Subordinated Note Payable Agreement between OneUp Innovations, Inc. and Louis S. Friedman (Oral Contract)
Contract Categories:
Business Finance
›
Note Agreements
Summary
OneUp Innovations, Inc. and its CEO, Louis S. Friedman, entered into an oral agreement on January 1, 2005, under which Friedman agreed to provide unsecured, subordinated loans to the company as needed for working capital. The loans accrue interest at the Prime Lending rate, have no fixed maturity date, and are repayable on demand only if the company is able and permitted to do so. The loans are subordinate to all other company debts.
EX-10.13 174 v178277_ex10-13.htm
Note Regarding this Exhibit: This document provides a written description of an oral contract entered into between OneUp Innovations, Inc. and Louis S. Friedman on January 1, 2005.
Parties:
Louis S. Friedman (“Lender”)
CEO
OneUp Innovations, Inc.
2745 Bankers Industrial Drive
Atlanta, GA 30360
OneUp Innovations, Inc. (the “Company”)
2745 Bankers Industrial Drive
Atlanta, GA 30360
Date:
January 1, 2005
Material Terms:
This oral contract was for a subordinated note payable. The Lender agreed to provide the Company with loans from time to time to supplement the working capital of the Company. These loans are unsecured and are subordinated to any and all other loans that the Company may have.
Interest on the loans accrue at the Prime Lending rate. The loans have no specific maturity and are payable upon demand, if the Company has the ability (and the right) to repay them.
