Post by
Pennymen on Feb 24, 2023 7:55am
Lawsuit
Pursuant to the terms of the Loan, the Company has agreed to pay the Lender an aggregate of $87,651.33 per month which represents installments of principal and interest, commencing on February 1, 2022 and ending on January 1, 2027 (the maturity date), at which time all sums owing pursuant to the Loan shall become fully due and payable. The interest payable on the Loan shall be the Index Rate of the Lender (3.25% per annum as of the effective date of the Loan documents), plus 2.75%, which is subject to adjustment from time to time based on changes in an independent index, being the Wall Street Journal Prime Rate. Other fees and conditions include an administration fee of 1.5% of the principal amount of the Loan, and a pledge of cash collateral whereby the Company shall maintain a minimum balance of not less than $800,000 in a reserve account (the “Reserve Account”)
Found this on another site, need an account for more details...are we that short of cash??