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Payment Data Systems, Singular Payments increase credit line

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Payment Data Systems, Singular Payments increase credit line

Payment Data Systems Inc. on Aug. 2 agreed to increase its line of credit promissory note to Singular Payments LLC by $100,000.

That brings the total credit line to $600,000. It matures Nov. 1, 2019.

The parties pushed back the interest start date from Aug. 1 to the earlier of Aug. 30; the date of closing and funding of the Singular Payments acquisition; or the termination of the merger-related letter of intent; or until an agreed-upon extended date. The interest will accrue at 10% per annum. In the event of a default, interest will accrue at either 15% or the maximum lawful rate.