FEE AGREEMENT
To whom it may concern:
For and in consideration of the covenants contained herein the
undersigned agree to the terms stated below. HADRON, INC. * (see
Attachment) ("Assignor") and COMMERCE FUNDING CORPORATION ("CFC")
("Assignee") agree that for a period of one year commencing
SEPTEMBER 6, 1995 to September 6, 1996, Assignor shall deal
exclusively and solely with Assignee in the factoring of its
accounts receivable. This Fee Agreement will renew for
successive twelve month terms unless cancelled thirty days prior
to the last day of each term. During such period Assignee shall
make available to Assignor the following terms subject to
increases in the prime rate (the amount of any increase in the
prime rate above 9.00% will increase the daily rate an equivalent
amount) and subject to the terms and conditions of the
"Assignment and Transfer of Receivables Agreement", as of the
date of this agreement.
o 80% advance; 20% holdback;
o .05205% daily rate based upon the outstanding principal
balance (net) for advances from Assignee to Assignor. Assignee
may, at Assignee's discretion, charge a minimum fee per each
invoice funded based upon a 10 day outstanding period (.5205%).
o An additional credit facility in an amount equal to 18.0% of
the total (gross) funded invoices is available for draws. The
above rates apply.
o There is no Annual Commitment Fee. Also, there is no fee
for early termination of this agreement.
o Neither this Agreement nor any other Agreement pursuant to
this contract financing arrangement shall be deemed accepted or
constitute an offer or be binding upon CFC until accepted and
executed by CFC's authorized officer at its principal office in
Vienna, Virginia.
Assignor: HADRON, INC. Sworn to and subscribed before
me this 23rd day
By: /S/ X.X. Xxxxxxx of August, 1995.
____________________
NAME: X.X. Xxxxxxx Xxxxxxx X. Xxxxxx
NOTARY PUBLIC
TITLE: CEO My commission expires:
12/31/98
DATE: August 23, 1995
ASSIGNEE:
COMMERCE FUNDING CORPORATION
Sworn to and subscribed before
me this 28th day
By: /S/ Xxxxx Xxxxx of August, 1995
____________________
NAME: Xxxxx Xxxxx Xxxx X. Xxxxxxx
NOTARY PUBLIC
TITLE: Sr. Vice President My commission expires:
6/30/98
ATTACHMENT
Hadron, Inc. includes:
Acumenics Research & Technology, Inc.
A Maryland Corporation
a wholly-owned subsidiary of Hadron, Inc.
Aerospace Sciences, Inc.
A Virginia Corporation
a wholly-owned subsidiary of Hadron, Inc.
P.E.N. Acquisition, Inc.
A Virginia Corporation
a wholly-owned subsidiary of Aerospace Sciences, Inc.
Performance Engineering Network Incorporated
A Delaware Corporation
acquired by P.E.N. Acquisition, Inc.
By acknowledgment below, being an authorized representative of
Hadron, Inc., I represent the above as being true and correct.
HADRON, INC. Sworn to and subscribed before
me this 23rd day
By: /S/ X.X. Xxxxxxx of August, 1995.
____________________
NAME: X.X. Xxxxxxx Xxxxxxx X. Xxxxxx
NOTARY PUBLIC
TITLE: CEO My commission expires:
12/31/98
DATE: August 23, 1995
