Cannon Express extends financing agreement.Cannon Express Inc. has reached an agreement with CitiCapital Commercial Corp. to extend a funding agreement Funding Agreement Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time. Notes: Funding agreements are marketed to mutual fund companies and municipal reinvestments. until Aug. 30. The company also said it is in negotiations with various lenders to replace the funding relationship in the near future. Cannon said it received notice from CitiCapital that it would exercise its right to end its funding agreement with Cannon but agreed to the extension because, among the terms and conditions of the agreement, it was a clause that allowed CitiCapital certain remedies rem·e·dy n. pl. rem·e·dies 1. Something, such as medicine or therapy, that relieves pain, cures disease, or corrects a disorder. 2. Something that corrects an evil, fault, or error. 3. if certain conditions existed. On May 28, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Diversified diversified (di·verˑ·s bought 60 percent of Cannon's outstanding shares, bringing a change in both majority stockholders and in the management--conditions that allowed the extension. |
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