{"id":41142,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/loan-commitment-purchasepro-com-inc-and-charles-e-johnson-jr.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"loan-commitment-purchasepro-com-inc-and-charles-e-johnson-jr","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/loan-commitment-purchasepro-com-inc-and-charles-e-johnson-jr.html","title":{"rendered":"Loan Commitment &#8211; PurchasePro.com Inc. and Charles E. Johnson Jr."},"content":{"rendered":"<pre>                               LOAN COMMITMENT \n                                        \n\n     This Loan Commitment is made and entered into effective September 3, 1999,\nby and between PURCHASEPRO.COM, INC., a Nevada corporation, with its principal\noffice and place of business at 3291 N. Buffalo Drive, Las Vegas, NV  89129\n('Company') and  (herein 'Lender').\n\n\n     1.   Commitment to Lend.  Lender hereby agrees to lend to Company the sum\n          ------------------                                                  \nof Five Hundred Thousand Dollars ($500,000) (the 'Loan') or as much thereof as\nthe Company requests be advanced to it by Lender while this commitment is in\neffect. Advances to the Company shall be made upon written request to the\nLender, with such advance to be made within 24 hours of such request by wire\ntransfer to the Company's bank account identified to Lender.\n\n\n     2.   Availability of Loan.  Lender and Company agree that the Loan shall\n          --------------------                                                 \nbe unconditionally available to be drawn upon by Company from September 15, 1999\nto December 31, 1999, during which time Company may draw upon the Loan up to the\nmaximum amount stated above. Provided, however, the Company's ability to draw on\nthe Loan shall terminate upon the Company's receipt of proceeds from its planned\ninitial public offering.\n\n\n     3.   Interest and Repayment.  Interest shall accrue on the outstanding\n          ----------------------                                          \nadvances at the rate of 15% per annum, with all interest and principal payable\nat maturity which is the earlier of: (i) March 31, 2000, or (ii) the date of the\nCompany's receipt of proceeds from its planned initial public offering. .\n\n\n     4.   Notices.  All notices and other communications given to or made upon\n          -------                                                             \nany party hereto in connection with this Agreement shall be in writing and\nmailed, faxed, emailed, or delivered to the addresses set forth on page 1\nhereof, or at such other address as shall be specifically designated by any such\nparty.\n\n\n     5.   Governing Law.  This Agreement and the rights and obligations of the\n          -------------                                                       \nparties hereto and thereto shall be governed by and construed and enforced in\naccordance with the substantive law of the State of Nevada.\n\n\n     6.   Entire Agreement.  This Agreement constitutes the entire agreement and\n          ----------------                                                      \nthe understanding between the parties with respect to the subject matter hereof\nand supersedes all other previous and contemporaneous negotiations and\nagreements between the parties and no parole evidence of any prior or other\nagreements shall be permitted to contradict or vary the terms of this Agreement.\nAny amendment to this Agreement must be in writing.\n\n \n                                      -2-\n\n \n     7.   Counterpart Execution.  This Agreement may be signed by each party\n          ---------------------                                             \nupon a separate copy, and in such case one counterpart of this Agreement shall\nconsist of enough of such copies to reflect the signature of each party. This\nAgreement may be executed in two or more counterparts, each of which shall be\ndeemed an original, and it shall not be necessary in making proof of this\nAgreement or the terms thereof to produce or account for more than one of such\ncounterparts.\n\n\n\nLENDER\n\n\/s\/ Charles E. Johnson, Jr.\n-------------------------------- \nCharles E. Johnson, Jr.\n\n\n\nPURCHASEPRO.COM, INC.\n\n\n\nBy:  \/s\/ Christopher P. Carton\n     -------------------------------------\n     Christopher P. Carton\n     President and Chief Operating Officer\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8609],"corporate_contracts_industries":[],"corporate_contracts_types":[9560,9567],"class_list":["post-41142","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-purchaseprocom-inc","corporate_contracts_types-finance","corporate_contracts_types-finance__loan"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41142"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41142"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41142"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}