Bisco Industries, Inc. Note Agreement As of XXXXXXXXXX
Exhibit 10.7
This Note, as of XXXXXXXX, is by and between Bisco Industries, Inc. (“Bisco”) and Eaco Corporation
(“Eaco”) for the purposes of supplying short-term funding due to current circumstances relating to
obligations Eaco must meet.
Bisco will loan Eaco the sum of XXXXXX and zero cents ($XXXXXX).
In consideration of the above amount, Eaco will pay Bisco a processing fee of .75% of the amount,
totaling $XXXXX
Interest on the outstanding principal amount will accrue at 7.5% per annum. Any and all repayments
of the note will first be applied to interest, with the remainder, if any, being applied to
principal.
There will be no regularly scheduled payments due with this note. Payments will be made at the
sole discretion of Eaco. However, the intent of this note if for a short-term infusion of capital
and any and all outstanding amounts after six months from the date of this note are due and
payable, immediately.
Agreed:
Eaco Corporation
Xxxx Xxxxxx, CEO
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Bisco Industries, Inc. |
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Xxxx Xxxxxx, CEO
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**(Note taken for XXXXXXXXXXXXXXXXXXXXX)**
