8 K out on the Banking deal Huge!!! Go SCRC! Tut
Post# of 7769
Posted On: 12/10/2014 5:57:39 PM
8 K out on the Banking deal Huge!!! Go SCRC! Tut
http://www.otcmarkets.com/edgar/GetFilingHtml...D=10352200
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On December 8, 2014 the Registrant’s wholly-owned subsidiary, Main Avenue Pharmacy, Inc. (“Main Avenue”), a specialty pharmacy, entered into an agreement for a revolving line of credit facility with Triumph Community Bank, N.A. d/b/a Triumph Healthcare Finance. The agreement is for a term of three (3) years. The facility covers, and is both secured through a lockbox account arrangement and limited by, the accounts receivable of the pharmacy, as well as being secured by a security interest in all of the other assets of Main Avenue. Main Avenue may draw against the line of credit, up to a maximum of $4,000,000, as accounts receivable are developed from the filling of prescriptions for the speciality drugs and may continue to draw as the then outstanding line is reduced by the payment of the previously financed receivables. The amount drawn cannot exceed 85% of the accounts receivable. The interest rate is variable, being calculated as the Base Rate plus the Margin. The Base Rate is the greater of the Prime Rate or the Floor Rate; the Floor Rate is 3.25%. The Margin is 3%.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=10352200
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On December 8, 2014 the Registrant’s wholly-owned subsidiary, Main Avenue Pharmacy, Inc. (“Main Avenue”), a specialty pharmacy, entered into an agreement for a revolving line of credit facility with Triumph Community Bank, N.A. d/b/a Triumph Healthcare Finance. The agreement is for a term of three (3) years. The facility covers, and is both secured through a lockbox account arrangement and limited by, the accounts receivable of the pharmacy, as well as being secured by a security interest in all of the other assets of Main Avenue. Main Avenue may draw against the line of credit, up to a maximum of $4,000,000, as accounts receivable are developed from the filling of prescriptions for the speciality drugs and may continue to draw as the then outstanding line is reduced by the payment of the previously financed receivables. The amount drawn cannot exceed 85% of the accounts receivable. The interest rate is variable, being calculated as the Base Rate plus the Margin. The Base Rate is the greater of the Prime Rate or the Floor Rate; the Floor Rate is 3.25%. The Margin is 3%.
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