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Business Loan Agreement

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Title:

Business Loan Agreement

Entities:

Signature Eyewear Inc

Date:

2005

Size:

Preview shows 8KB of 116KB total

Price:

$52

ID:

#1583305

► Loans ► Loan Agreements ► Business Loan Agreements

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BUSINESS LOAN AGREEMENT

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NAME(S) / ADDRESS(ES) OF BORROWER(S) ("Borrower, I, My or Me") NAME / ADDRESS OF LENDER (CREDITOR) ('Lender, You, or Your")

SIGNATURE EYEWEAR, INC.

BY: MICHAEL PRINCE, CEO HOME LOAN INDUSTRIAL BANK

498 N. OAK STREET 205 NORTH 4TH STREET

INGLEWOOD CA 90302 GRAND JUNCTION, CO 81501

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TYPE OF BUSINESS LIMITED LIABILITY LIMITED LIABILITY

CORPORATION [ ] CORPORATION [ ] PARTNERSHIP [ ] PROPRIETORSHIP [ ] COMPANY [ ] PARTNERSHIP

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AMOUNT AND TERM OF LOAN(S) OR LINE(S) OF CREDIT

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AMOUNT

Four hundred six thousand & no/100 $406,000.00

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TRANSACTION DATE MATURITY DATE ACCOUNT NUMBER

2/03/05 6/06/06 200049433 [X] LOAN

[ ] LINE OF CREDIT

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INTEREST RATE

FIXED INTEREST RATE @ 12.000

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PURPOSE OF CREDIT

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The undersigned Borrower, in consideration of the Lender granting the loan(s)

or line(s) of credit upon the terms described above, hereby agrees, warrants

and represents as follows:

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A. PREPAYMENT. Borrower agrees that in the event of prepayment, the Borrower

will pay a prepayment penalty on the following basis:

N/A

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B. ACCOUNTING AND COMPENSATING BALANCES. Borrower agrees to maintain the

following accounts with Lender:

1. N/A % of the balance of the loan or used portion of the line of credit

plus

2. N/A % of any unused portion of the line of credit, if any.

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C. FINANCIAL REQUIREMENTS. Provisions 1 and 2 below shall be in accordance with

generally accepted accounting principles.

1. Borrower will maintain a net worth of at least $N/A

2. Borrower will maintain current assets in excess of current liabilities in

a ratio of at least N/A to one.

3. Borrower will not make (without prior written consent of Lender)

investments in fixed assets in excess of: $N/A

4. Borrower will enter into no lease (without prior written consent of

Lender) with an aggregate rental of more than: $N/A

5. Borrower will cause its following named creditor(s) to subordinate its

debt to the debt of the Borrower to Lender in a form prescribed by Lender.

NAME OF CREDITOR DOLLAR AMOUNT SUBORDINATED

6. Borrower will submit financial data as follows:

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D. SECURITY. To secure its loan or line of credit, the Borrower has or will

deliver possession of the following collateral or will execute the following

instruments of pledge, mortgage, assignment, guarantee, or security agreement

and will comply with all of the provisions of those documents:

SEE ATTACHED SECURITY DESCRIPTION

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E. GUARANTORS. To induce the Lender to extend and continue to extend financial

accommodations to Borrower, the following named individual(s) or entity(ies)

have agreed to guarantee repayment of any Indebtedness of Borrower:

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The Borrower(s) acknowledge(s) having read and understood the terms listed on

page one as well as on pages two and three hereof and agrees to be bound by and

to comply with them:

By X /s/ Michael Prince CEO 2/4/05 By X /s/ Michael Prince CEO 2/4/05

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SIGNATURE EYEWEAR, NC. Date SIGNATURE EYEWEAR, NC. Date

Its Chief Executive Officer Its Chief Executive Officer

By X By X

-------------------------------- --------------------------------

Its Its

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ITEM 317BAL1 (0104) (1866) Page 1 of 3

Compliance Systems, Inc.

800-968-8522 Fax 616-956-1868

F. GENERAL AGREEMENTS

1. The business of the Borrower shall be continued in its present form and

at the address as shown on page one, and the Borrower will not enter into

changes of its partnership agreement, limited liability company articles of

organization, or, if a corporation, enter into a consolidation, merger, or

permit a majority of its common stock to be transferred, or grant options which

could result in such actions unless the Lender is first notified and consents in

writing to any such change.

2. The proceeds of the loan or line of credit will be used lawfully and

exclusively for the benefit of the Borrower's business and for the purpose set

forth on page one.

3. All collateral security given to secure the loan or line of credit shall

also secure all of the other obligations of the Borrower to the Lender of

whatsoever nature, past, present, or future. All collateral security given for

other obligations of the Borrower to the Lender, together with any debt from

Lender to Borrower, (including, but not limited to checking, deposit accounts,

certificates of deposit, savings accounts, and the like) shall, likewise, secure

the loan or line of credit described on page one. It is the expressed intent to

cross-collateralize all of the borrowings or other indebtedness of Borrower to

the Lender. The breach of the terms of any note, security agreement, mortgage,

pledge, or loan agreement of whatsoever nature between the Borrower and the

Lender shall constitute default and breach of all such agreements, including

this agreement.

4. The Borrower will at all times maintain in full force adequate liability

and property insurance to protect its assets, the insurance to be in such form

and such amounts as the Lender, at its sole discretion, may require.

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