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EXCEL - IDEA: XBRL DOCUMENT - VERAMARK TECHNOLOGIES INCFinancial_Report.xls
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EX-31.1 - EX-31.1 - VERAMARK TECHNOLOGIES INCd398270dex311.htm
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v2.4.0.6
Revolving Demand Note Agreement
9 Months Ended
Sep. 30, 2012
Revolving Demand Note Agreement/Term Note Agreement [Abstract]  
REVOLVING DEMAND NOTE AGREEMENT
(9) REVOLVING DEMAND NOTE AGREEMENT

On October 31, 2008, Veramark Technologies, Inc. entered into a Revolving Demand Note Agreement (the “Agreement”), with Manufacturers and Traders Trust Company (the “Bank”) to provide working capital in the ordinary course of business. This Agreement was amended in October 2010 increasing the amount available under the agreement from $400,000 to $750,000. At September 30, 2012, the Company had no outstanding balance, under this Agreement.

The material terms of the Agreement include:

 

   

The maximum outstanding principal balance under the Agreement is Seven Hundred Fifty Thousand Dollars ($750,000).

 

   

Veramark may borrow under the Agreement, from time to time, an amount less than or equal to, but not greater than the available balance.

 

   

The outstanding principal balance will bear interest at a per annum rate equal to LIBOR rate plus 3.5% with a minimum rate of 4.0%.

 

   

The Bank may demand payment of the outstanding principal balance at any time.