Sapte a eo ee cing Contes. yousbousbe oe 1. Undeion he ees tomonage accounts 2. tne ne ejectves ofrecshvble manage 3. elon ihe oe ea polcy ond unset mon 4 trom ne co xl wh he invest sreconsrecevate 4. Uncen ne castbonet elofostip cred nacatecon pes 4 rhe repo changes crc cy 2. Undetond he reese menage vera. 1 snow ne otecve of ventery management: 9. olan he rcs cf mvertoes. 10 ently be os axocated wh vest hn vena leamtow 1 detemne {0 Economic ar aanty £00) O) Recap 12 Unstone tent evel montng ond ‘vere conbl ton, ree ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT COOUNTS RECEIVABLE MANAGEMENT _RoDUCTION ing eas arma or athe et otf nk on earn pal oto pe il lec da ez eine comin mony ved fn dan viel ‘sen Tope bs sone ‘OMECTIVES OF ACCOUNTS RECEIVABLE MANAGEMENT Perales mance tei abiniee Wo tardee Strains ee er ee ‘pie ste onl ewe fim ‘Stents sue rie me ef wl yo see ‘neprt pouscy Cred policy i et of guidelines for extending credit to custome. The susees Sac act i crete ‘Et iter as, eae roi tnt ihe Shatner aes tia teces Scie ec aces rales Snap omy oti 1 hte ene Se gees rae Samarra te es aes ets tc ce may increase, the quay of ocounts receivable ay suffer. This may rsa (Bi itgeravens econ period. Am pina rei policy woud te Bo reesten gare car eats Soe oeeraneens Soe ogee eonas (Gr les on te ther Sting erie sands ipl Yous ee a es cae apenas eee ene cere Sern ere eens Sonicare ‘To mena co guia cscma’s et wortine, he on eae pny ta 1 Choracter ih ef othe pai he ascneswllp her deo soto Cet gers. prove tacky ‘onan oo pope sd ins ust prams om af! ke, tir fer sipplen, eltesones, an ete ccoytion 1 Gein whichis te agen of eter” sie yy. Meat Sgt emma < tenet en tace 9 meas Tetennincytemee Lead ime in days r Ae Rt edione ges 33 cpima pete tn ‘Martins of fe oe nose ee, RA cont Sincere on Bs pa +e) wc? = tien 2 > Sieontieam res ae rere RD eee win doe 4 48 Casifaton Se tease aye em oe sasha cove soo tie easier car Sata menasate ris 1a ie tn et pen eee ae eee es Soares Ey since cee eee ta 2 hsb eed a i eee coee Seon ec 1 i spn nn imi itt cae aime mtGres ame ee =REVIEW QUESTIONS unis Why drs exis ad wt woul ei gy Perera Sect eee ow cn lon opeat with ep ih ble pe vy sou faa anger nto ow down dreds what ee vine mens that canbe pied te ean fa wit on aera ot comely ted? Wha i een 1. _ What coe ae sued with crying ribs Wit ct il ith oranges? Wha owe al es Erditeom inch orate? 1 What the fe Cra Exp why ec is inporait? 2, Wht sft crs tht termine te gh of hee? Why ir nga oft byes peng plete cme Soand one egh he eit ed 10. incac oft fellowing pangs, indicate which frm would prota ieeeeentsetie Teese etmek, ti eie memes pera = : EAS eter ete axe Ta = Nyx 1p = 28800 7001 evo nowt at nine! lows: 000 + 12000 Monty at = - = 93.33 vwoow = 938333. F Fo = ones ing he P of nant of PL le 2 = 2, he te Jn wi fl bee ope prod “Toconpte oh aca, jltion may (Sg +m) =a cere = + ‘ae pid Teer EAewemmalimetme = (1+ 0017s = 1 - a 4 Sipe meet wi composing ali ongnsuing aan the insect bce te bank eure the tore wo muni het ‘neve mie on + on fecse eet well ao #* eee Fara Conpesil aie tive sail aes) = ran ace = Nei tres ities = 5 Neil ‘ {p thar: Asn hat he bt fice ft he congry ‘onion yrs 18 se at ey ‘Wilt ee aad otek om on “heft ior nt oto ena 0) [ Nonina’ Competing Treat ~ talc me Paro ‘Aammethesne dasssinnunberd ar tution sade, ‘Sewanee at ‘eet mln ei computd fallow: P1309 are ro 1a0 FIO i WORT =a— San Trea ne ot of ret ough eo, Freeway we a eres + te ‘naive ie ne = “Falah ee ae Sens Tefen tenement Ppl oh be cle lms = a Paa0n 000 10 Nice F100000- milion * a + hawt F100 tion x 1296 x 2D » ja rer = in et wth Compt blo Cmne Siabtartintonier tomtewitenentremtet fee: Telr, Be eich rat of tre Ged yt Sone itt me gy Stn ove ‘Shimane che oe au of ot ‘Se oy ie pana Fel, Sopee Sanghi uta seein SP chr rn Te cng ts tm SSRN ee occesr susan et ‘Big elt Tete me nae emo don te serge ec tis omen 2 ie het with sid may maroon pment Aba tend crtinanent fm cueing SScSaskcycroaloy potent To ‘ain nae weshe fre daca ing ‘tire P= prt et este noun dour ee N-numbwefpie be ei ‘et se ean fr 2.9 iin wih a 12 oth ‘Slew nop ce pre ie yw (rion yon ete cee20min FS = S000 Th a ones hare by hak orth an i, kon Commercial Pape bre Tes “Todi tr yo commer ap haley erly be ened Yalnconmncsl , Pa-Decostorost 355 pectic “~ Oemtsaut ¥ Foreanple campy sis P90 wor of comme pp for ebay Write uo pope? Yatenconmard POOF a ‘erties oan ar“ SOURCES OF SHORT-TERM FUNDS Store fondsan e bine hag er caer orci a ‘They eer pono ore ‘secunun Curr vests Sucumes Casart ne eee eee ener ico fester te Pe iar wt ae Brower pgs dr loo Fea en Reina eee end eae ee Sir temedpausnoe tay cine permis toons voy cn at ese rsa cee eee es ete Suncleiaing hc mist bameaeaweoetot See gees tc a commen pp en a aeeeemeee renal See ae rare ie ese cd es sets ee ie oe ane here ech ok a ea ae Serer en a a Fee armada mica caresaapeeas Seeresalrcrictn ont Sartr Pann verses Noonan eget Shar. Sox re jist See cages aia ce fee Sion on the part of the finance officer. Spontancossly generated finds will Seen ie ts Eieiecereteriaige aera eaten eno Saree anes enpnawots moti or shorter nncng ae sores tht rege ‘pelt te ot neptnin, The major sources of nepoiated shorem (hat ear ous connec paper snd accounts ecsvablefinventory emus ef einen, 0 des is abor expense, vee ks nome ‘uo Suce most business py ir gles only peril (ray ively, or mom) hey cue 0 wages payable sou ht 0 ‘ska fom the fe’ employes. Iso tx wr hewise pd SH. VAT, wolig tte, ley and ter expe pid 00 & ents. ‘The eg the perio fine tha the fm shes pam asthe anon of aren ay provi SARIS of Facing aise pommel wth he fn’ les The, Teg tems provide the fm with automat setae Suc—— ant na re en Tonge tr eaatete re ioe em aan aa akc eee it ncn neaante me Fecha vac ne On be sera # wl som fee RS opie rane SeSecre Petsmart cosisr so gmk re ti serdouergan tte rea meant SESS ict era ape, Shes tae ceva oes ‘sey anne dscu te fe chonses orgs pe cash zt opr ad la Hoe Se tetniy nmce te wsing capa te eight cen certevey ihe Foran slr oes SPOUTS anes dca a ce poe pain ha rasstedmeeate bl ern amon ae wan iy dys ex [ocacsmncppeeny cna Paperjet dco Tisisconpand one Argosinase Bie Coto temas. Cho ane on tae eit maytag eet HE wef nthe ng eo sree pat on te iquy " cranercal bank can thts ora speci prea MO comnon ype he ihc hen ea ame fern cus neni lit met he nn ns a oe nem pina hs 2 eee 5) eg thd colt at igh IT cota dati tet tap ney yc ers nd contin wich tak de bron Reseed = ype eb ed eave hing mou wh oreo fn ot i ho il ong ia aly yoga ‘ih comet ake tn ei os "tn fered ic perl an infil gee nih ek soe ltd wo ite maimam acute Soe piws che o me nly e = enced yh bark nto netomat * Reig dt gene wi el sami by te bck 9 ‘4c wp ne maine mot rs ew sa roe i i snl ne af cen nb pe em om ‘wt commitneafab 14 of 1 one ened bceming he ommend Se ma acne oe fests Seana ti te, Aspvmt onc Te dining fee of Pe eeriaen ant Tet ee tel at tank in actin hee ean rece ase — a an ansecured short-term (six months or ess) promis ace eee "ime App! oe STi peg re say ee i Seen es onc tha icp ota ie Rr st ewe comel he at ii 1a eee muh a ee ans il re mai paper pr of iar sh olin fr etn comme pape ots rower han os tk oi abd et sy ere covet conned nay bank bn. Sot ‘Belts mm paper rive nd ce oe te ed ati wick is te iii ik and 2 Rafe naa eco very pe fms. Seoed sues fre cet ve anes ft frm lg ‘Smraoeae te a Ups det he oan apees te ee tela bpp ances o esl ara evr crise ‘lee th te eae ofa aed margin fey 1 ‘Ser cng bine oop: 1) nino ase en 3 aa orege 9) felt rind ecto neege nt rr tr Sr rg Cre 30 Tis Asgnmen of Acouns Recehale sels ar conser by many leds o be ine cle fra sect Unie ling range te omer snp ledges tp ‘eee ny for a baie fom ee comme ta ‘Sef compu, The snout of he oa Sed rs poe fe ce Siders eoabe pede. ‘ate cms ese me lle cline ea ale dr Lie a ey ote ses ace be np SESabeirset ats ne lw pst peel ging Joven os ‘2m faa 75 pacer: Homer ite ene coat t nd es ‘Semaine ech nv ssoun big pda Ge an vee mii ‘Saharighe 85 ro ofthe eae ef Fre ‘tng nin it is ed Sannin ht thie te ir ue red ois whch 9 1 9% ge hn ISTE fern preening fab 6 07% on Heed Men Probl TBex¥2 Company sl plumbing ples bling otc on tems ft 12 The rs verge mony re #20000 tu avrg ct ‘sha ance 0,08 bed on te wo mene cre pci, Te ‘Spy ede rc tal a es rn toes ‘Srkeral steer becyate eon ines witha poe Sirvenalncibie ine, XYZ Cry ter agacizot ere sim onc se The coe pine re 1 Waste ative ot of ig ore of eagleOgee hectic roo 704x154) + 196, meinem = sas tam eS econ + 2400 - Spoon Fa = ns ete kde wold proving ad enetinn sin, th a mew becocndseareicion ofbecoofeedt Inde rcding ample XYZ Company my soe red dearest isd prseary pega cuts ood ng he ender prov sever nse hot ee rel tivesmuais = 2000 + P2600 P1500 _ Fn = Ed 109 f Fao * ao > a mtn etn te enema of lig of coos rccvabl axa sou of oe cel Fann wate on ots Fs rt of ra ena Fi Sonetoter let Pact ses ona cole ray ome Se SS Wh cone lanl tiger comeeed™® = SP et 8 Feb vat gf e's cut ee Secs cmpany. The ene may aed we Se Foe eet ee eis ofa mig een ae eee Se ll of the ret aye Sey ea eye “he ting face coup om sci hor asin te cep. The cong song) only sere Sk Menlo but ato hance hinds abnor ‘eee wold ora exe em af Facing ering ik be crn emis uel cars ecm Esfetes Mele eof te mcr sped To adn urge et Hahhert a esha seus, Fegan SDiteualefessemecicotsttooctgttetaat ‘ein tna ct of Sings compe aslo: 129% Itt frome moth Lo Cooma 25m Teal Mow fe Az mons cama te Aiton nh pats tah facta doesnot make yet fe td Sets wave ence ei rir ih tence tdi payee for Hs cre a ‘SS oro fom de fs, sng th fed accounts a coll The ‘itn ne mot abt regal he ceva i fired ots te rf) 10) este neo1 ss Omer te ean rn wena ca a2 ty Fem a ea perm Se cim caee cmel Pca rea ee amino iee"™eces ro om ean ana 29000, 269 Thee ea. = aie Neg ian ass 12000 Bice - Spies * a = 0s fees hth ling acu isms hw ‘CS fo ey. hh il eu thee coe cB ont Touche tected eran Furdemae te fm ae (Sftce mache x se-puaing cons nang comp ) Ss ‘em oot meen ue en. Te a i (2a cmc ray on pty ft poo aor a dan ec med rove vey po clad bce bck of mural). Som pa ergy ine be rimyae oh iy a (0) Set nein en @ trea 8 fe meena ‘kt ony hi gs sme, his ee es ee i See ewe tee me aad octet oe ce tes ie TH See etinia™ ll pent erty 8 OF - soma rt a ane Zoo kh ie eee sacle. Athi proves hecho banka rege eee Soniee ier are ieee Saeco cor a eee cc seer leh wee it fe So, oon emnee wee See dmniicieene oat sc resi wet era i de Soto clement hay ee SS eee ere ietcaneemmee Seiroaccenig ies mide EEEvecacatn Meng rol: avery Sancng ‘ic hn Poet wc of aig a et ‘Tifa onl ae driven. The i bleu ves ‘Fist Saoer bole fm ayo Oo ait ‘oem nd Deter Th fre tomo pti nel Oct, as puller scolar shot bk en. Tek eds et eet mentny ae ter pl fed fe of 2.00 ‘Seourtecot afl wurcoming pene pik eB ‘tyr bn 2000 ive, hich oe wd cata rn, atthe mod he ser rt? te: te = ima ete ‘ Tetra + 2amthe M REVIEW QUESTIONS AND PROBLEMS, Questions 1. Under ha castes wo ite viable barew money, 21. Whats pine tee at? How de te sea bank cao Inver prime ere re? 3. Abonower isa coo wih sated intrest ae and an ices cat te it nd whch one oa ey Ima ecogaa he weno Soroming? 4 commer show op on corporate statement of Gd foston a eiher& ret med Or Cant blige Epes ‘5. Whatsthe difirence betwee ging counts receivable nd sy sccounts receale? 6 Bet des tree yes fender onto sed in inventory Fac 7. iremiive between secre and an unsecured on, ‘My do fms exablsh lationship wih banks? Cantey boron ower cot eer andy dont tey? 9. Who srs commer paper, why do they isu i and what - er, why i "wey ne cen vince etm ‘sy ne a een is ten rough # recent expansion of te ative, Be See Cece Sim tation meme Ses ete heer Sve Signe tate rae iyi rosaeneess mos REAM Co vies scaly ste ct ea dy, Aton ‘cf ais py cand wit eed ge cen Frio fe meen ange pad cath er mad ms aS Srey erro ot fame cetyl he eg SER Tg of ee i Ne kh ‘grt pv hn win et P00 gig eet ae ip hat dace ete rn tenn stv a en oh Ft ‘ein ai welet ease a mpeg ‘cero nro edn nt to me on apt hte nog tbe. Thefons Sms re So 3. em rg 50080 eo ps seid * Eee cou exer into peging sangeet wth sl ass Sze i hes ey tne ote em heap ari. ec ante ai int ae ‘ftsictetwen ttm, on ey ‘seni fee pre edo pga Seem cng ot ‘Se ean pia,mn ——EEe Bhar _—___—— ap coms of ait and he ee pr rinenconh tte sn mee = he cers ere a Ng ce heart ey Cong nec ert los ‘Tf it ke 1d Ree norma Be ES LIE Sete A rma wi ect pl et yn etn tice rien nl ny ance israel ein ae at eR pc eof int hat dct pos #29 pot aa asym ecot sees. Youmay ssa fi a ‘Soy any bs ne at igh edo meat ‘Supnstngeic ues ef anes) a ‘TheKini Creo bys om spies ones of 210 net 8. Kit ‘otter i ecu ed en king $5 Me Soci. Kiwi Corporation vce president, has suggested compa te Poon imate ereetenecennns Sista eteseesgere ass Current accom en ie Doyonapee mM Sac po - eens a sh Pe KoA he ait pte ct ato he ak {Bimmer tak ek tee tpl nds se dye? «Silat bow the ney tote te Scoot 5 Bob hcreqtess 30 prt conpesing nas, how mich ust te Eocene 300,007 Fes Shalt fmt st 20 pret cones {e325 PRS ms Rnd oum sant he competing le Senet) ater tp Rcd Capen segs with wo ks fo 2 P1000 om, “a Bk utes 20 pret compnsing tales cous th a, ‘Step tack nor quart payments Nora ask remains 918 IRS de he un, but wt 1 be id eet compensating ‘ST ime ler Te sed ate Oth banks 9 pemen Gnprting eee wl akc om the P1010 in teiig sve fart i $i oe ata a tesngt teleost of ines, asning dt Bench ily ‘Rt teach bank 20,00 depos tat wil 98 = fi * Doser hice of bank hangs ifthe assmpon npr 8 eco?a, 1 | eae Soo mse isan eat ra cd veto eo ws 128 pr. Wi a eee eee War oad sth smi ana rest nt te a Fe iy Ba, TRE ATbeS ew wpe te on and moet 3 ed en ia ne wil ed iin oe the et Yet Banc he ‘Semmens Te campy sto fag shat ee ‘sieing bn cing ne lof commer pape, ‘Adon Sadar Bank wing Som Fania ns. the cy ins Poving te compny muinaits 2 20 percent compan tlre. ‘civ cs ofthe bant conning ompeming bale een ia pret on ota Under te chr aerate Faia woud sl PY milion of 9-ay may Sommerial ape ey hes mons The commer paper ilar ret ‘pce tenes expec renin tts vel rag ‘esac ppt eles eo place the ee would bse ee SLpece. The oni paper dle wl equ Pai 0 0 cnpenig Elec = rns rt the Nxt oftnkfaacing, However, itech reer Fein beta Py a Stem Sar me Pg Cre 399 erat cee live eo on rt Sa ig canes shan ety sen Yar dt aloes enamel Pe ‘Seon et comers » ly Chr aii shal pone nw da pa eS i ton? ‘BeCla Company eer nating ithe ine Dak wih heap of ings cer source of ins tne sre hone rt Fc nie hon ave hey wl son ono ee nc eprint 0 poe moran yn eae ee ‘Scrsabisding te puter Sim egecel womege ES ‘soho wish pret oe ct matin ere wp in Ba at eft sa Sess etna oe ee ‘Zosva een cage ras of eared pet ee (ait Compry eed es fm 30 ays an al cone oh aye Sissy 0m ft an Soong. gre erteermmpet ten gc eee Ise ft sales. Cans Company ser PS pe month a wl ‘isp sc etd1prcnt e ar {See te eel my at honk fing ep Gi feet mum one cm { Sete abet cine {Se eth tig oem a ons oe te ing Sinerat rine Ban's tnplt Exnble 10 tere ayn Cometh rip a oa tare cet yelp ra ee yt Scouts nme, Management evening ply en et pa wi oh co a — have ten eid by reviewing he pct, “Te company's mars ‘Taegu my yontuner onanism | tach ager aes low. avorege Moy ete er ‘rch Tome Foto, Psom00 2a Jee Co. 5375000 ins.no0 Senco. 525000 330 Sri a.co 13.000 sian ‘sana epee 4 Daerine be verge ftv anual ies at nine i Pe Comoran’ ply of fein al eas scouts and Inve on be at ay ofthe cet pred. Use a 36Dy yer ‘loons 1 Wool! mumaginet se the ‘nfrmaion derived in Rue ¢ © cine when sold borrow fds o ake advantage of py acount? Explain you aser. e Bil Nadons esos suggested hat amangemens be mas ofr rcs woe ated Tr Whntratineoferedi 2. saline cei appopite inthis stuaton? Explain >= "= Svwcme cute ete pe we be Pate Emel ppri wed et sg i © sete efteee ne een en 5 coerced ren ‘mys on me 2 a 3, bt pry ot see vl cul ou mo emg ok i rac Parc) puso ton fr oa, Wt apoio "ose ‘espns a dept prs pu at il ow Soe Cie pton oe compensa pli Feet ime it 200000 wa ole pt ‘peo, Pn tid em a 8 ‘inept so pion Poy Ces purer ent ‘Sov ft bw spe bee mt ad ed lal ns wie ayo ee cea be file ig Wch mee fins Gn we? (Ue ‘ae nf tne) Tee sc cot tt 224 pent 1 Tate ea sce ut a 3. te ‘ean —epteeerl oe Spohn eee 1 Senet eerie ‘Teton dt api gets 7 11 ‘You plan eo P1000 oe tank which Bes ele te SSSEST emia re te on 1 1. Whats hres mie ngs ict See mony me boa 4 2am % TSfacomsonrnsng net = ae anon 10 Une th ems fqn 20.9 ow much woul 308 be Some seth u of P1000? ram : Pram P38 1, ff Andean een ate ret on 20 30s ‘age wold expec he statment ofa son ‘Site wet te 30 poly? Nast pyle 1 inesd pyle sod increas bank os 4 esd eceer nd incre ak es. "Given tat each of te flloningahrtaerm sores i ih soc of icing eyo ave gests 25 Nae ct, frig commer tukoun | agnencnsby = x She Sar 7 ee viet foe ening he inne ons fom, Soran ae te So Sree See te to Sao, (hoc of cmpemaing acs a con of the pale niin tc fat mci {be Saeco nt ng no wi ore nthe ei (CMA, adapred) Cones aes ed 1 git popu with as ole ‘orpensteus enh nest cons acheter ny ‘ken be ere st deb Ie cvs re ne ee en iy ak ns ‘compensating smn tren DPMS ‘ese dren rome Be ON Puch of cnet os eal = OF$6t_cnger 17. Pain ae anni SESE ce me sor to sous abe mg acai andes ttre she ae ith fer ey mst a ste tine 44 Tench thecach ances rom be ctr iy oe YE Smal alent mes eee (Chak ait) 19. Teplice twee toring ud lagen eel ltoan een [feta met pet nny fle, Sete er eel he hve mee ot E Meaccoums macabre sold uit ancl ist. MA 20. rome views of torowe fd wank sent, Figo comedies) = aes teint Eek mrane aes tiene Lecter atte, arenes ee eee ee ener eS (eM, oe Siete orf Pig or 8 ‘Ken Coast stare ka fe 490, ‘Srl mr 2% Anion oie ke see Sint py has oa mong ‘ood othe ain en P08 hang et ‘evamnchil pup Ken's est ie sof eo (ch apd ‘sal bine mo hy meee t Sen meetin {Sito (ue ated comeing bac ole cane ea omer pp wif aide reson, Tce co roe Te ‘ted promote ing tb ont fling tan a of ei? opm 7 Tea” eh, da= 29. Cper Cat reaively nw tare, café ta oe ppp ee remaresci owe! osm sone 2 an, a pola that i Dosim Sioercoraneteee Seiten (CHA, org te cansam Mansi it tnt ernst Ger ses Cash io) Ties — sey 8 " fray? 3 ; a 3 3 a i 3 cana ae tre ofp Pion on te 0 Cane ccf of enc iden mee rat ch bane of P2 ion on Say | ee ricer, Assign ash os a ‘Sew fanmouhspronintly ow moh il Gordan Po MesDeSentebe yee? eo. panos, & pszo00, dl Spee os ee! cot ty acter The csr pe Se ees : oe a Se aaraiescs ee Sa peroneal pee eetecataee ee Pears. ee ea Sacra ete Se ae poe ee See oh rn ro oe Sie gate Ae Bi secs ate cesta ce aes iess wa i ota a ea Se a me mt cw | Engines cmp, Sie of pti a nar th are. Ae ah clpowte ros! dition booming ‘he loin inermaton prc outs 36 Haugh 3 ame Sapy Companys i ied ge enn de ance te cartel 0000 The coal oe smpey ha ‘emi sored en slow pea fray company's hb, whieh eee 2508 ae a sa lion prod of say he Firat ei ante vec ciate ac ES at Sess paca. The conor exe it sacle rsp cleion xem et Be eRe elec sce we nee nce. ‘Gao 711000 frm bk a 2% ire, A 9% compete [Ste woud be rou Ie P1000 of month imei ape 1 et PO. pone wald ewe ney ont) orm 7125000 fom a Sk on # dst bass at 20% % Spang line mele Assume 36-day yen al of oreaeltos. 36, Thecot of Ate Ais nose o BR om ¢ ae 37. ThecotofAbunatve Bs sa © 32% i aon. ead ‘ect of Abe Dit eee Beene oe an ese ace ‘eq Sana ncctete "hor apes be ORF cies eno oe Sivckecacncen esac Seite erates Mace ate seen Li ety oa oe FE SEE coer om taper Ne lioeetenoa teed Sneak oe he dt fama rn 5 ua ‘Tefaloning fmt of rte brovig isle en Renvogsret Che eres Shr’ eet Uerotet Comme pape “he rm far om towing ta we sce ei Tage tg tena eewoke see Se tence ae ct ten sta Soom es ne of eth ne rece 1 fice conga fotos es came isioe onthe amen on tes et ag cca fee imma SS eae ewer ee yeoman memes ‘Secon umount ninco cnt ee? mao ¢ to conga ples iin of 4030 mt Mae ee ao 4, Te fm bone eM an cysts pr anu wih 2 9% comping Se hein sea ye ent an inp ao ye ee iit RE oa ae SS compning = Sama pacer t Fn BSem0. ‘Aconpny bs usthro Pion Frm bank. The se ‘Sten 1 the an dood od ep Seas fee nto he ke ppoinaaly aie panics BBs inti nt x pin in at it Sie ere te ee mows on Febery I. The line af credit agreement regi Seale eaten gear ieee Sma Seton dene Farad ad es (ret an ene eg ic es a on i cox ree 2 ee a ee ae! cai ok Whi omjany wl se Gate a ont sown un et Aree ua de oe ao oe il gs pin aoa eer a ages co af finch a he er et he eS an te amt cnt i fae sea tbe ong anny eeepc tiger tame Pierenteeiahase rater i ae For wth ype flame sed ste tev inet Pena Speen 2 Aethmpontragest- 2 ‘ing sore of shor Ends? Bar fon 5 Trae 4 ‘sever vd a collateral hold generally note hy opera Fer pings of shorter Financing sing a oe rec 1 pen count ee seit © tate revohing ret 56 Mich peo ier Sancing provides te Ht son sam eiclate) ne © Ravana spree 5 Reuss 4 Blokes Aa lowing sna fom of md Some ppe Trace