Credit Commitment. Subject to the terms and conditions of this Agreement, RDOC agrees to extend to Borrower, and Borrower agrees to accept from RDOC, credit in the principal amount of [***] (the “Loan”). The Loan shall be evidenced by a promissory note executed by Borrower, dated as of Closing (as defined in Section 7.1(b) herein), substantially in the form attached hereto as Exhibit A and drawn to the order of RDOC in the principal amount of the Loan (the “Note”), the provisions of which are incorporated by reference. The Parties agree that the Loan will be credited to the Unpaid Royalties in full satisfaction thereof.
Appears in 1 contract
Sources: Settlement Agreement, Release and Amendment to License Agreement (Priced in Corp.)
Credit Commitment. Subject to the terms and conditions of this Agreement, RDOC agrees to extend to Borrower, and Borrower agrees to accept from RDOC, credit in the principal amount of [***] $3.5 Million (the “Loan”). The Loan shall be evidenced by a promissory note executed by Borrower, dated as of Closing (as defined in Section 7.1(b) herein), substantially in the form attached hereto as Exhibit A and drawn to the order of RDOC in the principal amount of the Loan (the “Note”), the provisions of which are incorporated by reference. The Parties agree that the Loan will be credited to the Unpaid Royalties in full satisfaction thereof.
Appears in 1 contract
Sources: Settlement Agreement, Release and Amendment to License Agreement (Legacy Education Alliance, Inc.)