During the year ended December 31, 2017, the restrict on this settlement was elevated to $3,000,000. Subsequent to December 31, 2017, the Company amended certain phrases of this line, and the Company is now required to make month-to-month principal payments of $166,667 by way of April 2019. The balance on the road was $1,519,997 and $673,736 at December 31, 2017 and 2016, respectively. The line is due on demand, with interest due monthly at prime plus 2% each Turkish Citizenship law firm staying permit Firm year (effective price of 6.5% at December 31, 2017). The Company might borrow on this line primarily based on eligible accounts receivable, as defined within the credit score settlement.

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If Borrower at any time pays lower than the quantity then due, Crestmark could settle for such fee, however the failure to pay the complete amount due is a Default. Borrower should pay curiosity on the principal quantity which is outstanding every month in arrears commencing on the primary day of the month following the funding of the transaction, and continuing on the first day of every month thereafter till the Obligations are absolutely paid. If any fee is due on a day which Crestmark just isn't open for business, then payments shall be made on the subsequent enterprise day. If the Agreement so provides, curiosity may also be payable at the identical rate on all other sums constituting Obligations.

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