Buyer's purchase of Seller's Accounts Receivable and Work in Process. After 90 days have expired from the date of closing, Buyer will make a lump- sum payment to Seller in an amount equal to the collections on accounts receivable (accounts receivable being those identified on Exhibit "B" attached hereto. However, of the amount of this payment, Buyer shall have the right to retain $75,000.00 to fund the loan referred to in the preceding paragraph. This payment shall be in addition to the amounts to be paid under "Consideration for Purchased Assets." In the event that Accounts Receivable (as they exist on the closing date) are collected more than 90 days after closing, then such sums shall be paid to Seller on May 31, 2004, or when the $75,000.00 loan in the preceding paragraph is paid, whichever is earlier. All collections on Accounts Receivable shall be applied first to the oldest account owed by the customer making such payment. After 90 days have expired from the date of closing, Buyer will make a lump-sum payment to Seller in an amount equal to one-half of the work in process as identified on Exhibit "B" attached hereto. This payment shall be in addition to the amounts to be paid under "Consideration for Purchased Assets."
Loan to Buyer. Jericho agrees to loan to Buyer the sum of $168,197.00, within five (5) days after the closing of a transaction (post merger) whereby CLEV acquires a business opportunity or asset unrelated to the Buyer’s concrete leveling business. These funds shall be used exclusively to satisfy outstanding liabilities of Buyer and to pay the ▇▇▇▇ for services to Buyer’s current auditor for all services rendered through the Closing Date. The funds shall not include any bills of the current auditor for work requested by CLEV for services performed after the Closing Date or services involved in the transition of the company’s books and records to a new auditor.
Loan to Buyer. At the Closing, PDI shall commit to make a loan to the Buyer that will be funded by PDI within seven (7) business day from the Closing, in the principal amount of two hundred fifty thousand dollars ($250,000), which shall be evidenced by a promissory note in the form attached hereto as Exhibit A (the “Note”).
Loan to Buyer. After the Closing, Credit Depot shall loan to Buyer up to $500,000, as, and to the extent, reasonably requested by Buyer to meet the requirements of its business. Nothing herein shall restrict Credit Depot from making other loans to Buyer which Credit Depot determines to be necessary or useful in connection with Buyer's business. Such loans shall bear interest at the rate of 10% per annum and shall be on commercially reasonable terms.
Loan to Buyer. At Closing, Seller shall make a loan in the amount of $4,000,000 (Four Million Dollars) by payment to Buyer by wire transfer of immediately available funds to a bank account designated by Buyer (the “Loan”). Buyer shall deliver to Seller a Subordinated Promissory Note for the full amount of the Loan in the form attached as Exhibit B. At Closing, Buyer shall deliver to Seller a security agreement securing the obligations due under the Promissory Note in the form attached as Exhibit E (the “Security Agreement”).