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EXHIBIT 10.53
Princeton Dental Management Corporation
0000 Xxxx 000xx Xxxxx
Xxxxxxxxxx, XX 00000
Re: LOAN TO COVER OPERATING EXPENSES
Gentlemen:
As discussed, the undersigned has agreed to make a loan to Princeton
Dental Management Corporation ("PDMC") on the following terms:
1. Principal Amount of Loan. The loan shall be in a principal amount
of not less than $175,000.00 and not more than $200,000.00, it being the
intention of the parties that the undersigned shall loan PDMC the amount
necessary to cover certain PDMC operating expenses through December 31, 1996.
2. Interest Rate. 1.0% over the Prime Rate, as such rate may be set by
NBD/First National Bank of Chicago.
3. Fees. There shall be a fee of $4,000.00 added to the principal
amount of the loan as a fee.
4. Term. The parties understand that it is essential that PDMC have
readily available funds in place in order to pay certain operating expenses
prior to the December 31, 1996 deadline, and the parties agree to structure the
timing of the loan accordingly. The loan shall be repaid upon receipt from
Southland Life Insurance Company ("Southland") of certain reinsurance proceeds.
5. Security. PDMC shall use its best efforts and cooperate in every
regard to consent to and facilitate an assignment of certain reinsurance
proceeds from Southland to the undersigned as security for the loan.
If this reflects your understanding please sign where indicated.
Xxxxxxxxx Investment Group, Inc.
By:
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Its:
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AGREED AND ACCEPTED:
Princeton Dental Management Corporation
By:
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Xxxxx Xxxxxxx Xxxxxx, CEO
