Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. BFI Finance Corp Secured Credit Facility On December 9, 2008 TransTech Systems, Inc. entered into a $1,000,000 secured credit facility with BFI Business Finance to fund its operations. On December 12, 2013 , the secured credit facility was renewed for an additional six months, with a floor for prime interest of 4.5% plus 2.5%. The eligible borrowing is based on 80% of eligible trade accounts receivable, not to exceed $1,000,000 . The secured credit facility is collateralized by the assets of TransTech Systems, Inc , with a guarantee by Visualant, Inc. The Company's revolving credit facility requires a lockbox arrangement, which provides for all receipts to be swept daily to reduce borrowings outstanding under the credit facility.
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