David J. Teece Emergency Subordinated Loan Commitment Letter to LECG, LLC (September 2002)
David J. Teece commits to provide LECG, LLC with up to $2 million in emergency funds as subordinated debt, available through October 30, 2002. LECG must request funds in writing at least two business days before drawing down. Any funds advanced will accrue interest at the Prime Rate plus 3.5%, and LECG will reimburse any related legal expenses. The debt is subordinated to LECG's senior bank debt.
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Exhibit 10.42
[DAVID J. TEECE LETTERHEAD]
September 5, 2002
Board of Directors
LECG, LLC
2000 Powell Street, Suite 600
Emeryville, CA 94608
Dear Sirs and Madam:
This letter constitutes my commitment to make up to $2 million of emergency funds, in the form of debt subordinated to LECG's senior bank debt, available to LECG through October 30, 2002. Such funds, if required, should be requested in writing two business days prior to a draw-down. If advanced, the principal would bear interest at a rate equal to the current Prime Rate plus 3.5% payable in arrears, plus reimbursement for any legal expenses incurred in connection herewith.
| Sincerely yours, | ||
/s/ DAVID J. TEECE David J. Teece |
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- Exhibit 10.42
