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Notes Payable and Accrued Interest
6 Months Ended
Jun. 30, 2011
Notes Payable and Accrued Interest [Abstract]  
Notes Payable and Accrued Interest
4.
Notes Payable and Accrued Interest

At June 30, 2011 and December 31, 2010, the Company's notes payable and accrued interest consisted of the following:

   
June 30,
2011
  
December 31,
2010
 
        
Credit Facility principal
 $62,000,000  $63,000,000 
Credit Facility accrued interest
  521,500   122,800 
Subordinated Notes principal
  1,518,500   2,343,500 
Subordinated Notes discount
  (31,600)  (90,800)
   $64,008,400  $65,375,500 

(a)
Credit Facility

During 2010, the Company's $80 million credit facility (the “Former Credit Facility”) was replaced with a new, two-year $90 million credit facility (the “New Credit Facility).  During the six months ended June 30, 2011, the Company repaid $1,000,000.  In May 2011, the Company and the New Credit Facility banks executed an amendment to the New Credit Facility agreement, effective March 31, 2011, which changed the provisions of a debt coverage ratio to more accurately reflect the purpose of the covenant.  The Company and the banks also agreed to amend the maximum leverage ratio requirement.  As of June 30, 2011 and December 31, 2010, the Company was in compliance with all covenants under the New Credit Facility.

Although the total maximum available credit under the New Credit Facility was $28,000,000 and $27,000,000 as of June 30, 2011 and December 31, 2010, respectively, exclusions of off-lease assets and assets with lease payments more than 30 days past due from the collateral base resulted in approximately $1,099,500 and $5,200,000 of maximum borrowing ability at June 30, 2011 and December 31, 2010, respectively.

The weighted average interest rate on the New Credit Facility was 4.06% at June 30, 2011 and 4.34% at December 31, 2010.
 
(b)
Senior unsecured subordinated debt (“Subordinated Notes”)

During the six months ended June 30, 2011, the Company repaid $825,000 of principal under the Subordinated Notes.  The Company was in compliance with all covenants under the agreement to which the Subordinated Notes were first issued (“Subordinated Notes Agreement”) as of June 30, 2011 and December 31, 2010 and is currently in compliance.