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MANCIL'S TRACTOR SERVICE, INC.
<br /> Notes to Financial Statements
<br /> December 31, 2013
<br /> NOTE 11: DEBT
<br /> All of the following notes are secured by equipment and vehicles, with the exception of one note from
<br /> PNC Bank. This note is secured by the Company owned real estate located on lots 38 & 39 SPS
<br />' Commercial Center South, Martin County, Florida. This note is a refinance of a previous note for the
<br /> purpose of obtaining additional operating funds based on the Company's equity in the real estate. The
<br /> original principle amount was 107,556. The current balance as of December 31,2013 is 105,516.
<br /> All notes allow for prepayment without penalty except for one note with PNC Bank. The Company
<br /> entered into a promissory note with PNC Bank on March 27, 2012 to purchase two Mack Trucks. The
<br /> original principal amount of the note was $309,432 and the note was secured by two 2012 Mack Trucks.
<br /> This loan contains a prepayment penalty provision that allows for prepayment, but at a cost of 3%of the
<br /> principal amount being repaid.
<br /> The Company's long-term debt consists of notes on equipment and vehicle loans with various lending
<br /> and financial institutions. At December 31,2013,notes payable consisted of the following:
<br /> Annual
<br /> Original Principal Interest Current
<br /> Lender Borrowed Term Rate Balance
<br /> PNC Bank $ 108,218 120 mo. 5.60% $ 105,516
<br /> Kelley Tractor $ 133,762 48 mo. 6.90% $ 37,073
<br /> CAT Financial $ 297,020 36 mo. 2.45% $ 273,316
<br /> CAT Financial $ 53,747 60 mo. 0.00% $ 53,747
<br /> CAT Financial $ 154,564 36 mo. 5.95% $ 76,687
<br /> Kubota Credit Corp USA $ 42,783 48 mo. 0.00% $ 26,740
<br /> PNC Bank $ 309,432 84 mo. 6.00% $ 245,023
<br /> John Deere Credit $ 14,327 36 mo. 0.00% $ 11,429
<br /> John Deere Credit $ 39,469 60 mo. 5.15% $ 10,933
<br /> John Deere Credit $ 111,630 48 mo. 5.75% $ 5,471
<br /> FCC Equip.Finance Inc. $ 86,018 36 mo. 7.41% $ 13,155
<br /> Komatsu Financial $ 135,773 48 mo. 2.50% $ 49,688
<br /> Old Florida National $ 76,920 48 mo. 6.00% $ 42,426
<br /> Trinity $ 83,472 48 mo. 1.35% $ 47,507
<br /> Wells Fargo $ 73,027 60 mo. 3.97% $ 62,550
<br /> Wells Fargo $ 456,871 60 mo. 3.97% $ 422,161
<br /> People's United Equip. Fin. Corp $ 196,300 60 mo. 8.49% $ 107,592
<br /> Komatsu Financial $ 305,775 60 mo. 1.25% $ 250,224
<br /> Komatsu Financial $ 134,271 48 mo. 2.50% $ 90,040
<br /> Pipeline Utilities $ 197,000 5 mo. 0.00% $ 118,200
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