Sterling Savings Bank Letter Confirming Good Standing of Powin Corporation and QBF, Inc. Credit Facilities
Sterling Savings Bank confirms that Powin Corporation and its subsidiary, QBF, Inc., have credit lines of $1,000,000 and $650,000, respectively, and are in compliance with all loan agreement covenants. The bank states that both companies have performed as agreed and are considered in good standing since the credit facilities were established. This letter serves as an official acknowledgment of their satisfactory performance and compliance with the terms of their business loan agreements.
STERLING
SAVINGS BANK
August 26, 2009
________________BUSINESS BANKING______________________________________
Dave Chambers, CFO
Powin Corporation
6975 SW Sandburg St., lSuite 326
Tigard, OR 97223
Dear Dave:
This memo is in regards to Powin. Corporation and subsidiary company QBF, Inc. which have credit facilities of $1,000,000 and $650,000 respectively with Sterling Savings Bank. The lines of credit extended to Powin Corporation and QBF, Inc. have performed as agreed and the companies are not in violation of covenants with the bank that are referenced in business loan agreement (page 3). The bank deems both companies in good standing in over all performance since credit facilities were established with the bank.
Sincerely,
/s/ Mark McCaslin
Mark McCaslin
V.P. & Commercial Banker
Peterkort Commercial Banking
Sterling Savings Bank
(503) 291-4423
9755 SW BARNES ROAD, SUITE 105
PORTLAND, OR 9722S
PHONE: 503 ###-###-#### FAX: 503 ###-###-####
