Current aging of accounts receivable and accounts payable. Company and contract performance history. Personal financial statements of guarantors. A. Loan will be a revolving line of credit for one year or for the term of the contract. Interest rate shall be the prime rate as defined by the New York Prime Rate published daily in the Wall Street Journal and adjusted on the first day of each calendar month for the ensuing month.
Interest is payable monthly.
There are NO points or loan fees. After approval and execution of documents, disbursements are made no later than 3 days after presentation of approved invoices. Minimum required collateral will be an assignment of proceeds of the contract financed and a first lien on accounts receivable derived from the contract. Assignment of life insurance in the amount of the loan may be required .