EFTA02512751.pdf

From: Richard Kahn < Sent: Thursday, January 22, 2015 1:03 PM To: Jeffrey E. Subject: AYH They will not be making a 200,000 distribution as =ontemplated (100 for JEE) Per Tom M they are in the =rocess of trying to extend loan with Banco Popular and are concerned =hey may need funds for a potential principal pay down I have a conference call scheduled with Tom on Friday to =btain more info about Banco Popular extension Expires Aug 22, 2017 and balance as of =130/2014 was 13,032,000 (my estimate of balance as of 1/31/2015 is =2,950,000) Note =ayable The Company =btained a $15,300,000 million loan facility from a bank on August 23, =007. Interest accrues at =IBOR plus 2.35%. Principal and interest are due monthly and the loan =atures on August 22, 2017. At December 31, 2007, the principal amount outstanding =nder the loan was $15,246,000. The interest rate in effect at December 31, 2007 was 7.58% =calculated based on a blended LIBOR rate of 5.23% plus 2.35%). The loan is collateralized by the real property =nd improvements thereon, the Company's rights under =ts retail leases, and =ertain cash accounts and accounts receivable of the Company. The terms =f the loan contain =ertain financial covenants, negative covenants, material adverse change =rovisions, and other terms and conditions customarily found in loan agreements of =his type. The Company was in compliance with all of the covenants associated with the loan =greement as of December 31, 2007. Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 1 EFTA_R1_01645686 EFTA02512751