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CERES ENVIRONMENTAL SERVICES, INC. <br /> NOTES TO FINANCIAL STATEMENTS <br /> As of and for the Year Ended December 31, 2016 <br /> NOTE 4-Line of Credit <br /> The Company has a$3,000,000 line of credit agreement with Venture Bank, due February 2017. The line of <br /> credit bears interest at the Prime Rate plus 1.25% (effective rate was 5.00%as of December 31, 2016), is <br /> secured by all assets of the Company, and is guaranteed by the sole stockholder of the Company. Outstanding <br /> borrowings totaled $3,000,000 as of December 31, 2016. Subsequent to December 31, 2016, the line of credit <br /> was paid in full and terminated. <br /> NOTE 5-Equipment Notes Payable <br /> The Company was indebted on various equipment notes payable as of December 31, 2016: <br /> 1st Source Bank <br /> Seven notes payable which require monthly payments ranging from <br /> $3,191 to$76,736, including interest ranging from 4.30%to 4.95%. <br /> The notes are secured by specific construction equipment identified in <br /> the agreements, and guaranteed by the sole stockholder of the <br /> Company. The notes mature April 2019 through October 2020. $ 4,833,987 <br /> Ford Credit <br /> Five notes payable which require monthly payments ranging from <br /> $441 to$975, including interest at rates ranging from 5.99%to 9.74%. <br /> The notes are secured by related vehicles.The notes mature March <br /> 2018 through November 2019. 75,886 <br /> John Deere Financial <br /> Two notes payable which require monthly payments of$1,792 and <br /> $6,902, including interest at rates of 3.75% and 7.25%. The notes are <br /> secured by related equipment. The notes mature May 2019 and <br /> August 2019. 242,528 <br /> CAT Financial <br /> Five notes payable which require monthly payments ranging from <br /> $6,199 to$23,980, including interest at rates ranging from 0% to <br /> 5.2%. The notes are secured by related equipment. The notes mature <br /> October 2017 to June 2019. 1,631,942 <br /> Bank of the West <br /> Two notes payable requiring monthly payments of$4,411 and $1,024, '< <br /> and are non-interest bearing. Secured by related equipment. Notes <br /> mature September 2018 and November 2019. 126,429 <br /> Page 12 <br /> CONFIDENTIAL& PROPRIETARY <br />