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Notes to Consolidated Financial Statements
7. LOAN PAYABLE
The Association has a loan from one of its landlords. The loan bears interest at 8.5% per annum and is repayable in equal monthly principal payments of $5 plus interest and is due in May 2015. The Association has issued a letter of credit in the amount of $400 as security. The letter of credit will decline by predetermined amounts over the next four years upon satisfaction of certain conditions.
© Copyright 2007 Canadian Standards Association. All rights reserved.
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