Notes and Loans Payable Sample Clauses

Notes and Loans Payable. The Company's outstanding notes and loan balances were as follows: September 30 1995 1994 ---------------------------------- Notes - trucks $ 55,469 $ 42,428 Other short term notes payable 444,416 - Line of credit - bank 73,000 - Term loan - bank 461,250 596,250 Term loan - Fun Vending, Inc. 127,333 192,503 ---------------------------------------- 1,161,468 831,181 Less current portion 742,014 215,045 ---------------------------------------- Long-term portion $ 419,454 $616,136 ======================================== At September 30, 1995, the principal maturities of notes, the line of credit and long-term debt in each of the next five years are as follows: 1996 $ 742,014 1997 206,824 1998 144,665 1999 63,009 2000 4,956 ---------- $1,161,468 On February 18, 1994, the Company executed a term loan agreement to borrow $675,000 from a bank. The note is payable over a 5 year term in 60 consecutive monthly principal installments of $11,250, plus interest applied during the note payable period at a fixed rate of 9%. The note payable is collateralized by substantially all of the Company's tangible and intangible assets, and the personal guarantees of the two major shareholders. This facility was used to repay all prior outstanding debt. The Company had a $150,000 line of credit with the same bank at September 30, 1994. In February 1995, this line of credit was renewed and increased to allow maximum borrowings of $500,000. Borrowings of $73,000 were outstanding under this facility at September 30, 1995, and the line of credit expires on January 31, 1996. Management expects that this line of credit will be renewed. The Company must maintain certain financial covenants and the Company was in compliance with such covenants, as amended at September 30, 1995. During 1995, the Company signed several short-term note payable agreements with two financing companies for the purchase of inventory and ride equipment. The Company received purchase discounts on these purchases ranging from 3 to 5 percent. The financing companies remitted payment for such purchases directly to the manufacturer at the discounted price. The Company's notes payable to the financing companies consist of the undiscounted purchase price for such inventory, broken down into two or three equal monthly payments. The notes payable are scheduled to mature at various dates from October through December 1995. On June 10, 1994, the Company executed a note agreement for $208,000 with Fun Vending, Inc. for the ...

Notes and Loans Payable. 26 5.20 Insurance...............................................................................................26 5.21 Sales and Marketing; Customer Lists.....................................................................26 5.22 Trading in SportsLine Common Stock......................................................................26 5.23

Notes and Loans Payable. Paragraph 5.19 of the Disclosure Letter sets forth a true and complete list of all notes and loans payable and other indebtedness for borrowed money other than the SportsLine Loan, excluding trade payables arising in the ordinary course of business ("Debt") owing by DWWC as of the Agreement Date, including, the Person to whom such note, loan or other indebtedness is payable, the amount thereof, the interest rate and other payment terms, the maturity date and a description of any collateral therefor. All Debt constituting Excess Debt (as defined in Section 3.1(b)) shall be deducted from the Stock Consideration in accordance with Section 3.1(b)(vii)(x); provided, that, if, for any reason, any such Excess Debt is not deducted in the calculation of the Stock Consideration in accordance with Section 3.1(b)(vii)(x), the full amount of such Excess Debt shall be recoverable by SportsLine from the Escrow Fund as Damages.

Notes and Loans Payable. 22 5.22 Absence of Certain Changes or Events................................22 5.23 Insurance...........................................................23 5.24

Notes and Loans Payable. Paragraph 5.21 of the Disclosure Letter sets forth a true and complete list of all notes and loans payable owing by GolfWeb as of the date hereof (excluding trade payable incurred in the ordinary course of business on customary terms), including, for each such note or loan payable, the Person to whom such note or loan is payable, the amount thereof, the interest rate and other payment terms, the maturity date and a description of any collateral therefor.