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Thursday, December 09, 2010 10:27:06 AM
Purchase Order and Accounts Receivable Financing Arrangements. In July 2010, the Company entered into secured credit facilities to finance the purchase of product and to factor accounts receivable. The Company may request that a financing company fund the purchase of inventory, directly or via letter of credit, up to $3.0 million based on a confirmed purchase order accepted by the Company as buyer, the vendor and the financing company. Fees for such financing are 3.25% of the purchase order amount if paid in within 30 days of the advance date, plus any transaction expenses. Any advances made under this financing arrangement and fees incurred are due 10 days after receipt of goods by the Company or 90 days after the issuance of any letter of credit. The financing company shall maintain a priority secured interest in all goods subject to the purchase order until paid in full. As part of the purchase order financing agreement, the Company and the financing company contracted with a third party to oversee the Company’s inventory subject to this financing. The Company also entered into an agreement to sell its accounts receivable at discounts up to 20% of the invoice amount, plus fees and expenses, to a purchaser. This facility has a $1.0 million limit. As part of this accounts receivable factoring agreement, the Company agreed to request that customers directly deposit funds in an account maintained by the purchaser. The purchaser maintains a priority security interest in all accounts receivable purchased and may charge back the Company for any accounts not collected. Further, the Company agreed to indemnify the purchaser for any claims or losses incurred by the purchaser. The purchaser is unrelated to the financing company.
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