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<br />SOUTHEASTERN ENGINEERING CONTRACTORS, INC. <br />NOTES TO THE FINANCIAL STATEMENTS <br /> <br />NOTE 9 - LONG-TERM DEBT <br /> <br />The Company's long-term debt consists of the following: <br /> <br />2008 <br /> <br />Equipment and vehicle loans payable in <br />monthly installments ranging from $ 383 to <br />$ 3,759 including interest at rates of2.90 % to <br />14.94 % and maturity dates from October <br />2009 to November 2013. <br /> <br />$ 467,535 <br /> <br />(181,435) <br />$ 286,100 <br /> <br />$ 334,111 <br /> <br />(165,245) <br />$ 168,866 <br /> <br />Less: current portion <br /> <br />Future principal payments of these notes will be as follows: <br /> <br />Year Amount <br />2010 $ 181,435 <br />2011 136,234 <br />2012 97,793 <br />2013 44,414 <br />2014 7,659 <br /> $ 467,535 <br /> <br />NOTE 10 - LINE OF CREDIT <br /> <br />The Company has secured with assets held by the stockholders a line of credit of $ ] ,500,000 <br />bearing interest of prime rate minus .25 %, and maturing upon demand. As of June 30, 2009; <br />there was zero balance due by the Company under the line of credit. <br /> <br />NOTE 11 - ASSIGNMENT OF RIGHTS AND PROPERTY UNDER INDEMNITY <br />AGREEMENT <br /> <br />In order to procure a bonding line, the Company has assigned certain rights and property as <br />collateral to secure its obligations under the indemnity agreement. These rights consist <br />principally of rights under construction contracts, subcontracts, insurance policies and legal <br />claims. The property assigned consists of all property and equipment, cash and accounts <br />receivable. <br /> <br />10 <br />