Swap Executed – Final Terms October 12, 2005
Exhibit 10.24
Swap Executed – Final Terms October 12, 2005
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Ÿ Fixed Rate Payer: | Elk Associates Funding Corp. |
Ÿ Floating Rate Payer: | Citibank, N.A. |
Ÿ Notional Principal: | $5MM USD |
Ÿ Amortization: | None |
Ÿ Trade Date: | October 12, 2005 |
Ÿ Effective: | October 14, 2005 |
Ÿ Maturity: | October 14, 2008 |
Ÿ Fixed Rate: | 6.23% (Subject to market movement until locked in, includes loan credit spread) |
Ÿ Fixed Payment Dates: | Monthly, commencing November 14, 2005 up to and including the maturity date, with adjustment for period end dates, following a NY Business Day Convention |
Ÿ Fixed Day Count: | A/360 |
Ÿ Business Days for Payment: | New York |
Ÿ Calculation Agent: | Citigroup |
Ÿ Floating Rate: | 1 Month LIBOR |
Ÿ Spread: | 1.50% |
Ÿ Rate determination: | 2 London business days prior to reset |
Ÿ Floating Rate Payment: | Monthly, commencing November 14, 2005 up to and including the maturity date with adjustment for period end dates, following a NY Business Day Convention |
Ÿ Early Termination: | Governed by 2-way yield maintenance |
Ÿ Credit Provisions: | To be provided by Xxxx Xxxxxxxxx – Middle Market, NY citigroup |
