Item 1.01. Entry into a Material Definitive Agreement
On
The Eighth Amendment extended the outside maturity date of the Revolving Loan
under the Credit Facility from
The Eighth Amendment removed the Senior Leverage Ratio financial covenant and reduced the Minimum Net Asset Value to Value to Total Funded Debt covenant from 1.35:1.00 to 1.00:1.00.
The Eighth Amendment introduced a definition of "Borrowing Base", which is a sum
of certain assets of the Loan Parties, and added a provision that caps the total
amount that can be borrowed under the Revolving Loan to the amount of the
Borrowing Base if the Borrowing Base is lower than the Maximum Revolver Amount
of
The Eighth Amendment also added an Interest Coverage Ratio test which goes into
effect if the amount borrowed under the Credit Facility exceeds 80% of the
Maximum Revolver Amount of
The descriptions of the Eighth Amendment contained in this Current Report on Form 8-K do not purport to be complete and are qualified in their entirety by reference to the underlying agreement, attached hereto as an exhibit and incorporated into this Current Report on Form 8-K by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.38 Amendment Number Eight to Second Amended and Restated Credit Agreement dated as ofDecember 31, 2020 , by and betweenJMP Holding LLC , as Borrower, the lenders party thereto andCity National Bank , a national banking association, as the administrative agent for the lenders.
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