Milo's House
Funding Shelf Corporation Purchase Agreement
Funding Proposal Application
Optional Infomation
Please complete this brief application so we can identify available funding to create a funding proposal. You are not required to accept any funding offers and no hard inquiries will be made on your credit. By submitting this application, you provide written consent under FCRA for us and our partners and affiliated companies via email and/or at the telephone number(s) provided to explore funding offers and agree to the Funding Proposal Access To Capital Agreement term and conditions.
Funding Proposal Access to Capital Agreement
THIS AGREEMENT is entered into, by and between the Business Paralegal Corporation
(hereafter referred to as "Company" and/or "Advisor"), with principal offices located at 509 South Pacific, Mineola, TX 75773, (hereafter referred to as "Advisor(s)") and Access To Capital Client (hereafter referred to as "Client") with the following terms and conditions:
WHEREAS, Advisor administers the Access To Capital Program developed to assist entrepreneurs in accessing capital necessary to start or grow a business often without any advance or upfront out of pocket costs;
WHEREAS, Client wishes to gain access to business funding such as business credit/loans, personal credit/loans, hybrid forms of credit/loans, and/or investor-based equity for a business the Client has an interest in and wishes to secure the services of Advisor to act as intermediary to arrange access to and qualifications for such capital for the client;
WHEREAS, Client elects to defer submission of the $2,500 refundable deposit for Access To Capital Program until the first capital raise is accomplished through the Program to fund the depsit;
NOW THEREFORE, in consideration of the terms and conditions set forth below and other good and valuable consideration, the parties agree as follows.
DEFINITIONS
(a) Active participation. Any act by Client that is compliant with Advisor's guidance and instructions, including but not limited to timely submission of payments invoiced Performance Fee amounts, especially items described as essential or critical to the success of the Program.
(b) Arrange. Any act by Advisor as an intermediary, such as introductions, education, document preparation, assistance with underwriting compliance meeting lender/credit requirements, etc.
(c) Assistance/assisting. Any act by Advisor performed to pursue and/or achieve a client goal, including advice and guidance.
(d)Tracking Advisor's guidance and Client's compliance with such guidance. Advisor's guidance and Client's performance, growth, compliance, and success in obtaining capital will be tracked Advisor's CRM.
(e)Refundable Deposit. A $2,500 deposit is due upon enrollment in the Access To Capital Program however, under this deferred deposit option, Client will submit the $2,500 refundable deposit after the first capital raise, from any source, during the term of this Agreement. Client promises to submit the $2,500 refundable deposit to Company within two (2) days of receipt of funding from any source during the term of this Agreement. Client acknowledges that the firs
funding may be from a variety of sources, i.e., business loan, business line of credit, personal loan, personal line of credit, revolving accounts under EIN, SSN, or both, etc. If the Client should not qualify for an initial cash loan/financing to fund the Refundable Deposit within the first week of this Agreement, Advisor will extend a 0% financing agreement, referred to as the Sweet Pay 0% Buy Now, Pay Later Financing Agreement, for the $2,500 refundable deposit and Client explicitly acknowledges this 0% financing agreement as the first capital raise as defined in the Agreement and agrees to promptly enter into the 0% financing agreement for the $2,500 refundable deposit. As there is a priority to satisfy the Refundable Deposit as soon as possible, Client agrees to accept any offered Capital Raise to satisfy the outstanding Refundable Deposit. If Client should decline an offered source of funding prior to the Refundable Deposit being fully paid to Company, Client shall be immediately responsible to directly pay Refundable Deposit to Company. At the point Client receives $100,000 in total capital business funding, this deposit it will be refunded after the Performance Fee has been paid on the amount raised of at least $100,000.
(f) Performance Fee. Fee of ten percent (10%) of the total amount of any and all funding/capital acquired/obtained/arranged during the term of this Agreement, whether from one or multiple sources, as access to each funding is received and/or available from loans, lines of credit, trade lines, leases, 40l(k) financing, credit cards, business revenue financing, investor equity, ect.
(g) Capital Ready. Meeting the underwriting criteria for the type of funding. instrument(s) for which the Client is applying, such as SBA loans, other business credit/loans, personal credit/loans, hybrid forms of credit/loans and/or investorbased equity. This is commonly referred to as the "Three C's"-credit, capacity, and collateral.
(h) Capital raise. Capital raise is defined as capital offered to the Client, even if Client refuses such funding. Advisor is not liable to the $100,000 capital raise guarantee if Client refuses any funding instruments under this Agreeme
II PAYMENT & GUARANTEES
(a) Advisor Guarantee. Advisor guarantees Client will raise between $100,000 and $50,000,000 of capital as long as Client actively participates in the Access To Capital Program. The actual amount and composition of capital raised and timeline will depend upon Client's goals, preferences, qualifications, types of capital pursued, and compliance with Advisor's guidance.
(b) Essential to this guidance is Client coordination with Advisor as to the use of each round of funding received and it is included in the obligation for "active participation" and a failure to coordinate with Advisor in this way will render the $100,000 capital raise guarantee null and void, without releasing Client from any other obligation under this Agreement.
(c) Because compliance with Advisor's guidance is critical to success in the Program, Client's failure to follow Advisors guidance will nullify the guarantee of raising a minimum of $100,000 in capital. Client refusal of available funding will be considered a lack of "active participation." Client will still be responsible for all other provisions in this Agreement.
(d) In the unlikely event that Client has not raised a minimum capital raise of
$100,000 in funding after the term of one year, despite active participation and compliance with the guidance of Advisor, this agreement shall be automatically renewed for one-year periods until at least $100,000 capital has been raised as long as Client maintains active participation.
(e) Client liability. Client will sign both in their capacity as an individual and their capacity as owner of the business, making personal and business assets liable on this Agreement.
(f) Client payments. Client agrees to pay to Advisor the 10% Performance Fee within two (2) business days of receipt of or access to any funding. Failure to pay the Performance Fee within this time will result in a late fee of $50 per day after failure to pay the Performance Fee until the full amount due is paid to Advisor and also cause refundable deposit to be forfeited, i.e., no longer be refundable. Such payments and late fees are applied to each individual funding instrument when the Performance Fee is earned as described in Section II(d) below. Nonpayment of Performance Fee and/or late fees will result in a suspension of the obligations of Advisor until full payment of all fees, including late fees are made and Client is current on all payments due.
payments due.
Upon execution of this agreement, Client agrees to provide an ACH authorization for Advisor to have on file for payment of fees incurred through this Agreement. Client's failure to comply with this shall be considered a fa
Upon execution of this agreement, Client agrees to provide an ACH authorization for Advisor to have on file for payment of fees incurred through this Agreement. Client's failure to comply with this shall be considered a fa
(h) Collection Costs. Client shall be responsible for necessary expenses incurred by Advisor to collect the Deposit, Performance Fee and/or late fees, including court costs, attorney fees, collection fees from third parties, etc. Client acknowledges that the anticipated collection costs, if Client fails to pay voluntarily, to be an amount equal to the outstanding balance owed under this Agreement.
(h) Performance Fee Earned. Client agrees that Advisor has fully earned the Performance Fee on the date that any capital instrument(s) that has/have funded as defined in I(f).
At that time Performance Fee is earned, Advisor has no further responsibility, directly or indirectly, for the maintenance, access, or anything else related to the funded instrument(s) from the date the instrument(s) has/have funded and/or made available to Client.
(i) Notice. This non-cancellable Agreement is effective from the date of the last signature of the parties, generally Advisor, even if the Refundable Deposit has not yet been paid.
j) Acceleration Clause. Client recognizes and accepts that his/her failure to comply. with all the terms of this Agreement is cause for Advisor to collect any unpaid portion of the Refundable Deposit and Performance Fee regardless of services performed and that Advisor shall have no further obligations to perform under this Agreement. In such event, Advisor will invoice Client for the unpaid portion of the Refundable Deposit and Performance Fee and Client shall pay the invoice within two (2) business days.
Confession of Judgment. Client makes a private admission to Advisor for liability of the Refundable Deposit and $10,000 Performance Fee without having a trial. Client agrees to enter a judgment without having a trial, in case of Client's breach.
(l) Refund. When Client has received $100,000 in capital funding and the Performance Fee of $10,000 has been paid to Advisor, Advisor shall refund the$2,500 Refundable Deposit.
III. SECURING CAPIT
(a) Consulting Services. Client understands that they are securing consulting services for the purpose of helping ensure they meet lending and investor credibility standards, helping them build and access personal/business credit, developing a loan package, gain access to cash funding options, and, if desired, become capital ready to access investor-based equity. Client acknowledges that the capital raise is the outcome of active participation and meeting the underwriting requirements.
(b) Underwriting Process. Client understands that their Advisor will ask questions relating to pre-qualification for capital, including questions about credit, company income, revenue, and other relevant information. These questions are to equip Advisors with the information to aid Client in pre-qualifying for capital funding instrument(s) and does not constitute final approval for any funding.
Advisor is not the lender or underwriter for any funding instrument(s) and Client cannot be fully approved until they go through a formal underwriting process with the actual lender(s) or underwriter(s) of any capital funding instrument(s)
(c) Other capital funding arrangements. Client agrees not to apply or enter into any credit, lending, funding, or capital arrangements outside of this Agreement. If Client violates this section, the Refundable Deposit will convert to a Nonrefundable Deposit and the Performance Fee under this Agreement shall still apply to sources of capital derived from all sources during the term of this Agreement.
(d) Active Participation. Client agrees to actively participate in this Program, as defined in this Agreement, until a minimum of $100,000 of capital is raised. Failure to actively participate will result in a charge equivalent to the Performance Fee for a $100,000 00,000 capital raise, after deducting any Performance Fees previously paid to Advisor.
Company Signature as Director
Applicant Signature
I Consent to Receive SMS Notifications, Alerts & Occasional Marketing Communication from company. Message frequency varies. Message & data rates may apply. Text HELP to 844-543-6263 for assistance. You can reply STOP to unsubscribe at any time.
If form will not submit fix errors in RED.
© 2023 Milo's House - All Rights Reserved