RE:RE:OkAm I reading this right - paying 22% for money if they don't pay in a year or under?
. The Cash Consideration will be satisfied through a new acquisition credit facility (the “Credit Facility”) of approximately US$18,500,000 from a Schedule 1 Canadian bank to be implemented by the Corporation prior to completion of the Acquisition. The balance of the Credit Facility will be used to fund the operations of Brightline Title.The Credit Facility will be given on the following terms: (i) pricing will be set at prime interest rate plus 4.0% per annum; (ii) the Corporation will pay interest only for the first six months of the term, and thereafter interest and principal which will amortize over 54 months with the following amortization schedule: month 7-12: at a rate of 11%, month 13-24: at a rate of 22%, month 25-36: at a rate of 22%, month 37-48: at a rate of 22% and month 49-60: at a rate of 22%; (iii) the Corporation may, at its discretion, repay the balance of acquisition credit facility in whole or in part at any time after eighteen (18) months followin