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Business Loan Agreement

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Title:

Business Loan Agreement

Entities:

Goodson Spring Branch LLC

Date:

2007

Size:

Preview shows 9KB of 175KB total

Price:

$64

ID:

#2771696

► Loans ► Loan Agreements ► Business Loan Agreements

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BUSINESS LOAN AGREEMENT

THIS BUSINESS LOAN AGREEMENT (Loan Agreement or Agreement) is made on October 17, 2006 by and between Smart Commerce, Inc. (Borrower), a corporation organized under the laws of the State of Delaware, whose chief executive office is located at 2530 Meridian Parkway, Durham, North Carolina 27773, and Fifth Third Bank, a Michigan banking corporation (Bank), whose address is 1000 Town Center, Suite 1500, Southfield, Michigan 48075.

Section 1 Loans and Financial Accommodations. Bank has made or shall make in reliance hereon commercial loan(s) and/or other financial accommodations to Borrower, including the loans referred to below. All such loans and/or other financial accommodations to Borrower, whether referred to below or previously or hereafter made in reliance on this Loan Agreement, are herein referred to as the Loan or Loans. This Loan Agreement amends and restates, without satisfaction or novation, all previous loan agreements executed by the parties with respect to the Loans described herein. If any conflict shall exist between the Loan Documents and this Loan Agreement, the provisions contained in this Loan Agreement shall govern and supersede the Loan Documents.

1.1 Loans. The following Loan(s) shall be governed by the terms and conditions in this Loan Agreement:

	TYPE OF LOAN	LOAN DESCRIPTION
	Term Loan	Referred to in Section 1.2 below

1.2 Term Loan. Bank hereby extends to Borrower a term loan (the Term Loan) in the principal amount stated in a Promissory Note (Term Loan) of even date herewith and all renewals and amendments thereof (the Term Loan Note). The Term Loan herein extended shall be subject to the terms and conditions of the Term Loan Note. The Term Loan shall be payable and shall bear interest as set forth in the Term Loan Note. This Loan Agreement and the Term Loan Note are of equal materiality and shall each be construed in such manner as to give full force and effect to all provisions of both documents.

1.3 General Reliance. Borrower acknowledges and agrees that in making, extending or renewing the Loans, Bank is relying on the representations, covenants and agreements of Borrower contained in this Loan Agreement and the Loans shall be subject to the terms and provisions hereof.

Section 2 Covenants. From the date hereof until all amounts owing under the Loans are paid in full and all obligations under the Loans are fully paid, performed and satisfied, Borrower covenants and agrees, unless otherwise consented to in writing by Bank, it will:

2.1 Reporting Requirements:

2.1.1 CPA Financial Statements/Projections. Within one hundred twenty (120) days after the end of each fiscal year, furnish to Bank (a) Borrowers and Guarantors (i.e., Smart Online, Inc., a Delaware corporation (Guarantor)) (consolidated or consolidating) audited financial statements for the fiscal period then ended, prepared by Borrowers and Guarantors current auditor or such other certified public accountant reasonably acceptable to Bank, and (b) Borrowers Projections, in form reasonably acceptable to Bank, for the fiscal year subsequent to the audited financial statements then being delivered.

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