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Tuesday, April 08, 2014 5:34:15 PM
That's what the document says, in pretty plain English. Also, they inserted a specific statement that the loan was not in default as of Dec 31st, 2013.
What is there to "imply"? It all says what it says? Also, for a loan that has a pretty great interest rate, IMO, of 4.XX percent, they seem to be racking up a lot of other fees and "interest accumulated" related to it- per, again, their own 10-K statements. The annual interest payments on that loan of $980K or whatever the balance is, would only be about $40K a yr?
What is there to "imply"? They for some reason have to "renew" it apparently every yr it appears or "renegotiate" or whatever - it's their words, not mine? Make of it whatever you will. I find it interesting that a loan that would only take about $40K in annual interest payments, that the bank is making them apparently come in on a yr to yr basis and "re-guarantee" it or whatever you want to call it.
Simple as that. That, and I'd never caught the explanation in the 10-K about this entire "renew" issue surrounding this key loan- simply pointing out that in looking at the 10-K related to the 8-K news yesterday of the "debt reduction" - this Seaside "renew" statement just jumped out at me. That's all- I'd completely missed it before and that surprised me is all, given the dates involved as to when it matures, when they need to "renew" and all.
The key dates given in the 10-K are past- that much is clear IMO.
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