Page 41 - Apple Supply Chain Co-op Inc. 2016 Annual Report.
P. 41
CENTRALIZED SUPPLY CHAIN SERVICES, LLC
NOTES TO FINANCIAL STATEMENTS
December 31, 2016 and 2015
NOTE 5 – LINE OF CREDIT
At December 31, 2016 and 2015, the Company had a $1,000,000 revolving line of credit with its primary
bank. The line of credit bears interest at the Prime rate and matures on July 24, 2017. The Company had
no borrowings and incurred no related interest expense for the years ended December 31, 2016 and 2015.
The line of credit contains restrictive financial covenants related to tangible net worth. At December 31,
2016 the Company was in compliance with all financial loan covenants.
The line of credit is secured by substantially all assets of the Company and guaranteed by its Members.
The Company is required to maintain a minimum compensating balance of $400,000 with its primary bank
in support of the line of credit.
10.
