THIS BUSINESS LOAN AGREEMENT (this "Agreement") dated March 18, 2008, is made and executed by and between (i) BELVEDERE SOCAL, a California corporation ("Borrower"); and (ii) PACIFIC COAST BANKERS' BANK ("Lender") on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, Including those that may be described herein or described on any exhibit or schedule attached to this Agreement Borrower understands and agrees that (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and (C) all Loans shall be and remain subject to the terms and conditions of this Agreement
TERM. This Agreement shall be effective as of March 18, 2008, and shall continue in full force and effect until such time as all Loans have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges, or until March 18, 2018, whichever comes first.
CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the Initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and In the Related Documents, including the following:
Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting to Lender Security Interests in the Collateral; (3) all documents Lender may require to perfect Lender's Security Interests in the Collateral; (4) evidence of insurance as required below; and (5) all such other Related Documents as Lender may require for the Loan; all the foregoing in form and substance satisfactory to Lender and Lender's counsel.
Borrower's Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution and delivery of this Agreement, the Note, and the other Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.
Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses that are then due and payable as specified in this Agreement or any Related Document.
Representations and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct at the date of execution of the agreement or other document or certificate containing such representations and warranties.
No Event of Default. There shall not exist at the time of any Advance a condition that would constitute an Event of Default under this Agreement or under any Related Document, or, with the giving of notice or the passage of time, would constitute an Event of Default.
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