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West Construction, Inc. and Subsidiaries <br />Notes to Consolidated Financial Statements <br />As of and for the years ended December 31, 2014 and 2013 <br />5. LINES OF CREDIT: <br />During December 2013, the Company renewed a $1,000,000 revolving line of credit (first line) <br />with principal and interest due on demand. The first line is secured by all of the assets of the <br />Company and interest shall accrue on the unpaid principal balance at one-month LIBOR plus 4%. <br />The outstanding balance on the first line at December 31, 2014 and 2013 was $-0- and $600,000, <br />respectively. <br />During 2013, the Company entered into a line of credit (second line) with a financial institution <br />in Africa with principal and interest due on demand. The second line bears interest at annual rate <br />of 14.25% and is secured by property and equipment located in Africa. The outstanding balance <br />on the second line at December 31, 2013 was $333,915. During 2014, the outstanding balance <br />was repaid and the second line was terminated. <br />6. LETTER OF CREDIT: <br />In January 2014, the Company renewed their $75,000 irrevocable standby letter of credit with an <br />expiration date of January 2015. The letter is secured by certificates of deposit totaling $75,000. <br />In January 2015, the Company renewed the letter of credit for an additional twelve months. The <br />beneficiary is Amerisure Mutual Insurance Company, the Company's worker's compensation <br />carrier. <br />- 13 of 18 - <br />