Clip’s mission to transform how businesses conduct financial transactions aligns with a cornerstone of BDC’s strategy: increasing support for entrepreneurs. By reimagining the speed, location, and logistics of business deposits and other services,
The BDC Loan will bear interest at a floating rate equal to the BDC floating base rate plus a margin of 1.00%. The current BDC base rate as of the date hereof is 9.30% per annum. All obligations of the Company under the BDC Loan and the Offer Letter will be secured by a third-lien security interest that is subordinated to prior security interests granted to certain existing lenders of the Company (the “BDC Security”). The BDC Security will cover all present and after-acquired personal property, except consumer goods of the Company. The principal amount of the BDC Loan is repayable by the Company in full on
ICP Securities Market Making Activities
Further to the Company’s press release dated
About
Clip operates a multi-bank self-service deposit system for businesses through its ClipDrop Boxes that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across
For further information, please contact:
Chief Executive Officer
tel: 844-593-2547
Source:
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