| Program
Amount: |
Minimum $10,000 up to $2,000,000 monthly. |
| Advance
Rate: |
70%
to 85% of Eligible Accounts Receivable. |
| Pricing: |
Generally
a 1% to 4% discount fee of the gross receivables purchased.
Preferred clients may qualify for reduced rates. |
| Underwriting: |
New
clients are typically approved and funded within one week
of providing complete documentation. |
| Commitment
Fee: |
None |
| Hidden
Fees: |
None |
Monthly
Administrative Fee: |
None |
| Exit/Prepayment
Fee: |
None |
| Bank
Float Days: |
None. Immediate credit given upon receipt of payment. |
| Reserves: |
Prompt
remittance of reserve funds. |
| Contract
Term: |
None.
Terminate at any time with no penalties. |
| Financial
Restrictive Covenants: |
None |
| Legal/Audit
Fees: |
None |
| Notification
to Client Customers: |
Notification is flexible, depending upon the transaction. |
| Collection
of Accounts: |
Continues to be managed by the Client. Payment is remitted
in the Client's name to P.O. Box owned by ABC. |
| Events
of Default: |
Limited to breach of Account Purchase and Guaranty Agreement. |
|
Reports:
|
Purchases
and Advances, Collections, Invoice Aging and Reserve Account
reports provided weekly at no charge.
|
