5. Factored Accounts and Receivables.

Factored accounts and receivables consisted of the following (in thousands):

	November 30, 2015			November 30, 2014
Non-recourse receivables assigned to factor	$	11,474		$	14,314
Client recourse receivables		34			1,919

Total receivables assigned to factor		11,508			16,233
Allowance for customer credits		(3,767	)		(5,128	)

Factor accounts receivable, net of allowance	$	7,741		$	11,105


Non-factored accounts receivable	$	1,492		$	2,123
Allowance for customer credits		(584	)		(766	)
Allowance for doubtful accounts		(382	)		(78	)

Accounts receivable, net of allowance	$	526		$	1,279

Of the total amount of receivables sold by us as of November 30, 2015 and November 30, 2014, we hold the risk of payment of $34,000 and $1,919,000, respectively, in the event of non-payment by the customers.

On September 30, 2013, we entered into an amended and restated factoring agreement, or the Amended and Restated Factoring Agreement, with CIT, which replaces all prior agreements relating to factoring and inventory security. The Amended and Restated Factoring Agreement provides that we sell and assign to CIT certain of our accounts receivable, including accounts arising from or related to sales of inventory and the rendition of services. We pay a factoring rate of 0.50 percent for accounts for which CIT bears the credit risk, subject to discretionary surcharges, and 0.35 percent for accounts for which we bear the credit risk, but in no event less than $3.50 per invoice. The Amended and Restated Factoring Agreement may be terminated by CIT upon 60 days' written notice or immediately upon the occurrence of an event of default as defined in the agreement. The accounts receivable agreement may be terminated by us upon 60 days' written notice prior to September 30, 2018 or annually with 60 days' written notice prior to September 30th of each year thereafter. The Amended and Restated Factoring Agreement remains effective until it is terminated. As of November 30, 2015, our cash balance was $1,937,000 and our cash availability with CIT was approximately $3,163,000. This amount with CIT fluctuates on a daily basis based upon invoicing and collection related activity by CIT on our behalf for the receivables sold.

In November 2014, we received an initial notice of default and event of default and demand for payment of default interest from Garrison, as term loan agent, under the term loan facility entered into on September 30, 2013. As a result of the event of default under the Garrison Term Loan Credit Agreement, this also triggered a default and an event of default under the terms of the CIT Revolving Credit Agreement. On February 10, 2015, we received additional notices of default and events of default for failure to comply with certain financial and other covenants and a demand for continued payment of default interest from both Garrison and CIT. In September 2015, we paid the Garrison Term Loan Agreement in full and entered into the CIT Amended and Restated Revolving Credit Agreement. In January 2016, we paid the CIT Amended and Restated Revolving Credit Agreement in full and entered into the A&R Factoring Agreement, as discussed in Note 2 above.